Rumble Inc. receives a massive $775 million investment from Tether, boosting its stock price significantly. Tether’s investment reflects shared values of decentralization and free speech. Rumble plans to use the funds for growth and a stock buyback offer.
Mara Holdings Inc. announced the acquisition of 15,574 Bitcoins for $1.53 billion, increasing its total holdings to 44,394 BTC. The purchase was funded by zero-coupon convertible notes, and the company reported strong Bitcoin yields. This follows a trend of other mining firms bolstering their Bitcoin reserves, indicating growing confidence in the cryptocurrency.
SkyBridge Capital’s founder, Anthony Scaramucci, views Bitcoin’s current price fluctuations as typical market cycles, involving the purging of leveraged trades. However, he expresses reservations about some altcoins. Conversely, other analysts highlight the potential for altcoin rallies driven by investor behavior and FOMO. Cathie Wood maintains a bullish Bitcoin prediction of $1.5 million by 2030, while experts acknowledge the impact of macroeconomic factors.
Several affordable cryptocurrencies show promise amidst Bitcoin’s surge. ENA, boosted by large investments and positive sentiment, shows potential. Chainlink benefits from partnerships and undervaluation, while Pudgy Penguins showcases meme coin success. XRP’s comeback and Bitcoin SV’s low cost offer alternative investment options. Expert insights highlight additional altcoins with potential. Remember, cryptocurrency investing involves risk.
GLJ Research CEO Gordon Johnson has strongly criticized Bitcoin, echoing Charlie Munger’s skepticism. Johnson calls Bitcoin “rat poison” and targets BlackRock and Fidelity for profiting from its speculative nature. He points to miners’ conversion of Bitcoin to fiat currency as undermining its long-term value claims, while institutional adoption continues despite the criticism.
El Salvador purchased 11 Bitcoins for its reserves, despite recent IMF loan conditions recommending against it. This adds to their existing Bitcoin holdings, currently valued at approximately $581 million, representing an unrealized profit of over $307 million. The purchase was made amidst a market downturn. While the government continues to promote Bitcoin adoption, its use remains low amongst the Salvadoran population.
Bakkt Holdings (BKKT) stock experienced a dramatic 186% surge in a month due to speculation of an acquisition by Donald Trump’s Trump Media & Technology Group. However, the stock price subsequently crashed 13.2%, highlighting the volatility of the cryptocurrency market. This surge and fall occurred amidst positive market sentiment around Trump and Bitcoin, exceeding gains in related stocks like MicroStrategy and Bitcoin itself, though these larger companies had greater absolute value.
Bitcoin ETFs experienced a pre-market surge, with BITB, ARKB, GBTC, FBTC, and IBIT all showing gains. This upward trend occurred despite Federal Reserve Chair Jerome Powell stating the central bank won’t own Bitcoin. Bitcoin’s price remains above $100,000, fueled by optimism about pro-crypto policies. However, legislative proposals for a Bitcoin reserve might face opposition from the Fed.
Exodus Movement Inc., a self-custodial cryptocurrency wallet provider, commenced trading on the NYSE American exchange on Wednesday, its shares closing 37% higher at $53.50. This successful debut on a major U.S. exchange marks a significant step forward for the company and underscores growing institutional acceptance of cryptocurrencies.
Peter Schiff criticized Michael Saylor’s comparison of MicroStrategy’s debt-financed Bitcoin strategy to Manhattan real estate, highlighting Bitcoin’s lack of income generation unlike rental properties. Schiff’s concerns, echoed by other analysts, center around MicroStrategy’s high debt levels and the potential risk of needing to sell Bitcoin to repay debts if the cryptocurrency’s price falls. The debate underscores the inherent risks of leveraged Bitcoin investment strategies.
