Crypto News- Global crypto exchange Binance has made the decision to cease all operations involving the Nigerian naira, withdrawing entirely from the Nigerian market.
March 5 in Cryptocurrency: Notable Moments Unveiled
This move comes as the platform faces intensified regulatory scrutiny within the country. The exchange announced the suspension of NGN withdrawals effective March 8, with remaining NGN balances to be automatically converted to the Tether stablecoin.
Grayscale’s GBTC Bitcoin Holdings Decline 33% Post-Conversion
Grayscale, the largest crypto asset manager, has witnessed a significant decrease in its Bitcoin holdings since converting its GBTC trust into an ETF in mid-January. Outflows from GBTC have persisted for 36 consecutive days, totaling $9.26 billion since the conversion. Despite the outflows, Bitcoin has continued its upward trajectory, nearing its all-time high of $68,990.
MicroStrategy Stock Surges Over 20% as Bitcoin Approaches Record High
On March 4, MicroStrategy experienced a remarkable surge in its share price, climbing over 20%, largely attributed to the ongoing bullish momentum of Bitcoin. As a prominent player in the business intelligence sector, MicroStrategy has garnered attention for its strategic accumulation of Bitcoin as a treasury reserve asset. Chairman Michael Saylor has been vocal about the firm’s commitment to this strategy, expressing intentions to persistently acquire the cryptocurrency. The correlation between MicroStrategy’s stock performance and Bitcoin’s price movements underscores the growing influence of digital assets on traditional financial markets.
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