Yesterday, the S&P 500 hit a new record high, closing near 5650. Despite this milestone, some leading stocks from early 2024 are lagging. NVDA’s price is down 8.6% from its peak, MSFT has fallen 3.1%, and GOOGL is 2.6% off its high. Recent insider sales reported to the SEC are also causing concern. Key examples include: Jeff Bezos offloaded over $900 million in AMZN shares. Nvidia’s board member Mark Stevens and CEO Jensen Huang have been selling NVDA shares. Goldman Sachs reports that fund managers have increased their long positions in US stock index futures to unprecedented levels. A July survey by Bank Of America revealed: Market sentiment remains optimistic, fueled by anticipated Fed rate cuts and hopes for a gentle economic slowdown. Geopolitical tensions are now considered the biggest threat to markets, with inflation close behind. If market experts predict continued growth in the stock index, it may not be led by large-cap stocks. On June 27, we analysed the bullish “cup and handle” formation around the $190 mark on the AMZN price chart. Since then, the bulls have driven the price close to the significant $200 level, but they have struggled to maintain this upward momentum. Today’s technical analysis of the daily AMZN chart reveals: The price is trending within an ascending channel (highlighted in blue). After surpassing the $190 mark, the price could not reach the upper boundary of the channel, indicating strength of bears. The attempt to break above the key psychological level of $200 proved to be a “bull trap.” Potential support for the bulls may come from: The $190 level, which previously acted as resistance. The median line of the blue ascending channel. According to TipRanks, Wall Street analysts project an average price target of $222.51 for AMZN over the next 12 months, representing a 15.46% increase from current levels. Despite the overall positive sentiment in the stock market, AMZN’s weaker performance relative to the index and significant insider sales warrant caution regarding its future prospects. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

OANDA Prop Trader has introduced cryptocurrencies as a payment method, giving customers globally the option to pay for trading Challenges using cryptocurrencies via the program’s user portal. OANDA’s prop trading business, OANDA Prop Trader, is a program that enables self-directed traders to become signal providers, on a profit-sharing basis, to the firm’s proprietary trading business. OANDA Prop Trader launching a $10,000 Giveaway Sweepstakes To qualify for the program, participants need to purchase and complete a Challenge. Through the Challenge, potential signal providers demonstrate their ability to generate profits and manage risk. With a variety of payment methods, participants can now purchase a Challenge with cryptocurrencies and start assessing their trading skills immediately. OANDA Prop Trader is also launching a $10,000 Giveaway Sweepstakes, open to aspiring traders residing in all the countries where OANDA Prop Trader is made available. Entrants can participate in the Sweepstakes by registering for an OANDA Prop Trader account to get a chance to win a $100 voucher to purchase a Challenge. Each registration earns one entry into the drawing, and one hundred winners will be randomly selected to share a total prize pool of $10,000. “The digital economy as a gateway into prop trading” Lucian Lauerman, Head of Digital Assets and Deputy COO at OANDA, said: “We’re pleased to announce that we’re adding crypto as a payment method in response to rising global demand. A large number of “tech-driven consumers” in the countries serviced by OANDA Prop Trader are embracing cryptocurrencies, so this is opening new doors for those traders who want to maximize the digital economy as a gateway into prop trading.” Crystal Lok, Head of Emerging Markets at OANDA, said: “At OANDA Prop Trader, we value our customers and are committed to rewarding their journey toward becoming successful traders. The $10,000 Giveaway Sweepstakes represents a fun and affordable route for many aspiring traders to get a chance to test their skills in a prop trading environment.” OANDA put up for sale Oanda Global Corporation has been put up for sale by its private equity backers, Sky News reported yesterday, adding that Nomura and Santander are marketing the online retail trading platform and online FX pioneer founded in 1995. Oanda, owned by CVC Capital Partners since 2018, offers trading in foreign exchange, equities, commodities, and cryptocurrencies. With more than 100,000 active traders, it is expected to record revenues of approximately $175 million (£138 million) this year. Founded in 1995, Oanda has established itself as a key player in the foreign exchange industry. The company has been at the forefront of online trading, providing retail traders with access to a broad range of financial instruments. Over the years, Oanda has built a strong reputation for innovation, transparency, and reliability, contributing significantly to the evolution of the FX trading landscape. In recent years, Oanda has changed hands several times. CVC Capital Partners, an Amsterdam-listed buyout firm, acquired Oanda in 2018. The acquisition, valued at $200 million, marked a significant move for CVC into the online trading sector. Before CVC, the company was owned by private equity firm Pacific Century CyberWorks (PCCW), a Hong Kong-based telecommunications and IT company. PCCW acquired OANDA in 2016, which was part of its strategy to diversify its portfolio into the fintech and online trading sectors. Prior to being acquired by PCCW, OANDA was owned and operated independently by its founders. OANDA launched crypto trading Oanda recently launched OANDA Crypto, a new cryptocurrency trading platform tailored for private investors and traders in the United Kingdom. OANDA Crypto leverages the FX brokerage firm’s established presence in the online trading, currency data, and analytics sectors to provide a user-friendly and secure trading environment for users. The crypto trading platform operates under OANDA Coinpass Limited, registered with the UK Financial Conduct Authority, and supports 24/7 trading in over 63 cryptocurrency pairs, such as Bitcoin, Ether, and Ripple, and is looking to expand its offerings. UK-based users can easily fund and withdraw from their UK bank accounts, trade with significant liquidity, and enjoy secure storage for their crypto assets. The OANDA Crypto trading app and desktop platform offer advanced trading tools and features, including a broad selection of cryptocurrencies, stablecoins, and extensive charting capabilities powered by TradingView.

BUX Holding has sold its UK business BUX Financial Services Limited (BFS) to Asseta Holding, the parent company of UAE-based investment firm APM Capital. BFS is a UK-based investment firm licensed by the Financial Conduct Authority (FCA), offering CFDs and spread betting to both retail and professional clients. Terms of the acquisition were not disclosed. “We are in the process of divesting” Yorick Naeff, CEO of BUX Holding, said: “We are in the process of divesting all the remaining regulated subsidiaries of BUX Holding. With the sale of the Netherlands, and now the UK based business, only the Cyprus based business remains.” The sale of BFS is a subsequent step in the divestment strategy of BUX Holding after the sale of its Netherlands-based business to ABN Amro. The acquisition of BFS is a significant move in the ongoing international expansion plans of Asseta Holding. Disha Rajdev, co-founder of APM Capital, states: “The UK market is a crucial component of our expansion strategy, and BFS’s strong reputation and client-centric approach align perfectly with our vision. We look forward to working closely with the talented team at BFS to drive growth and deliver exceptional value to our clients.” ABN AMRO completed acquisition of BUX The divestment strategy follows a challenging year for the Dutch firm after a potential €100 million buyout by N26 was abandoned, leading to layoffs and the firm’s earlier withdrawal of its full-service brokerage from the UK. BUX reached a takeover deal with ABN AMRO Bank N.V. in December 2023 and completed the transaction earlier this month. Now, BUX is a wholly owned subsidiary of ABN AMRO and will continue to operate as a separate entity. This means that the neobroker will retain the innovative approach that is popular with the new generation of investors, while carrying the ‘endorsed logo’. Clients of both ABN AMRO and BUX can count on innovative developments aimed at improving their investment journey. Initiatives are already underway to build bridges between the two platforms, the firms stated. Founded in 2013, BUX is a European mobile brokerage company, based in Amsterdam and London, that allows retail investors to buy shares, ETFs and cryptocurrency through the BUX app. BUX allows users CFD trading through its Stryk app and crypto trading using the BUX Crypto platform. After several tweaks, including the acquisition of Spanish broker Ninety Nine and the rebranding of BUX Zero to BUX with no particular success in terms of reaching break even, the neobroker ended up being acquired by its largest partner, ABN AMRO, the provider of BUX’s fractional investing infrastructure. Also, since 2019 BUX and ABN AMRO Clearing have enjoyed a successful partnership that links the bank’s technology to the BUX app. In 2022, BUX became the first broker in Europe to offer fractional European ETFs in partnership with ABN AMRO Clearing Bank. Together they built the technology that enables investors with smaller budgets to purchase parts of shares or ETFs. BUX has grown to be one of Europe’s leading neobrokers with 500,000 clients, and operating across eight markets. The acquisition gives ABN AMRO and BUX a combined #1 position in the Netherlands for investors who want to start building their wealth, according to them. Acquiring BUX also contributes to ABN AMRO’s pan-European growth ambition. The acquisition did not encompass BUX’s cryptocurrency activities. ABN AMRO transferred venture arm to Motive ABN AMRO and BUX are no strangers to each other. ABN AMRO’s venture arm, formerly known as ABN AMRO Ventures, was among the first companies to invest in BUX. The reasons behind the deal may include a recent change in ownership of the venture arm which was completed this week. ABN Amro transferred its corporate venturing operations to Motive Ventures, a specialist fintech investor, with several of the investment team, including the team‘s managing director, Hugo Bongers, joining the Motive Partners team as a partner. Motive, a private equity firm focused on fintech and business services, has assumed management of the $150m in assets that the ABN Amro Venture Fund had under management, including 15 early-stage companies. ABN Amro has become a significant investor in Motive Ventures. Tim Wanders, executive director at ABN Amro Ventures, also joined the Motive Ventures team as a Principal.

Former President Donald Trump, the presumptive Republican nominee for U.S. President, has chosen crypto-friendly Senator J.D. Vance (R-Ohio) as his vice-presidential candidate. “After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio,” Trump wrote on social media app TruthSocial. Trump praised Vance’s successful career in technology and finance, highlighting his commitment to the American workers and farmers in states such as Pennsylvania, Michigan, Wisconsin, Ohio, and Minnesota. Vance’s nomination odds on the crypto-based prediction market platform Polymarket stood at 70% on Monday, making him the highest among all competitors. Known for his efforts to bring clearer legislation to the crypto space, Vance recently drafted a bill to revamp U.S. digital asset regulation, reportedly more crypto-friendly than the House-passed bill in June. North Dakota Governor Doug Burgum and Florida Senator Marco Rubio were also considered as potential running mates but were informed they were no longer in contention earlier on Monday. Vance’s financial disclosure shows that he owns between $100,001 and $250,000 in bitcoin, held on Coinbase. His 2022 Senate financial disclosure also reported income from his firm Narya Capital Management and royalties from his memoir “Hillbilly Elegy.” Vance is known as a pro-crypto legislative representative and is working on a bill to reform how U.S. financial regulators police digital assets. Vance’s estimated net worth is between $5 million and $10.5 million, according to Cincinnati.com. Earlier in June, Kraken founder Jesse Powell donated $1 million to Donald Trump’s campaign for the 2024 presidential election. Powell said he supports Trump as the only pro-crypto major party candidate, highlighting the importance of the U.S. remaining a leader in blockchain technology. The $1 million donation is primarily in ether. Powell criticized the Biden administration for what he described as a “campaign of unchecked regulation by enforcement,” which he believes is weakening U.S. competitiveness in crypto asset regulation. He specifically mentioned Senator Elizabeth Warren and SEC Chair Gary Gensler as adversaries of the crypto industry.

Fed mulling rate cut in September to fight disinflation, Powell’s speech eyed for clues. Weaker dollar due to rate cut expectations lifts gold prices.  Federal Reserve Monetary Policy: The Federal Reserve, also known as the Fed, is the central bank of the United States. It plays a crucial role in influencing the economy through setting monetary policy. This policy aims to achieve a few key goals: Maximum employment: The Fed tries to create conditions that promote a strong labor market with low unemployment. Stable prices: This refers to keeping inflation under control and preventing large price swings. The Fed usually targets a specific inflation rate, like 2% annually. Moderate long-term interest rates: The Fed’s actions can influence the interest rates that banks charge businesses and consumers for loans. This can impact borrowing and spending decisions, ultimately affecting economic growth. The report suggests the Fed might cut interest rates in September. This means they would lower the federal funds rate, which is the rate banks charge each other for overnight loans. Lower interest rates typically: Stimulate borrowing: Businesses and consumers are more likely to borrow money for investment and spending when rates are low. Boost economic activity: Increased borrowing can lead to higher investment, consumer spending, and business growth. Weaken the US dollar: Lower rates can make the dollar less attractive to foreign investors, leading to a decline in its value compared to other currencies. Investors are closely following the Fed’s actions and statements, particularly those from Jerome Powell, the Fed Chair. His comments can provide clues about the future direction of monetary policy and impact financial markets. US Dollar (USD) Strength: The report highlights a weakening US dollar. This is likely a consequence of the anticipation of falling interest rates by the Fed. Here’s how it connects: Interest rates and currency exchange: When US interest rates are high compared to other countries, it can attract foreign investment to the US. This demand for US dollars drives up its value relative to other currencies. Lower rates and a weaker dollar: If the Fed cuts rates, it reduces the interest rate advantage of the US dollar. This can lead to decreased foreign investment and a decline in the dollar’s value. A weaker dollar can have some positive effects: Makes US exports cheaper: Foreigners can buy US goods and services at a lower price, potentially increasing US exports and boosting economic activity. Benefits for certain industries: Companies that rely on exports can experience a profit increase due to the weaker dollar. US Economic Data: The report mentions the significance of upcoming US Retail Sales data. This data measures the total value of sales by retailers. Here’s why it’s important: Retail sales and economic health: Consumer spending is a major driver of economic growth in the US. Strong retail sales indicate healthy consumer spending and a growing economy. Impact on the Fed’s decision: Weaker than expected retail sales data could be interpreted as a sign of slowing economic growth. This might strengthen the case for a rate cut by the Fed to stimulate spending and economic activity. If the data shows weak retail sales, it could: Increase expectations of a rate cut: Investors might become more confident that the Fed will lower rates in September. Put upward pressure on gold prices: Lower interest rates can make gold, a non-interest-bearing asset, more attractive to investors seeking returns. This can lead to a rise in gold prices. The top 5 economic news for the week: ECB Monetary Policy Meeting (July 18th): This is a high-impact event where the European Central Bank (ECB) will decide on its interest rates and monetary policy stance. Their decision will affect the Euro (EUR) and could have ripple effects on global financial markets. US Retail Sales (July 16th): This is a high-impact release that measures the total value of sales by retailers in the US. Strong retail sales indicate healthy consumer spending and economic growth. Weaker than expected data could lead to expectations of a rate cut by the Fed, potentially impacting the US Dollar (USD). Federal Reserve Chair Powell’s Speech (July 15th): This is a high-impact event where Jerome Powell, the Chair of the Federal Reserve, might provide clues about the future direction of US monetary policy. His comments can influence the USD and financial markets. China’s Gross Domestic Product (July 15th): This is a high-impact data release that measures the total economic output of China. It’s a key indicator of global economic health. Bank of Canada Business Outlook Survey (July 15th): This is a medium-impact release that surveys Canadian businesses about their economic outlook. It can provide insights into business confidence and investment plans, affecting the Canadian Dollar (CAD).   The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Bybit, the second-largest cryptocurrency exchange by trading volume, in collaboration with BlockScholes, has unveiled its latest Crypto Derivatives Analytics Report. The report highlights a notable shift in investor sentiment favoring Ethereum (ETH) over Bitcoin (BTC). Key Findings from the Crypto Derivatives Analytics Report: Bullish Sentiment Toward ETH: The BlockScholes Senti-Meter Index reveals a more bullish sentiment among investors for ETH compared to BTC. This shift is primarily driven by the anticipated launch of the first Ether Spot ETFs in the United States. ETH Futures Outperforming BTC: Despite recent market fluctuations, ETH futures have demonstrated a faster recovery in open interest compared to BTC. This trend suggests a strong market narrative centered on ETH’s ETF prospects. Strong Perpetual Trading in ETH: Significant trading volumes in ETH perpetual contracts indicate substantial long positions. This activity is likely driven by strategic positioning ahead of expected market developments. High ETH Option Volatility: The volatility in the ETH options market remains elevated, especially with the upcoming ETF approval, contrasting with the more defensive stance observed in BTC options. In response to the findings, Bybit’s Head of Institutions, Eugene Cheung, commented: “The latest data underscores ETH’s resilience and market appeal as we approach key regulatory milestones. Investors are demonstrably positioning themselves favorably amidst growing market expectations.” About Bybit Bybit is the second-largest cryptocurrency exchange by trading volume, serving over 33 million users globally. Established in 2018, Bybit offers a professional platform featuring an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit proudly partners with the Oracle Red Bull Racing team, the reigning Constructors’ and Drivers’ champions in Formula One. For more information, visit Bybit’s website or follow Bybit on Twitter.  

Bitcoin cryptocurrency can be expected to rise further toward the next resistance levels 64000.00 and 65000.00 – Bitcoin broke down channel from June – Likely to rise to 64000.00 and 65000.00 Bitcoin cryptocurrency under the bullish pressure after the earlier breakout of the resistance trendline of the narrow down channel from June, which enclosed most of the previous C-wave from the middle of May as can be seen below from the daily Bitcoin chart below). The breakout of this down channel accelerated the active upward impulse wave (3) from the start of July. The active impulse wave (3) started earlier when the price failed to break down below the major support level 56840.00, low of wave (A) from April. Given the strength of the active impulse waves (3) and the prevalence of the bullish sentiment across the cryptocurrency markets today, Bitcoin cryptocurrency can be expected to rise further toward the next resistance levels 64000.00 and 65000.00.   BITCOIN The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

BlackRock reported a record $10.6 trillion in assets under management (AUM) in its second-quarter earnings report Monday, with profits and revenue rising year-over-year. BlackRock’s second-quarter revenue rose 8% from a year ago to $4.81 billion, while net income was up 9% at $1.5 billion, or $9.99 per share. BlackRock’s revenue increased in the second quarter and first half of 2024 due to higher fees and a record first half of the year for inflows into the firm’s exchange-traded funds (ETFs), which saw about $150 billion in net inflows so far this year, with $83 billion coming in the second quarter. “BlackRock generated nearly $140 billion of total net inflows in the first half of 2024, including $82 billion in the second quarter, resulting in 3% organic base fee growth,” BlackRock CEO Larry Fink said Monday. “Organic growth was driven by private markets, retail active fixed income, and surging flows into our ETFs, which had their best start to a year on record.” The ETF growth in the first two quarters was also boosted by trading activity in the firm’s new spot Bitcoin ETFs, approved earlier this year. BlackRock’s IBIT spot Bitcoin exchange-traded fund (ETF) has crossed the $21 billion mark in assets under management (AUM), reaching a total of 302,534 BTC. The IBIT fund has now overtaken Grayscale’s GBTC in terms of AUM. GBTC was originally operated as a private placement fund before transitioning to public trading on the OTC market in 2015 and eventually converting to an ETF in January. It was no surprise that IBIT surpassed GBTC for the top spot, considering GBTC’s Bitcoin holdings dropped by 50% ahead of the Bitcoin halving. GBTC’s holdings decreased from 619,220 BTC on January 11 to the current level. In contrast, BlackRock’s IBIT charges a much lower fee of 0.25%, compared to GBTC’s 1.5%. For the quarter ending June 30, BlackRock reported revenue of $4.81 billion, an 8% year-on-year increase but slightly below the $4.84 billion expected by analysts. Improved margins pushed net income up 9% from a year earlier to $1.5 billion, with the adjusted figure of $1.56 billion topping expectations of $1.47 billion. Assets under management were up 1.7% quarter on quarter. Net inflows of $82 billion in the quarter missed expectations of $112 billion. Equity inflows fell to $6 billion, with flows dragged down by institutional clients rebalancing. Fixed income inflows were depressed by the loss of a single institutional client that pulled $20 billion. Martin Small, BlackRock’s chief financial officer, said the company was on track to hit its long-term goal of 5% annual organic fee growth, with expenses on track for a low single-digit percentage increase, apart from acquisitions.

Alexey Pertsev, the co-founder and developer behind Tornado Cash, was denied bail by a Dutch court. His lawyers sought bail to allow him to prepare for his appeals process, but the court ruled that his detention would not obstruct his ability to prepare his defense. Pertsev was sentenced to 64 months in prison by a Dutch court in May for facilitating $1.2 billion in money laundering through the crypto mixer between July 2019 and August 2022. Last month, Pertsev was denied access to digital facilities such as a computer, despite an 18-point presentation by Cheng arguing the technical nature of the case. His lawyer Keith Cheng claims that Pertsev’s specialized knowledge is crucial for preparing the defense, something “that cannot be done by a lawyer.” Ameen Soleimani, a friend of Pertsev and founder of JusticeDAO, noted that even if Pertsev’s appeal is accepted, he will likely remain in prison for the next year while his defense team prepares for the hearing. Pertsev’s defense lawyer criticized the court’s decision, arguing that pre-trial detention involving such fundamental legal questions is “unacceptable.” He added that this case tackles the issue of whether a software developer can be held criminally liable for the misuse of their software by third parties. The court ruled that Pertsev’s continued detention does not hinder his ability to prepare his defense, and that allowing him computer access would violate safety protocols. This ruling marks the third denial of Pertsev’s bail request, following previous rejections in November 2023 and February. An account affiliated with JusticeDAO described the ruling as a “gross miscarriage of justice,” arguing that developers should not be jailed for the actions of third parties using their software. During his trial, Pertsev contended that he could not be held responsible for the actions of those who used the Tornado Cash protocol for illegal purposes. However, the court rejected this argument, stating that if Pertsev and the other co-founders had genuinely aimed to prevent criminal abuse of the protocol, they would have implemented higher security measures. Following the verdict, Pertsev was immediately taken into custody. However, he may request to await his appeal trial from home. Tornado Cash is a decentralized protocol that provides privacy for transactions on the Ethereum blockchain, allowing users to make anonymous transfers. While private financial transactions are legal, Tornado Cash has been exploited by some users for money laundering. One of the judges characterized Tornado Cash as primarily a tool for criminal activity, which played a key role in Pertsev’s conviction. Pertsev was initially jailed in the Netherlands in August 2022 after Tornado Cash was blacklisted by the U.S. government. The U.S. Treasury alleged that Tornado Cash was a key tool for the North Korean hacking group Lazarus, which has been linked to a $625 million hack of Axie Infinity’s Ronin Network and other major crypto thefts. Pertsev’s time in custody since his arrest in August 2022 does not appear to count towards his current prison sentence. His legal team is seeking leniency by appealing the conviction. In the U.S., he is not accused of laundering $1.2 billion due to differences in legal approaches between U.S. and Dutch laws regarding personal responsibility in such crimes.

Oanda Global Corporation has been put up for sale by its private equity backers, Sky News reported. Bankers at Nomura and Santander are reportedly marketing the online retail trading platform and online FX pioneer founded in 1995. The potential sale valuation remains unclear. Oanda, owned by CVC Capital Partners since 2018, offers trading in foreign exchange, equities, commodities, and cryptocurrencies. With more than 100,000 active traders, it is expected to record revenues of approximately $175 million (£138 million) this year. Oanda has changed hands several times Founded in 1995, Oanda has established itself as a key player in the foreign exchange industry. The company has been at the forefront of online trading, providing retail traders with access to a broad range of financial instruments. Over the years, Oanda has built a strong reputation for innovation, transparency, and reliability, contributing significantly to the evolution of the FX trading landscape. In recent years, Oanda has changed hands several times. CVC Capital Partners, an Amsterdam-listed buyout firm, acquired Oanda in 2018. The acquisition, valued at $200 million, marked a significant move for CVC into the online trading sector. Before CVC, the company was owned by private equity firm Pacific Century CyberWorks (PCCW), a Hong Kong-based telecommunications and IT company. PCCW acquired OANDA in 2016, which was part of its strategy to diversify its portfolio into the fintech and online trading sectors. Prior to being acquired by PCCW, OANDA was owned and operated independently by its founders. The company was established in 1995 by Dr. Michael Stumm and Dr. Richard Olsen, who aimed to democratize access to foreign exchange trading and data. During this period, OANDA grew organically, leveraging its innovative technology and commitment to transparency in the FX market. OANDA launched crypto trading Oanda recently launched OANDA Crypto, a new cryptocurrency trading platform tailored for private investors and traders in the United Kingdom. OANDA Crypto leverages the FX brokerage firm’s established presence in the online trading, currency data, and analytics sectors to provide a user-friendly and secure trading environment for users. The crypto trading platform operates under OANDA Coinpass Limited, registered with the UK Financial Conduct Authority, and supports 24/7 trading in over 63 cryptocurrency pairs, such as Bitcoin, Ether, and Ripple, and is looking to expand its offerings. UK-based users can easily fund and withdraw from their UK bank accounts, trade with significant liquidity, and enjoy secure storage for their crypto assets. The OANDA Crypto trading app and desktop platform offer advanced trading tools and features, including a broad selection of cryptocurrencies, stablecoins, and extensive charting capabilities powered by TradingView. A look into OANDA’s FX Data Services OANDA offers FX Data Services that cater to a wide range of needs in the foreign exchange market. Their services include access to historical data for over 38,000 FX pairs going back 30 years, which can be essential for analysis and decision-making in trading and financial planning. OANDA’s FX data services are designed to provide authoritative historical data, which can be particularly useful for brokers, funds, and professional traders looking to access deep liquidity and accurate exchange rates. The company offers an exchange rates API, money transfer services, and a historical currency converter, aiming to facilitate the operations of its clients by providing reliable and comprehensive foreign exchange data. This suite of services is tailored to meet the unique requirements of various stakeholders in the financial markets, including institutional and retail participants.  

Issuers of spot Ether exchange-traded funds (ETFs) are poised to receive final regulatory approval imminently, to an industry source told CoinTelegraph. This approval could pave the way for these ETFs to start listing as soon as next week. Spot ETF issuers anticipate receiving final comments from the Securities and Exchange Commission (SEC) by early next week, possibly as soon as July 12, as per the anonymous source. Several issuers, including VanEck and 21Shares, have filed amended registrations this week in hopes of securing the SEC’s final signoff to list spot Ether ETFs. In total, eight spot issuers are awaiting regulatory approval. Analysts predict that ETH ETFs could attract billions of dollars in inflows in the months following their listing, which could fuel the appreciation of Ether’s spot price. Crypto analyst Mark Dunleavy noted that ETH is “less available on exchanges, meaning thinner order books and less to purchase,” making its spot price more responsive to buying demand from ETFs than Bitcoin’s. Crypto-native hedge funds, which have self-custodied billions of dollars worth of spot ETH for years, are now reaching out to institutional market makers like Virtu Financial to swap those holdings for ETF shares, according to the source. Upward of a dozen crypto-native funds, each with total assets under management exceeding $1 billion, have shown interest in such exchanges. Once listed, the spot ETH ETFs will join an existing slate of publicly traded crypto funds, including nearly a dozen spot Bitcoin ETFs that began trading after receiving regulatory clearance in January. Currently, more than $50 billion worth of BTC is held by ETFs. Dunleavy predicts that ETH ETFs could attract up to $10 billion in inflows in the coming months. Spot Solana ETFs may also join the market, with at least two potentially beginning trading early next year. Earlier in May, the SEC requested updates to 19b-4 filings for spot ether ETFs ahead of deadlines, indicating progress toward approval. Following this request, Bloomberg ETF analysts James Seyffart and Eric Balchunas increased their estimated chances of SEC approval from 25% to 75%. However, VanEck CEO Jan van Eck questioned the rumors around SEC’s approval, pointing to the regulator’s delays and reluctance. Similarly, asset manager Grayscale withdrew its application for an Ether futures ETF, and its CEO Michael Sonnenshein resigned on May 20.

A cryptocurrency wallet associated with Genesis Trading has transferred $720 million worth of Bitcoin to Coinbase over the past month as the company prepares for asset liquidations. The Genesis Trading-labeled address appears to be preparing to repay users, holding a total of $2.28 billion in cryptocurrency, with $1.91 billion in Bitcoin as the largest holding, followed by $364 million in Ether. The wallet moved over 12,600 Bitcoin, valued at $719.9 million, primarily in transactions ranging from 500 to 700 BTC. It currently holds 33,356 Bitcoin, down from over 46,000 BTC a month ago, according to data from Arkham Intelligence. The Bitcoin transfers follow a settlement announced two months ago by Letitia James, the attorney general for the State of New York, which required Genesis to pay $2 billion to defrauded investors involved in its Earn program. The settlement also banned Genesis from operating in New York. In June, the New York Attorney General’s office recovered more than $50 million from Gemini to be returned to investors in the exchange’s Earn program. The settlement banned Gemini from operating any cryptocurrency lending program in New York, with James assuring on X that all affected investors would get their money back. Gemini Trust stated that affected Earn users could expect “100% of the assets owed to them” within seven days. As part of the settlement, the U.S.-focused spot crypto trading business will surrender its BitLicense, which it has held since 2018. Genesis was a major provider of trading services to institutional clients before encountering challenges last year. That said, the settlement specifically involves Genesis Global Trading, a distinct entity from Genesis Global Capital. The latter, along with Gemini and Digital Currency Group, was the subject of a lawsuit filed by New York’s attorney general in October, alleging investor fraud in the Gemini Earn program. Additionally, the NYAG filed a lawsuit against former Celsius CEO Alex Mashinsky for allegedly hiding the platform’s “dire financial condition.” Mashinsky faces criminal charges related to securities fraud, wire fraud, and conspiracy to commit fraud, with a trial expected in January 2025. Since 2015, crypto firms operating in New York have been required to obtain a BitLicense through the NYDFS, a regulation that has been a subject of debate and concern among industry players.

The UK Financial Conduct Authority’s case against nine ‘finfluencers’ has reached the plea and trial preparation hearing, with trial dates being fixed for 1 February 2027 and 15 March 2027 at Southwark Crown Court. These nine social providing financial advice on social media were charged with operating an unauthorized foreign exchange trading scheme through the Instagram account (@holly_fxtrends). Communicating unauthorized financial promotions is an offence under Sections 21 and 25 of the Financial Services and Markets Act 2000 punishable upon conviction by a fine and/or up to 2 years’ imprisonment. CFDs are a high-risk investment product used to bet on the price of an asset, in this case the price of foreign currencies. What are they charged with? The FCA alleges that, between 19 May 2018 and 13 April 2021, Mr. Nwanze and Holly Thompson used an Instagram account (@holly_fxtrends) to provide advice on buying and selling contracts for difference (CFDs) when they were not authorized to do so. C The FCA also alleges that Mr Nwanze paid Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico to promote the @holly_fxtrends Instagram account to their millions of Instagram followers. Yesterday, Holly Thompson, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, and Scott Timlin each pleaded not guilty to one count of issuing unauthorized communications of financial promotions at Southwark Crown Court. At the plea and trial preparation hearing, Emmanuel Nwanze pleaded not guilty to providing advice on buying and selling contracts for difference (CFDs) while unauthorized to do so and one count of unauthorized communications of financial promotions. Eva Zapico did not enter a plea at this time and a further plea hearing for her case was fixed for 26 September 2024. The FCA asks anyone who believes they have suffered a loss in relation to this matter should call its consumer contact center on 0800 111 6768 (freephone). FCA warned FX/CFD firms against ‘finfluencers’ In March, the UK financial watchdog warned firms and influencers involved in financial promotions they should always adhere to lawful advertising practices on social media. The FCA’s guidance, specifically targeting the use of memes, reels, and gaming streams that promote financial services, underlined that all advertisements across social media platforms must be fair, clear, and not misleading, ensuring they provide a balanced view and include appropriate risk warnings, enabling consumers to make informed financial decisions. The increasing reliance of firms on social media for marketing their financial products and services exposes them to potential compliance risks as they remain responsible for all promotional content, including that which is disseminated by influencers. Influencers, in turn, were reminded of the legal ramifications of promoting financial products without the necessary approvals from an FCA-authorized entity, with the FCA stressing the potential criminal offense of unauthorized financial promotions. The authority also advised caution regarding the suitability of social media as a platform for promoting complex financial products, given the inherent limitations of these platforms in terms of content depth and space. The FCA reported a significant increase in the removal of misleading adverts, with over 10,000 such adverts taken down last year, a rise from around 8,500 in 2022. The initiative is part of broader efforts to enforce stricter advertising rules for high-risk investments, including cryptocurrencies, and is aligned with the FCA’s ongoing InvestSmart campaign, which aims to encourage smarter investment decisions among the public.

Nuvei has partnered with Mastercard to launch a new off-ramping solution that enables consumers in Europe to seamlessly convert their Digital Assets, including cryptocurrencies, into traditional fiat currency via debit, credit and prepaid cards. The off-ramping solution provides a bridge between digital and traditional finance and can be integrated directly into Nuvei’s modular payment platform. Assets can then be spent via Mastercard’s global network. Consumers can seamlessly convert a wide range of supported Digital Assets into fiat currency, transfer the funds to their eligible Mastercard in near real-time, and no longer requiring third-party exchanges or money service businesses. “Frictionless transactions across the digital economy” Philip Fayer, Chair and CEO of Nuvei, said: “We’re excited to collaborate with Mastercard to accommodate access liquidity and payments for Digital Asset holders. Our mission is to enable businesses and their customers to connect through payments, wherever consumers are and however they want to pay. Offering crypto off-ramps through our single integration aligns perfectly with this mission to facilitate frictionless transactions across the digital economy.” Christian Rau, Senior Vice President, Fintech and Crypto Enablement, Mastercard Europe, commented: “Enabling choice how consumers can engage in Digital Assets in a safe, simple and secure manner in line with all relevant regulation is at the heart of our strategy in this space. Combining our global network of partners and digital solutions with Nuvei’s advanced integration opens new opportunities and choice for businesses engaging in digital assets and consumers alike.” Nuvei’s off-ramp solution with Mastercard is the latest example of its strategy to connect the worlds of traditional payments, open banking and blockchain technology into one seamless experience. Nuvei secured in-principle approval in UAE Nuvei recently secured an in-principle approval for a Retail Services Category II License from the Central Bank of the UAE. A strategic expansion into the United Arab Emirates (UAE) comes as the jurisdiction increasingly establishes itself as the bridge between the West and East at a time of heightened geopolitical tensions. The UAE’s eCommerce sector is projected to surpass $10 billion in revenue by 2029 with an annual growth rate (CAGR 2024-2029) of approximately 9%. In 2024, Nuvei secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore and became the first global payments company to offer local direct acquiring in Colombia. Nuvei already has a strong commercial presence and existing high-profile partnerships in the region. The firm is now fortifying its global presence and commitment to the Middle East and North Africa (MENA). Mastercard and LuLu Group expand co-branded credit network in GCC Mastercard recently teamed up with LuLu Group to enhance the co-branded credit card network across six markets, including Bahrain, Kuwait, Oman, Qatar, UAE, and now Saudi Arabia. The integration of Mastercard’s expertise into Lulu Group’s operations will advance efficiencies, scale, and data-driven decision-making following a decade-long partnership in the retail sector between the two. The two organizations have spent over a decade collaborating and innovating to meet the evolving needs of consumers in the region. In 2013, a first co-branded credit card was launched, which was later followed by other initiatives that strengthened relationships with various co-brand issuer partners. Besides co-branded credit card portfolios, other projects will benefit from the collaboration, including a variety of sustainability initiatives and technology enhancements. Revamped features and benefits include digital in-store transactions and more cashless experiences, as well as personalized rewards and cashback offers on spends at LuLu stores. LuLu will also deploy the Mastercard Next Gen Point of Interaction (POI) solution, allowing its consumers to make cardless payments at its self-checkout counters. The companies will continue to offer a portfolio of co-branded credit cards via partners including Abu Dhabi Commercial Bank in the UAE, Bank Muscat in Oman, CrediMax in Bahrain, Doha Bank in Qatar, Emirates NBD in the UAE, and Gulf Bank in Kuwait. There are also plans for expanding into Saudi Arabia.

CME Group plans to launch two new cryptocurrency reference rates and real-time indices for Ripple XRP (XRP) and Internet Computer (ICP), which will be calculated and published daily by CF Benchmarks, beginning July 29. These reference rates and indices are not tradable futures products. These new benchmarks will utilize pricing data from those leading crypto exchanges and trading platforms that are current constituent exchanges for the CME CF Benchmark suite of reference rates and real-time indices. Each of the new benchmarks will be calculated with pricing data from a minimum of two of these exchanges – Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital. Each of these new reference rates will provide the U.S. dollar price of each digital asset, published once-a-day at 4 p.m. London time, while each respective real-time index will be published once per second, 24 hours a day, 365 days per year. Benchmarks help accurately value portfolios or create structured products Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products, said: “These new benchmarks are designed to provide clear and transparent pricing data to a broad range of market participants, allowing them to more accurately value portfolios or create structured products. With 24 cryptocurrencies in our suite of CME CF References Rates and Real-Time Indices, we will provide pricing data across more than 93% of the investible cryptocurrency market capitalization, helping clients everywhere to better manage their risk.” Sui Chung, CEO of CF Benchmarks, commented: “CF Benchmarks is proud to continue to support the expansion and maturation of this asset class as clients start to spread their activity across a wider range of cryptocurrencies. These new reference rates and indices will be calculated and administered to the same exacting standards as the other benchmarks in the CME CF Single Asset Series, ensuring that clients continue to have the same level of confidence as they engage with these new assets.” AXS, CHZ, MANA, AVAX, FIL, XTX, AAVE, CRV, SNX Last year, CME Group launched three Metaverse reference rates and real-time indices calculated and published daily by CF Benchmarks. The benchmarks cover Axie Infinity (AXS), Chiliz (CHZ), and Decentraland (MANA).  Each of these new reference rates will provide the U.S. dollar price of each digital asset, published once-a-day at 4 p.m. London time, while each respective real-time index will be published once per second, 24 hours a day, 365 days per year. In December 2022, CME Group launched three DeFi reference rates and real-time indices: Aave (AAVE), Curve (CRV), and Synthetix (SNX). In late October 2022, CME Group launched cryptocurrency reference rates and real-time indices of Avalanche (AVAX), Filecoin (FIL), and Tezos (XTZ). CF Benchmarks is a provider of cryptocurrency benchmark indices authorized and regulated by the UK FCA under the EU BMR. Its benchmark indices are composed of market data from six constituent exchanges and have been used to settle over $500bn of cryptocurrency derivative contracts listed for trading by CME Group and Kraken Futures.

Yesterday’s Consumer Price Index (CPI) report showed a slowdown in inflation in the USA. According to ForexFactory: CPI month-on-month: actual = -0.1%, forecast = 0.1%, previous = 0.0% CPI year-on-year: actual = 3.0%, forecast = 3.1%, previous = 3.3% Despite this positive news, the Nasdaq 100 Index fell by over 2.1%, its steepest drop since early May. This decline contrasts with investor expectations that a slowdown in inflation could prompt the Federal Reserve to lower interest rates as early as September. Why did the Nasdaq 100 drop? The primary reason is sector rotation. Investors are shifting focus from inflated tech stocks, which have surged since the beginning of 2024, to other sectors. About 400 companies in the S&P 500 index experienced growth, while the Dow Jones Industrial Average ended the day in the green. Bloomberg reports that Kelly Cox from Ritholtz Wealth Management sees this as a potential turning point for the markets and a reminder of the importance of diversification. A significant factor in yesterday’s decline was Nvidia (NVDA) shares, which dropped more than 5% in a single day.  Technical analysis The equal-weighted S&P 500, where stocks like Nvidia hold the same weight as Dollar Tree Inc., rose yesterday. This version of the index is less affected by large tech companies, suggesting that the rally might be broadening to other sectors. Technical analysis of the Nasdaq 100 provides some hope for bulls. If the price continues to fall, it will encounter several support levels: The lower boundary of the green channel The psychological level of 20,000 The median line of the blue channel. These supports might absorb the bearish momentum observed yesterday, but they are unlikely to restore tech stocks’ attractiveness to their previous highs. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

ATFX is a leading global fintech broker with a local presence in 23 locations, including the Levant. Since setting up a team in the region, ATFX has been dedicated to expanding its brand influence in Jordan. A recent significant meeting at the Embassy of the People’s Republic of China in the Hashemite Kingdom of Jordan highlighted ATFX’s commitment. The meeting was attended by Joe Li, Chairman of ATFX; Siju Daniel, Chief Strategy Officer of ATFX and Ahmad Al Disi, Managing Director of ATFX Levant, along with Mr. Luo Wenjun, Counselor of the Chinese Embassy in Jordan. This high-profile event delved into ATFX’s foreign investment strategies in the Hashemite Kingdom of Jordan and the broader Levant region, emphasizing its meticulously planned blueprint for prosperous development. The ATFX Group not only demonstrated its strong determination to deepen its presence in the region but also vividly illustrated its selfless dedication to promoting regional economic growth and cooperation through a series of innovative initiatives and localized strategies. In the coming period, ATFX will remain true to its original mission, continuing to race ahead in providing top-tier services to its clients, all while maintaining steady and orderly progress. Looking ahead, ATFX is committed to serving its global clients with enthusiasm, high-quality service, and highly efficient financial operations, enabling more people to enjoy premium, secure financial investment services, ultimately benefiting investors worldwide! About ATFX ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK’s FCA, Cypriot CySEC, UAE’s SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide. For further information on ATFX, please visit the ATFX website.

OKX, the world’s second-largest cryptocurrency exchange, plans to establish Malta as its European hub in preparation for the Markets in Crypto Assets (MiCA) regulatory framework. This move marks a strategic shift from OKX’s earlier announcement that France would serve as its preferred European Union base, CoinDesk reported. Although OKX’s French subsidiary has been registered with France’s financial regulator, Autorité des marchés financiers (AMF), since December, the company is now opting for Malta due to perceived regulatory leniency. “Compliance in Malta is way more lenient, and that’s not the tag you want to have when you’re in crypto and trying to make it in the EU,” said a person with direct knowledge of OKX’s European regulatory efforts. Companies are racing to register in one of the European Union’s 27 nations to comply with the upcoming MiCA rules, which require firms to secure a crypto asset service provider (CASP) license. To obtain this license, firms must have a physical presence in the nation, conduct business there, and already be registered. While MiCA’s stablecoin rules are currently in effect, the rest of the regulations will be implemented in December. Malta has positioned itself as a crypto-friendly jurisdiction, attracting numerous gaming companies and investment firms in recent years. In late 2023, Malta’s Financial Services Authority (MFSA) updated its regulations for crypto companies to align with the forthcoming MiCA regime. OKX is currently looking to hire several high-profile roles in Malta, including head of compliance, operations lead, and head of internal audit. Earlier this year, OKX agreed to a “goodwill” settlement of 304,000 euros ($329,000) with the Maltese financial watchdog for certain regulatory failings. Maltese crypto providers had been operating under the transitory provisions set out in the country’s Virtual Financial Assets Act, which provides a set of rules for those operating a cryptocurrency-related business. License applicants must show to the country’s financial watchdog that they possess sufficient capability, coherence, and solvency to run the business. Additionally, those applying for a license will be classified at the discretion of the MFSA into one of the four categories, which determine the requirements of license holders. The Mediterranean Island has already been one of the most desirable locations to set up shop in the blockchain space. The European Union’s tiniest member has earned the name “Blockchain Island,” with several top crypto exchanges have made Malta a central hub of their operations. Malta was also one of the first countries to regulate the crypto industry and offer a legal framework for its application. Crypto exchanges were amongst the industry players that benefited the most out of this deal, as the Virtual Financial Act finally enabled their legal operation. With significant media attention being drawn towards the fledgling crypto-asset industry, the act also outlines stringent requirements for other service providers, including brokerages, portfolio managers, custodians, wallet providers, investment advisors, and perhaps most crucially, cryptocurrency exchanges.

U.S. District Judge Katherine Polk Failla of New York rejected Coinbase’s request to subpoena U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler during a hearing on Thursday. Coinbase issued a subpoena to Gensler in June, seeking documents related to crypto communications dating back to 2017. The SEC filed a protective order against the subpoena, arguing that it was an improper intrusion into Gensler’s personal life and should have been directed at the agency itself. During the pre-trial motion conference, Judge Failla refused Coinbase’s arguments, particularly the company’s insistence on accessing Gensler’s private communications. She noted her surprise and concern over Coinbase’s July 3 letter defending the subpoena, finding the argument unconvincing. Ultimately, Judge Failla decided not to grant the subpoena request, suggesting that Coinbase should file a motion to compel instead. She added that she was not persuaded by Coinbase’s reasoning and criticized the defense counsel for potentially damaging their credibility. The ongoing lawsuit between the SEC and Coinbase began last year when the SEC sued the exchange for operating without proper registration. Although Coinbase attempted to dismiss the lawsuit, Judge Failla ruled in March that the SEC had sufficiently demonstrated that Coinbase acted as an exchange, broker, and clearing agency, engaging in the unregistered sale of securities through its staking program. However, she did dismiss a claim regarding Coinbase’s Wallet application. Coinbase lawyer Kevin Schwartz stated that the company faced difficulties obtaining information from the SEC and engaging in constructive discussions. Judge Failla was frustrated over the lack of cooperation between the parties. SEC lawyer Jorge Tenreiro described the subpoena as “entirely improper” during the hearing, and the SEC previously argued in a June letter that the subpoena was overly burdensome and intrusive. In a letter, Coinbase’s attorneys accused the SEC of arbitrary rule-making without a consistent framework. They stated that the SEC “has never coherently explained” its regulatory process and is attempting to impose it retroactively on the digital asset industry through aggressive enforcement actions. On June 27, Coinbase filed a lawsuit against the SEC and the Federal Deposit Insurance Corporation (FDIC), alleging that both agencies conspired to exclude the crypto industry from the banking sector. Coinbase argued that the federal agencies failed to comply with the Freedom of Information Act and did not provide necessary documentation related to their rule-making deliberations, particularly concerning Ethereum’s transition to a staking-secured digital asset ecosystem. The SEC’s classification of Ether (ETH) has faced scrutiny before. In 2018, SEC Corporation Finance Director William Hinman stated that ETH was not a security due to its sufficient decentralization. This assertion later became a key point in Ripple Labs’ defense against the SEC’s classification of XRP as an unregistered security, arguing the regulator lacked consistent criteria for defining a “securities contract.”

MicroStrategy, the largest corporate investor in bitcoin, plans a 10-for-1 stock split for its Class A and B common stock. The move is said to make the company’s shares more accessible to investors and employees. The stock split will be executed as a stock dividend, with stockholders receiving nine additional shares for each share they own. The distribution of the new shares is expected after trading closes on August 7, 2024, and trading on the split-adjusted stock will begin on August 8, 2024. The voting rights of stockholders will remain unaffected. Within the announcement, MicroStrategy also highlighted its plans to develop the Bitcoin network through its financial market activities, describing itself as a Bitcoin development company. The firm has accumulated Bitcoin as its primary treasury reserve asset, integrating it into its overall strategy. MicroStrategy’s recent Bitcoin purchase spree includes plans to buy more Bitcoin. On June 13, the company announced a $500 million stock sale to purchase additional BTC, later increasing the sale volume to $700 million. Ultimately, the sale reached nearly $800 million, resulting in the purchase of 11,931 BTC. With this acquisition, MicroStrategy now holds 226,331 BTC, worth approximately $13.2 billion. Despite the recent stock split announcement, MicroStrategy’s share price gained 6.4% in pre-market trading and up 89% year-to-date, despite a 17% decline over the past month. In addition to its Bitcoin initiatives, MicroStrategy announced plans to launch a Bitcoin-based decentralized identity protocol in May. MicroStrategy also revealed plans to redeem $650 million worth of its 2025 convertible senior notes. This redemption will be completed on July 15 at 100% of the principal amount plus accrued interest. Holders of these notes can convert them into MicroStrategy shares at a rate of 2.5126 shares per $1,000 principal amount, equating to a conversion price of $397.99 per share. MicroStrategy will settle these conversions entirely in shares of its class A common stock. The $650 million of 0.75% convertible senior notes due in 2025 were issued in December 2020 as part of MicroStrategy’s strategy to acquire bitcoin and adopt the cryptocurrency as its primary reserve asset.