1. BITBILIHome
  2. Article

Bitfinex reveals strategic Bitcoin holdings amid market upswing

• 177 views

TL;DR Breakdown

  • Bitfinex has disclosed that it holds Bitcoin as a long-term investment, although specific figures are not revealed.
  • Paolo Ardoino, Bitfinex’s CTO, advocates for crypto exchanges to reinvest profits into Bitcoin, highlighting Bitfinex’s commitment.
  • Tether plans to allocate up to 15% of its profits to Bitcoin, shifting its reserves away from U.S. government debt.

Description

In a recent revelation, Bitfinex has disclosed its strategic commitment to Bitcoin (BTC). Historically, the platform has retained some of its trading fee earnings in Bitcoin. This move showcases Bitfinex’s unwavering faith in the pioneering cryptocurrency. However, the exact figures remain undisclosed. Bitfinex’s Chief Technical Officer, Paolo Ardoino, took to Twitter on Sunday. He emphasized … Read more

In a recent revelation, Bitfinex has disclosed its strategic commitment to Bitcoin (BTC). Historically, the platform has retained some of its trading fee earnings in Bitcoin. This move showcases Bitfinex’s unwavering faith in the pioneering cryptocurrency. However, the exact figures remain undisclosed.

Bitfinex’s Chief Technical Officer, Paolo Ardoino, took to Twitter on Sunday. He emphasized that crypto exchanges, which have reaped significant benefits from Bitcoin, should reinvest some of their profits into the digital currency. Bitfinex stands as a testament to this belief.

The exchange actively supports Bitcoin Layer 2 networks, including the Lightning Network and the Liquid Network. Furthermore, Bitfinex is making strides in the RGB protocol. This protocol facilitates more affordable and private transactions. It also simplifies the process of issuing tokens on Bitcoin.

Interestingly, this is the first time the news of Bitfinex holding Bitcoin on its balance sheet has come to light. On a related note, Tether, Bitfinex’s sister firm and prominent stablecoin issuer, ranks globally as the 11th largest Bitcoin holder.

Earlier this year, Tether unveiled its Bitcoin holdings. The firm announced its plan to allocate up to 15% of its profits to Bitcoin investments. This shift is part of Tether’s strategy to pivot its reserves from U.S. government debt to cryptocurrency. Currently, Tether’s Bitcoin holdings stand at an impressive $1.6 billion.

Notably, only a handful of firms, including Bitfinex and Tether, hold Bitcoin on their balance sheets. Other notable names in this exclusive list are MicroStrategy, Tesla, and Square.

Bitfinex earlier announced a partnership with Vakıfbank, a top-tier bank in Turkey. This collaboration aims to offer low or zero-cost deposit transactions for Turkish customers. As a result, clients can now deposit Turkish Lira directly into their Bitfinex accounts without incurring any fees.

On the market front, Bitcoin exhibits a bullish trend. The cryptocurrency has seen a modest 0.13% price surge. It currently hovers between a support level of $25,736.47 and a resistance level of $26,087.14. Market analysts predict a continued positive trajectory, backed by a 30.56% surge in Bitcoin’s trading volume, now at $10.57 billion.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Bitfinex reveals strategic Bitcoin holdings amid market upswing

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月5日 06:37
Next 2023年9月5日 07:42

Related articles

  • Nike’s .SWOOSH platform sales hit milestone figure

    TL;DR Breakdown Nike’s.SWOOSH platform sales have hit over $1 million despite delays and issues. The sale represent growing demands in the NFT market. Nike’s .SWOOSH Web3 platform has made a splash in the world of non-fungible tokens (NFTs) with its first-ever NFT sneaker collection, generating over $1 million in sales. Despite facing persistent delays and technical issues that hindered the user experience, the collection garnered significant attention from buyers. The Nike platform hit $1 million despite delays and issues The sale of the highly-anticipated Nike virtual creations was initially slated to begin on May 8, but due to unforeseen circumstances, it was pushed back to May 15. The “First Access” round of sales was exclusively available to select users who received airdropped “posters” that granted them early entry. Nike distributed a total of 106,453 posters to its earliest .SWOOSH community members. Following the First Access sale, the “General Access” sale commenced on May 24, two weeks later than originally planned. This phase aimed to sell any remaining NFTs from the inventory of 106,453. As of Thursday afternoon, Polygonscan reported that…

    Article 2023年5月28日

  • Traditional finance exchanges split on crypto adoption, WFE survey reveals

    TL;DR Breakdown A recent survey by the World Federation of Exchanges (WFE) reveals a divided stance among traditional finance exchanges on adopting crypto services, with 41% already offering such services and over a third having no plans to do so. The WFE’s research is part of a broader study to understand crypto market infrastructures, examining aspects like liquidity provision, price discovery, and regulatory concerns such as anti-money laundering and investor protection. The survey indicates a cautious optimism among traditional finance exchanges about embracing crypto services, but also highlights prevailing concerns about regulatory uncertainties and market stability. Description Traditional finance exchanges are divided on whether to embrace or shun crypto services, according to a recent survey by the World Federation of Exchanges (WFE). The survey, conducted between May and July 2022, involved 29 member exchanges. The study revealed that 41% of these exchanges already offer crypto-related products or services, while more than a … Read more Traditional finance exchanges are divided on whether to embrace or shun crypto services, according to a recent survey by the World Federation of Exchanges (WFE)….

    Article 2023年9月6日

  • China’s plan to spy on the U.S. was unsuccessful – Details

    TL;DR Breakdown A Chinese spy balloon flew over the U.S. but was shot down without collecting significant information. This event adds to the existing high-tech rivalry between the U.S. and China, with a primary focus on semiconductors. Both Trump and Biden administrations have implemented measures to prevent China from accessing advanced chip technology. Description The recent failure of a Chinese spy balloon’s mission to infiltrate the United States‘ air space marked a decisive win for the United States. The balloon, deployed by China, hovered across the United States for a week before being shot down. According to Pentagon spokesman Brigadier General Pat Ryder, the balloon was unsuccessful in gathering … Read more The recent failure of a Chinese spy balloon’s mission to infiltrate the United States‘ air space marked a decisive win for the United States. The balloon, deployed by China, hovered across the United States for a week before being shot down. According to Pentagon spokesman Brigadier General Pat Ryder, the balloon was unsuccessful in gathering any significant data during its unauthorized flight. Countering China’s technological ambitions This incident…

    Article 2023年7月4日

  • U.S. debt ceiling talks approach critical default deadline

    TL;DR Breakdown The U.S. government is racing against a critical deadline to lift the $31.4 trillion debt ceiling to prevent a catastrophic default. The Treasury Department has warned that the government will run out of funds to pay its bills by June 5 unless Congress acts. A high-stakes negotiation is in the works in Washington as a critical deadline looms to lift the U.S. federal government’s $31.4 trillion debt ceiling. In a political climate fraught with a razor-thin margin in Congress, the consequences of a failure to resolve the current standoff are potentially catastrophic. The urgency of addressing the debt ceiling As we move closer to the clock striking midnight on this fiscal time bomb, the deadline of June 5, revised from an initial June 1 date, is fast approaching. The Treasury Department has asserted that the government could find itself unable to meet its financial obligations if Congress does not act decisively. However, sealing a deal is no easy feat. An agreement between President Joe Biden and top congressional Republican, Kevin McCarthy, is merely the starting gun in a…

    Article 2023年5月30日

  • BAYC NFT prices experience volatility amid huge sales

    TL;DR Breakdown BAYC NFT prices have experienced huge volatility following huge sales made by Machi Big Brother. NFT market targets rebound following a high-profile lawsuit. Description The Bored Ape Yacht Club (BAYC), one of the leading NFT collections, experienced significant turbulence over the weekend due to a series of transactions initiated by Jeffrey Huang, also known as Machi Big Brother. Huang sold over 50 Bored Apes in the past few days, with one transaction alone generating 651 Ethereum (approximately $1.2 million) … Read more The Bored Ape Yacht Club (BAYC), one of the leading NFT collections, experienced significant turbulence over the weekend due to a series of transactions initiated by Jeffrey Huang, also known as Machi Big Brother. Huang sold over 50 Bored Apes in the past few days, with one transaction alone generating 651 Ethereum (approximately $1.2 million) on the NFT marketplace Blur. Machi Big Brother sale impacts prices of BAYC NFT The impact of Huang’s sales was evident as the floor price of Bored Ape Yacht Club NFTs, which had already faced pressure in recent months, reached its…

    Article 2023年6月28日
TOP