German company SynBiotic SE is converting its cash reserves into Bitcoin to protect itself from the devaluation of the euro, while MicroStrategy is preparing to buy more bitcoins again. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍‌The German SynBiotic SE, a medical cannabis company, becomes the first publicly traded company in the country to use Bitcoin as a store of value. SynBiotic SE said that Bitcoin is a currency whose future value is more secure and stable than fiat money, which is why it is transforming part of its fiduciary reserves into bitcoins.
📍‌MicroStrategy, which planned to invest between $690 and $900 million in Bitcoin, adjusted the figure to a total of 1.050 million which it raised at the close of its recently announced private offering of convertible senior notes. As previously reported by the company, the net proceeds from the sale, around $1.030 billion after taxes, will be used to purchase more bitcoins, and increase its investments in this cryptocurrency.
📍‌Daniel Ives, an analyst at the American investment firm Wedbush Securities, he highlighted in an interview on CNBC that Tesla's profits from its $1.500 billion investment in Bitcoin in January are approximately $1.000 billion.
📍‌The BNY Mellon, the global bank with the most assets under custody and the oldest in the United States, is moving forward with Bitcoin adoption. The entity is partnering with the company fireblocks to offer custody services for Bitcoin and other digital assets and to develop its multi-asset digital platform.
📍‌After her controversial statements about Bitcoin, Janet Yellen said which is open to the idea of ​​creating a digital dollar, based on technology blockchain, which will allow for faster, safer and cheaper payments.
📍‌21Shares just broke the record of 1.000 million with its cryptocurrency ETPs. The Swiss provider of cryptocurrency exchange-traded products (ETPs) reported which has surpassed $1.000 billion in assets under management. The company achieved this milestone in a relatively short time, driven by the impressive growth of cryptocurrencies, especially Bitcoin and Ethereum, within the markets.
📍‌On Reddit, a user shared An anecdote from 7 years ago with Bitcoin. “btcbible” as the user calls himself on the network, described the wise choice of a pizza delivery man who accepted his $5 USD tip in a Bitcoin paper wallet. “btcbible” says that he gave him the choice between a $5 bill and the wallet of Bitcoin, and the delivery person chose the wallet. “Needless to say, he chose wisely.”
The value stored in the paper wallet is 0.0069 BTC, equivalent to about $350 USD at the time of writing.
Cryptocurrencies and altcoins
📍‌The tokens of the DEX most famous of DeFi, Uniswap y Sushi Swap, hit new all-time highs. UNI, the governance token of Uniswap, surpassed a value of $32,5 USD, while SUSHI came to touch the $19,7 USDHowever, at the time of writing, the value of the tokens has undergone a slight correction. UNI is currently trading on the markets at $26,2 USD, while SUSHI is trading at $16,4 USD.
NFT and DeFi Markets
📍‌Poland's most famous football club, Legia Warsaw, joins forces with Chiliz to lanzar its Fan Token called LEG. Chiliz Fan Tokens give fans the opportunity to live unique experiences with the players of their favorite teams, ranging from signed jerseys to VIP areas, exclusive photos, a spot on the bench, and much more. With the integration of Legia Warsaw, Chiliz now brings together the 21 biggest and most famous football teams in the world, such as Barcelona, ​​Juventus, AC Milan, among others.
Regulations
📍‌Apparently IG Group (IGG) is suspending its open margin trading and CFD positions in cryptocurrencies, as it has already reached its internal product limit for providing exposure to cryptocurrencies, and must comply with regulations imposed by the UK Financial Conduct Authority (FCA) on the matter.
Specifically, the FCA announced a ban on the sale and trading of options, futures and other cryptocurrency derivatives to retail investors last January, considering them a potential risk to the capital of these investors. IG Group notes that now that it has reached its internal product limit for exposure to cryptoassets, it must remove cryptocurrencies from its offering to UK retail clients on March 24.
📍‌In Nigeria, the country's SEC is continuing its plans to establish regulation for cryptocurrencies and digital assets. A local media outlet notes The regulator said it is preparing a regulatory framework for crypto assets, in conjunction with the country's Central Bank, because cryptocurrencies have a market capitalization of close to $2 trillion that "cannot be ignored."
The lack of regulatory clarity regarding Bitcoin, and the country's ban on cryptocurrencies after growing adoption by citizens, has caused the price of 1 BTC on Nigerian exchanges to exceed $80.000 USD currently.
Continue reading: Bitcoin exceeds all expectations with a historical market value of 57 thousand and 1 trillion dollars
