Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Tether now the seventh-largest Bitcoin (BTC) holder

  • Tether recently committed 15% of its net profit to Bitcoin investments.
  • On March 31, 2024, Tether acquired an additional 8,888 BTC at $30,305 each bringing unrealized profit to $2.94B.
  • Tether is now 7th largest holder of Bitcoin (BTC), with 75,354 BTC.

Tether, the leading issuer of USDT, has emerged as the seventh-largest holder of Bitcoin (BTC) after a strategic acquisition of 8,888 BTC on March 31, valued at $618 million.

The latest purchase substantially bolstered Tether’s Bitcoin holdings, bringing the total to 75,354 BTC. The acquisition, executed at an average price of $30,305 per BTC, has proven to be astute, with the market value now standing at $5.2 billion.

CoinStats data indicates an impressive 128% increase in the value of bitcoins in the wallet that made the latest BTC acquisition, translating to an unrealized profit of $2.94 billion.

Tether’s strategic Bitcoin acquisition

Tether’s decision to secure a substantial amount of Bitcoin comes at a time when institutional interest in the leading cryptocurrency has surged.

Fueled by the approval of United States spot Bitcoin ETFs and anticipation surrounding the Bitcoin halving, Tether’s move reflects a strategic response to the evolving landscape of digital assets.

Tether’s ascent to becoming a major Bitcoin holder underscores its commitment to diversifying the backing assets of its stablecoins.

With a declared intention to allocate 15% of its net profit towards Bitcoin investments, Tether aims to strengthen its position within the cryptocurrency market and further solidify its role as a key player in the digital asset space.

This strategic move not only elevates Tether’s standing within the cryptocurrency community but also highlights the growing importance of Bitcoin as a core asset in institutional investment portfolios.

As Bitcoin continues to gain traction as a store of value and an investment asset, Tether’s strategic investment strategy underscores its vision to remain at the forefront of innovation and disruption in the evolving landscape of finance and technology.

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Thailand’s Bitkub laying the ground for its IPO

  • Bitkub, Thailand’s top crypto exchange, plans IPO in 2025 to boost its profile and raise funds.
  • IPO preparation includes hiring advisors.
  • Bitkub eyes global expansion amidst rising competition & regulatory scrutiny.

Bitkub Capital Group Holdings, the parent company of Bitkub Online, Thailand’s largest cryptocurrency exchange, is laying the groundwork for a monumental step forward — their Initial Public Offering (IPO) slated for 2025.

CEO Jirayut Srupsrisopa, also known as Topp, has indicated that the IPO aims to elevate Bitkub’s presence and secure vital funding for future endeavours.

Bitkub is currently in the process of enlisting financial advisors to facilitate the IPO listing, reflecting a strategic move towards enhancing its market standing amidst intensifying competition.

Bitkub Online, the exchange platform, is valued at approximately $165 million, a figure expected to surge as trading volumes surpass previous records. The company’s commitment to expansion extends beyond Thailand, with plans to explore listing opportunities in global financial hubs like Hong Kong, signalling ambitions for broader market penetration and enhanced visibility.

Bitkub’s proactive approach underscores its determination to navigate evolving market dynamics while capitalizing on emerging opportunities in the crypto landscape.

Navigating challenges amidst growth trajectory

Despite its promising trajectory, Bitkub faces challenges on multiple fronts.

The emergence of competitors such as Binance Thailand poses a formidable threat, intensifying the battle for market dominance. Moreover, regulatory scrutiny and setbacks such as the cancellation of a potential acquisition deal with Siam Commercial Bank (SCB) in 2022 underscore the complexities inherent in Bitkub’s journey towards sustained growth.

Nonetheless, Bitkub remains undeterred in its pursuit of market leadership and innovation. The exchange’s recent trading volume, exemplified by approximately $81.5 million in spot trading within 24 hours, reflects its active participation and influence in the crypto market.

With meticulous planning and strategic initiatives, Bitkub aims to leverage its IPO as a catalyst for transformative growth, solidifying its position as a prominent player in the global cryptocurrency landscape.

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Bitfarms mines less BTC in March despite expanding its mining Fleet

  • Bitfarms mined 286 BTC in March, down from 300 in February.
  • Bitfarms’ fleet upgrade aims for 21 EH/s and 21w/TH efficiency.
  • Bitfarms sold 284 BTC increasing treasury holdings to 806 BTC.

Bitfarms Ltd. (BITF), a prominent global Bitcoin mining company, experienced a slight dip in its Bitcoin (BTC) production for the month of March 2024, despite its ongoing efforts to expand and upgrade its mining fleet.

Bitfarms mined a total of 286 BTC in March 2024, down from the 300 BTC mined in February.

This decline in production can be attributed to various factors, including participation in grid-stabilizing curtailment programs and power plant maintenance activities in Argentina.

Additionally, a temporarily lower average operating EH/s and a 4.8% increase in network difficulty compared to the previous month also contributed to the decrease in BTC production.

Bitfarms’ fleet upgrade and expansion plan

Despite the decrease in BTC production, Bitfarms seems to be very committed to enhancing its mining capabilities.

The company has been actively pursuing its fleet upgrade and expansion plan, aiming to reach 21 EH/s and 21w/TH in 2024.

To achieve this goal, Bitfarms has made significant investments, including the purchase of 28,000 Bitmain T21 miners, along with additional S21 miners and S21 hydro miners.

These acquisitions are part of Bitfarms’ strategy to improve operational efficiency and capitalize on the potential for increased mining margins amid rising Bitcoin prices.

Current financial standing and future outlook of Bitfarms

Bitfarms sold 284 out of the 286 BTC earned in March, generating total proceeds of $19.2 million.

Furthermore, Bitfarms increased its BTC treasury holdings to 806, valued at $56.7 million, and held Synthetic HODL™ of 85 long-dated BTC call options, along with $66 million in cash, resulting in total liquidity of $123 million.

Looking ahead, Bitfarms remains optimistic about its growth prospects.

The company is set to participate in several upcoming conferences and events, including DigitalABC’s First Annual Canadian Crypto Asset and Blockchain Policy Conference and the Bitcoin Policy Summit.

With its ongoing fleet expansion efforts and a focus on operational efficiency, Bitfarms is well-positioned to navigate the evolving cryptocurrency landscape and capitalize on opportunities in the market.

By diligently expanding its mining fleet and adapting to market conditions, Bitfarms continues to solidify its position as a key player in the Bitcoin mining industry.

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Core DAO’s CORE surges 200%: here’s what’s driving the price rally

  • CORE DAO’s token, CORE, sees a 67% surge reaching $2.75.
  • Several institutional investment funds have shown interest in CORE.
  • Technical indicators signal a bullish trend for CORE, despite the high RSI suggesting potential overvaluation.

The price of Core DAO’s native token, CORE, has experienced a staggering surge of over 200% within a week, capturing the attention of cryptocurrency investors.

This surge prompts an investigation into the factors fueling CORE’s rapid growth and its implications for the broader cryptocurrency industry.

CORE price performance

CORE DAO operates as an L1 blockchain supporting Ethereum Virtual Machine (EVM), enabling the execution of Ethereum smart contracts and decentralized applications (dApps). Its native token is referred to as CORE.

With its “Satoshi Plus” consensus mechanism, CORE combines delegated Bitcoin mining hash with delegated Proof-of-Stake (DPoS) for security. CORE serves as both the utility token and governance token of the Core network, facilitating various functions such as paying transaction fees, staking on the Core network, and participating in on-chain governance.

CORE’s recent price surge has astonished market observers, with the token’s value soaring by an impressive 67.25% in just one day, reaching $2.75.

CORE price chart

 

This surge has propelled CORE to the 54th position in market cap rankings, showcasing its significant market influence. Moreover, trading volume for CORE has surged by 148.07% in the last day alone, indicating heightened investor engagement and liquidity in the market.

CORE’s supply dynamics reveal that 875,161,702 tokens are currently in circulation, representing approximately 41.67% of its total supply of 2.1 billion tokens. With a fully diluted market cap of $5.78 billion, CORE’s potential market reach is substantial, enhancing investor confidence and interest in the project.

Technical indicators further support the bullish sentiment surrounding CORE. Exponential moving averages (EMAs) for 50, 100, and 200 days signal a bullish trend, acting as crucial support levels for price movements.

The MACD line indicates a positive sentiment, strengthening the bullish momentum for CORE. However, the high RSI suggests that the asset may be overvalued, potentially leading to significant price fluctuations.

Why is the CORE price rallying?

The recent surge in CORE’s price can be attributed to various factors, notably the endorsement from Coretoshis Lab. This endorsement highlighted the involvement of over 100 crypto institutional investment funds planning to purchase and hold CORE in the current year, instilling confidence in investors and attracting attention to the project.

Coretoshis Lab’s optimism about CORE’s future trajectory, coupled with references to “going to the Moon” and promising prospects for CoreDAO in 2024, has fueled FOMO among investors eager to capitalize on its upward momentum.

The Core Chain x Multibit/Bitstable: Core Journey Campaign also kicked off today (April 1, 2024) further fuelling the positive sentiment around CORE cryptocurrency. 

The post Core DAO’s CORE surges 200%: here’s what’s driving the price rally appeared first on CoinJournal.

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Algotech’s third presale round commences, with over $3.5m raised so far

Key takeaways

  • Algotech has concluded its second presale round, with more than $3.5 million raised so far. 

  • The project seeks to provide AI solutions to the fast-paced world of cryptocurrency trading.

The Algotecth presale has been moving smoothly and it recently set another important milestone. Investment in the project continues to grow as the broader cryptocurrency market looks to surge higher in the coming weeks. 

What is Algotech?

To understand why investors are buying into Algotech, you need to understand what the project is and the solution it offers to users. 

Algotech is a cutting-edge decentralized algorithmic trading platform designed specifically for the fast-paced world of cryptocurrency trading. According to their whitepaper, Algotech’s platform comes with advanced algorithms and machine learning features, helping traders to navigate the complex crypto markets efficiently, precisely, and accurately.

The project is introducing AI to the cryptocurrency trading space. With Algotech, traders won’t deal with the limitations and challenges associated with manual trading as it has a robust infrastructure and sophisticated trading strategies.

Algotech’s algorithms are fast, smart, and accurate, ensuring that traders get to execute precise and consistent investment strategies.

Why should traders use Algotech?

The cryptocurrency market has been bullish since the start of the year, with the total market cap now approaching $3 trillion. As more retail and institutional investors enter the market, traders need to have an edge to enable them to take advantage of the growing capital. This is where Algotech comes in.

The Algotech platform’s advanced algorithms analyze assets across over 1000 unique data points to identify the next breakout opportunities. Its algorithms also ensure that traders can make split-second entry decisions for high-precision trading.

However, a major feature that sets Algotech apart from other trading platforms is the risk-taking measures it has in place. Algotech reduces risk for traders by monitoring market funding levels, availability, liquidity, and spread. The AI-based trailing stops also ensure that traders manage their risk better and protect their trading capital. 

Algotech leverages AI to enable traders to identify arbitrage opportunities in different asset pairs and take automated entries. In addition to that, Algoecth offers users access to several trading tools including trading strategies, community resources, and trading education. 

Why is Algotech attracting investors?

The Algotech presale is now in its third stage, with 2.5% of the tokens earmarked for this stage already sold. Overall, 89,483,947 ALGT tokens have been sold, amounting to $3,579,357.880.

The impressive numbers recorded by Algotech can be attributed to the project’s strong potential. The team revealed that there would be a total supply of 350 million ALGT tokens. 10% of the tokens have been allocated to R&D and funding for testing, durability and performance on the current and new algorithms. 

10% of the total token supply has been allocated for support in promotion and bounty to partners. The founders will hold on to only 7% of the total supply while the team gets a 3% allocation. Finally, 70% of the total token supply is available for public sale (including marketing).

ALGT is an ERC-20 token and is set to offer holders a reward system that incentivises long-term investment and engagement. Token holders will also have governance rights within the Algotech ecosystem. 

Should you buy the ALGT token now?

The Algotech third presale round has begun, which means that the token now goes for $0.08. So far, the project has raised more than $3.5 million in less than a month. 

Historically, presale is the best time to invest in a project as it gives investors access to the tokens at a discount price. With the right level of adoption, ALGT could become an excellent token in the medium to long term.

The Algotech platform presents traders with multiple arbitrage strategies that enable the platform to earn profits by exploiting price discrepancies across several exchanges.

As a token holder, you will be entitled to a certain percentage of platform trading fees. Token holders will also get to participate in governance votes, community proposals, and qualify for potential airdrops in the future. 

Read more about the Algotech presale here.

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