Category: Cryptocurrency News

Cointelegraph Accelerator participants will get a headstart with Consensys’ Web3 solutions, including MetaMask, Infura and Linea zkEVM.

When it comes to centralized exchanges we all learned last year, as to why we should not trust them so easily with our money, especially after so many scams in the year 2022 involving the likes of FTX and Celsius and many others. But one exchange has always been standing out, that is Kraken. Unarguably,…
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In a recent development, MicroStrategy, a US-based software firm, has announced intentions to raise about $750 million through stock sales. According to the platform, which is currently one of the biggest corporate holders of Bitcoin, proceeds realized from the sale will be used to purchase more Bitcoin. More BTC For MicroStrategy? In a filing with the United States Securities and Exchange Commission on August 1, MicroStrategy disclosed that it has entered into a sales contract with three companies, namely Canaccord Genuity, Cowen and Company, and Berenberg Capital, with respect to the sale of MicroStrategy’s class A common stocks.  Related Reading: Here’s The Total Number Of XRP That Ripple Currently Holds Since MicroStrategy is a publicly traded company, the sales are expected to be available to the general public and to take place on the stock market. The firm is guaranteed easy access to capital since its stock will be offered to every interested investor.  According to MicroStrategy, the proceeds raised from the proposed sale would be applied to different corporate objectives, which according to MicroStrategy’s Chief Financial Officer Andrew Kang, shall include “.. the purchase of Bitcoin as well as the repurchase or repayment of outstanding debt.” BTC bulls still holding $29,300 | Source: BTCUSD on Tradingview.com Bitcoin Price Reaction To The News MicroStrategy is a firm founded by Micheal Saylor and one of the largest holders of Bitcoin. The firm presently holds 152,800 Bitcoin valued at $4.5 billion at the current market price. The firm purchased an additional 12,333 Bitcoin during the second quarter of the year and another 467 in July. It is currently one of the most prominent champions of Bitcoin with a bold investment strategy to boost its Bitcoin holdings regardless of whether or not the market is trending.  Speaking to Investors following the announcement, Chairman and founder of the firm Micheal Saylor noted that their objective “is to find ways to generate incremental Bitcoin for our shareholders and do that with either cash flow from the business or do it through intelligent accretive financings of equity or debt or other intelligent operations.”  Related Reading: BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says In reaction to the announcement, the price of Bitcoin rose to about 2%, increasing from $29,200 to $29,771 at the time of writing. Shareholders in the company also benefited following the ongoing Bitcoin rally, with shares increasing to nearly 200% since the beginning of the year. According to data from Google Finance, MSTR shares have risen from $145.02 per share on January 3 to $434.98 at the time of publication.  Featured image from Bitcoinist, chart from Tradingview.com

A crypto bill signed into law in 2022 paved the way for the Ukrainian government to amend its tax code, but local exchanges still largely operate outside this framework.

Data shows that Bitcoin funding rates have risen to the greenest levels since February 2023, something that could increase the risk of a long squeeze. Bitcoin Funding Rates Are At Highest Levels Since February As pointed out by an analyst in a CryptoQuant post, longs have accumulated in the market recently. The “funding rates” is an indicator that keeps track of the periodic fee that traders on the futures market are exchanging between each other right now. Related Reading: Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators When the value of this metric is positive, it means that the long contract holders are currently paying a premium to the short holders so that they can hold onto their positions. This kind of trend implies that the majority of the market shares a bullish sentiment. On the other hand, the indicator being below the zero mark suggests the payments are flowing the opposite way: shorts are paying the longs. Naturally, here the bearish mentality is the dominant force. Now, here is a chart that shows the trend in the Bitcoin funding rates since the start of the year: The value of the metric seems to have been quite high in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin funding rates have surged during the past day as the cryptocurrency’s price has recovered back above the $29,000 level. The rise implies that new long positions have appeared on the market, and the gap between the shorts and longs has widened. Following this increase, the funding rates have hit highly positive levels not witnessed since back in February of this year. When the metric hit its high values back then, the cryptocurrency’s price had formed a local top and had started on a steep decline. The reason that the market reversed its trend even though the futures market traders were bullish was perhaps due to a long squeeze. A “squeeze” is an event where a sharp swing in the price sets off a high volume of liquidations at once. Such liquidations only end up providing further fuel for the price move, thus prolonging it and causing even more liquidations. As such, liquidations can be imagined to cascade during a squeeze. Whenever the futures market becomes overheated, the chances of this mass liquidation event taking place can go up. Generally, a squeeze is more probable to effect the side that has the larger amount of contracts. Naturally, this side would be reflected in the funding rates. Related Reading: Sell The News? Litecoin Traders Capitulate Ahead Of Today’s Halving As the indicator’s value is highly positive right now, a long squeeze could have reasonable chance of happening. If one does take place in the near future, then the Bitcoin market could go down in a similar way as it did back in February. BTC Price At the time of writing, Bitcoin is trading around $29,500, up 1% in the last week. BTC had recovered to $30,000 earlier today, but has since retraced to lower levels | Source: BTCUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Space and Time launches zero-knowledge proof tool for its decentralized database platform.

Litecoin block rewards have now halved to 6.25 LTC as the halving clock is reset for another four years.