Wed. Jun 12th, 2024

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MicroStrategy flashes diamond hands, the two largest NFT creators are merging together, and this Bitcoin rally could be different. These stories and more, this week in crypto.

Bitcoin Hits a Two Year High

Bitcoin’s market value surpassed $1 trillion this last week, reaching its highest level since late 2021. Year to date, bitcoin is already up 20%. This rally has had a unique feature though, as Bitcoin’s price rose alongside the resurgent U.S. dollar index and 10-year U.S. Treasury yields, when historically, Bitcoin has had a negative correlation with the dollar.

MicroStrategy’s Profits Double

MicroStrategy, the largest corporate owner of Bitcoin, has seen a surge in its holdings’ value to $10 billion as Bitcoin hit its peak this week. With 190,000 Bitcoins acquired at an average cost of around $31,000 per coin, MicroStrategy is sitting on over $4 billion in profit, quickly doubling that number from nearly $2 billion in profit from as recently as December.

Ledger Teams Up with Coinbase

Hardware wallet manufacturer Ledger has integrated Coinbase Pay as a seamless on-ramp for purchasing digital assets. The integration within the Ledger Live app aims to simplify the process, allowing users to receive their Coinbase-bought cryptocurrencies directly on their Ledger hardware wallet without additional fees. Ledger has previously integrated with other crypto platforms, including Moonpay, Ramp, and Transak.

Coinbase Stock Soars

Coinbase shares surged 14% after the largest US crypto exchange reported quarterly earnings surpassing Wall Street expectations. The company attributed its success to increased crypto asset volatility, fueled by the spot Bitcoin ETFs and positive macroeconomic outlook. Coinbase stated it is financially robust and better positioned compared to a year ago.

Crypto Billionaire does it Again

Founders Fund, led by billionaire Peter Thiel, is reentering the crypto market. As one of the earliest institutional crypto investors, the fund aggressively acquired Bitcoin in 2014 but liquidated before the 2022 market crash, earning $1.8 billion. Recently, the fund allocated $200 million evenly between Bitcoin and Ether last year, just before the bull run started.

Honduras’ Crypto Trading Ban

Honduras’ National Banking and Securities Commission has imposed an immediate ban on the country’s financial institutions trading in cryptocurrencies. The resolution prohibits supervised institutions from dealing with unauthorized virtual assets, including cryptocurrencies and tokens. The watchdog acknowledged its limited control over platforms operating in multiple jurisdictions, expressing concerns about potential involvement in fraud, money laundering and terrorist financing.

First Crypto Friendly City in Spain

Torrevieja, a Spanish city with nearly 90,000 residents, is aspiring to become Spain’s first crypto-friendly location. Partnering with the local merchants association, Apymeco, the city unveiled a plan to establish a crypto hub and to attract investment. Initiatives include incentivizing crypto payments, offering courses for merchants on transactional use, and prioritizing sustainability to positively impact the environment in Torrevieja.

Largest NFT Studios Merged

Yuga Labs, the largest NFT studio, has acquired ‘Proof’, a rival NFT creator known for the Moonbirds collection. Yuga Labs plans to integrate Moonbirds into its metaverse play Otherside, a game world that will feature avatars from a variety of NFT projects, including those in Yuga’s own stable like Bored Apes, CryptoPunks, and Meebits.

That’s what’s happened this week in crypto, see you next week.

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