Daily crypto: Prices continue down and new big crypto exchanges will launch

Daily crypto: Prices continue down and new big crypto exchanges will launch.

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The downward trend seems to continue on the world’s crypto markets. At the same time, several companies in Japan and South Africa have announced that they will launch new crypto exchanges.

ANNONS

Lately, there has been news about crypto exchanges around the world.

South African investment company Sygnia ltd. has announced that they will launch a crypto exchange in the third quarter of 2018. The exchange will be called Sygniacoin, and the idea is that it will comply with the principles and regulations that exist for crypto exchanges in New York State, USA.

“The cryptocurrency market is evolving at a rapid pace internationally and domestically, and is attracting both domestic and international flows”, says Magda Wierzycka, the chief executive officer of Sygnia, to Bussinestech.

A Chilean bank has reopened accounts for two crypto exchanges after a court order. The exchanges have previously had their accounts closed. The court ruling ordered three of the country’s largest banks to reopen accounts, but so far, only one has complied, Bitcoin News reports.

In Japan, six big companies have announced that they will launch crypto exchanges. The companies are for instance an entertainment conglomerate, a large music label, and a medical corporation, Bitcoin News reports.

The downward trend is persistence

Despite the recent downturns, bitcoin is still a good buy, according to blockchain venture capitalist Spencer Bogart. He believes that the price “at least” should be above $10,000 at the end of the year.

“Could bitcoin trade lower? Certainly. But do I think it will be higher a year from now? Absolutely”, said Spencer Bogart recently to CNBC.

If we look at the prices of the cryptocurrencies, the downward trend seems to hold on. Among the largest cryptocurrencies, ethereum (-8,12%) and bitcoin cash (-5,76%) lost most in the past 24 hours.

The ones that performed the best were all sports (+27,07%) and mybit token (+26,54%), while fusion (-13,48%) and centrality (-11,39%) performed the worst.

Prices the last 24 hours

Asset: Price: % (24h)
Bitcoin $7 243,90 -1,16%
Ethereum $537,26 -8,12%
Ripple $0,584530 -3,69%
Bitcoin cash $938,13 -5,76%
Eos $12,09 -2,48%

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MicroStrategy Posts Q1 Profit, Reaffirms Commitment to Bitcoin Investment Strategy

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MicroStrategy, a business intelligence platform, has reported a profit of $94 million in the first quarter of 2023, marking its first quarterly profit since 2020. The company's financial turnaround was largely due to a one-time income tax benefit of $453.2 million. Additionally, MicroStrategy's revenue increased by 2.2% to $121.9 million compared to the same period last year.

Bitcoin Conviction Remains Strong Amid Market Fluctuations

Phong Lee, MicroStrategy’s CEO, emphasized that the company’s “conviction” in its Bitcoin investment strategy remains “strong” as the digital asset environment continues to evolve. Lee also noted that short-term price fluctuations in BTC do not impact the firm’s core business. MicroStrategy’s chairman, Michael Saylor, echoed these sentiments, attributing the successful quarter to the company’s core business model and Bitcoin investment thesis, which he described as the “right strategy.”

Investors Expected to Shift from Crypto Assets to Bitcoin

Saylor predicted that investors will soon exit their positions in crypto assets that are under regulatory scrutiny, which will lead to an increase in funds flowing into Bitcoin. MicroStrategy’s CFO, Andrew Kang, announced that the company had reduced its leverage by repaying a $161 million Bitcoin-backed loan from the now-defunct Silverage Bank, releasing all pledged Bitcoin as collateral.

MicroStrategy’s Bitcoin Holdings and Stock Performance

In Q1, MicroStrategy purchased 7,500 BTC for a total of $179 million. The company now holds 140,000 BTC, collectively acquired at an average cost of about $29,803. With the current price of BTC at $28,100, MicroStrategy’s Bitcoin investment is down by 5.7%. However, the company experienced a brief period in the green when BTC reached its recent high of $30,980 on April 15. MicroStrategy’s stock price has more than doubled in 2023, in line with Bitcoin’s performance.

Embracing Bitcoin Technology and Innovations

The company began investing its cash reserves in BTC on March 5, 2021, when it acquired 91,064 BTC, accounting for 65% of its total holdings today. Saylor recently revealed that MicroStrategy integrated Bitcoin Lightning into his corporate email address. Furthermore, the company is developing a Bitcoin layer-2 Lightning Network-based Software as a Service tool for corporations, showcasing its commitment to both Bitcoin investment and technological innovation.

Bitcoin and Gold: An Unlikely Duo in Turbulent Times

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In times of economic uncertainty and market volatility, Bitcoin has gained recognition as a safe haven asset. Its ability to provide investors with a reliable and secure store of value makes it an attractive option for those looking to diversify their portfolios and safeguard their wealth from external threats.

Bitcoin Gains Traction in the Face of Banking Crisis

As the banking crisis continues to shake the financial world, investors are increasingly turning to Bitcoin as a safe haven. Many are even opting for the cryptocurrency over the traditional safe haven asset, gold, due to its higher returns and enhanced stability. Currently trading near the $30,000 psychological level at $28,936, Bitcoin has recorded an impressive 3% rally in the last 24 hours. This surge in demand is primarily attributed to its rising correlation with gold, which has surpassed the 50% level and now stands at 57%, according to data from market analytics firm Kaiko.

The Steady Rise of Crypto as a Safe Haven Asset

Long considered a risky investment due to its volatile price fluctuations and lack of regulatory oversight, Bitcoin has gradually emerged as a safe haven asset for investors seeking protection against traditional market risks. Operating independently from central banks, Bitcoin is less vulnerable to inflation and government interference compared to fiat currencies and other traditional assets.

Decentralization: A Key Advantage for Investors

Bitcoin’s decentralized nature offers investors greater control over their assets and reduces their exposure to systemic risks. The ability to store and transfer wealth across borders without intermediaries gives Bitcoin a level of financial freedom and security unmatched by traditional assets. Its finite supply and digital scarcity also make it a hedge against inflation, as its value is not subject to government policies or macroeconomic factors.

 

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