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MicroStrategy’s Bitcoin holdings close to $3 billion after buying $177m worth of bitcoins

MicroStrategy’s Bitcoin holdings close to $3 billion after buying $177m worth of bitcoins

MicroStrategy is one of the largest corporate holders of Bitcoin, and the company has now added more bitcoins to its balance sheet.

MicroStrategy purchases $177 million worth of bitcoins

MicroStrategy has announced earlier today that it has acquired 177 million worth of bitcoins. The company’s CEO Michael Saylor announced this via a tweet earlier today, revealing that the company now holds roughly $3 billion in bitcoins.

The company has been bullish on Bitcoin for the past few months, buying billions of dollars worth of the cryptocurrency. According to Saylor, the bitcoins were purchased at $45,294 per coin. MicroStrategy has already notified the United States Securities and Exchange Commission about the bitcoin acquisition.

Bitcoin drops below $50k

Bitcoin reached the $50k mark for the first time earlier this week. This is the first time Bitcoin had reached that price since May. The cryptocurrency market has experienced a mini-rally in recent weeks, with the total market cap now above $2 trillion again.

Bitcoin bulls aim for $50K ahead of Friday’s $675M BTC options expiry

    Bitcoin bulls aim for $50K ahead of Friday’s $675M BTC options expiry

    $675 million in BTC options expire this Friday and derivatives data suggests that bulls are favored to increase their control of the market.

    On Friday, Aug. 13, a total of $675 million worth of Bitcoin (BTC) options are set to expire and currently the bulls enjoy a significant advantage after a 20% weekly rally to $46,743. 

    According to Cointelegraph, two things that marked the positive shift seen from institutional investors were deposits to derivatives exchanges reaching their lowest levels since May 11 and entities with 10,000 to 100,000 BTC adding over $12 billion additional Bitcoin to their holdings.

    Meanwhile, cryptocurrency adoption continues to rise as the Paypal-owned payments firm Venmo has expanded its support by allowing credit cardholders to convert their cash back rewards into four cryptocurrencies.

    Investors could also be reacting to the new wave of indirect exposure exchange-traded fund (ETF) filings to the United States Securities and Exchange Commission. The latest request came from the asset manager VanEck on Aug. 10.

    BitMEX’s $100 million settlement and ETF hopes fueled the bullish bets

    On Aug. 3, United States Securities and Exchange Commission chair Gary Gensler hinted that it would be more open to accepting a BTC ETF application if specific changes were made to the instrument.

    This week, BitMEXalso agreed to resolve a case from the United States Commodity Futures Trading Commission and the Financial Crimes Enforcement Network. As part of the settlement, BitMEX will pay up to $100 million in civil monetary penalties “for illegally operating a cryptocurrency trading platform and anti-money laundering violations.”

    This bullish newsflow helped fuel some bullish bets for Friday’s options expiry, but some traders became overly excited.

    The total figure is similar to the previous week’s $625 million options expiry which also had a 1.78 call-to-put ratio at the time. This week, the neutral-to-bullish call options dominate again and the protective put options are below the current $46,500 price level.

    If Bitcoin remains above $46,000 on Aug. 13 at 8:00 am ET, all of the 5,278 BTC put option contracts will become worthless.

    On the other hand, only 5,335 BTC call (buy) options will take part of the expiry, and this is equivalent to $245 million. Investors got overly excited, buying $48,000 and higher bullish options, which reduced the $435 million potential of these call options.

    Bears place their dreams on a sub-$44,000 Bitcoin price

    Bulls could use their significant advantage to force the price upward because reaching the $48,000 mark would increase the options expiry notional by $80 million. In this case, the bulls’ upper hand would reach $325 million and display an even stronger dominance over the market.

    The only solution for the bears lies in an improbable expiry below $44,000. This would drastically reduce bulls’ advantage to a meager $80 million if it somehow happens on Friday.

    Although it might be too early to call the race, the incentives for moving Bitcoin price 5% below $46,500 do not seem worthy of the effort.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

    Binance ends South Korean Won trading pairs and payment options

      Binance ends South Korean Won trading pairs and payment options

      The changes to Binance’s operations continue, and this time it is in South Korea.

      Binance discontinues Korean Won trading pairs

      Leading crypto exchange Binance announced earlier today that it had discontinued Korean Won trading pairs on its platforms. This latest development comes as Binance makes changes to its operations in various countries.

      In a blog post earlier today, Binance explained that it is making these decisions to comply with local regulations. “As Binance constantly evaluates its product and service offerings to proactively comply with local regulations, we will discontinue the following offerings in Korea, effective immediately; KRW trading pairs, KRW payment options, P2P merchant applications and Korean language website support,” Binance said.

      The changes also see Binance remove the Korean Won payment options, P2P merchant applications and the local language website support. “Binance P2P will remove KRW trading pairs on Friday, 2021-08-13 at 11:00 UTC (20:00 UTC+9). Users are advised to complete all related P2P trades and remove related trade advertisements by 2021-08-13 10:00 UTC (19:00 UTC+9) to avoid potential trading disputes,” the exchange added.

      Binance makes changes in numerous countries

      Binance removing its Won trading pairs and other services in South Korea comes after it made certain changes in other countries. The cryptocurrency exchange shut down derivative trading services in Hong Kong and Europe over the past two weeks.

      Brian Brooks, the CEO of Binance US, also resigned last week, with the crypto exchange coming under regulatory attack in various parts of the world. Binance has already been banned in the UK and Malaysia, and it has received a warning from the Italian regulatory agency.

      Kryptoin files for an Ether ETF with the US SEC

        Kryptoin files for an Ether ETF with the US SEC

        Delaware-based Kryptoin Investment Advisors has joined the ranks of other crypto ETF hopefuls by filing an Ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

        ETF would be listed on the Chicago Board Options Exchange

        The Kryptoin Ethereum ETF Trust was filed on August 12 to provide exposure to Ethereum at a price that reflects the current Ethereum market. If approved, Kryptoin’s Ethereum ETF would be listed on the Chicago Board Options Exchange (CBOE) BZX Exchange.

        The filing states that the trust will hold ETH and value its shares daily according to the CF Ether-Dollar US Settlement Price. This is an independently calculated value based on aggregating executed trade flows from major ETH spot exchanges.

        The statement also says that the Ethereum assets will be stored at Gemini Trust Company, which has been carefully selected as it is authorized by the New York State Department of Financial Services (NYDFS) to provide custodial services for digital assets. 

        The ETF will not buy or sell ETH directly. When it sells or redeems its shares, it will do so in baskets of 100,000 shares at the Trust’s net asset value (NAV).

        Kryptoin filed for a Bitcoin ETF  in 2019

        Kryptoin filed for a Bitcoin ETF with the U.S. Securities and Exchange Commission in 2019, which is still under regulatory review, similar to the proposals from other companies.

        Although several U.S. firms have been pushing for approval of crypto ETFs, especially Bitcoin ETFs, the SEC has been reluctant to approve them for years. Just recently, Valkyrie filed for an ETF focused on bitcoin futures, and on May 7, VanEck filed for its Ethereum ETF and on May 28, Wisdom Tree filed an application for a similar fund to the SEC.

        This is why SushiSwap did not scale on Optimism


          SushiSwap announced why it chose Arbitrum over Optimism as its decentralized exchange’s Layer 2 scaling solution.

          Uniswap was given the opportunity to launch first

          CTO of SushiSwap Joseph Delong claims that Optimism gave preference to Uniswap, despite claiming to be a community-run project. On Twitter, Delong said Optimism had hindered the launch of SushiSwap and urged Uniswap to launch first. He explained that SushiSwap had set up its decentralized exchange on the Kovan test network. They were in the process of testing and setting up a final version when they learned that Uniswap would get the opportunity instead.

          Because of how SushiSwap was treated, it decided to launch on Arbitrum instead, which is considered a more “neutral” platform. This is because Arbitrum whitelists every project that requests it.

          Delong accuses VCs of influencing the decision

          According to a tweet, Delong believes Optimism favors Uniswap because of investors Andreesen Horowitz (a16z) and Paradigm. Both funds have invested in Uniswap and Optimism, as well as many other leading crypto projects. According to Delong, the two VCs may have “colluded” to influence and favor their projects.

          Previously, a16z had been accused of leveraging its influence within the DeFi community when it allegedly delegated UNI tokens to vote for a Uniswap lobby group called DeFi Education Fund. The fund was later accused of a lack of transparency by DeFi enthusiasts after selling half of its Uniswap grants for $10 million.

          Optimism denied the accusation of preferential treatment

          DeFi architect and founder Yearn Finance Andre Cronje tweeted about the incident, saying, “This happens a lot more than people think. DeFi is not very DeFi,” referring to Optimism’s preferential treatment over Uniswap.

          In response to the allegations, Optimism denied the accusation of preferential treatment, claiming instead that Uniswap was used first because Uniswap had partnered with them 1.5 years ago. They stated that there was no case of preferential treatment but that the decision was made on a first-come, first-served basis. The team now plans to whitelist projects as soon as possible.

          Valkyrie files for a Bitcoin futures ETF with US SEC

            Valkyrie files for a Bitcoin futures ETF with US SEC

            The number of cryptocurrency ETF applications with the United States SEC continues to increase as the market gains more popularity.

            Valkyrie files for a Bitcoin futures ETF

            Asset management firm Valkyrie has filed for a Bitcoin (BTC) futures exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). Valkyrie filed this ETF while it still has a Bitcoin ETF application with the regulatory agency.

            According to the SEC filing dated August 11, the new ETF will not directly invest in the leading cryptocurrency. Instead, it will invest in a number of bitcoin futures contracts. This ETF differs from the earlier Bitcoin ETF the asset manager submitted to the US SEC.

            Valkyrie said, “The Fund will invest indirectly, via a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”), in standardized, cash-settled futures contracts on bitcoin. Such futures contracts are traded on commodity exchanges registered with the Commodity Futures Trading Commission (the “CFTC”). Currently, bitcoin futures contracts in which the Fund will invest are only traded on, or subject to the rules of, the Chicago Mercantile Exchange (the “CME”).”

            Furthermore, the value of the Bitcoin futures would be determined by reference to the CME CF Bitcoin Reference Rate, providing an indication of Bitcoin’s price across a wide range of exchanges.

            Gensler would favor a Bitcoin futures ETF

            Valkyrie fil Valkyrie filed this ETF proposal after SEC chair Gary Gensler mentioned last week that the regulatory agency is interested in exchange-traded products tied to bitcoin futures. The SEC is yet to approve ETFs tied directly to Bitcoin and Ether but could approve the Bitcoin futures ETF.

            In addition to Valkyrie, ProShares, Invesco and VanEck have all submitted Bitcoin futures ETF proposals to the US SEC.

            Lionel Messi will be paid with the club fan token following PSG move

              Lionel Messi will be paid with the club fan token following PSG move

              Lionel Messi has completed his move to Paris St Germain, and he will be paid part of his welcome bonus with the PSG fan token.

              Messi’s welcome bonus to include PSG token

              After FC Barcelona failed to renew his contract, the Argentine football star completed his move to Paris Saint Germain (PSG). The move is one of the most highly coveted in football in recent years, and now it involves cryptocurrencies.

              According to a Reuters report earlier today, Messi will receive part of his welcome bonus in the form of the PSG fan token. However, the football club didn’t specify the amount of the tokens Messi will receive. The club also didn’t provide further information on Messi’s financial contracts.

              Fan tokens are becoming popular in the football world, with some of the leading sides, such as Manchester City and AC Milan, issuing them to their fans. The tokens allow holders, usually the fans, to vote on mostly minor decisions related to their clubs.

              The PS The PSG token rallied earlier this week following the news that Lionel Messi will be joining the club. The token rose from $34 to reach a high of $48 before slightly consolidate to now trade around $38 per coin.

              Bitcoin price blasts through $43K, hitting its highest price since May

                Bitcoin price blasts through $43K, hitting its highest price since May

                Bitcoin’s breakout above $43,000 puts the price at a multi-month high and possibly reignites the bull market that traders have been anxiously awaiting.

                Bitcoin’s (BTC) price rallied to a multi-month high at $43,231 on August 6 and this allowed the digital asset to break free of the trading range it had been stuck in since May. 

                Data from Cointelegraph Markets Pro and TradingView shows that after trading sideways through the early morning hours on Friday bulls staged a rally that lifted the price of Bitcoin (BTC) to an intraday high at $43,231, its highest level since May 19.

                Throughout the week, several analysts suggested that a rally higher was in the works because several indicators flashed bullish signals, including a cross-over between two moving averages that last appeared before the 2020 bull market and metrics that showed significant accumulation being driven by whales and retail investors.

                Bitcoin’s spike to $43,210 was a major development for its price as noted by pseudonymous analyst Rekt Capital, because this was the first time BTC was able to break out of its multi-month trading range.

                Rekt Capital said:

                “BTC has successfully claimed the 200 day EMA as support, a long-term gauge of investor sentiment towards BTC. BTC has also successfully claimed the 21 week EMA as support, a bull market indicator. The market is getting bullish.”

                The overall cryptocurrency market cap now stands at $1.719 trillion and Bitcoin’s dominance rate is 46.2%.

                Ukraine’s new bill would allow payments in cryptocurrency

                  Ukraine’s new bill would allow payments in cryptocurrency

                  Ukraine wants to make cryptocurrency payments legal in the country despite not recognizing them as legal tender.

                  Ukraine tables bill to allow crypto payments

                  Deputy Minister of Ukraine’s Ministry of Digital Transformation Oleksandr Bornyakov has drafted a new bill that would allow people to pay for goods and services using cryptocurrencies. A government official revealed that Ukraine wants to promote crypto payments despite not recognizing them as legal tender.

                  According to local reports, Bornyakov is confident that it would become legal to pay for goods and services with cryptocurrencies in Ukraine using payment intermediaries that enable crypto-to-fiat conversions.

                  The bill specifies that cryptos don’t constitute legal tender in the country, but they can be used for payment purposes. “Today, the legislation in Ukraine also does not allow you to pay in dollars, but you can easily pay for purchases with a dollar card. Currencies are converted instantly during payment. […] Therefore, it will be quite legal to pay with cryptocurrencies in Ukraine, but through an intermediary,” the bill added.

                  More countries are opening up to crypto

                  Although Bitcoin and other cryptocurrencies are not legal tenders in most countries, more businesses and organizations are open to collecting them as means of payment. El Salvador remains the only country in the world to officially adopt Bitcoin as a legal tender.

                  JPMorgan launches in-house Bitcoin fund

                    JPMorgan launches in-house Bitcoin fund

                    JPMorgan Chase offered an in-house bitcoin fund for its Private Bank clients for the first time this week. 

                    The fund is offered in partnership with NYDIG

                    The passively managed fund has no investments from clients yet. That could change soon, as advisers were tipped off about the fund in a phone call with the bank this week. The fund is offered in partnership with NYDIG, the bitcoin arm of wealth management firm Stone Ridge.

                    The CEO of JPMorgan Jamie Dimo was previously known to criticize Bitcoin and even once said he would fire any JPMorgan employee who traded Bitcoin. More recently, however, he has said that customers want to invest in Bitcoins, so JPMorgan has a responsibility to deliver crypto investments safely.

                    The list of banks diving into crypto is getting longer 

                    In July, JPMorgan was one of the first major banks to announce that retail wealth management clients would be able to invest in crypto products. Clients do not have to be in direct contact with the firm’s advisers to invest in the products – anyone from ultra-wealthy private bank clients to users of Wall Street Bank’s trading app Chase can do so.

                    Other banks have begun offering crypto products in the past year, including Morgan Stanley, which gave its wealth management clients access to crypto funds in March, and Bank of America, which reportedly began offering exchange-traded crypto products to wealthy investors last month.

                    MicroStrategy’s Bitcoin holdings close to $3 billion after buying $177m worth...

                    MicroStrategy is one of the largest corporate holders of Bitcoin, and the company has now added more bitcoins to its balance sheet. MicroStrategy purchases $177...