Cryptocurrency

According to Michael Saylor, the company’s founder and executive chairman, MicroStrategy has spent approximately $8.33 billion to accumulate a total of 226,331 Bitcoin, averaging $36,798 per Bitcoin.The move follows the company’s announcement last week of raising $500 million to buy Bitcoin through the sale of convertible senior notes due in 2032. Shortly thereafter, MicroStrategy raised its initial target by 40% to $700 million, indicating that the funds would be used to acquire more Bitcoin and “for general corporate purposes.”MSTR shares more than 2% in premarket trading Thursday. More

SphereX, a pioneering decentralized exchange (DEX), is thrilled to announce the launch of its testnet. This significant step forward invites crypto enthusiasts and traders to experience the innovative features of SphereX in a secure, simulated environment. The testnet launch marks a pivotal phase in SphereX’s development, setting the stage for a new era in decentralized finance (DeFi).Revolutionizing Trading with Advanced DEX FeaturesIn the face of the evolving landscape of centralized exchanges (CEXs), SphereX introduces a robust solution that draws closer to the usability and functionality of traditional platforms while enhancing security and decentralization. With the introduction of independent Zk rollup technology, on-chain KYC, and a DAO-focused economic model, SphereX’s testnet is designed to address the rigorous demands of today’s DEX users.Key Features and BenefitsSphereX introduces a suite of groundbreaking features designed to address the current limitations of traditional DEXs while optimizing the trading experience:Recognizing the critical need for competitive pricing and execution in the DEX derivatives market, SphereX’s testnet introduces a suite of features that elevates trading efficiency to rival that of CEXs:As SphereX continues to innovate and expand its offerings, the platform is poised to attract significant user engagement, mirroring the successful adoption trends seen in other leading DEXs. SphereX’s strategic development and the robust performance of its testnet promise a future where decentralized trading platforms can truly compete with centralized counterparts in both functionality and user experience.About SphereXSphereX is a decentralized crypto exchange designed to provide users with a more secure, efficient, and user-friendly platform for trading digital assets. SphereX boasts a unique combination of capabilities that include off-chain matching for lightning-fast trade execution, on-chain settlement for enhanced security, and cross-margin trading to optimize capital utilization. To learn more about SphereX, users can visit the SphereX website, and for updates, news, and promotions follow SphereX on X and Telegram.ContactSphereX Marketingcontact@sx.xyzThis article was originally published on Chainwire More

According to the chart shared by the market analytics platform, the Weighted Sentiment of Bitcoin comes in at -0.800433. Amid this FUD, one intriguing trend is that Bitcoin whales are accumulating the coin at an alarming rate. Santiment noted that this negative sentiment, mixed with whale accumulation, often signifies upcoming bottoms.What this signals essentially is that the sell-offs in the price of Bitcoin might soon shift gears, with prospective accumulation set to take over across the board.At the time of writing, Bitcoin was trading for $65,849.86, up by 0.83% in the past 24 hours. While this uptick is not uncommon considering its latest price action, Bitcoin might need more visible accumulation for it to wriggle completely out of the bear zone.At the current level, the volume is still showcasing a buildup in general interest as it is down by 44.26% to $19,148,407,098. A sustained return of inflows into the U.S. spot Bitcoin ETF might be a major trigger to watch out for in the long term.This article was originally published on U.Today More

There is a discernible trend of Bitcoin withdrawals from exchanges amid current market conditions. Investors are storing their money in self-custody wallets at a higher rate than they were on exchanges. Growing worries about exchange security and a desire for more control over one’s assets are the main forces behind this change. After multiple high-profile exchange hacks and regulatory crackdowns, investors’ general sentiment is shifting toward self-custody.There are various ways to understand this significant fund transfer by Binance. It could just be a single user making a sizable withdrawal, or it could be an internal transfer for operational or security purposes. But this transfer’s magnitude is substantial enough to merit consideration.Significant withdrawals from exchanges are frequently interpreted as a bullish sign, pointing to the fact that investors are transferring their holdings to cold storage, which usually denotes long-term holding purpose, which is favorable for an asset’s value.However, these substantial transfers may also cause exchanges to experience short-term liquidity problems, which could cause market volatility. Taking the larger context of these movements into consideration is essential. For example, this transfer may be a sign of growing mistrust in holding assets on exchanges, if it is part of a larger trend of outflows, or it may just be Binance’s regular operational adjustments.In terms of market performance, Bitcoin is in a slightly negative zone, as it could not yet regain a proper footing above key resistance levels. For now, the asset is trading at around $66,000, getting ready to reach the 50 and 26 EMAs.This article was originally published on U.Today More

By 06:57 ET (10:57 GMT), Bitcoin increased by 0.8% to $66,031.2, still down 2.8% for the week after dipping below $65,000 on Tuesday for the first time since May 16.Crypto prices including Bitcoin are rangebound as investor enthusiasm for riskier assets has been dampened by the prospect of prolonged high U.S. borrowing costs.Several Federal Reserve officials have stressed the need for further progress in controlling inflation, despite last week’s weaker-than-expected U.S. inflation data. As a result, the U.S. central bank now forecasts only one interest rate cut this year, down from the previous expectation of three cuts.This narrative has bolstered the U.S. dollar, with the dollar index (DXY) rising 0.2% over the past five days. A stronger dollar typically reduces the appeal of Bitcoin, as it makes dollar-denominated assets more attractive compared to riskier investments like cryptocurrencies.Near-term, BTC has the potential to rebound toward $67,000, according to analytics firm Glassnode. This threshold might present resistance, and breaking through it could set the stage for an even higher target of $69,500.On the flip side, the $65,000 mark is viewed as a key psychological support level, which could be pivotal in maintaining investor confidence.Trailing Bitcoin, most major altcoins also rose slightly on Thursday.World no.2 token ETH/USD added 1.1% to $3,597.04, while Cardano climbed 1.4% and XRP rose 1%. In contrast, Solana dropped by 0.5%.Among meme tokens, DOGE/USD edged up by 0.6%, and Investing.com Shiba Inu Index increased by 0.4%.Earlier this week, Bernstein analysts hiked their Bitcoin price target to $200,000 from $150,000 “to reflect the positive surprise from Bitcoin ETF flows since launch.”The firm argues that Bitcoin and crypto-related stocks are underrated and poised for significant institutional interest as regulatory concerns diminish.”We remain convinced in our Bitcoin new cycle thesis,” Bernstein noted. “Bitcoin has been adopted by institutional investors, and global asset managers have seen some crypto success. For us, the next leg of demand should come from crypto bystanders.”Bernstein analysts stress the potential of Bitcoin ETFs, noting a 150% surge in Bitcoin since BlackRock (NYSE:BLK) filed its Bitcoin ETF application.The note also addresses skepticism from bears who argue ETF flows aren’t genuine, driven more by ‘cash & carry trade’ rather than ‘net long’ positions.Bernstein sees this as a “trojan horse” for adoption, with investors likely to shift to ‘net long’ positions as ETF liquidity improves. While early allocations were retail-driven, they expect strong institutional growth, anticipating ETF approvals at major financial institutions by Q3/Q4.“Tactically, low to mid $60Ks/high 50Ks (if we get there) should be interesting entry points,” Bernstein highlighted. More

Bitcoin and crypto-related stocks remain underrated and are ripe for institutional inflection as pessimism from past regulatory hurdles fades, the analysts wrote in a note on Thursday.”We remain convinced in our Bitcoin new cycle thesis,” the analysts wrote, adding that Bitcoin has been increasingly adopted by institutional investors and global asset managers. This adoption, they believe, is just the beginning, with the next wave of demand expected to come from crypto bystanders.The note highlights that Bitcoin ETFs are far from done. Since BlackRock (NYSE:BLK) filed its Bitcoin ETF application on June 15, 2023, Bitcoin has surged by 150%. While early Bitcoin ETF allocations were driven by retail investors, with institutional share at 22%, Bernstein sees strong growth ahead. “We see Bitcoin ETFs as on the cusp of approvals at major wirehouses and large private bank platforms in Q3/Q4,” the analysts noted.The report also addresses the skepticism from bears who argue that ETF flows are not genuine, pointing out that institutional interest is initially driven by the basis ‘cash & carry trade’ rather than ‘net long’ positions. However, Bernstein views this basis trade as a “trojan horse” for adoption, with these investors gradually evaluating ‘net long’ positions as they become comfortable with improving ETF liquidity. They expect Bitcoin ETF inflows to accelerate in the third and fourth, viewing the current market as offering new entry levels before the next wave of institutional demand picks up.Bernstein’s analysis also reveals that Bitcoin’s portfolio allocations have ample headroom for growth. Thirteen-F filings show that 22% of AUM is driven by institutional investors, with hedge funds accounting for about 36% of the institutional allocation. The analysts believe that the next step for these investors is to evaluate ‘long’ positions. They also highlight that financial advisors, primarily small to mid-sized with 0.1-0.3% of their portfolio allocated to Bitcoin ETFs, are beginning to drive actual demand. “We believe growth will be driven by larger advisors approving ETFs and substantial allocation headroom within existing portfolios,” the note said.Bernstein draws a parallel between Bitcoin’s current price levels and previous cycles, suggesting that Bitcoin in the $60Ks today is equivalent to Bitcoin under $10K in June 2020. “Bitcoin, despite its rally, is still in an early cycle and we see it as attractive here,” they noted. Asset managers have every incentive to push harder on marketing and distribution to scale their crypto business,” the note concluded. More

Solciety, a prominent player in the PolitiFi meme coin sector, has successfully raised over $300,000 within the first 48 hours of its presale, which commenced at 14:00 UTC on 18th June. The presale is scheduled to run for 30 days, concluding on 18th July.The presale success aligns with the heightened interest in PolitiFi tokens during this significant US election year. Solciety aims to capitalize on this trend, appealing to a broad audience with its unique “political party for degens” branding.Solciety invites all interested parties to participate in discussions on its social channels.A total of 3 billion out of the 10 billion Solciety tokens are available for purchase this month before the coin becomes available for public trading. The presale includes price increases every 72 hours by smart contract, offering early supporters an opportunity to purchase tokens at a lower rate. Stage 1 buyers can acquire tokens at $0.0015, with the price set to reach $0.0040 by the end of the presale, resulting in a 169% price increase for the earliest participants.Solciety combines elements of SOL meme coins and PolitiFi, both of which have shown strong performance in the current crypto market.Solciety (SLCTY) tokens are available for purchase on the Solciety website.To incentivize content creation, 10% of the SLCTY token supply (one billion tokens) is allocated to reward prolific meme creators. This initiative aims to increase the project’s visibility across social media, leveraging the 2024 election cycle for further outreach.Solciety has garnered attention from top crypto influencers, including ALTCOIN-BEAR, The PEPE ARMY, ShibArmy1000x, and BscGems1000x, who collectively have 835k followers.On top of all this, Solciety has been fully audited by German veterans Solid Proof – the smart contract is watertight, meaning both new traders and seasoned degens can invest with complete peace of mind.These two coins have become mainstays in the top 100 most capitalized coins as of the time this release was published. They’ve seemingly come out of nowhere, benefiting thousands of degens in the process. Dogwifhat rallied by an incredible 50,000% between December and March, with BONK also producing returns of 6,700% over a 12-month period.PolitiFi is also home to many of 2024’s most notable rallies, with this new sector incorporating another market trend that could elevate Solciety’s standing. Coins relating to politicians are showing activity in sync with the election season, with the sector totaling over $1 billion in market capitalization; this figure has the potential to increase further as the election year progresses.SLCTY tokens are currently available for $0.0015, with prices set to increase every 72 hours by smart contract. Early participation secures the lowest entry price.Solciety (SLCTY) tokens are available to purchase on the Solciety website.For more information about Solciety (SLCTY), users can visit the website.Website | Whitepaper | SocialsContactSolcietymarketing@solciety.ioThis article was originally published on Chainwire More

Qubic, an open-source community and blockchain platform developing AI infrastructure, and Bored Ape Yacht Club (BAYC) Community in Seoul, the prominent NFT community, are set to co-host an event on Friday, June 28th, at Bored & Hungry in Seoul, South Korea.Bringing together enthusiasts from both communities, including Qubic holders and a diverse array of BAYC members, the event will feature interactive experiences and hamburgers for the group to sit and share a meal.Participants that bring their Ape or any other PFP will receive a Qubic goodie bag filled with exclusive items. Additional rewards await those who share the event on social media and bring a guest.About Qubic: Founded by Sergey Ivancheglo, the creators behind IOTA and NXT, Qubic is a community-driven, open source project that employs an innovative useful-Proof-of-Work crypto platform. The community is altering the world of cryptocurrency with its quorum-based computer (QBC) system.About Bored Ape Yacht Club (BAYC): Bored Ape Yacht Club is a renowned NFT collective known for its distinctive artwork and vibrant community of digital art enthusiasts.ContactQubic Ecosystem Representative for AsiaEric Fungef@qubic.orgThis article was originally published on Chainwire More