Bitcoin has recorded new ATHs after breaking free from a long crypto winter period ahead of its scheduled completion of the halving process this April.
Argentinians have been seeking to hold even more bitcoins recently with the coin registering record high demand since 2021.
Bitcoin keeps breaking records ahead of its April 2024 halving schedule. The coin has already broken its ATH prices in multiple currencies including the US dollar as its demand keeps rising. Now, a report from Bloomberg shows that the country’s demand for the coin is at a 20-month high.
Bitcoin continues to rally ahead of halving cycle
Bitcoin continues to make new records as its price rallies and demand keeps growing. Aside from BlackRock and MicroStrategy holding over 1% each of the coin’s maximum supply, retail investors are also waking up to the coin ahead of its April 2024 halving schedule.
Countries that invested in Bitcoin like El Salvador are already in profit while others continue to welcome the coin via different approaches like ETFs and setting up regulations. Bitcoin has long been seen as a hedge against inflation and devaluation of fiat currencies which stems from the coin’s original purpose.
In 2023, multiple fiat currencies lost over 50% of their values against the US dollar which has driven citizens of the affected countries to look for safer havens for their fortune. In Argentina, Bitcoin happens to be one of the options to hedge against inflation. The Argentinian Peso has plummeted fourfold YoY.
As a result, citizens of the country are trying to find ways to recover from the aftershocks of the market crash of the peso. According to .crypto exchange Lemon Cash data, about 35,000 customers invested in Bitcoin in the week ending March 10, a statistic double the weekly average recorded in 2023.
Other exchanges in the region like Ripio and Belo also showcase similar data.
This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.
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Satoshi Nakamoto’s selfless invention Bitcoin, has hit ATH in multiple countries as it eyes $60K.
Bitcoin’s ATH in USD is $65K a figure that is now in a close range as the coin breaches $59K levels.
Crypto bull runs have been following 4-year cycles in tandem with Bitcoin halving cycles. The next halving cycle is on April 19th.
The crypto market is beginning to get fired up as Bitcoin price rallies eyeing its ATH. The coin has been following a rough market cycle of bulls and bears that have the halving event in the middle of it.
Bitcoin eyes $60K, $5K shy from its ATH
As Bitcoin eyes its next halving event on April 19th, it has already breached the $59K level. This remarkable performance has attracted the attention of crypto investors and influencers on X.com and attracted mixed reactions.
Owing to rising inflation rates, the coin has already breached its ATH price in multiple countries including:
Argentina
Russia
Ethiopia
Malaysia
Australia
China
Indonesia
Nigeria
Japan
Pakistan
South Korea
Is the crypto bull run already here?
As mentioned earlier the crypto bull run and Bitcoin halving cycles seem to be occurring together. This time, the market is reacting in a similar manner.
While it’s still not promised that the bull market has already begun, Bitcoin always precedes ALTs’ season and now, it has received almost ATH inflows of funds. To add to the sum, there is an influx of dollars following into the Bitcoin market indirectly via ETFs. This particular set of events makes it almost believable that the upcoming bull run will be the biggest one yet.
If that happens. The crypto market will have endured one of the biggest crypto winter and bear market that began in 2021 ending 2024. In these two years, multiple companies went bankrupt and the crypto market shed a value of almost $2T.
While these views have market history backing, it’s not promised that this time it has to play out in a similar way. A black swan event could happen and reverse the market sentiments. Please do your own research before investing and remember to avoid FOMO.
This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.
For more resources like this one, keep watching our website and remember to follow our socials to stay ahead of the curve. Thanks for believing in us. Your support is appreciated.
Worldcoin has announced that it will ditch USDC usage in favor of its native coin, WLD.
The project has also announced changes to the terms behind WLD loans to Market makers.
Worldcoin is set to start paying Orb Operators in WLD, replacing the USDC that had been in use as early as next month. Per an October 22 announcement, Worldcoin confirmed that the Orb Operators are “independent ecosystem participants” but will now be paid in WLD tokens for scanning people’s irises.
Worldcoin announced new changes to WLD loans and USDC usage
Worldcoin, a project by OpenAI’s Sam Altman, picked pace earlier this year with the launch of the Orbs and a native coin, WLD. The project’s launch was a solution for the growing interest in AI to help identify a human from an AI on the internet.
However, it hasn’t come without resistance from certain jurisdictions, given that important and sensitive biometric data is being collected in the process. The project functions by having Orb Operators who scan users’ irises, which are then paid in USDC. Users also receive airdrops in WLD.
Now, the company has stated that it intends to reverse the payments in USDC to WLD for the Orb operators. It added that the initial use of USDC was just but a “transitional phase” for the project’s pilot phase.
Parallel to that announcement, Worldcoin stated that it would extend the expiration date of 100 million WLD loans due to expire from OCT 24 to December 15. A total of five market-making entities took these loans. The five entities will return it as a reduced amount of 75 million WLD; however, they will still need to return or purchase some or all of the remaining 25 million coins per their agreement.
Keep watching Fintech Express for more updates on this and other crypto-related stories.
Michael Saylor’s MicroStrategy has acquired an additional 5,445 BTC at an average price of $27,053 per Bitcoin.
The company now holds 158,245 BTC worth over $4.68 billion purchased at an average price of $29,582 per bitcoin.
MicroStrategy has continued with its Bitcoin buying spree as it acquired an additional 5,445 BTC, taking its total tally to 158,245 BTC.
MicroStrategy continues investing in Bitcoin
MicroStrategy indicated in August via a court filing that it was preparing to buy more bitcoin from the sale of shares. At the time, it had added 14.5 million USD worth of Bitcoins two months after buying a whooping 12,333 BTC.
With its most recent purchase, the company now holds over $4.68 worth of Bitcoin and is still expecting to keep buying more. Michael Saylor has been vocal about Bitcoin and its role in the global financial landscape, insisting that it is the solution to the increasing loss of value in fiat currencies.
He led MicroStrategy to first buy Bitcoin in 2020, where he was bashed after the company made significant unrealized losses on its investments. However, the company has continued “filling its bags” till now, where every of their coin is in profits.
Saylor is a staunch believer in the revolutionary power of the crypto industry, and under his leadership, it is expected that MicroStrategy will continue investing in Bitcoin and supporting it. Keep watching Fintech Express for more updates on this and other fintech-related developments.
Mixin Network, a decentralized peer-to-peer network, has lost nearly $200 million in a mainnet hack.
The hack compromised the database of a third-party cloud service provider
Mixin Network has taken to X.com to confirm that its services are down as a hack has compromised its cloud service provider database, resulting in a $200 million loss. It explained that it was hacked on Sept 23, Hong Kong time, but they have contacted Google and SlowMist to work together to secure the protocol.
Mixin Network suspends transactions as investigations are underway
The platform has immediately suspended all deposit and withdrawal services to prevent further draining of funds. The protocol has appointed SlowMist and Google to help with investigations as its team attempts a recovery.
During the time of the attack, the protocol held assets amounting to $141.32 million in its portfolio, according to on-chain data analytics firm PeckShield. The analytics firm outlined the assets held by Mixin Network as follows:
Ether: $94.48 million
DAI: $23.55 million
Bitcoin: $23.3 million
This event is not a standalone hack. Recently, billionaire Mark Cuban suffered a hack that drained his crypto wallet. Ethereum Co-founder Vitalik Buterin also had his X.com account hacked and used to advertise scam links.
Crypto hacks and scams have been rampant as the industry is young, and most people do not know how to avoid them. Every year, billions of dollars are lost in scams and attacks, sensitizing the public about the need for more resilience in the markets. Keep watching Fintech Express for more updates on this and other fintech-related developments.
Stanford University has indicated that it intends to reimburse millions to FTX after confirming illegal donations by Sam Bankman Fried.
FTX legal counsel has increased efforts to crawl back all donations that were made by EX-CEO Sam Bankman Fried using customer deposits
Stanford University has confirmed receiving donations from FTX for pandemic-related prevention and research but will fully refund it. The institution is complying with calls from FTX liquidation officials to refund the money which had been part of customer deposits.
FTX continues ploughing back illegal donations
FTX, under Sam Bankman Fried’s leadership, had dished out multiple donations, which are alleged to have come from customer deposits. The CEO sought political and other strategic allies, giving out those donations.
Following the collapse of the multi-billion dollar company, it has been understood that there were a lot of fraudulent activities and mismanagement of customer funds, which has hurt customers and creditors. While Sam Bankman Fried is facing charges in the United States, FTX is under a liquidation process to repay its creditors and refund customer deposits.
As part of the repayment process, the current leadership has moved to reclaim all donations made illegally. The California-based institution, Stanford University, falls in the entity category that is to refund all donations issued to them.
The university received $5.5 million between November 2021 and May 2022. In a Sept. 19 email, the institution’s spokesperson said that its administration had been discussing with FTX legal counsel to recover the gifts received and intended to refund the defunct exchange.
Similar efforts and reports of donations being ploughed back are still expected to happen with time as the FTX debtor’s legal counsel seeks to gather as much funds as possible from the liquidation process. Keep watching Fintech Express for more updates on crypto and other fintech-related fields.
