GLOBAL NEWS
Bitcoin Soars to New Heights, Surpassing $73,000 Amid ETF Approval and Halving Anticipation
Bitcoin's remarkable ascent continues, breaking past $73,000, fueled by the recent approval of spot bitcoin ETFs and the buzz surrounding the upcoming halving event. The digital currency's 9.5% increase over the past week and a 50% surge in the past month highlight its dominant position in the growing $2.71 trillion crypto market. Despite the pervasive "extreme greed" sentiment indicating a potential market correction, investor inflows remain strong, particularly for bitcoin, underscoring its unwavering appeal among both retail and institutional investors.
Crypto Funds Witness Record $2.7 Billion Inflows, Nearing Annual Highs Global crypto funds, managed by giants like BlackRock, Fidelity, and Grayscale, have achieved a new milestone with record inflows of $2.7 billion in the last week, as per CoinShares. This surge, driven by heightened interest in U.S. spot bitcoin ETFs, propels the year-to-date inflows close to the total for 2021. Amidst this influx and rising crypto prices, total assets under management have also reached an unprecedented high of $94.4 billion, underscoring the burgeoning investor confidence and market growth.
MicroStrategy Bolsters Bitcoin Trove, Surpassing BlackRock's ETF with 205,000 BTC
In a striking move, MicroStrategy has expanded its bitcoin portfolio to 205,000 BTC, outstripping the holdings of BlackRock's leading spot bitcoin ETF. This latest acquisition, amounting to approximately $821.7 million, solidifies MicroStrategy's position as a major bitcoin stakeholder. The strategic purchase, executed at an average cost of $68,477 per bitcoin, leverages the proceeds from a recent convertible note offering, emphasizing the company's deepening investment in the cryptocurrency landscape.
Bitcoin Surpasses Silver to Become the Eighth Largest Asset Worldwide
In a landmark achievement, Bitcoin's market capitalization has eclipsed that of silver, positioning the cryptocurrency as the world’s eighth largest asset by market cap. With a current valuation of $1.4 trillion, Bitcoin not only overtakes silver but also inches closer to tech giant Alphabet in the global asset ranking, reflecting its growing influence and acceptance in the financial landscape.
Grayscale's Bitcoin ETF Market Share Declines as BlackRock and Fidelity Gain Ground
Grayscale experienced a significant drop in its share of the cumulative spot bitcoin ETF trading volume, falling below 20% for the first time since competing products entered the market. Meanwhile, BlackRock and Fidelity have surged ahead, capturing 69% of Friday's trading volume, signaling a shift in investor preference and intensifying competition among bitcoin ETF providers.
Binance Executives Detained in Nigeria Amid Accusations of Illegal Financial Activities
Two key figures from Binance, Tigran Gambaryan and Nadeem Anjarwalla, are currently being held in Nigeria, following allegations that the cryptocurrency exchange engaged in illegal transactions for profit. Despite the serious charges, details remain scarce as Nigerian authorities have yet to formally announce their reasons for the detention. Binance, pledging support for their employees, is actively cooperating with Nigerian officials to secure their release and resolve the situation.
Bitcoin Mining Revenue Reaches New Peak Amid Surging Cryptocurrency Value
Bitcoin mining profitability has soared to unprecedented levels, with a seven-day moving average hitting $68.35 million, as the value of Bitcoin climbs to near-record highs. The surge in mining revenue, breaking the previous record set in May 2021, coincides with Bitcoin's price escalation, demonstrating a robust 5% growth in the past 24 hours. This uptrend reflects the increasing momentum and optimism in the cryptocurrency market.
Coinbase Calls for SEC to Initiate Rulemaking Process for Digital Assets
Coinbase intensifies its legal challenge against the SEC, advocating for a formal rulemaking process to clarify regulations surrounding digital assets. In a recent appeal, Coinbase accuses the SEC of bypassing the Administrative Procedures Act by failing to engage in necessary rulemaking or to provide sufficient rationale for denying Coinbase's petition. The dispute underscores the growing tension between the crypto industry and regulatory bodies over the need for clear, prospective regulations to govern the rapidly evolving digital asset landscape.
Solana Blockchain Sees Record Surge in New Addresses, Indicating Robust User Growth
The Solana network marks a historic milestone with over 691,000 new addresses created daily, showcasing not only a spike in speculative interest but also a sign of genuine user engagement. This surge, complemented by a significant increase in DEX transaction volumes exceeding $2 billion daily, reinforces Solana's position as a leading blockchain platform. According to industry experts, these developments hint at Solana's potential rise to the top tiers of the crypto market, driven by authentic and sustained user activity
RAIN NEWS
Rain Introduces Instant Funding and Withdrawal Services for Virtual Assets in UAE
Rain, catering to both individual and institutional clients, now offers instant funding and withdrawal services for virtual assets in the UAE. Partnered with a local bank, Rain ensures seamless financial transactions for its users. As a fully licensed and regulated entity, it provides a secure and efficient platform for digital asset management. Interested parties can sign up at rain.com/en-ae/signup to access these innovative services. Check out all the benefits of Rain in the UAE.
Rain Pro: New and Improved Platform
We are thrilled to share exciting news with you. Rain Pro is back and we are offering you exclusive access to experience its enhanced features. Start trading today in USD or your local currency.
» Enhanced Liquidity:
» Limit and Market Orders:
» Competitive Fees:0.05% maker and 0.05% taker fees.
» Advanced Charting Tools:
» Local Currency Pair:Trade in USD or your local currency.
SPOTLIGHT ARTICLE:
Bitcoin Hits New ATH - Here's What's Driving the Massive 2024 Rally
WHY TRADE WITH Rain?
