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Feeding Frenzy: Bullish Corporate Balance Sheets Wolf Bitcoin Up in March

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In March, corporate treasuries from Virginia to Texas, California, and Japan added Bitcoin to their books as a financial strategy. This is beginning to become a trend with factorable implications for Bitcoin’s price.

Bitcoin ETFs on Wall Street flipped back to a streak of decisively positive inflows in March. These are custodial services of on-chain BTC for regulated investors.

But meanwhile, it’s not just publicly traded, SEC-regulated financial conglomerates competing with the US government and states for Bitcoin this year to sell it to their clients.

Several publicly traded non-financial corporations are now adding BTC to their corporate treasuries as a long-term financial strategy to improve their account balance by unburdening it of dollar buying power that boils off unless the team immediately adds it to a profitable expense line.

The following four examples could be the first drops in a brewing storm of corporate competition for Bitcoin, which might find that today’s price levels significantly undervalue the scarce supply of this novel Internet currency secured by commercially available military-grade public key encryption.

1. Michael Saylor’s Strategy Buys 6,911 More Bitcoin

The Virginia-based Bitcoin holding and financial company Strategy bought 6,911 BTC for $584 million from Mar. 17 – Mar. 23. That brings Strategy’s total holdings to 506,137 BTC, according to data compiled by Bitcoin Treasuries.

In Q4 of last year, the company bought a total of 218,887 bitcoins for $20.5 billion. Then in January, Strategy bought 10,107 BTC for around $1.1 billion.

In second place globally by BTC holdings is MARA Holdings, Inc., with 46,374, less than 10% of Strategy’s vault. Shockingly, the electric carmaker Tesla weighs in at 4th place, with 11,509 BTC.

The Austin-based automobile IT giant has more Bitcoin on its balance sheet than many blockchain sector companies like CleanSpark, Coinbase, and Block.

2. GameStop to Hold Corporate Bitcoin

Meanwhile, brick-and-mortar Texas retail video game chain GameStop, which became a meme stock in 2021 so the finance bros on Wall Street Bets could let off some steam amid the global pandemic, announced on March 25 that it will add BTC to its balance sheet.

Just under four months after Microsoft voted to reject a similar proposal for the Seattle computer giant, GameStop’s board of directors unanimously approved a plan to buy Bitcoin for the company.

Its stock jumped 11.7% following the news but later dumped by over 20%. GameStop has filed to raise $1.3 billion in stock-convertible corporate loans to purchase Bitcoin.

The main thrust of GameStop’s business strategy isn’t focused on acquiring Bitcoin like Strategy. Neither is it a blockchain nor even a high-tech sector company. But now BTC is part of its financial toolkit.

This is a premier example of the normalization and mainstream adoption of Bitcoin as a modern currency and financial asset because of its unique characteristics that are highly valued by key specifications of the Internet and mainstream financial economy.

3. Japan’s MetaPlanet Adds $12.6M in BTC

Across the ocean from California, MetaPlanet, a hotel chain in Japan, is shoring up its corporate finances with a big Bitcoin purchase. In March, the corporate cryptocurrency adopter bought 150 BTC for around USD $12.6 million.

That brings the company’s total holdings to 3,350 BTC, with a total market value above $172 million in March. The week before March’s top-off, the US president’s son Eric Trump joined the firm’s crypto advisory board as its first member.

At Michael Saylor’s New Year’s Eve party last year, MetaPlanet’s CEO Simon Gerovich said:

“In April for us—that’s when we decided we want to begin adopting Bitcoin. And now what we want to do is accumulate more Bitcoin over time for our shareholders.”

He also said he believes governments in Asia, including Japan’s, will be sure to follow the US in establishing national Bitcoin stockpiles. When the US begins mining or purchasing tranches of BTC to hold in a national reserve, the international “gold” rush would be apt to begin in earnest.

4. KULR Technology Buys $5 million More Bitcoin

In San Diego, California, the lithium ion battery and electronics company KULR Technology Group added to its corporate BTC stockpile in March. It bought an additional 58.3 BTC worth around $5.3 million. That brings its told holdings to 668 BTC.

KULR first established its Bitcoin treasury in December with a $21 million investment in the blockchain built to hold only 21 million BTC. KULR chairman and CEO Michael Mo said, “We believe the growing global acceptance of Bitcoin is still in its early stages.”

He reiterated BTC’s reputation as a macro hedge on inflation and geopolitical uncertainties with a strong trend of appreciating value over the long-term time scale.

The electronics company isn’t merely accepting Bitcoin as payment and waiting for a customer to push some to them. It’s actively going out and acquiring BTC to protect and improve its finances.

5. 2024 Accounting Update Paves Way for Corporate Holdings

Another reason this new trend of corporate accumulation has begun to emerge may be the Dec. 2023 update to the Financial Accounting Services Board (FASB) rules, officially adopting fair value accounting procedures for corporate BTC holdings.

The acceptance and standardization of a reasonable and simple accounting procedure for Bitcoin held by corporations lowers the complexity and cost of compliance. It also signals mainstream acceptance and support for companies’ ownership of Bitcoin.

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Cryptocurrency

BONK Explodes by 20% Daily as Bitcoin (BTC) Remains Solid at $108K: Weekend Watch

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Bitcoin’s stagnation continues as the asset has made little to no attempt to move away from the $108,000 level.

While most larger-cap alts have produced insignificant gains, TON and BONK have emerged as the biggest gainers on a relatively calm Sunday morning.

BTC Calm at $108K

It has been a quiet period for the primary cryptocurrency. In fact, the latest major price moves came about two weeks ago – on June 23 and 24 – when it dumped to $98,000 before it soared past $105,000 a day later as the Middle East war was going rampantly.

Ever since then, though, the asset has been stuck in a tight trading range between $105,000 and $110,000. It tested the lower boundary on Wednesday, where the bulls stepped up and pushed it south toward the upper one.

On Thursday, BTC showed signs of a breakout attempt when it spiked to a multi-week peak of $110,500, but the bears stepped up at this point and didn’t allow a surge to a new all-time high.

The landscape has been somewhat unchanged since then, as bitcoin quickly returned to $108,000 and has not moved from that level for a few days. Its market capitalization stands strong at $2.150 trillion, while its dominance over the alts is at over 63% on CG.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BONK on the Run

As the graph below will demonstrate, most larger-cap alts are slightly in the green on a daily scale. Such minor increases are evident from the likes of ETH, BNB, SOL, TRX, DOGE, ADA, BCH, LINK, and XRP. In contrast, HYPE and PI have lost some traction over the past 24 hours.

The biggest gainers are TON and BONK. The former has risen by over 9% and sits at $3, while the meme coin has exploded by 20% and now trades at $0.000022.

The cumulative market cap of all crypto assets has remained relatively stable at $3.4 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

We Asked 4 AIs How High Ripple (XRP) Will Go in 2025: The Answers Might Shock You

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TL;DR

  • Ripple’s price actions are a big prediction topic within the cryptocurrency community, with analysts and believers rushing to offer their insights and forecasts.
  • However, we decided to take a different approach this time and asked four of the biggest AI chatbots (ChatGPT, Perplexity, Grok, and Gemini) about their take on the matter.

2025 Price Targets

All four AI solutions seemed very coherent about XRP’s price potential this year, as Perplexity explained it:

“Ripple’s (XRP) price in 2025 is broadly expected to rise significantly from current levels, with expert forecasts varying but generally bullish.”

Although Ripple’s cross-border token has stalled in the past few months and is actually slightly in the red since the start of the year, all AIs had similar conclusions about its price moves until the end of the year.

ChatGPT laid out three potential scenarios, with the conservative one being at $3.4, which would match the asset’s all-time (and yearly) high. The optimistic is set at $5-$6, and the “aggressive forecasts” put the token at $10-$15 by the end of the year.

Google’s Gemini had similar ideas in mind, saying that “a realistic high could be in the $5-$10 range.” Perplexity also joined the $5-$10 club, which could be reached under “favorable conditions” (more on that later).

Grok was slightly more specific and was the only one that said XRP can finish the year lower than its current price tag. It noted that a “realistic price range” for the asset this year is somewhere between $1.8 and $5.81. Although that’s a pretty wide range, it concluded that the most likely peak will come somewhere between $3 and $4.5.

The Favorable Conditions

When it came down to outlining the factors that could impact XRP’s price moves this year, the AIs were once again aligned in their answers. First, they mentioned regulatory clarity and the official conclusion of the lawsuit against the SEC.

Although Ripple CEO Brad Garlinghouse stated in March that the case had been resolved and there had been several developments on the matter, the judge overseeing the case has yet to agree fully.

Second, the AIs brought up institutional adoption and bullish partnerships, such as those with Santander, SBI Holdings, and others. A spot XRP ETF will also play a significant role in the asset’s price trajectory this year, if approved, said the chatbots. According to ETF experts, the current odds stand at nearly 100%.

Lastly, the AI solutions highlighted the overall crypto market trends:

“Bitcoin’s post-halving performance and a pro-crypto U.S. administration under President Trump could fuel bullish sentiment across the crypto market, benefiting XRP,” – answered Grok, which was similar to what the others had to say.

Despite these bullish predictions for 2025, all four chatbots clarified that these are just that – speculative forecasts that might or might not come to fruition. Investors should do their own research before allocating funds to any cryptocurrency (or other asset, for that matter).

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Ethereum Price to Hit $6K This Year? Analysts Make Bold Call

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If pseudonymous analyst Weslad is to be believed, Ethereum (ETH) is caught in a tug-of-war between wildly differing futures: a historic surge past $6,000 or a soul-sapping plunge to $1,800.

The market technician claims that ETH is completing a massive ABCDE wave structure within a years-long “symmetrical pennant,” which can only mean one thing: explosion.

The Roaring Bull Case

In a recent breakdown, Weslad explained that Ethereum’s price action since its $4,851 all-time high has formed a giant consolidation pattern. According to him, this structure is now approaching a critical inflection point known as wave D, testing its upper boundary.

At the same time, a bullish Inverse Head and Shoulders (IH&S) pattern is emerging on the daily chart, with its neckline acting as stubborn resistance near $2,855.

This technical confluence suggests a coiled spring ready to unleash tremendous energy into the market, leading the analyst to state unequivocally:

“A confirmed breakout above the neckline [$2,855] would likely validate both the IH&S and the breakout from wave D, setting the stage for a potential expansion move toward the $6,000 target and beyond.”

Weslad’s audacious target found an ally in fellow strategist Jeremy Fielder, who declared in a video posted on X:

“We’re looking at $6,500 Ethereum by the end of the year and then a possible 10,000 Ethereum in early next year… Regulation is now pro-crypto. That’s all you need to know.”

He based his argument on the accelerating adoption of Web3 and a favorable regulatory shift, dismissing granular metrics in favor of a sweeping bullish tide.

While not as lofty a milestone as Weslad’s and Fielder’s, market watcher Titan of Crypto’s $4,100 target is not far off the ballpark. His thesis is hinged on Ethereum’s successful recovery back inside its crucial weekly trading range, noting that momentum is building towards the range high.

Looming Bear Trap

But don’t celebrate just yet. Weslad’s otherwise bullish analysis also comes with a stark warning for the downside scenario. He suggested that if ETH faces rejection at the critical $2,855 neckline resistance or the upper boundary of the pennant, a retracement into wave E becomes highly probable.

According to him, this trajectory would drag the price down towards a “high-confluence demand zone” spanning $1,400 to $1,800. That’s a potential 40% collapse from current levels.

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