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Crypto.com hit with €2.85 million fine by Dutch Central Bank for regulatory noncompliance

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MicroStrategy Is Planning Another $500 Million Bitcoin Purchase

by CoinNews
written by CoinNews

American business intelligence and software development company, MicroStrategy has unveiled new plans to acquire an additional Bitcoin, further bolstering its already substantial BTC holdings.

MicroStrategy Mega Bitcoin Purchase In The Works

In a recent press release published on MicroStrategy’s official website, the software development company announced plans to raise $500 million in convertible debt offerings to purchase more Bitcoin. Just a few days ago the company had sold approximately $800 million in convertible debt offerings, using the proceeds of the sale to acquire about 12,000 BTC valued at about $821.7 million at the time. 

Quite frankly, MicroStrategy seems to be on a full-blown Bitcoin acquisition spree, potentially attributed to the cryptocurrency’s massive bullish rallies recently and its surge to new all-time highs. As of March 11, 2024, the business intelligence firm possesses a total of 205,000 BTC, worth over $15 billion based on CoinMarketCap’s Bitcoin price of $73,411, at the time of writing.  

With its latest purchase of 12,000 BTC, MicroStrategy has finally surpassed the Bitcoin holdings of BlackRock’s Spot Bitcoin Exchange Traded Fund (ETF). Additionally, the software development company has secured the top position as the leading public company with the largest Bitcoin holdings, surpassing the holdings of both Tesla and Coinbase.

As of March 2024, MicroStrategy’s market capitalization has surged to $29.96 billion, reflecting an increase of 10.85% in the last 24 hours. The company is also presently ranked as the world’s 642nd most valuable company by market capitalization. 

MicroStrategy Sets Sights On Convertible Senior Notes Offerings

Since the start of the year, MicroStrategy has purchased nearly 16,000 BTC. This time around the company has chosen to raise capital through convertible senior notes, marking a shift from the previous year when most of its funds for acquiring BTC were generated from equity. 

According to Market Watch’s report, the business intelligence firm’s stock value has also been on the rise recently, with MSTR prices witnessing an impressive 145% increase in a month. 

As stated in its press release, the company intends to sell convertible senior notes to qualified institutional buyers. MicroStrategy has revealed plans to grant early purchasers of the notes an option to buy up to an additional $75 million worth of the notes within 13 days after the initial issuance. 

The software development firm has disclosed that the notes will remain unsecured, with interests payable semi-annually starting in September 2024. Additionally, MicroStrategy will have the right to redeem the notes from March 2028 or holders can request for the company to make a repurchase, with conversion terms determined at the offering’s prices.

The proceeds and excess funds generated from its upcoming $500 million convertible senior notes sale will be used to expand MicroStrategy’s Bitcoin holdings and for general corporate purposes. 

Bitcoin price chart from Tradingview.com

BTC price falls to $72,700 | Source: BTCUSD on Tradingview.com

Featured image from The Guardian, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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How to Start Your Own Brokerage or Exchange – B2Broker CEO Arthur Azizov and CDO John Murillo

by CoinNews
written by CoinNews

B2Broker is a premier provider of liquidity solutions, white-label platforms, CRM systems and advanced trading mechanisms. Founded in 2014, B2Broker has consistently added new features and tools to its expansive liquidity and white-label offerings. With the contribution of B2Broker’s sibling companies – B2BinPay, B2Core and B2Trader, the group delivers a comprehensive suite of B2B brokerage […]

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Bitcoin Price Might Be On The Verge To Surge Toward $75K

by CoinNews
written by CoinNews

Bitcoin price is eyeing more gains above the $73,000 resistance. BTC is setting up for a move toward the $75,000 resistance in the near term.

  • Bitcoin price is showing positive signs and eyeing more gains above the $73,000 zone.
  • The price is trading above $72,500 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $72,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up if it clears the $73,450 and $73,500 resistance levels.

Bitcoin Price Sets New ATH

Bitcoin price remained well-bid above the $72,000 level. BTC formed a base and started a fresh increase above the $72,500 resistance. The price even broke the $73,000 level.

It traded to a new all-time high above $73,500 before there was a downside correction. The price declined below the $73,000 and $72,500 levels. A low was formed near $71,725 and the price is again rising. There was a move above the $73,000 level.

Bitcoin is now trading above $72,500 and the 100 hourly Simple moving average. It is holding gains above the 50% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

Immediate resistance is near the $73,200 level. The next key resistance could be $73,500, above which the price could rise toward the $74,200 resistance zone. If there is a clear move above the $74,200 resistance zone, the price could even attempt a move above the $75,000 resistance zone. Any more gains might send the price toward the $76,500 level.

Another Downside Correction In BTC?

If Bitcoin fails to rise above the $73,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $72,800 level and the trend line.

The first major support is $72,150 or 76.4% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high. If there is a close below $72,150, the price could start a decent pullback toward the $70,000 level. Any more losses might send the price toward the $68,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $72,800, followed by $72,150.

Major Resistance Levels – $73,200, $73,500, and $75,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Nigeria’s Binance Impasse: Senior Executives Detained at Government ‘Guesthouse’ for 14 Days

by CoinNews
written by CoinNews

Tigran Gambaryan, a former U.S. federal agent, is one of two Binance executives being held without charge by Nigerian authorities. A local court approved the executives’ 14-day detention. Recent media reports suggest that Nigerian officials have requested Binance to disclose the identities and transaction histories of its top 100 users. Detained Executives’ Families Demand Their […]

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Dogecoin Influencer Sounds Critical Warning Alarm For Scams Targeting The Community

by CoinNews
written by CoinNews

Dogecoin influencer Mishaboar has issued a vital warning to members of the Dogecoin (DOGE) community. This warning could prove timely as meme coin-related scams look to be on the rise in the crypto community. 

Beware Of Fake Dogecoin Airdrops  

Mishaboar warned community members in an X (formerly Twitter) post to be “extremely careful,” stating that there are several fake airdrops targeting the Dogecoin tag and other popular meme coins. The influencer also added that some of these scams are also deployed using the tags of popular AI tokens.

These scammers are said to promise airdrops to community members with the aim of solely stealing the tokens of unsuspecting users in the process. It is not surprising that these schemes are perpetuated using the tags of popular meme and AI tokens, as these categories of crypto tokens are two of the leading narratives for this bull cycle. 

Therefore, using these token tags is likely to help these scammers gain more reach and attract more users. Mishaboar’s warning is no doubt crucial, especially for newbies in the crypto space who could easily fall prey to these scams in the bid to earn ‘airdrops’ that could give them more leverage entering into the bull run. 

As part of his warning, the influencer advised his followers to report any account they suspected to be a scam. Mishaboar also noted that some of these accounts have a huge following and might seem legitimate, but users shouldn’t be deceived. Accounts with a significant following always tend to look more legit. That’s why these crypto users have to be extra vigilant. 

Mishaboar is known to be very particular about the safety of crypto users. When the ‘MyDogeWallet’ Hack occurred, he advised members of the crypto community to enable two-factor authentication (2FA) on their X accounts using an authenticator application or a physical security key. 

Shiba Inu Community Also Faced Similar Scams

At the beginning of the year, Shiba Inu scam detector platform Susbarium drew the SHIB community’s attention to scams that were targeted at obtaining people’s identities and stealing their crypto holdings. Back then, Susbarium warned that one of the scams involved fake accounts promoting fake TREAT tokens to unsuspecting investors. 

Like Mishaboar, Susbarium urged users to enable 2FA on all their crypto accounts. They also proposed using hardware wallets to help community members securely store their crypto tokens. Some scam accounts clone or impersonate official accounts, so the scam detector advised to be wary of unsolicited messages they might receive from these impersonators. 

Dogecoin price chart from Tradingview.com

DOGE price at $0.17 | Source: DOGEUSD on Tradingview.com

Featured image from Securities.io, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Court upholds SEC’s unregistered securities claims against Gemini, Genesis’ Earn program

by CoinNews
written by CoinNews

A federal court denied crypto exchange Gemini and Genesis Global Capital’s joint motion to dismiss the SEC’s case regarding their defunct Gemini Earn program, according to a March 13 filing.

The court also denied the companies’ motion to strike the regulator’s requests for permanent injunctive relief and disgorgement.

The court found that the SEC’s complaint “plausibly alleges” that the companies offered and sold securities via Gemini Earn under the Howey and Reves test.

Howey test applied

One prong of the Howey test concerns Gemini Earn’s status as an investment contract. The court determined that the SEC sufficiently alleged common enterprise and horizontal commonality, the latter of which involves tying investor fortunes together through the pooling of assets.

The companies previously argued that Earn’s market rate-based payouts and customers’ ability to exit the agreement at any time ruled out common enterprise and horizontal commonality.

They also argued that the individual treatment of customers and a lack of “skin in the game” among customers did not satisfy that part of the test. However, the court determined that the two firms’ counterarguments were “not persuasive.”

The fact that Gemini Earn agreements stated that loans are intended to act as commercial loans rather than securities does not necessarily make this an economic reality under the test, the court said.

Additionally, the court determined that the SEC had sufficiently proven that Earn investors had expectations of profits via their investments.

The judge denied the companies’ assertion that profits did not directly depend on Genesis’ efforts and its use of borrowed crypto funds because Genesis had advertised the program as an investment with high interest rate yields.

Reves test supports SEC

Under the SEC’s separate Reves test, Genesis failed to challenge the presumption that every note is a security.

According to the filing, Gemini and Genesis’ counterarguments were “in tension with the broad scope of the securities laws” in this area.

This conclusion was based on the motivations of both Genesis and the investors, which were oriented towards investment rather than commercial purposes, with Genesis seeking to generate revenue through lending and investors drawn by the promise of high interest rates.

The wide distribution of the agreements to a broad public segment, coupled with the investors’ reasonable expectations of earning profits from their participation, further supported this classification.

Additionally, the absence of alternative regulatory schemes or other risk-reducing factors solidified the court’s determination that the Gemini Earn agreements, as offered and sold through the Gemini Earn program, constitute securities under the Reves test.

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Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year

by CoinNews
written by CoinNews

The CEO of Jan3 and Bitcoiner, Samson Mow, is still standing by his prediction that Bitcoin could hit $1 million sooner rather than later. During a recent interview, he explained why he is sticking to his ambitious price prediction. 

Why Bitcoin Would Hit $1 Million This Year

Mow mentioned during an interview with ‘What Bitcoin Did’ Host Peter McCormack that BTC will hit $1 million this year, if not this year, in 2025. He further explained that BTC’s current setup is well structured for this parabolic run. For one, he noted that BTC’s demand far exceeds its supply.

Mow highlighted the Spot Bitcoin ETFs, which accumulate almost 4,000 BTC daily. This amounts to about 1.5 million BTC, which these funds can pull over a year, which could drastically reduce the amount of BTC in circulation. These Bitcoin ETFs are already reported to hold a significant percentage of Bitcoin’s circulating supply. 

The Bitcoin maximalist also recognized crypto exchanges that take in large BTC inflows. Therefore, Mow believes the price should “react accordingly” as Bitcoin’s demand continues to exceed the Miners’ supply, which will be cut in half during the Bitcoin Halving. Even if this theory doesn’t play out, he remarked that the concept of the ‘Veblen effect’ will apply to Bitcoin.

What The ‘Veblen Effect’ Is About

The Veblen effect is when consumers purchase an item even as its price increases. In this case, Mow opines that investors will continue to invest in Bitcoin regardless of how high this rises. This sustained interest in the flagship crypto can also lead to further price surges. This Veblen effect is already in full force as Bitcoin continues to attract new investors.

Mow also laid a scenario where BTC attains Gold’s market cap and surpasses it. When that happens, he stated that people will start demonetizing Gold and substituting it for BTC, seeing the crypto token as a better alternative. While he recognized that some investors are already substituting their Gold for Bitcoin, Mow stated that it will happen “en masse” when BTC flips Gold. 

Although ambitious, Samson Mow’s ambitious prediction cannot be discarded, considering that he had previously predicted that Bitcoin would hit a new all-time high (ATH) before the Halving event, which it already did. This is the first time the crypto token hit a new ATH before the Halving. 

At the time of writing, BTC is trading at around $73,000, up in the last 24 hours according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

BTC price above $73,000 | Source: BTCUSD on Tradingview.com

Featured image from Medium, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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GAIMIN – Delivering Web3 to the Gaming Ecosystem

by CoinNews
written by CoinNews

GAIMIN is creating the world’s largest GPU-based DePIN to address the increasing worldwide demand for data processing power. GAIMIN’s DePIN, called gaimin.cloud, currently focuses on delivering data processing services for Artificial Intelligence (AI), Video Rendering (VR) and the powering of blockchain computations. GAIMIN’s approach is based on users allowing their devices to participate in GAIMIN’s […]

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Remarkable 75% Growth Sparks Crypto Frenzy

by CoinNews
written by CoinNews

Cryptocurrency analysts are abuzz with chatter surrounding NEAR Protocol (NEAR) as the token experiences a meteoric rise in value. The past month has been nothing short of phenomenal for NEAR, with its price leaping by an impressive 130%.

Will NEAR Hit $8?

This surge, which translates to an impressive $7.91 per token at the time of writing, has not gone unnoticed, igniting a firestorm of interest and speculation within the investment community. But is this a genuine upswing or simply a fleeting fad?

Source: CoinMarketCap

Breaking A Downtrend Or Chasing A Fad?

While some analysts, like the prominent Rekt Capital, view this surge as a potential reversal of a multi-year downtrend, others urge caution. The cryptocurrency market, after all, is notorious for its wild fluctuations. A token’s price can reach dizzying heights only to come crashing down just as quickly.

Forecast: Bullish With A Side Of Caution

Analysts have forecasted a bullish trend for NEAR in the immediate future. Their prediction suggests a 10% increase, placing the price at around $7.48 by March 13, 2024.

This projected increase comes with a market capitalization of $7.65 billion and a notable 24-hour trading volume of $2.2 billion. However, forecasts, as some experts point out, should be viewed with a critical eye. The market is an intricate web of factors, and unforeseen events can easily derail even the most meticulously crafted predictions.

Bitcoin is now trading at $73.319. Chart: TradingView

Technical Indicators, Market Sentiment

Technical indicators, while offering valuable insights, should not be the sole basis for investment decisions. The Fear and Greed Index, currently hovering at an “extreme greed” of 82 for NEAR, paints a picture of a market potentially fueled by euphoria rather than sound judgment.

Investors piling in solely based on such sentiment, with NEAR having already surged 8.06% in the last 24 hours, might be setting themselves up for disappointment if a correction were to occur.

Beyond The Hype: Examining NEAR’s Potential

However, dismissing NEAR’s potential entirely would be unwise. To understand this, we need to examine thoroughly. NEAR Protocol is a blockchain platform designed to address scalability issues that have plagued older blockchain technologies like Ethereum.

NEAR boasts features like sharding, a method for distributing processing power across a network of computers, to facilitate faster transaction speeds and lower fees.

This focus on scalability has attracted the attention of developers seeking to build decentralized applications (dApps) on a platform that can handle high volumes of traffic. Several promising dApps are already being built on NEAR, including DeFi (decentralized finance) protocols and NFT (non-fungible token) marketplaces.

A thriving ecosystem of dApps could be a key driver of long-term growth for NEAR. Crypto experts, drawing insights from the price fluctuations observed at the onset of 2023, have formulated an average projected NEAR rate of $10.06 for March 2024.

While this average is a benchmark, fluctuations within the market suggest potential variations, with the minimum expected price hovering around $9.8 and the maximum reaching $10.2. Considering these forecasts, investors may be enticed by the potential return on investment (ROI) of 35%, indicative of the promising growth prospects for Near Protocol in the coming months.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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