In a bold and strategic expansion of its Bitcoin portfolio, MicroStrategy has just announced the acquisition of an additional 16,130 Bitcoins. The purchase, valued at around $593.3 million, was made at an average price of $36,785 per Bitcoin. This latest acquisition brings MicroStrategy’s total Bitcoin holdings to a staggering 174,530 BTC, bought at an average price of $30,252 each, totaling approximately $5.28 billion in investment. This move further cements MicroStrategy’s position as a leading institutional investor in the Bitcoin space. Stay tuned for more updates.
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Pudgy Penguins minted in July 2021, but quickly saw high drama after its former founder came under suspicion he was going to rug the project.
A few months later Luca Schnetzler stepped in. With an entrepreneurial streak since his early teens he had a history of building internet businesses and bought the project and its intellectual property of 8,888 cute little Pudgys for $2.5 million in April 2022.
“It was an instinct and intuitive decision. I saw this thing that I was hugely invested in before I bought it that I thought had all of the potential. I was complaining and crying on a daily basis to the founders about how they sucked, and how they could do better….
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Bitcoin BTC/USD moved lower, with the cryptocurrency prices falling below the key $38,000 level on Thursday.
Ethereum ETH/USD also recorded losses, but remained above the key $2,000 mark this morning.
IOTA IOTA/USD was the top gainer over the prior 24 hours, while Sei SEI/USD turned out to be the biggest loser.
The personal consumption expenditure price index in the U.S. came in flat month-over-month in October following a 0.4% increase in September. Annual core PCE inflation eased to 3.5% from 3.7%.
At the time of writing, the global crypto market cap fell to $1.42 trillion, recording a 24-hour decline of 0.7%. BTC was trading lower by 0.7% at $37,866 while ETH fell by around 0.7% to…
Read more on Benzinga
The landscape of Bitcoin ownership is a fascinating study in wealth distribution and investor behavior, illustrating the vast differences between the average holders and the so-called ‘whales’ of the cryptocurrency world. This disparity is not just a number; it paints a broader picture of market influence, investment strategy, and potential risks.
A recent infographic sheds light on this spectrum of Bitcoin ownership. It shows that a staggering majority, 74.6%, of Bitcoin holders own less than 0.01 BTC, roughly equating to $350 at the time of the data collection. These are the Bitcoin beginners or small-scale investors who are either dipping their toes into the cryptocurrency pool or who only allocate a minuscule portion of their portfolio to Bitcoin, perhaps wary of its volatility or simply adopting a conservative investment strategy.
Moving up the scale, 16.1% hold between 0.01-0.1 BTC ($350-$3.5K), which suggests a more comfortable yet cautious investment in the digital currency. These individuals may be more familiar with the cryptocurrency space and are willing to take on slightly more risk for the potential rewards that Bitcoin offers.
A smaller slice of the pie, 7.1%, have 0.1-1 BTC ($3.5K-$35K). This group may include serious investors who have a strong belief in the long-term value of Bitcoin, or perhaps those who have benefited from early investments and have seen their holdings grow over time.
The 1-10 BTC ($35K-$350K) holders, representing 1.8%, are likely to be very bullish investors or early adopters who have seen substantial returns on their initial investments. They have a significant amount of capital tied up in Bitcoin and are likely to have a deeper understanding of the market dynamics.
At the top of the ownership pyramid are the Bitcoin whales, with a mere 0.5% holding above 10 BTC ($350K+). These are the individuals or entities that have substantial influence over the market. Their trades can sway market sentiment and price due to the sheer volume of their transactions. They are often the subject of market scrutiny, as their investment moves are closely watched by traders and analysts alike.
What does this mean for the average person looking to invest in Bitcoin? It’s a demonstration of the diverse ecosystem of Bitcoin ownership. For newcomers, it’s a call to proceed with caution and education. For those with more skin in the game, it’s a reminder of the responsibility that comes with holding a significant portion of a highly volatile asset.
This distribution also has implications for market liquidity and stability. With so many small holders, one might assume a degree of market stability; however, the influence of whales can counteract this, potentially leading to sharp price movements.
In conclusion, understanding where you fit in the Bitcoin ownership spectrum is crucial. It determines your risk exposure, your potential influence on the market, and the strategy you should adopt. Whether you’re a beginner or a whale, knowledge is the key to navigating the tumultuous waters of Bitcoin investment.
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The RARI Foundation, the nonprofit arm of the Rarible ecosystem, officially released a testnet for an EVM-equivalent blockchain called “RARI Chain,” with royalties embedded into its nodes.
In an announcement sent to Cointelegraph, the RARI foundation said the RARI Chain will be a nonfungible token (NFT) infrastructure solution built on Arbitrum. With royalties embedded on the node level, the RARI foundation said that creators will have the tools they need to be successful in their endeavors.
The move follows a recent uptick in Rarible’s trading volume after demonstrating its NFT marketplace’s commitment to royalties. On Aug. 23, the 24-hour trading volume on Rarible jumped…
Read more on Cointelegraph
MicroStrategy, a leading business intelligence and software company, has continued its steadfast commitment to Bitcoin by purchasing an additional 16,130 BTC at a total cost of $593.3 million, Founder & Chairman Michael Saylor announced today. The purchase came as Bitcoin’s price has been experiencing upward momentum, reaching a recent yearly high of over $38,300.
The company initially entered the Bitcoin market in August 2020, making a significant initial investment of $250 million into BTC. Since then, they have consistently added to their Bitcoin holdings, creating a treasury reserve strategy that has garnered over 174,530 bitcoin worth more than $6.59 billion at the time of…
Read more on BitcoinMagazine
OpenAI’s ChatGPT is, by the numbers, the most popular artificial intelligence (AI) tool in the world. It was launched a year ago, on Nov. 30, 2022, and catapulted to 100 million monthly users within its first three months.
On its one-year anniversary, ChatGPT now boasts 100 million weekly users, and according to Google Trends data, it is currently at the height of its global popularity.
In just 12 months, ChatGPT’s existence has contributed to narratives surrounding the extinction of humankind, accusations that OpenAI built it by allegedly committing mass-scale copyright infringement, and a tumultuous CEO firing and rehiring that pundits are still trying to understand.
ChatGPT’s… Read more on Cointelegraph
If there’s one thing people are underestimating about a Bitcoin spot ETF approval, it’s the reality of Wall Street’s marketing engine.
At least that was the takeaway from capital allocator Anthony Scaramucci’s most recent visit to crypto industry podcast “The Scoop.”
In the interview, Scaramucci talked at length about how a Bitcoin ETF is poised to reshape the investing landscape. In particular, the founder of SkyBridge Capital, declared that an ETF “approved by the federal government” would unleash a salesforce tsunami, channeling billions into the cryptocurrency.
Scaramucci, a Wall Street veteran, underscored the strategic shift, stating, “There’s this unspoken not-so-secret reality of…
Read more on BitcoinMagazine
The United States’ approach to cryptocurrencies could do more harm than good and they risk losing major players by the time they “get their act together,” Cardano founder Charles Hoskinson has said.
“When you look at some of the U.S. regulators, in particular, they’ve done a really good job of alienating most of the industry. They aren’t clear at all,” Hoskinson told Cointelegraph on the sidelines of the recent Abu Dhabi Finance Week.
Charles Hoskinson with Cointelegraph Arabic journalist Hermi De Ramos at the Abu Dhabi Finance Week. Source: Cointelegraph
He took a jab at the perceived inconsistency in applying decentralization standards by the U.S. Securities and Exchange…
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The team behind popular decentralized exchange Uniswap has partnered with Talos, an institutional investing technology firm, to bring decentralized finance (DeFi) liquidity to institutional traders.
Uniswap Labs will be providing its Trading APIs to Talos clients in a familiar Talos order book format. There are also plans to enable Talos clients to use the UniswapX ecosystem in the near future. Institutional access to Uniswap will be supported by Fireblocks, a platform designed to store, move, and issue digital assets.
This latest partnership exemplifies growing institutional interest in crypto assets, driven primarily by the need for market depth and breadth, Roland Jarquio, the vice…
Read more on Blockworks