Bitcoin Tops $42K and Overtakes Berkshire Hathaway

Bitcoin Tops $42K, Overtakes Berkshire Hathaway

Bitcoin has overtaken Berkshire Hathaway in market capitalization, reaching over $800 billion and securing its position as the 10th largest asset globally. This surge follows Bitcoin’s price escalation to above $42,000, marking a significant rebound since April 2022. The cryptocurrency has experienced a 20% increase in the past month and an impressive 150% growth year-to-date. 

In contrast, Berkshire Hathaway, led by Warren Buffett who previously criticized Bitcoin, has seen a more stable performance. Bitcoin now trails closely behind Meta Platforms and Nvidia in market value. This bullish trend in Bitcoin’s market cap brings it closer to revisiting its all-time high, potentially surpassing a $1 trillion valuation again.

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SoFi Exits Crypto Over Regulatory Concerns: Bloomberg

SoFi, a financial services platform, is withdrawing from the cryptocurrency sector, attributing its decision to intensifying regulatory scrutiny. The company, which incorporated crypto trading in 2019, has already halted the creation of new crypto accounts. Existing users are being directed to transfer their crypto holdings to Blockchain.com within three weeks, or face automatic liquidation of their accounts. 

This transition is subject to regional limitations, with users in certain states facing restrictions on certain tokens, and New York residents being entirely excluded. SoFi’s latest financial reports show holdings of approximately $140 million in cryptocurrencies, predominantly in Bitcoin and Ethereum. The company’s decision to exit the crypto market follows its receipt of a bank charter in January 2022, which included a conditional requirement for regulatory approval of its crypto activities.

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FTX, Alameda Transfer Additional $22M to Exchanges

FTX, and Alameda Research have transferred $22 million in various cryptocurrencies, Lookonchain reports. This is part of a series of substantial asset transfers since their bankruptcy in October 2023, totaling $551 million across 59 tokens. The recent transactions involved redistributing $22 million across eight tokens to exchanges like Binance, and Coinbase. 

Since March 2023, FTX and Alameda have been actively managing their financial obligations, which include liabilities over $8.8 billion. A U.S. court-approved plan allows them to sell digital assets, crucial for addressing debts and providing creditor relief. 

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Osmosis and UX Chain Planning a Merge

Osmosis, Cosmos’ largest decentralized exchange, and lending protocol UX Chain are proposing a merger to create a DeFi hub. The plan includes integrating UX Chain’s lending functionality into Osmosis’ exchange, starting with merging their codebases. This would combine their capabilities and total value locked, guided by separate community votes from each network. 

A unified token is a potential outcome, dependent on community governance decisions. The merger aims to enhance features like liquidations, margin trading, and MEV markets. Both projects have secured significant funding, with UX Chain raising $38.3 million and Osmosis $21 million, indicating strong financial backing for the proposed collaboration.

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Other breaking news

• Platypus Hacker Keeps $8.5M, After Claiming to Be an “Ethical Hacker”
• Institutional Traders Favor Bitcoin and Ethereum: Bybit Research
• Binance’s Rapid Growth Caused Compliance Issues - CEO Richard Teng
• Paris Court Acquits Duo Behind $9M Platypus Exploit: Report
• UK Lawmakers Call for Reduced Digital Pound Limits

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Wrapping up

Wrapping up today’s edition: Bitcoin continues its impressive surge, now breaching the $42,000 mark, further fueled by the growing anticipation of ETF approvals. Yet, despite the growth, stringent regulatory oversight persists, leading to SoFi’s exit from the crypto market due to regulatory pressures. Meanwhile, FTX and Alameda are actively transferring their holdings to exchanges, to cover their liabilities. On a different note, a significant collaboration is brewing in the DeFi space, with Osmosis and UX Chain planning a strategic merger. Stay tuned for more updates!