Bitcoin ETF

Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-exits-nigeria-as-grayscale-reduces-bitcoin-holdings-and-microstrategy-shares-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Exits Nigeria as Grayscale Reduces Bitcoin Holdings and MicroStrategy Shares Surge</a><br></p>
<p class="p1" style="text-align: justify">Regulatory reviews have led to <strong><a href="https://en.coin-turk.com/binance-to-list-new-altcoin-dymension-dym/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a></strong> ceasing its operations in Nigeria, with the exchange announcing a complete withdrawal from the country’s market. Grayscale’s GBTC <a href="https://coin-turk.com/abdnin-eski-baskan-adayinin-ismi-dolandiriciliga-karisti" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> assets have decreased by 33% compared to the time they were converted into a spot <a href="https://en.coin-turk.com/bitcoin-surges-beyond-30k-are-we-headed-for-35k/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> ETF fund. Meanwhile, MicroStrategy’s shares saw an increase of over 20% on March 4th as the Bitcoin price exceeded $67,000.</p>
<h2 class="p1" style="text-align: justify" id="binance-takes-notable-step">Binance Takes Notable Step</h2>
<p class="p1" style="text-align: justify">Major global cryptocurrency exchange <strong>Binance</strong> is exiting the Nigerian market, announcing the complete cessation of all services in the local fiat currency, the Nigerian Naira (NGN). Binance officially announced on March 5th that it would suspend NGN withdrawal transactions on the platform after March 8th.</p>
<p class="p1" style="text-align: justify">The announcement stated that from March 8th onwards, all remaining NGN balances in users’ Binance accounts would be automatically converted to <a href="https://en.coin-turk.com/bitcoins-rise-boosts-tethers-profit-reaching-1-billion/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a>. The news of the complete removal of the Nigerian Naira from Binance comes at a time when the company is facing significant regulatory scrutiny in the country.</p>
<h2 class="p1" style="text-align: justify" id="grayscale-sales-continue">Grayscale Sales Continue</h2>
<p class="p1" style="text-align: justify">Grayscale, the world’s largest crypto asset manager, has seen about 33% of its Bitcoin assets in GBTC sold off since its conversion to an ETF fund in mid-January. According to BitMEX Research, GBTC experienced outflows for the 36th day on March 4th, with 5,450 Bitcoins or $368 million leaving the fund, bringing the total outflows since conversion to $9.26 billion.</p>
<p class="p1" style="text-align: justify">Before converting the fund into an ETF, Grayscale held approximately 620,000 Bitcoins, according to Coinglass. However, the launch of Grayscale’s spot Bitcoin ETF fund allowed investors to do something previously not permitted in the old structure. GBTC’s higher transaction fees compared to other ETF funds like BlackRock’s IBIT and Fidelity’s FBTC also did not help.</p>
<p class="p1" style="text-align: justify"><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-323316" src="https://coin-turk.com/wp-content/uploads/2024/03/bitmex-tweet.webp" alt="" width="500" height="130"></p>
<p class="p1" style="text-align: justify">According to the GBTC fund’s website and portfolio, it currently holds an estimated 420,682 Bitcoins valued at approximately $28.8 billion at current prices. Despite ongoing outflows, Bitcoin continues to rise and approached its all-time high of $68,990 on Coinbase.</p>
<h2 class="p1" style="text-align: justify" id="microstrategy-shares-on-the-rise">MicroStrategy Shares on the Rise</h2>
<p class="p1" style="text-align: justify">MicroStrategy <strong>(MSTR)</strong> shares rose on March 4th as the ongoing Bitcoin price rally provided additional momentum to the business intelligence firm. MSTR shares surged over 20% in intraday trading, peaking at $1,339. They later gave back some of the gains but continued to stay above $1,260.</p>
<p class="p1" style="text-align: justify"><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-323315" src="https://coin-turk.com/wp-content/uploads/2024/03/saylor-tweet.png" alt="" width="500" height="232"></p>
<p class="p1" style="text-align: justify">As Bitcoin approaches its all-time high, the company’s shares are experiencing a significant rise. The price of Bitcoin surpassed $67,000 on March 4th and gained over 56% in value last month. MicroStrategy added 3,000 more Bitcoins to its balance sheet in mid-February, bringing its total holdings to 193,000 Bitcoins. Chairman Michael Saylor has repeatedly stated his and MicroStrategy’s intention to continue buying Bitcoin indefinitely.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/binance-exits-nigeria-as-grayscale-reduces-bitcoin-holdings-and-microstrategy-shares-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Exits Nigeria as Grayscale Reduces Bitcoin Holdings and MicroStrategy Shares Surge</a></h5>

Binance Exits Nigeria as Grayscale Reduces Bitcoin Holdings and MicroStrategy Shares Surge

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