Hey there, crypto fans! Buckle up, as a result of at the moment’s newest bitcoin information is full of some critical market strikes and insights that you simply gained’t wish to miss. First off, let’s discuss concerning the large gamers within the sport. In line with a latest report from Cointelegraph, a powerful 66% of institutional buyers have both held or elevated their Bitcoin holdings by U.S.-based spot exchange-traded funds (ETFs) throughout Q2 of this yr. That’s proper! A whopping 44% of asset managers determined to purchase extra, whereas solely 21% selected to lower their positions. Bitwise’s chief funding officer, Matt Hougan, referred to as this a “fairly good consequence,” and actually, who can argue with that?
Subsequent up, we now have a little bit of a cautionary story relating to the Federal Reserve’s rates of interest. In one other Cointelegraph article, portfolio supervisor Justin Elliot warns that market contributors is likely to be overly optimistic about aggressive price cuts. Whereas the crypto trade is eager for a reduce in September, Elliot means that the present market is pricing in an excessive amount of too quickly. So, maintain your wallets prepared, of us!
On the mining aspect of issues, Marathon Digital has been making waves by buying $249 million value of Bitcoin, bringing its reserves to a jaw-dropping 25,000 BTC. This transfer comes after Marathon raised $300 million from a senior word providing. The corporate is adopting a “hodl technique” beneath CEO Fred Thiel, which suggests they’re in it for the lengthy haul. You’ll be able to catch extra particulars on this from Cointelegraph.
In the meantime, Morgan Stanley has additionally entered the chat, disclosing $188 million in BlackRock’s iShares Bitcoin Belief ETF holdings. As of June 30, they held over 5.5 million shares, based on an SEC submitting. You’ll be able to learn extra about it in Cointelegraph.
But it surely’s not all sunshine and rainbows. Bitcoin not too long ago dropped to $59,000 because the U.S. authorities moved to promote extra BTC from its Silk Highway-affiliated holdings. This was flagged by on-chain evaluation platform Arkham Intelligence, which famous that 10,000 BTC value round $593 million had been transferred to Coinbase Prime. The federal government nonetheless holds a hefty 203,239 BTC, value about $12 billion. Extra particulars will be discovered at CryptoPotato.
And talking of CryptoPotato, additionally they reported on Bitcoin miner Core Scientific, which has upsized its senior notes providing to $400 million. This improve comes as the corporate goals to bolster its monetary standing after beforehand submitting for chapter. Core Scientific is now pivoting in the direction of AI and has secured a major settlement with CoreWeave, a startup backed by Nvidia. You’ll be able to take a look at the complete story here.
In different information, the Tron worth is outperforming Bitcoin, displaying some bullish momentum. It’s at present buying and selling above $0.130 and will rise additional, as detailed in NewsBTC.
Lastly, the thought of the U.S. establishing a strategic Bitcoin reserve is gaining traction, particularly because the 2024 presidential election approaches. Former President Donald Trump and Senator Cynthia Lummis are advocating for it as a strategy to deal with the nationwide debt. River, a Bitcoin-focused monetary establishment, argues that this might present important benefits for the U.S. financial system. Extra on this may be discovered here.
So there you will have it, of us! At present’s newest bitcoin information is a blended bag of bullish strikes, cautionary insights, and a few critical institutional curiosity. Preserve your eyes in the marketplace as we proceed to experience this crypto rollercoaster!