MicroStrategy's Bitcoin Investment Surpasses $200 Million in Profit
MicroStrategy's impressive Bitcoin gains, the UK government's push for crypto seizure powers, and Hong Kong's proposal for a government-backed stablecoin.
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MicroStrategy's Bitcoin Investment Surpasses $200 Million in Profit
MicroStrategy has seen a significant increase in its Bitcoin investment, with its holdings now worth over $200 million in profit. The company currently holds a total of 152,333 BTC, making it the public company with the largest BTC holdings. This comes as BTC surpasses the $31,000 level, putting MicroStrategy in a profitable position. Other companies, such as Marathon Digital Holdings and Tesla, also hold significant amounts of BTC, but none have invested as deeply as MicroStrategy.
UK Government Moves Forward on Bill Aimed at Empowering Authorities to Seize Crypto
Lawmakers in the UK are progressing with a bill that aims to give authorities more power to seize cryptocurrencies used for illegal activities. The Economic Crime and Corporate Transparency Bill, introduced in September 2022, is part of efforts to enhance law enforcement's ability to combat crypto-related financial crimes. The bill includes provisions that allow authorities to confiscate and recover crypto assets more easily and clarifies the government's authority over digital assets linked to terrorism.
Hong Kong Urged to Issue Stablecoin to Compete with Tether and USDC
A new policy proposal suggests that the Hong Kong government should issue its own stablecoin, HKDG, to compete with existing stablecoins like USDT and USDC. The proposal argues that a government-backed stablecoin would reduce costs, improve payment systems, aid de-dollarization, and strengthen Hong Kong's fintech capabilities.
Binance Ceases Support for Deposits and Withdrawals of Suspended Multichain-bridged Tokens
Binance cryptocurrency exchange has announced that it will no longer support deposits and withdrawals for several Multichain-bridged tokens starting from July 7, 2023. The affected tokens include Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), SuperVerse (SUPER), Travala (AVA), Spell Token (SPELL), Alpaca Finance (ALPACA), and Harvest Finance (FARM).
Cryptocurrency Trading Volumes Increase for First Time in Three Months
Cryptocurrency trading volumes in the Americas have increased for the first time in three months. This rise in trading volumes is attributed to optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by BlackRock and other asset managers. The combined spot and derivative trading volumes on centralized exchanges have climbed 14% to $2.71 trillion.
Crypto ATM giant Bitcoin Depot goes public on Nasdaq
Bitcoin Depot, a major bitcoin ATM operator, has gone public on the Nasdaq stock exchange, making it the first US company in the bitcoin ATM industry to do so. The company recently merged with GSR II Meteora, a blank check company, solidifying its position as the first publicly listed bitcoin ATM provider in the US.
Stay tuned for more updates tomorrow!