Coindesk

Bitcoin BTC miner Riot Platforms (RIOT) said it sold 1.75 million shares of rival Bitfarms (BITF) for about $1.58 million as part of a continuing review of its investment in the company following an unsuccessful takeover bid that saw its stake in the company rise to almost 15%.The shares, sold on June 9 over the Nasdaq and other open markets, fetched a weighted average price of about $0.90 per share and reduced Riot's beneficial ownership to 14.3%, the company said.The hostile takeover bid became public in May 2024, with Riot offering to buy Bitfarms for $2.30 per share, an approach that was swiftly rejected and abandoned the following month. Riot continued to buy its rival's shares to exert pressure on...

Good Morning, Asia. Here's what's making news in the markets:Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.A clean break...

Bitcoin's BTC quiet climb on Monday accelerated to its strongest price in June, rebounding from last week's decline to near all-time high levels.The largest crypto advanced by 3.7% over the past 24 hours, topping $110,000, and it's changing hands by only 2% from its record prices observed in May. Ethereum's ether ETH kept pace with a 3.8% gain during the same period, bouncing above $2,620. Native tokens of Hyperliquid HYPE and SUI SUI outperformed most large-cap cryptocurrencies, rising 7% and 4.5%, respectively.Bitcoin's move higher caught leveraged traders off-guard, liquidating over $110 million worth of short positions within an hour, CoinGlass data shows. Across all crypto assets, some $330 million of shorts were liquidated during the day, the most in a...

Aptos' APT token rallied more than 4% on significant volume, with momentum indicators suggesting more potential upside, according to CoinDesk Research's technical analysis model.The digital asset broke out of its consolidation phase between $4.65-$4.73, establishing strong support at $4.73 before pushing through previous resistance levels to establish a new local high, according to the model.The token is currently 2.6% higher, trading around $4.86.The broader market gauge, the CoinDesk CD20 was 1.75% higher at publication time. Technical Analysis:APT rallied from $4.65 to $4.85, representing a 4.3% gain with significant volume confirmation. Price formed a clear consolidation pattern between $4.65-$4.73 before experiencing a decisive breakout at 09:00 with volume nearly doubling the 24-hour average. Strong support established at $4.73 with subsequent price...

A tsunami of new bitcoin BTC treasury companies — firms that almost exclusively dedicate themselves to accumulating bitcoin — is flooding the market.Since all of them are more or less following Strategy’s (MSTR) playbook, questions are rising about the best ways to value them, and compare them to each other.“The most important metric for a bitcoin treasury is the premium it trades at relative to its underlying net assets, including any operating company,” Greg Cipolaro, global head of research at bitcoin financial firm NYDIG, wrote in a June 6 report.On the surface, that means adding up the company’s bitcoin, cash and enterprise value excluding the bitcoin stuff, and subtracting obligations such as debt and preferred stock. “It’s this premium that...