The crypto market is in full swing this week. We have seen dramatic gains with BNB and MATIC both up 19% over the past 7 days. Optimism (OP) is feeling frisky and up 24% over the past week. And moving up the charts at breakneck pace is ORDI at 51.2% gains in the past 7 days.
Here’s the essential news you need to know this week:
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MicroStrategy Inc. (NASDAQ: MSTR) recently acquired 14,620 Bitcoins, spending $615.7 million at an average price of $42,110 per Bitcoin. This strategic move has elevated their total Bitcoin holdings to 189,150, now valued at $8.1 billion, with the purchase coinciding with a surge in Bitcoin's price to over $43,000. The company's stock (MSTR) has also experienced a remarkable 350% surge in 2023, outperforming Bitcoin's gains, and analysts are likening it to an "essentially a leveraged Bitcoin ETF."
India Cracks Down on Offshore Crypto Exchanges, Issues Compliance Notices to Binance and Others
India's Financial Intelligence Unit (FIU) has issued compliance show cause notices to nine offshore crypto exchanges, including industry giants like Binance, KuCoin, and Huobi.
Under the Prevention of Money Laundering Act (PMLA), the government is set to block the URLs of these exchanges, accusing them of illegal operations without complying with Indian regulations.
The move follows a March mandate by the Finance Ministry, making it mandatory for crypto businesses, regardless of physical presence in India, to register with the FIU and adhere to anti-money laundering and counter-terrorism financing frameworks. The lack of specified consequences and timeframes adds an element of uncertainty to this regulatory crackdown.
In a landmark move, a U.S. bankruptcy judge, Martin Glenn, has granted approval for cryptocurrency lender Celsius Network's transition to bitcoin mining. The decision allows Celsius to deviate from its initially approved bankruptcy plan, citing that creditors and customers are no worse off under the new restructuring. The shift comes after Celsius faced challenges with the U.S. Securities and Exchange Commission (SEC) and filed for Chapter 11 protection in July 2022, following the trend of crypto lenders grappling with industry challenges exacerbated by the COVID-19 pandemic.
Celsius' altered bankruptcy plan, endorsed by Judge Glenn, relinquishes broader ambitions and partnerships rejected by the SEC, putting mining company US Bitcoin Corp, led by Hut 8's Asher Genoot, in charge of the new creditor-owned mining business. Despite objections from some creditors and the U.S. Department of Justice's bankruptcy watchdog, Glenn approved the deal without necessitating a new vote. This decision also frees up $225 million in cryptocurrency assets, enhancing returns to customers and providing them with equity shares in the new bitcoin mining venture.
Coin of the week: Polygon (MATIC) Soars Over 21% in Bullish Rally, Eyeing New Highs
Polygon (MATIC) is experiencing a significant surge, with its price leaping by more than 21% in early Wednesday trading hours. This bullish momentum within the Polygon ecosystem aims to surpass the crucial $0.9 price level, and the digital currency is currently trading at $1.07, marking a remarkable 36.66% increase over the past seven days.
Key Metrics:
Market Cap: $9,632,638,585 (#12 in the crypto market)
Volume (24h): $1,103,973,138 (#13 in the crypto market)
Volume/Market Cap (24h): 12.86%
Circulating Supply: 9,555,259,814 MATIC (95.55% of total supply)
Total Supply: 10,000,000,000 MATIC
Max. Supply: 10,000,000,000 MATIC
Fully Diluted Market Cap: $10,080,980,290
Price Movement and Analyst Predictions: Polygon's recent price surge is propelled by a remarkable 179% increase in trading volume over the past 24 hours, reaching $2,145,624,558. Polygon bulls are aiming to push the price above the $1.4 target, eyeing new highs not seen since February. Analyst Ali Martinez predicts that if the digital currency surpasses the $0.96 price point, it could rally as high as $1.73.
Ecosystem Growth and Development: The resurgence of Polygon is attributed to the relentless efforts of Polygon Labs and the Polygon Foundation. The protocol has evolved beyond being a mere Ethereum-based layer-2 scaling solution, transforming into a formidable player in the digital currency ecosystem. Constant upgrades, vision modifications, and strategic partnerships have contributed to this transformation.
Notable Metrics:
All-Time High: $2.92 on Dec 27, 2021 (2 years ago) – Down 64.47%
All-Time Low: $0.003012 on May 10, 2019 (5 years ago) – Up 34,385.34%
As Polygon continues its bullish rally, market participants are closely watching whether it can achieve its ambitious target and establish new milestones within the evolving crypto landscape.
The cryptocurrency market is experiencing a surge in altcoins, with Binance Coin (BNB) being the top gainer, surging by 12%, and Bitcoin's dominance in the market dipping by 0.5%. Notable gainers among larger-cap altcoins include Bitcoin SV, Arbitrum, Aave, Lido DAO, Optimism, Cardano, Ethereum, Chainlink, Uniswap, Bitcoin Cash, and ICP.
Meanwhile, Avalanche, Polkadot, MATIC, and Toncoin have seen declines. The overall crypto market has seen a significant daily increase of over $40 billion, reaching close to $1.7 trillion on CoinMarketCap.
Despite a rocky start, Bitcoin's market capitalization has managed to bounce off, surpassing $840 billion.
Look to purchase more on down days. Remember, MisterMarket swings both ways.
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