Top-5 news of the week! (19 - 25 August)
Dear PointPay Family,
Stay informed with our weekly roundup of the most impactful cryptocurrency news. From market movements to sphere updates, we've gathered the top 5 stories you need to know.
BlackRock Emerges as Third-Largest Bitcoin Holder with Nearly 350,000 BTC
BlackRock has significantly expanded its presence in the cryptocurrency market, amassing close to 350,000 Bitcoins. This makes the asset management giant the third-largest holder of Bitcoin globally, following Satoshi Nakamoto and Binance. BlackRock's rapid accumulation is largely driven by the success of its iShares Bitcoin Trust (IBIT), which has garnered substantial interest from institutional investors. This marks a notable shift for the company, particularly for CEO Larry Fink, who has evolved from a Bitcoin skeptic to viewing it as a transformative international asset.
Norway's Sovereign Wealth Fund Increases Crypto Exposure, Boosting Indirect Bitcoin Holdings by 62%
Norway's $1.7 trillion sovereign wealth fund, managed by Norges Bank Investment Management, has significantly ramped up its indirect Bitcoin exposure in the first half of 2024. By expanding investments in crypto-related companies like Coinbase and Marathon Digital, the fund has increased its Bitcoin holdings by 62%, now indirectly owning approximately 2,446 BTC, valued at $142.9 million. This growth, driven by algorithm-based sector strategies, means each Norwegian now effectively holds $27 in Bitcoin. The fund’s overall value also grew by 8.6%, reflecting its ongoing adaptation to evolving market dynamics.
Bitcoin Dominance Hits New High as HODLers Remain Resilient
According to a recent report by Glassnode, Bitcoin's dominance has surged to over 56%, reflecting the steadfastness of long-term holders amid ongoing market volatility. Since the end of the bear market in November 2022, Bitcoin's market share has skyrocketed from 38.7% to an impressive 56.2%. Meanwhile, Ethereum's share has slightly decreased from 16.5% to 15.2%, while stablecoins and altcoins have faced more significant declines, with stablecoins dropping from 17.3% to 7.4% and altcoins falling from 27.2% to 21.3%.
McDonald's Instagram Hacked, Scammers Steal $700K Through Fake Crypto Token
McDonald's Instagram account was recently compromised, leading to the promotion of a fraudulent Solana-based token named $GRIMACE. Despite having no ties to the crypto world, the hacked account posted that this was part of "a McDonald's experiment on Solana." The scammers managed to steal $700,000 before altering the account's bio to display an Indian flag and express gratitude for the stolen funds. This incident highlights the ongoing threat of social media hacks and the risks they pose, even to well-established brands.
Over 43% of Crypto Enthusiasts Anticipate Bitcoin Surpassing $100,000 in Current Cycle
A recent CoinGecko survey reveals that 43.7% of crypto participants expect Bitcoin to exceed $100,000 during the ongoing market cycle. Notably, seasoned investors are the most optimistic, with over half of second-cycle participants and veterans forecasting this milestone. While investors lead in confidence, with 49.4% predicting Bitcoin will break the $100,000 mark, traders are more cautious.
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