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Bitcoin is approaching its all-time high, eclipsing $68,000. With this surge in price, Bitcoin is closing in on silver's $1.4 trillion market cap. Meanwhile, Ethereum also hit a significant milestone, surpassing $3,700 for the first time since January 2022. This comes on the back of record inflows into BlackRock and other funds’ spot Bitcoin ETFs.
Asset manager BlackRock has filed an application with the SEC to acquire shares of Bitcoin ETFs for its own funds. The firm plans to do this through its Strategic Income Opportunities Fund. The fund’s ETF has gained the lead in market share amongst the new spot Bitcoin ETFs and has done record-breaking levels of trading volume. This move would allow BlackRock to make investments directly into these ETFs, giving clients of this fund direct exposure to Bitcoin.
Bitdeer Technologies, a Nasdaq-listed bitcoin mining firm based in Singapore, has successfully tested its first self-designed 4-nanometer process technology crypto mining chip, the SEAL01. This advanced chip is designed to optimize bitcoin mining performance while reducing power consumption, leading to lower operating costs and a potentially smaller environmental footprint.
Cross-chain bridge protocol Wormhole is preparing for a potential multi-billion dollar airdrop of its W token. The airdrop, which Aevo markets are valuing at an estimated $2.73 billion, could be one of the largest in the history of cryptocurrency. Wormhole's protocol, popular for its ability to send assets between blockchains, now claims to have processed over $35 billion in transfers.
This thread explores financial nihilism, focusing on how it fosters increased financial risk-taking, particularly among younger generations. Apparently a response to rising costs of living, income inequality, and unaffordable housing, financial nihilism leads to strategic gambling for potential large payoffs, demonstrated in trends like the rise of 0DTE options and sports betting. Financial Nihilism is linked to cryptocurrency - it will likely play a large part in younger generations adopting the technology.
MicroStrategy has announced plans to offer another $600 million in convertible senior notes due in 2030 to qualified institutional buyers. The company also intends to provide an option to purchase an additional $90 million aggregate principal amount of the notes. The funds raised from this private offering will be used to purchase additional bitcoin and for general corporate purposes.
The SEC has delayed its decision on BlackRock's proposed Ethereum ETF for the second time, indicating that other similar applications from companies like Fidelity, Invesco, and Galaxy Digital could also face delays. The success of the spot Bitcoin ETFs is increasing interest in Ethereum ETFs. The delay was mostly expected. Experts are confident that a decision, likely an approval, will be reached in May.
CryptoPunk 3100, a rare "alien" punk, sold for $16 million yesterday, marking the second-highest CryptoPunk sale of all time in USD.
Ordinals offer leveraged BTC exposure with unique risks and opportunities.
Coinbase experienced another glitch showing $0 balances for some users amid increased trading activity - it assured users that funds are safe and trading is unaffected.
Michael Saylor exploited the fiat money system by issuing convertible notes to buy Bitcoin, boosting MicroStrategy's valuation as the dollar weakened - he is doing it again as MicroStrategy’s share prices rise.