Coindesk

Crypto markets experienced a sharp bout of volatility over the past 24 hours, with more than $630 million in leveraged positions liquidated across exchanges.The bulk of the damage came from longs, which accounted for over $580 million of total liquidations, as traders were caught offside during an abrupt intraday sell-off.Bitcoin (BTC) dropped to $115,200, erasing some of its recent gains but still maintaining a relatively stable posture compared to other majors. Its dominance rose slightly as altcoins bore the brunt of the correction.Ether (ETH) fell to $3,687, while XRP (XRP) retraced under $3 despite strong recent headlines. Solana (SOL) pulled back to $170, and BNB (BNB) eased to $780 after a record run last week that punted it above $855.Coinglass...

Ether (ETH), the native token of the Ethereum blockchain that turned 10, just had its best July performance in three years.The second largest cryptocurrency climbed more than 50% in July, peaking at $3,940 before easing below $3,800 towards the end of the month.The last time ETH rose this much in a single month was July 2022, rebounding from the depths of the crypto crash marked by high-profile implosions of Terra-Luna, Three Arrows Capital and Celsius.This time, the rally has a different driver with money pouring in from capital markets.U.S.-listed spot ETH exchange-traded funds (ETFs) absorbed $5.4 billion of net inflows through the month, their strongest streak since the products debuted last year, SoSoValue data shows.Corporate balance sheets are also following...

Strategy (MSTR), the largest corporate holder of bitcoin, plans to raise as much as $4.2 billion through sales of a newly issued preferred stock series, according to a Thursday filing with the U.S. Securities and Exchange Commission.The offering comes just days after the company sold nearly $2.5 billion worth of STRC, or "stretch," to investors and the stock debuted trading on the Nasdaq Global Select Market. The shares pay a 9% variable dividend, adjustable at the company’s discretion to maintain market price stability.The filing also coincided with the firm reporting second-quarter net income of $10 billion driven by bitcoin's price gains during the quarter.Read more: Strategy Earned $10B in Q2 on Back of Bitcoin Price GainSource link

Disclaimer: The analyst who co-wrote this piece owns shares of Strategy (MSTR).Strategy (MSTR), the largest corporate holder of bitcoin (BTC), posted second-quarter operating earnings of $14 billion or $32.60 per share, and net income of $10 billion.The massive profit came as the price of bitcoin rose roughly 30% during the thre-month period."Strategy has achieved a year-to-date BTC Yield of 25%, meeting our full year target well ahead of our initial timeline," said CFOM Andrew Kang. "As a result, our BTC $ Gain now exceeds $13 billion, and the increase in the price of bitcoin in the second quarter drove second quarter operating income of $14 billion and Q2 diluted EPS of $32.60."Strategy, led by Executive Chairman Michael Saylor, continued executing...

Shares of Figma (FIG) rose 198% on its first day of trading on the New York Stock Exchange after the company raised $1.2 billion for its Wednesday initial public offering (IPO).The firm priced shares at $33 a share under the ticker “FIG," valuing the company at about $20 billion. The stock changed hands at $98 in initial trades on Thursday, suggesting a valuation closer to $60 billion.Figma, a developer of design software, previously disclosed the ownership roughly $70 million worth of the Bitwise Bitcoin ETF (BITB) and said it plans to buy another $30 million worth of spot bitcoin (BTC).While Figma is far from being a crypto company, the fact that it holds bitcoin could possibly start a trend...