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Crypto News

Bitcoin Retreats, Falls Below $93,000

April 24th, according to market data, Bitcoin has dropped below $93,000, currently trading at $92,727.6.

Cantor Teams up with Tether, Softbank for $3.6 Billion Crypto Venture

Cantor Fitzgerald is launching a crypto venture with Tether and Japanese technology investor SoftBank Group to buy bitcoin, wagering that interest in the digital currency will expand under U.S. President Donald Trump.

The deal, announced on Wednesday, has blank-check vehicle Cantor Equity Partners merging into newly formed Twenty One Capital.

The combined vehicle is valued at $3.6 billion, based on a bitcoin price of nearly $85,000 and Twenty One launching with more than 42,000 bitcoins, which will make it the world's third-largest bitcoin treasury, Twenty One said.

Cantor Equity Partners shares soared 55.4% on Wednesday and jumped another 24.2% in extended trading.

Riot Platforms Announces $100 Million Credit Facility with Coinbase

Publicly listed Bitcoin miner Riot Platforms has secured a credit facility of up to $100 million from Coinbase Credit, the lending arm of the U.S.-based crypto exchange giant.

The Bitcoin-backed facility is secured by a portion of Riot Platforms’ Bitcoin holdings and will be used to "pursue key strategic initiatives.” 

“Riot has entered into its first bitcoin-backed facility, which provides us with non-dilutive funding at an attractive cost of financing,” Riot CEO Jason Les said in a statement. “This credit facility is a key part of our efforts to diversify sources of financing to support our operations and strategic growth initiatives.” 

SEC's Upcoming Roundtable to Address Gaps in Crypto Asset Custody Rules

The U.S. Securities and Exchange Commission will convene its second crypto policy roundtable on Friday, focusing on crypto asset custody rules and regulatory gaps.

The event is part of a four-part series launched by the SEC’s Crypto Task Force to gather input and discuss policy options around digital asset regulation.

The roundtable will feature two panels: one on "Custody Through Broker-Dealers and Beyond" and the second on "Investment Adviser and Investment Company Custody."

Coinbase Stock Earns “Buy“ Rating From Benchmark Citing Stablecoin Boost

Investment banking firm Benchmark rated Coinbase a buy, penciling in a price target of $252 while initiating coverage of the crypto exchange in a Wednesday note that highlighted how “game-changing” legislation has buoyed the crypto industry.

Benchmark analysts believe that Coinbase is well positioned to benefit from a stablecoin bill that would provide a pathway to legality for stablecoin issuers across the U.S., including Circle, the firm managing USDC’s $60 billion market capitalization through a partnership with Coinbase.

“We believe most investors have yet to recognize or focus on the extent to which stablecoin and market structure legislation could cause significant expansions in COIN’s valuations,” they wrote, noting that the bills could broadly “reignite crypto market activity.”

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $916.91 million. The total net asset value of Bitcoin spot ETFs is $106.39 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.72%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on April 23 was iShares Bitcoin Trust (IBIT), with a net inflow of $643.16 million. Following that was ARK 21Shares Bitcoin ETF (ARKB), with a net inflow of 129.5 million, according to SoSoValue.

Source: SoSoValue