Author: News Room
Kerrisdale Capital has argued in a recent report that MicroStrategy’s shares have become overvalued. “We are long Bitcoin and short shares of MicroStrategy, a proxy for Bitcoin which trades at an unjustifiable premium to the digital asset that drives its value,” the company stated. MicroStrategy’s shares witnessed a notable 14% decline on Thursday following the disclosure. Unjustifiable Premium The firm argued that the premium at which MicroStrategy’s shares are trading, representing over two and a half times the spot price of Bitcoin, is unwarranted, claiming that BTC would need to be trading at $177,000 to justify it. However, Kerrisdale Capital…
As the leading cryptocurrency Bitcoin prepares for the halving event, which is expected to take place in April, bullish expectations for BTC are increasing. At this point, while the giant bank Standard Chartered increased its 2024 year-end BTC target to $ 150,000, Acheron Trading CEO Laurent Benayoun predicted that the Bitcoin price could increase by another 150% during the current bull market cycle. Stating that at this point, the BTC price could rise up to $180,000 in the bull cycle, the famous CEO said that ETFs and the decrease in supply after the Bitcoin halving will be effective in this…
Ethereum NFT sales rose 5.21% to US$11 million on Friday to lead the market while Bitcoin, Thursday’s top network, had a 16% slump. Bitcoin ranked second on Friday with US$10.21 million in total sales. Despite the drop in sales, Bitcoin is expected to surpass US$3 billion in total sales this week. The network is less than US$700,000 away from the milestone. Solana, ranked third, experienced a 21.58% sales drop to US$5.30 billion. Solana had two projects, Mad Lads and Froganas, in the top 10 collection rankings on Friday, with both projects recording under US$1 million. This is the first day…
Binance, one of the world’s largest cryptocurrency exchanges, has announced support for the upcoming network upgrade and Hard Fork of the Rootstock (RIF) network. Binance Rootstock (RIF) Announces Network Upgrade and Hard Fork Support The upgrade aims to improve network performance and user experience, and Binance is taking steps to ensure a smooth transition for its users. Binance will temporarily suspend token deposits and withdrawals to the Rootstock (RIF) network starting at approximately 17:00 on April 3, 2024. This suspension is part of Binance’s efforts to smoothly handle network upgrades and hard forks. The network upgrade and hard fork is…
The cryptocurrency market is in a consolidation range after a remarkable bull rally, followed by a bearish correction. Meanwhile, the latter has favored an increased open interest in short positions for some cryptocurrencies that could short squeeze. Essentially, a short squeeze happens when a sudden price increase forces multiple opened shorts to close, liquidating the bearish traders. This event fuels the uptrend, driving prices even further. Therefore, identifying large liquidity pools to the upside could help cryptocurrency traders spot valuable opportunities in the derivatives market. Finbold gathered data from CoinGlass on March 29 and spotted a short-squeeze potential for Solana…
Samuel Benjamin Bankman-Fried, commonly known as SBF, is an American entrepreneur who rose to prominence in the cryptocurrency world as the founder of the FTX cryptocurrency exchange. Born on March 5, 1992, in Stanford, California, Bankman-Fried showed early promise, attending the prestigious Massachusetts Institute of Technology (MIT) before delving into cryptocurrency trading. His career trajectory took a significant turn when he ventured into the world of finance, working on Wall Street before establishing Alameda Research in 2017. Why was he called Crypto King? In 2019, Bankman-Fried founded FTX, a cryptocurrency exchange that quickly gained traction in the digital asset market.…
In the first quarter of the year, the crypto industry lost $336.3 million to hacking, 23.1% less than last year. According to the Immunefi report, in the first three months of 2024, crypto projects lost more than $321 million due to 46 hacks and 15 fraudulent incidents. Decentralized finance (defi) is a prime target for hackers, accounting for 100% of losses in the crypto industry. According to Immunefi CEO Mitchell Amador, defi suffers from frequent compromise of private keys. “Particularly, the ecosystem has witnessed a significant volume of losses due to private key compromises, emphasizing the critical need to secure…
UK Judge James Mellor has placed a $7.6 million asset freeze on Craig Wright, the controversial figure who has claimed to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. This decision follows a heated legal battle with the Crypto Open Patent Alliance (COPA), which challenged Wright’s assertion of being the digital currency’s founder. Craig Wright Hit With Asset Freeze The court’s decision was based on overwhelming evidence presented during the Joint Trial, leading to Judge Mellor’s conclusion that Wright was not, in fact, the creator of Bitcoin. This ruling came as part of a wider copyright and database right action…
On Friday, March 29, 2024, the combined open interest in bitcoin futures reached a new all-time peak of $37.55 billion. This uptick occurs amid buoyant bitcoin markets and a growing attraction from institutional investors. Bitcoin Futures Open Interest Reaches Unprecedented $37.55 Billion Since the close of 2023, interest in bitcoin (BTC) derivatives has escalated, reaching […] Read the full article here
Deep-pocketed crypto investors are abruptly shifting hundreds of millions of dollars worth of digital assets to and from unknown wallets. New data from whale-surveying platform Whale Alert reveals that over $350 million worth of Bitcoin (BTC), the top crypto asset by market cap, was moved in two separate transactions. The first transaction saw a crypto whale move 3,599 BTC ($252,067,077) from one unknown wallet to another while the second transaction saw 1,500 BTC ($105,528,550) shifted from an unknown wallet to another. Bitcoin is trading for $69,671 at time of writing, a 1.9% decrease during the last 24 hours but a…