Bitcoin (BTC) surged 4.75% over the past week, reaching a high of over $64,000. This week proved pivotal as Federal Reserve Chair Jerome Powell responded to market demands with a 50 basis point interest rate cut.
This policy shift, among other factors, propelled Bitcoin to $64,133. Despite the anticipated Fed changes, Bitcoin's daily price movements have remained consistent with its six-month trend.
In another significant development, the SEC approved Nasdaq to list and trade stock options for BlackRock’s spot Bitcoin ETF, allowing options trading under the same rules as other ETFs.
Follow along as we delve into six key crypto stories from the past week to keep you informed. Check them out below!
For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (September 15-21, 2024)
●       BingX Resumes Withdrawals After $52 Million Hack
●       MicroStrategy Raises $1.01B to Boost Bitcoin Holdings
●       Judge Dismisses Consensys’ Lawsuit Against SEC
●       Trump Makes Bitcoin History at NYC Bar
●       Solana Unveils Seeker: More Than Just a 'Memecoin Phone'
●       Arthur Hayes Suggests Fed Rate Cut Politically Motivated, Warns of Inflation Risk
BingX Resumes Withdrawals After $52 Million Hack
Cryptocurrency exchange BingX has announced the resumption of withdrawal services for certain digital assets, starting on Sept. 21, 2024, after a significant hack. Initially reported at $26 million, the total losses have swelled to $52 million. Despite the breach, BingX assured users that its cold storage isolated most funds, mitigating the damage. Additionally, $10 million of the stolen funds have been frozen. BingX is working with security firms like SlowMist and Chainalysis to recover the remaining assets. All withdrawals submitted before the hack must be resubmitted.
MicroStrategy Raises $1.01B to Boost Bitcoin Holdings
MicroStrategy completed a $1.01 billion offering of convertible senior notes, with proceeds allocated to purchasing Bitcoin and repaying debt. The company plans to redeem $500 million in senior secured notes, releasing collateral, including over 69,000 Bitcoin. Between Sept. 13 and 19, MicroStrategy used part of the proceeds to acquire 7,420 Bitcoin at an average price of $61,750 per coin, totaling $458.2 million. The firm continues to expand its Bitcoin holdings as part of an aggressive acquisition strategy.
Judge Dismisses Consensys’ Lawsuit Against SEC
A Texas federal judge has dismissed Consensys' lawsuit against the U.S. Securities and Exchange Commission (SEC), which challenged the agency's investigation into Ethereum (ETH) and its MetaMask software. Consensys sought to have ETH declared as not a security and block the SEC’s enforcement actions. However, Judge Reed O’Connor ruled the SEC’s actions were not final and didn’t impose legal consequences. The investigation into Ethereum was also considered moot after the SEC approved Ether ETFs. Consensys vowed to continue fighting the SEC’s claims over MetaMask.
Trump Makes Bitcoin History at NYC Bar
On September 18, former US President and 2024 Republican nominee Donald Trump made headlines by purchasing hamburgers using Bitcoin at Pubkey, a New York City bar known for accepting cryptocurrency. The event marked the first time a former president used Bitcoin in a transaction. Trump, who once criticized crypto, handed out "crypto burgers" to attendees. This campaign stop occurred shortly after he announced the launch of a crypto token through World Liberty Financial. Despite trailing in the polls, Trump remains hopeful about his electoral chances in New York.
Solana Unveils Seeker: More Than Just a 'Memecoin Phone'
Solana Labs has launched its latest smartphone, the "Seeker," priced at half the cost of its predecessor, Saga. While the Saga gained attention due to a memecoin rally, Solana’s General Manager Emmett Hollyer emphasizes that Seeker will offer much more. Hollyer describes the device as a "rewards magnet" but says it aims to support broader use cases like DeFi, payments, and gaming through an upgraded decentralized app store. With improved hardware, Seeker targets crypto utility rather than competing with tech giants like Apple and Samsung.
Arthur Hayes Suggests Fed Rate Cut Politically Motivated, Warns of Inflation Risk
BitMEX co-founder Arthur Hayes believes the U.S. Federal Reserve's recent rate cut was politically motivated, aimed at boosting support for Kamala Harris in the upcoming election. He argues the 50 basis point cut contradicts strong economic indicators like GDP growth and low unemployment. Hayes predicts that the move could push markets higher but warns it may lead to increased inflation. He also suggests that the crypto market's calm reaction could be short-lived, with potential volatility following traditional market closures.
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Renowned American institution MicroStrategy has reignited another bullish frenzy with its recent decision to expand its portfolio by acquiring additional Bitcoin tokens.
Read more on: https://thecryptobasic.com/2023/12/28/microstrategys-latest-615m-bitcoin-buying-sets-traders-into-another-bullish-frenzy/
#MicroStrategyBTC #MicroStrategyMoves #crypto2024SpaceCatch #Cryptocurrency.traders #CryptonewswithJack

In a noteworthy maneuver, MicroStrategy, a distinguished enterprise intelligence entity, has expeditiously procured an additional 16,130 Bitcoin (BTC) for an approximate sum of $593.3 million. The mean valuation per BTC in this transaction registered at $36,785, underscoring MicroStrategy's sustained dedication to fortifying its cryptocurrency reservoir.
This recent acquisition supplements MicroStrategy's already substantial Bitcoin treasury, elevating their total BTC possession to 174,530. The cumulated valuation of these assets is estimated at $5.28 billion, with an average procurement expense of $30,252 per BTC.
MicroStrategy's strategic methodology in cryptocurrency investment has established the corporation as a noteworthy participant in the progressing panorama of digital assets. The determination to augment their Bitcoin holdings accentuates an enduring confidence in the potential of cryptocurrencies as a reservoir of value.
The celerity of this latest procurement accentuates MicroStrategy's nimbleness in responding to market openings. As the cryptocurrency market undergoes continual undulations, MicroStrategy's anticipatory strategy in obtaining additional BTC illustrates a dedication to harnessing strategic prospects.
This maneuver aligns with MicroStrategy's broader vision of diversifying its asset assortment and solidifying a robust stance in the swiftly advancing digital economy. The company's anticipatory posture in amassing Bitcoin as a treasury reserve asset has attracted notice within financial and cryptocurrency circles.
MicroStrategy's meticulous strategy in cryptocurrency acquisition encompasses a thorough assessment of market dynamics, ensuring optimal ingress points for expanding their BTC holdings. The company's consistent communication concerning these procurements mirrors transparency and an allegiance to keeping stakeholders up-to-date.
As the dynamics of the cryptocurrency market metamorphose, MicroStrategy's strategic Bitcoin acquisitions persist in sculpting the discourse surrounding institutional involvement in digital assets. The substantial augmentation in their BTC holdings further cements MicroStrategy's standing as a pivotal player in the intersection of conventional finance and the burgeoning cryptocurrency realm.
This acquisition not only bolsters MicroStrategy's conviction in the intrinsic value of Bitcoin but also stands as a testament to the company's anticipatory posture in navigating the ever-shifting terrain of digital assets. As the global spotlight remains fixed on the cryptocurrency market, MicroStrategy's strategic maneuvers are poised to influence industry trends and perceptions concerning institutional participation in cryptocurrencies.
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MicroStrategy, a software development company, has increased its bitcoin (BTC) holdings in anticipation of the approaching deadline set by the U.S. Securities and Exchange Commission (SEC) for the approval of a spot BTC exchange-traded fund (ETF).MicroStrategy, a leading software developer, has intensified its commitment to bolstering its bitcoin (BTC) reserves ahead of the approaching deadline set by the U.S. Securities and Exchange Commission (SEC) for the approval of a spot BTC exchange-traded fund (ETF).A Substantial $8 Billion Bitcoin TreasuryIn its recent U.S. Securities and Exchange 8-K filing on Wednesday, the Tysons, Virginia-based company, co-founded by Michael Saylor, disclosed the acquisition of an additional 14,620 BTC for $615.7 million in cash between November 20, 2023, and December 26, 2023. This latest Bitcoin acquisition cost MicroStrategy approximately $42,110 per BTC, covering fees and associated expenses.MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW— Michael Saylor⚡️ (@saylor) December 27, 2023With this latest purchase, MicroStrategy now holds an impressive total of 189,150 bitcoins, procured at an average price of $31,168 per BTC. Notably, MicroStrategy stands as the largest corporate HODLer of BTC.Michael Saylor, the chairman of MicroStrategy, shared in a post on X that the company has invested $5.9 billion to build its BTC treasury, acquiring bitcoins at an average price of $31,168 per coin. Currently, the benchmark cryptocurrency is valued at $42,927 according to CoinGecko data, indicating that MicroStrategy's Bitcoin holdings are now worth a staggering $8.1 billion at present market prices.MicroStrategy initiated its Bitcoin acquisitions in August 2020, and the company's most recent purchase prior to this announcement occurred last month, involving the procurement of 16,130 Bitcoins for approximately $593.3 million at that time.Spot Bitcoin ETFs and MicroStrategy's Investment: What to Expect?As optimism grows regarding the potential approval of spot Bitcoin ETFs by the U.S. SEC as early as January 10, MicroStrategy's recent significant Bitcoin purchase is under scrutiny. Michael Saylor, expressing confidence, asserts that the advent of spot BTC ETFs in 2024 will not diminish MicroStrategy's appeal to investors seeking exposure to the world's largest cryptocurrency by market capitalization. Saylor argues that MicroStrategy provides a distinctive leveraged, fee-free avenue for investors, distinguishing itself from the upcoming ETFs.While acknowledging the significance of ETFs investing in actual bitcoins rather than BTC futures, Saylor views them as a potential "biggest development on Wall Street in 30 years." He anticipates a demand shock for Bitcoin, followed by a supply shock due to the mining rewards halving event in April.This combination of bullish factors hints at a possible explosive upside move in the market, fueling hopes for Bitcoin's ascent to $50,000 and beyond.#MicroStrategyMoves #BTC