The financial sector is seeing a significant shift as pension funds begin exploring crypto investments. This trend is driven by the recent approval of spot Bitcoin exchange-traded funds (ETFs). Fidelity Investments recently introduced a Bitcoin ETF that has attracted substantial institutional investors’ attention. Rising Institutional Interest in Bitcoin Manuel Nordeste, Vice President of Digital Assets at Fidelity, spoke about the rising interest that institutions have shown toward cryptocurrency-based financial products. “Now, we’re starting to have conversations with the larger, real money ..read more

Bitcoin’s price has surged past $62,000. The upswing was catalyzed by the recent US job market report. It showed a looser labor market, which might be good news for the Federal Reserve. The price rebound BTC experienced comes after a corrective period fueled by market and regulatory uncertainties. Bitcoin Shows Signs of Recovery After US Labor Data The US Bureau of Labor Statistics revealed a slight increase in the unemployment rate to 3.9%. This contradicts expectations that unemployment would stabilize at 3.8%. The uptick in unemployment has not deterred the resilient growth in non-farm payr ..read more

In the early morning of today’s Asia time, Jack Dorsey, CEO of Block Inc., revealed the company’s latest plan. Dorsey stated that it intends to purchase Bitcoin (BTC) monthly, utilizing the dollar-cost averaging (DCA) method. This move highlights Block’s commitment to integrating Bitcoin into its financial strategy. Moreover, it also emphasizes Dorsey’s position as a prominent “Bitcoin maximalist.” Details of Block’s Bitcoin DCA Strategy Unveiled Dollar-cost averaging is an investment approach where the same dollar amount is invested in a particular asset at regular intervals regardless of the ..read more

BNP Paribas, Europe’s second-largest bank, has recently acquired significant exposure to BTC through BlackRock’s iShares Bitcoin Trust ETF (IBIT). This strategic purchase positions BNP Paribas ahead of many US wealth and pension funds in adopting Bitcoin-based investment products. Institutions Buy BlackRock Bitcoin ETF BNP Paribas, boasting over $600 billion in assets under management, made a comparatively modest investment of approximately $40,000 in BlackRock’s Bitcoin ETF. Despite the small scale of the investment in terms of the bank’s vast asset pool, the move is significant.  It mar ..read more

Despite the excitement surrounding the recent halving in the cryptocurrency market, Bitcoin may be entering a period of price stabilization that could last up to two months, according to market analysts at Bitfinex.  The report suggests that Bitcoin will continue to set the pace for the cryptocurrency market through May and remain a critical indicator of the sector’s overall market cap. Bitcoin Price Action Will Slowdown Bitfinex analysts emphasize that consumers and businesses are now more informed about the economic foundations influencing market trends, unlike previous cycles.  Th ..read more

Riot Platforms, a US-based Bitcoin mining company, recently unveiled a remarkable financial performance for the first quarter 2024. The company announced total revenues of $79.3 million, a noticeable uptick from $73.2 million during the same period last year. Riot also reported a net income of $211.8 million, earnings per share of $0.82, and $245.7 million in adjusted EBITDA—new highs for the company’s quarterly financial performance. A significant 131% rise in Bitcoin prices, compared to the same three-month period in 2023, largely accounts for this increase. Bitcoin Price Surge Drives Record ..read more

BlackRock’s iShares Bitcoin Trust (IBIT) experienced its first-ever outflow day, with $36.9 million leaving the fund on May 1. This notable outflow broke a 77-day streak of stable or positive net flows, raising eyebrows among investors and analysts alike. Spot Bitcoin ETFs Experience Record Outflows This shift comes at a time when the broader US spot Bitcoin exchange-traded funds (ETFs) have also witnessed record net outflows. The outflows sum up to $563.7 million across various funds on May 1. Among these, the Fidelity Wise Origin Bitcoin Fund (FBTC) reported the largest single-day loss with ..read more

MicroStrategy, a US-based business intelligence and software company, has introduced a new decentralized identification protocol named Orange. This innovative protocol was unveiled at the annual MicroStrategy World event in Las Vegas on May 1. Orange stands out by employing a novel method of using inscriptions as Ordinals on the Bitcoin (BTC) blockchain to store data related to decentralized identities (DID). The protocol utilizes the Segregated Witness (SegWit) feature of Bitcoin. It also enables documents to be created and updated with minimal restrictions on size and content. Why is MicroSt ..read more

Coinbase has integrated the Bitcoin Lightning Network, marking a pivotal shift towards faster and more economical BTC payments. This integration caters specifically to the growing demand for efficient financial transactions. Indeed, it significantly reduces the time and cost associated with Bitcoin transfers. Coinbase Enables Bitcoin Lightning Network Recently, transaction fees on the Bitcoin network surged to record levels, with fees for medium-priority transactions exceeding $146 and those for high-priority transactions climbing to $170. Although the situation has normalized, with transactio ..read more

Since the US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs) on January 11, 2024, the crypto market has experienced a significant recovery. This culminated on March 14, 2024, when Bitcoin (BTC) reached a new all-time high (ATH) of $73,737. This uptrend isn’t confined to the US alone. Hong Kong just launched its spot Bitcoin and Ethereum ETFs, while Australia is preparing to launch its own versions of spot Bitcoin ETFs. The global enthusiasm mirrors the community’s optimistic view of Bitcoin as not just a currency but a potential digital counterpart t ..read more