News
Stocks, Bitcoin Slip as Yields Rise; Oil Climbs to 2024 High
Equity Indexes Wrap: Big Tech and Oil Gain While Chip Stocks Retreat
March 14, 2024 04:08 PM EDT
The Dow
Big tech led the index, with Microsoft (MSFT) rising 2.4% to close at a record high. Amazon (AMZN) gained 1.2%, and Apple (AAPL) rose 1.1% amid reports it had acquired Canadian AI startup DarwinAI.
JPMorgan Chase (JPM) fell 1.7% after federal authorities slapped it with $350 million in fines for inadequate trading surveillance.
Cisco (CSCO) dipped 0.6% despite its $28 billion acquisition of Splunk (SPLK) winning EU approval.
The S&P 500
Halliburton (HAL) followed oil prices higher, rising 3%.
Alphabet (GOOGL) climbed 2.5% to close higher for a sixth consecutive session.
Altria Group (MO) rose 2.2% after it said it would sell about $2.2 billion worth of AB InBev (BUD) shares and use the proceeds to buy back its own shares. AB InBev fell 5.5%.
Lennar (LEN) slipped 7.6% after the homebuilder’s quarterly sales fell short of Wall Street estimates. Peers Pultegroup (PHM) and D.R. Horton (DHI) dropped 3.8% and 3.1%, respectively.
Dollar General (DG) stock shed 5.1% after it forecast lower-than-expected first-quarter earnings despite its sales forecast exceeding Wall Street’s estimates.
Regional and mid-sized lenders slipped, led by Comerica (CMA), down 3.3%, and Zions Bancorp (ZION), down 3.1%.
The Nasdaq 100
Energy companies Diamondback Energy (FANG) and Baker Hughes (BKR) also rose with oil prices, advancing 1% and 0.6%, respectively.
Tesla (TSLA) tumbled 4.1% to a 10-month low as reports competitor Fisker (FSR) was considering filing for bankruptcy weighed on sentiment among electric vehicle investors.
Chip stocks were mostly lower, led by Advanced Micro Devices (AMD), down 4%. Nvidia (NVDA) fell 3.2% and Micron (MU) slid 2.9%.
AB InBev Stock Falls as Altria Announces Plans to Sell Shares in Bud Light Maker
March 14, 2024 03:40 PM EDT
American Depositary Receipts (ADRs) of Anheuser-Busch InBev (BUD) slumped Thursday after Altria (MO) slashed part of its 10% stake in the beer maker at a discounted price.
Altria announced that it would be selling 35 million of its 195 million ABI shares—AB InBev shares traded on the Euronext exchange—through a global secondary offering.
AB InBev explained the shares would be priced at EUR56.17 ($61.26) per ordinary share, and $61.50 per ADR. That would be about 5% below Wednesday’s closing price in the U.S. of $64.55. The beer maker added that it plans to buy 3.34 million ordinary shares for $200 million.
The move would raise about $2.2 billion for Altria. The company noted that it expects to use the cash generated to buy back its own shares.
AB InBev ADRs were down 5.5% at $61 late in the session Thursday, while Altria shares were up 1.9% at $44.19.
PPI Shakes Up Treasurys, Rate-Sensitive Assets
March 14, 2024 03:05 PM EDT
Treasury yields surged Thursday as markets digested data suggesting U.S. inflation ran hotter than expected in February.
The Producer Price Index, a measure of wholesale inflation, rose 0.6% in February from January. That was twice the increase economists were expecting. It was the second hotter inflation report this week after data Tuesday showed consumer prices rising more than anticipated.
The report raised questions about when the Fed will cut interest rates, with markets slightly trimming bets of a rate cut in June.
Treasury yields rose as expectations for imminent rate cuts receded, with the 10-year yield climbing 10 basis points to 4.3%. The 2-year yield climbed to 4.69%.
At the same time, gold prices fell following a weeks-long run-up that took gold to record highs earlier this week. Gold has been buoyed by expectations for rate cuts because lower interest rates make bonds comparatively less attractive.
Cryptocurrencies tumbled Thursday, also hit by rising Treasury yields and interest rate uncertainty. Bitcoin fell below $70,000 after climbing above $73,000 yesterday.
Macy’s Rises After Agreeing to Discuss Takeover Bids
March 14, 2024 02:33 PM EDT
Shares of Macy’s (M) rose Thursday after Arkhouse Management, one of the two investment firms offering to take the department store private for $6.6 billion, said in a regulatory filing that Macy’s had agreed to confidentially share financial information with the firms.
Arkhouse and Brigade Capital first proposed buying Macy’s in December when they offered to buy all outstanding shares for $21 a piece. Macy’s rebuffed that offer in January, leading Arkhouse and Brigade to nominate nine people to the retailer’s board of directors in February. It then upped its offer to $24 per share in March after the company reported better-than-expected earnings and unveiled a turnaround plan that involved closing 150 locations.
Shares of Macy’s were up 3.4% at $21.49, their highest level in more than a year, on Thursday afternoon. They have risen about 7% so far this year.
Microsoft Climbs to All-Time High
March 14, 2024 02:14 PM EDT
Microsoft (MSFT) shares reached a record high during intraday trading Thursday after the company announced that it would be expanding the regions that it offers Oracle Database@Azure in partnership with Oracle (ORCL) and adding additional availability and purchase options to Copilot, its artificial intelligence (AI) assistant, for individuals and organizations, rather than only enterprise customers.
The company unveiled Microsoft Copilot for Security on Wednesday, saying that the AI-power security solution is set to be available on April 1. Earlier in the week, Microsoft announced a quarterly dividend.
Microsoft has established itself as an early leader of the AI boom through its partnership with ChatGPT maker OpenAI.
Shares were up about 2.7% trading at $426.30 Thursday afternoon after climbing as high as $427.82 earlier in the day.
Google Partner UiPath Falls Following Earnings Beat, Weaker-Than-Expected Guidance
March 14, 2024 01:58 PM EDT
UiPath (PATH) shares sank in intraday trading Thursday as the artificial intelligence (AI) software provider and Google partner’s weaker-than-expected guidance offset strong results.
UiPath predicted current-quarter revenue of $330 million to $335 million, missing analyst projections. The full-year revenue outlook of $1.555 billion to $1.560 billion exceeded forecasts.
The company posted its first profit as a publicly traded company in the fourth quarter, with operating income of $15.1 million. Adjusted earnings per share (EPS) came in at 22 cents, and revenue was up 31% from a year ago to $405.3 million. Both were above estimates.
Shares of UiPath were down 7% at $22.36 Thursday afternoon but have gained about 58% over the past year.
Under Armour Stock Slumps Following CEO, Board Shakeup
March 14, 2024 12:46 PM EDT
Under Armour (UA) shares tumbled in intraday trading Thursday, a day after the company announced a change in corporate leadership.
As of April 1, Under Armour founder Kevin Plank will return to the company in the chief executive role, replacing Stephanie Linnartz, who will step down after just over a year leading the apparel company. Linnartz will stay with the company in an advisory role through the end of April.
Plank will be Under Armour’s third CEO since he originally left the post in 2019. Plank had remained on the company’s board as he was succeeded by Patrik Frisk, who resigned in May 2022.
The sudden leadership change raised some concerns among analysts and investors. Wedbush analysts said it “brings a layer of inconsistency and uncertainty” adding, “we believe that this move will make the sentiment hurdle that the company needs to overcome even higher.”
Under Armour shares were down 11.2% at $6.90 early Thursday afternoon. They’ve lost more than 18% of their value in 2024 so far.
MicroStrategy To Raise $500M To Buy More Bitcoin
March 14, 2024 12:11 PM EDT
MicroStrategy is doubling down on Bitcoin, issuing hundreds of millions of dollars in convertible debt to bulk up its holdings as the cryptocurrency notches all-time highs.
On Wednesday afternoon, the software company said it would launch a $500 million offering of senior convertible notes, the proceeds from which it would use for general corporate purposes and to buy more bitcoin.
The announcement came just two days after MicroStrategy closed a similar $800 million offering, which was also undertaken to fund bitcoin purchases.
That same day, MicroStrategy Executive Chair and Bitcoin bull Michael Saylor said in a post on X that the company had used the proceeds to purchase 12,000 bitcoin for approximately $822 million. Its bitcoin holdings now total about 205,000 bitcoins, which on Thursday afternoon would be worth about $14.5 billion.
MicroStrategy shares fell more than 6% Thursday as the price of bitcoin tumbled below $71,000. The stock has gained about 160% so far this year, outperforming bitcoin itself, with which the stock often moves in tandem. Bitcoin is up just 66% year-to-date.
Dick’s Sporting Goods Stock Surges on Earnings Beat, Higher Dividend
March 14, 2024 11:15 AM EDT
Dick’s Sporting Goods (DKS) shares surged in early trading Thursday after the retailer posted fourth-quarter earnings that significantly surpassed analyst estimates for the holiday quarter.
For the quarter ended Feb. 3, the largest U.S. sporting goods chain posted $3.88 billion in net sales, a record high, along with adjusted income and earnings per share (EPS) of $320 million and $3.85, respectively. Each of those figures surpassed the consensus among analyst estimates compiled by Visible Alpha.
The company declared a quarterly dividend of $1.10 per share, up 10% from the previous quarterly dividend. It is set to be paid on April 12 to stockholders of record when markets close on March 29.
Shares of Dick’s were up 12.7% at $211.50 late Thursday morning, after moving as high as $221.69 in the opening minutes of trading. The stock has gained about 45% since the start of the year.
Oil Advances to 2024 High as IEA Project Supply Deficit
March 14, 2024 10:42 AM EDT
The world is likely to face an oil shortage this year rather than the surplus previously expected, said the International Energy Agency on Thursday.
The intergovernmental body revised its expectations for the full year. It now expects OPEC+ members to maintain previously announced production cuts throughout 2024. Global supply is still expected to increase by 800 thousand barrels per day (kb/d) in 2024 because of higher output from non-OPEC members.
Though the agency sees greater demand than previously forecast. Global oil use is expected to rise by 1.7 million barrels per day (mb/d) in the first quarter of the year, more than previously expected.
“On that basis, our balance for the year shifts from a surplus to a slight deficit,” the agency said.
Oil futures rose to their highest level all year Thursday morning following the report. West Texas Intermediate (WTI) contracts climbed above $81 for the first time since November, while Brent crude topped $85.
Fisker Plummets as EV Maker Reportedly Eyes Bankruptcy
March 14, 2024 10:06 AM EDT
Fisker (FSR) shares sank in early trading on Thursday amid reports the electric vehicle (EV) maker is considering filing for bankruptcy.
Two weeks ago, the EV maker issued warnings that its current resources weren’t enough to cover its costs, raising doubts that it could stay in business. Now, the Wall Street Journal is reporting the company has hired a firm to help with a restructuring that could include bankruptcy.
In a preliminary earnings report released late last month, Fisker revealed a quarterly operating loss of $103.5 million. The company at the time said it was in talks with a “large automaker” about transactions that could include investment or joint development of an EV platform.
Shares plummeted more than 47% to 17 cents per share on Thursday, bringing the stock’s one-year decline to 97%.
Stocks Making the Biggest Moves Premarket
March 14, 2024 09:15 AM EDT
Gains:
- Robinhood Markets Inc. (HOOD): Shares of the online brokerage and trading platform gained 11% after it reported a jump in trading volume in February.
- Dick’s Sporting Goods Inc. (DKS): Shares of the sports apparel and equipment retailer jumped 8% after it beat fourth-quarter sales and earnings estimates, and raised its dividend.
- Dollar General Corp. (DG): Shares of the discount retailer rose more than 4% after it forecast full-year sales well above analysts’ estimates as cash-strapped shoppers turn to it for low-cost essentials.
Losses:
- Fisker Inc. (FSR): Shares tumbled more than 40% to less than 20 cents per share after the Wall Street Journal reported the electric vehicle maker was considering filing for bankruptcy.
- SentinelOne Inc. (S): Shares of the cybersecurity firm fell 9% after it forecast lower-than-expected full-year sales, overshadowing its quarterly earnings coming in slightly ahead of estimates.
- Under Armour Inc. (UAA): Shares of the athletic apparel maker fell 6% after it announced founder Kevin Plank was returning to the position of CEO, replacing Stephanie Linnartz after only about a year in the role.
Stock Futures Rise Ahead of PPI
March 14, 2024 08:27 AM EDT
Futures contracts connected to the Dow Jones Industrial Average were up about 0.4% in premarket trading on Thursday.
S&P 500 futures traded 0.3% higher.
Nasdaq 100 futures were up 0.4% about an hour before markets opened.
News
Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
Block, a payments technology company led by Jack Dorsey square could become a formidable player in the cryptocurrency mining industry, but Wall Street will need details on profit margins to gauge the positive impact of the business on earnings, analysts said.
Block signed its first large-scale cryptocurrency mining hardware pact on Wednesday, agreeing to supply its chips to bitcoin miner Core Scientific 
CORZbut no financial details were disclosed.
JP Morgan estimates the deal could net Block between $225 million and $300 million, but said more information will be needed to assess the hardware business’s long-term earnings potential.
“We still have a lot to learn in terms of the margins of this business, so we are hesitant to underwrite this transaction until we know more about the cadence and economics,” J.P. Morgan said.
The deal marks a major step for the payments company, which started out as “Square” in 2009 before rebranding in 2021 in a nod to its focus on crypto and blockchain technologies.
Dorsey, who co-founded and ran Twitter (now known as “X”), has long been bullish on Bitcoin. Block began investing 10% of its monthly gross profit from Bitcoin products into Bitcoin in April.
In the first quarter, nearly 9% of the company’s cash, cash equivalents, and marketable securities consisted of bitcoin.
“This development (the deal with Core Scientific) is further evidence of Block’s role as an emerging leader in the crypto hardware ecosystem,” Macquarie analysts Paul Golding and Emma Liang wrote in a note.
Analysts say similar deals to follow could further validate Block’s reputation in the industry.
But J.P. Morgan said the stock’s performance will be determined by Block’s other segments, such as Square and Cash App.
Block shares have lost nearly 17% this year.
3:30 PM ▪ 4 minute read ▪ by Luc Jose A.
This Thursday, attention will be focused on the United States with the anticipated release of the Consumer Price Index (CPI). This economic indicator could trigger significant movements in the markets, especially for the U.S. dollar and cryptocurrencies. While investors remain vigilant, speculation is rife about the potential impact of these key figures.
The Consumer Price Index: The Cornerstone of the American Economy
The Consumer Price Index (CPI) is a key measure of inflation which reflects changes in the price of goods and services purchased by American households. This index is calculated monthly by the Bureau of Labor Statistics (BLS) and serves as a barometer for the cost of living. The consumer price index covers a wide range of products, including food, clothing, housing, health care, and entertainment. Economists and policy makers closely monitor this data to anticipate economic trends and adjust monetary policies accordingly.
The June CPI data is due to be released this Thursday at 2:30 p.m., and is highly anticipated by investors. The current consensus is for headline annual inflation to decline to 3.1%, from 3.3% the previous month, while core inflation is expected to remain stable at 3.4%.
THE BIGGEST EVENT THIS WEEK 🚨
The U.S. Consumer Price Index is expected to
PUBLICATION TODAY AT 8:30 AM ET.EXPECTATIONS ARE 3.1% WHILE
LAST MONTH THE CONSUMER PRICE INDEX (CPI) WAS 3.3%HERE ARE SOME SCENARIOS 👇
1) CPI above 3.1%
THIS WILL BE A DAMAGE TO THE MARKET
GIVEN THAT THE LAST TIME THE CPI DATA… photo.twitter.com/yudjPLPl8g— Ash Crypto (@Ashcryptoreal) July 11, 2024
Consumer Price Index Release: What Does It Mean for the Dollar and Bitcoin?
Inflation as measured by the consumer price index is a key determinant of the value of the US dollar. If the consumer price index declines more than expected, it could reinforce expectations of a rate cut by the Federal Reserve in September, thus weakening the dollar. A weaker dollar could benefit GBP/USD, which recently broke a major resistance level, and Bitcoin, which could see its price rise due to increased demand from institutional investors.
Current forecasts suggest that headline inflation will decline to 3.1%, with core inflation holding steady at 3.4%. However, a surprise increase in the consumer price index could upset these expectations. Fed Governor Lisa Cook has mentioned the possibility of a soft landing for the economy, with inflation falling without a significant increase in unemployment, which could lead the Fed to consider rate cuts. This outlook is particularly favorable for stock markets and cryptocurrencies, including Bitcoin, which could benefit from a more accommodative monetary policy.
According to experts at 10x Research, especially their CEO Markus Thielen, Bitcoin could see a significant increase if the CPI data confirms a decline in inflation. Thielen indicated that Bitcoin could reach almost $60,000, a prediction that has already been reflected with a rise to $59,350 before the data was released.
Therefore, Thursday’s CPI data could determine the future direction of financial and cryptocurrency markets. High inflation could strengthen the US Dollarwhile a drop in inflation could pave the way for rate cuts by the Fed, thus giving a boost to Bitcoin and other digital assets.
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Luke Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I am committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, convey the latest technological innovations and put into perspective the economic and social issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.
Bitcoin is seeing a rebound after its recent price crash to $53,000. Other altcoins are subsequently recovering, with many cryptocurrency investors increasingly making new entries. However, Santiment warned against this hopium, suggesting that Bitcoin could extend its price losses.
As the broader market anticipates Bitcoin’s next price action, RCO Finance (RCOF) demonstrates resilience, attracting thousands of people in influxes. Read on for more details!
RCO Finance challenges the market crisis
RCO Finance (RCOF) is approaching $1 million in funding raised, amid growing interest from institutional traders seeking stability from Bitcoin’s wild price swings. While much of the broader market has seen significant price losses, RCO Finance has remained resilient, experiencing a surge in its pre-sale orders.
As a result, the project seems oblivious to the current market conditions, leading top market experts to take a deep dive into its ecosystem. They identified why RCO Finance was able to withstand the bearish pressure and its potential to hold up even stronger during the impending broader market crash.
The main reason was related to the innovative use of RCO Finance AI Trading Tools as a Robo Advisor. This tool has been integrated into RCO Finance’s cryptocurrency trading platform, offering full automation and highly accurate market forecasts to help investors make informed decisions.
Read on to learn more about this tool and other exciting features of RCO Finance!
Bitcoin Bounces Amid Impending Crash
Bitcoin is bouncing back, rallying 8% after plunging to its lowest point since February on July 5. While this rebound has triggered a bullish wave in the broader market, many cryptocurrency analysts predict it could be short-lived as Bitcoin is poised for an imminent crash toward the $50,000 zone.
On a Post X (formerly Twitter)Santiment revealed that while the crowd is anticipating a Bitcoin rally, this potential crash could trigger FUD and panic, causing average traders to wither and give up on Bitcoin. The platform noted that Bitcoin rally has historically occurred after these weak hands sold their holdings.
In particular, these cryptocurrency analysts speculate that the previous and upcoming Bitcoin crash is largely the result of bearish market psychology, as opposed to large BTC sell-offs by the German government and Mt. Gox. In particular, Ki Young Ju, founder and CEO of CryptoQuant, noticed that “the sales were rather negligible, given the overall liquidity of Bitcoin.”
Enjoy seamless investing on RCO Finance
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Leverage RCO Finance’s pre-sale earnings
An in-depth analysis of the RCO Finance ecosystem revealed that it has strong potential to rival and surpass major cryptocurrencies in the cryptocurrency industry. With a very limited total token supply and excellent tokenomics, RCO Finance is poised to reach its target of $1 billion in market cap upon its official launch.
RCO Finance has adopted a deflationary model, strategic burn mechanisms, and a vesting schedule. However, the project encourages long-term holding by focusing on sustained growth through incredibly high staking rewards.
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Join the RCO Financial Community
Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming more and more intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming increasingly intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
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“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
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