CoinShares hat in seinem wöchentlichen Bericht festgestellt, dass digitale Vermögenswertprodukte erstmals seit Längerem wieder Zuflüsse verzeichnet haben.
Lizenz in Zypern: Bybit will Krypto-Akzeptanz fördern
Nachdem Binance sich aus Zypern zurückgezogen hat, will Bybit das Krypto-Ökosystem der Insel fördern.
Crypto resiliency continues as BTC holds above $30k, AltSignals raises $1M
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AltSignals token has raised over $1 million as it nears its target.
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Bitcoin has held quite steady above $30,000 even as risks in the industry rise.
Bitcoin price has held steady above the $30k level as the recent momentum wanes. It was trading at the important level of $30,230 on Tuesday, a few points below the year-to-date high of $31,413. Still, it remains about 21% above the lowest level in June and 95% above its 2022 low. At the same time, the first stage of the AltSignals token sale is running out.
Bitcoin is outperforming stocks
Bitcoin and many altcoins is outperforming American stocks and other assets this year even as regulatory risks continue. The coin has jumped by more than 80% in 2023, bringing its total market cap to over $587 billion.
Other financial assets have risen at a slower pace than crypto. For example, while gold price soared to an all-time high this year, it has only jumped by less than 10% this year. American indices like the Nasdaq 100 and S&P 500 have risen by about 15% and 35%, respectively.
Bitcoin has done well in a show of resilience considering that the crypto industry has gone through hell in the past few months. In May last year, Terra and its ecosystem crashed, leading to the collapse of other companies like Voyager Digital, Three Arrows, and Celsius.
In November, the industry experienced the collapse of FTX, a leading exchange that was valued at over $30 billion. Crypto investors lost over $8 billion following the collapse, as we wrote here.
And this year, the Securities and Exchange Commission (SEC) decided to sue Coinbase and Binance, the two biggest players in the industry. The SEC made several allegations, including accusations that the two were offering unregulated products to American customers.
Therefore, the performance of Bitcoin is a reflection that cryptocurrencies are extremely resilient. In fact, Jerome Powell, the head of the Federal Reserve believes that Bitcoin has a lot of staying power.
AltSignals token sale continues
This resilience explains why several companies have managed to raise millions of dollars this year. Earlier this year, Metacade raised over $16 million from investors. Its developers are building a gaming platform that will compete with the likes of Decentraland and Sandbox.
AltSignals has raised over $1 million its highly successful token sale. As you can see here, the developers have sold 95.23% of all the available ASI tokens. They have raised over $1.028 million in the first stage of the sale. Each token is going for $0.015 and the developers will boost it by 25% in the next stage of the sale.
For starters, AltSignals is a company that hopes to use artificial intelligence to disrupt the financial services industry. The developers aim to improve its service by incorporating AI in its existing platform which is already profitable platform.
After the first phase, the developers will launch the second phase of the token sale. According to its white paper, the developers will then get to work ahead of the new AI platform launch. They will also list the token in key centralized and decentralized exchanges.
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Bitget formally enters Turkey with a new website
- Bitget launched a dedicated website for Turkish users on Monday.
- Bitget Turkey features a Fiat Gateway that allows using TRY to trade.
- TokenInsight named it among the top 4 centralised exchanged in Q1.
Bitget continues to execute on its commitment to expand globally. On Monday, the crypto exchange formally entered Turkey with a dedicated website – Bitget TR.
Turkey is a fast-growing crypto market
Its new website aims at offering localized services to the crypto enthusiasts in Turkey. The transcontinental country is rapidly growing in terms of crypto adoption.
The launch of Bitget TR enables us to provide localized, convenient, and compliant crypto services to users in Turkey.
Last month, Bitget had successfully registered as a Virtual Asset Service Provider (VASP) in Poland (read more). TokenInsight names it among the top four centralised exchanges in the first quarter of 2023.
Bitget now has a team of 1,300 across more than 60 countries and regions.
Bitget TR comes with a Fiat Gateway
More importantly, Bitget Turkey features a Fiat Gateway as well that enables local users to use TRY – the Turkish Lira to trade on the website.
The user-friendly platform allows Turkish users to easily make deposits or withdraw funds in their local currency. Gracy Chen, the Managing Director of Bitget said in a press release today:
We will continue to gain trust and recognition with the launch of more localized services in collaboration with local partners.
Bitget that has the legendary Lionel Messi as a partner continues to expand its footprint at a time when peers Binance and Coinbase are facing intense scrutiny from the U.S. Securities and Exchange Commission.
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Hut 8 secures $50 million credit facility from Coinbase
- Hut 8 will have the option to draw $20 million and $15 million after the first tranche.
- The $50 million loan facility will mature one year after the first borrowing, and bear interest.
- CEO Jaime Leverton noted in a statement that the funds will give Hut 8 financial flexibility ahead of Bitcoin’s halving.
Bitcoin mining company Hut 8 Mining has announced a $50 million loan facility secured from crypto exchange Coinbase’s subsidiary Coinbase Credit.
Hut 8 will use the funds to support its operations, including closing the deal for the merger with US-based miner Bitcoin Corp (USBTC).
Financial flexibility
According to details in a press release published on Monday, Hut 8 can access the loan facility in three tranches. The first, expected to be secured shortly is a term loan worth $15 million, and there are options for further drawings of $20 million and $15 million – the second of which will be a delayed draw term facility available one to two months later.
The mining platform will be able to tap into the third tranche of $15 million 15 business days after it closes its merger with USBTC.
“This credit facility gives us additional financial flexibility,” Hut 8 CEO Jaime Leverton commented. He noted that the loan will help the company maintain its dynamic Bitcoin treasury as the market edges closer to the next Bitcoin halving.
“All amounts borrowed under the Credit Facility will bear interest at a rate equal to (a) the greater of (i) the federal funds rate on the date of the applicable borrowing, and (ii) 3.25%, plus (b) 5.0%. The Credit Facility matures 364 days after the date of the first borrowing,” the company wrote in the press release.
The credit facility will mature 364 days after Hut 8’s first borrowing and loan obligations are secured by the miner’s Bitcoin held by Coinbase Custody.
Hut 8 stock was down 9% at the time of writing, although it remained more than 200% up in 2023 after rallying alongside cryptocurrencies. COIN shares were on the other hand trading at 2.3% higher on the day and 87% YTD.
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