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Publicly Listed Firms Boost Bitcoin Holdings to $20B in One Year
A survey revealed that 26% of institutional investors and wealth managers support Bitcoin as a reserve asset, contributing to a nearly 200% increase in Bitcoin holdings by publicly listed companies over the past year, from $7.2 billion to $20 billion. Data shows that 42 publicly listed firms now hold 335,249 BTC, a significant rise driven by companies like MicroStrategy, which began the trend in 2020. The survey, involving organizations managing $1.7 trillion in assets, indicates strong belief in Bitcoin's long-term value, with 58% expecting more public firms to adopt BTC in the next five years.
Pressure Mounts for Binance Exec's Release After 6 Months in Nigerian Detention
Binance CEO Richard Teng and others are intensifying calls for the release of Tigran Gambaryan, a Binance executive detained in Nigeria since February on charges of tax evasion and money laundering. Teng claims the allegations are baseless and has urged Nigerian authorities to release Gambaryan on humanitarian grounds, citing his deteriorating health. Gambaryan, who was detained after a regulatory meeting in Nigeria, has reportedly suffered from severe medical complications. A court hearing is scheduled for September 2, and a petition for his release has garnered over 5,000 signatures.
Telegram CEO Pavel Durov Faces Legal Action in Paris
Telegram founder and CEO Pavel Durov was taken to court on August 28 after being detained in France. Durov, arrested on August 24 at Le Bourget airport in Paris, appeared before an investigating judge as his detention period ended. The French authorities detained him as part of a judicial investigation involving multiple charges, including conspiracy, money laundering, and providing cryptology services without prior declaration. Durov's custody was extended for questioning, and the Paris Prosecutor's Office is expected to issue a statement on his arrest.
Trading Desk Insights
The cryptocurrency market experienced significant declines on Wednesday, driven by a surge in liquidations of leveraged crypto derivatives, which saw prices tumble overnight. Liquidations have surged by 150% over the past 24 hours, surpassing $300 million. The market is likely to remain volatile in the coming weeks, particularly with the upcoming nonfarm payrolls report and the Federal Reserve's September meeting on the horizon. BTC has dropped approximately 9% in August, marking its worst month since April, while ETH has plummeted over 22%, setting it on course for its worst month since June 2022.
Currently, BTC is testing the support level at $58,000. A breach of this level could see prices decline further towards $54,000. We have adjusted our next resistance level down to $65,000.
In the U.S. ETF market, BTC reversed its positive momentum, recording its first outflow in two weeks, totaling $127.1 million. ETH continued its trend of outflows, with $3.4 million withdrawn yesterday.
On a brighter note, TON outperformed the broader market as the protocol successfully restarted its blockchain. However, most major tokens remain in the red, including AI-related tokens, which had previously rallied on expectations of strong earnings from Nvidia. Cardano is poised for its most significant upgrade in two years with the "Chang" hard fork, expected to enhance performance and introduce crucial improvements to smart contracts, scalability, and developer tools.
In the equities market, stocks showed little movement on Wednesday as investors awaited Nvidia’s quarterly earnings announcement. Wall Street is closely monitoring Nvidia to assess the broader sustainability of the tech and AI sectors. The semiconductor giant, set to report after the market closes, has surged 159% in 2024, raising questions about the stock's potential for further gains.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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