updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131In just a few tumultuous days, the Bitcoin (BTC) market witnessed staggering losses as the BTC price extended lower than $66,000. Moreover, the short-term BTC investors bore the brunt of the downturn. The Bitcoin price experienced a meteoric rise of approximately 50% since the beginning of 2024, however, the recent volatility sent shockwaves through the community.
Short-term holders (STHs), individuals owning Bitcoin for less than 155 days, found themselves reeling from the swift market correction. On April 1st and 2nd, Bitcoin faced consecutive dips, plummeting by 2.4% and 6% respectively. This shook investor confidence and triggered panic selling among new investors.
The cumulative effect of the recent Bitcoin price crash resulted in a staggering loss of over $5.2 billion. This equals to approximately 76,000 BTC, highlighting the inherent risks associated with short-term trading strategies amid Bitcoin’s extreme price fluctuations.
According to Glassnode data, the Bitcoin transfer volume plummeted from a high of nearly $4 billion to the rock bottom lately. During the latest Bitcoin price decline, less than $500 million worth of BTC was transferred in profit to crypto exchanges by short-term investors.
In addition, crypto analysts suggest that the Bitcoin price consolidation will continue and there’s not much hope of a strong rebound. Michaël van de Poppe, a crypto analyst, explained the period of consolidation for Bitcoin in his recent post on X. He wrote, “I don’t expect much upside to be happening, I do believe that we’re consolidating for the coming period”
Moreover, in the chart he attached, he mentioned that the BTC price will slump to $57,500 level if it fails to break the $70,300 mark. Furthermore, the analyst hinted at an impending rally in altcoins as Bitcoin loses momentum. However, he noted that the gaining momentum in altcoins wouldn’t be an immediate phenomena as he expects a ‘slow’ move.
Also Read: Robert Kiyosaki Doubles Down On Bitcoin As Fed Chair Admits Inflation Alarm
Although Bitcoin rebounded above $66,000, the price decline continued. At press time, the BTC price was down by 0.41% to $66,248.73 on Thursday, April 4. Whilst, the crypto behemoth held a market cap of $1.30 trillion. During the crash, the 24-hour trade volume for BTC also plummeted 31.95% to $31.89 billion.
On the contrary, Bitcoin whales are trying to stabilize the situation amid the extreme price volatility. Crypto analyst Ali Martinez revealed that around 21,400 BTC worth $1.40 billion have been transferred to whale accumulation addresses lately. This could be a potential catalyst for the Bitcoin price rebound.
Also Read: Bitcoin Cash Sees Second Halving at Block 840,000, Price Dips
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Only 9.5% of the Arm American Depository Shares would be available to the general public at the IPO, while SoftBank retains the rest.
Chip design company Arm may be looking for up to $4.87 billion in funding at the conclusion of its upcoming initial public offering (IPO), which could put the company’s valuation at $52 billion. Arm has submitted an updated F-1 filing to the United States Securities and Exchange Commission (SEC) as it prepares for the IPO.
Arm’s shares will float as American Depositary Shares (ADSs) since it meets the requirement for a foreign private issuer as a British company. The company’s shares will sell at a range between $47 and $51, with Arm listing 9.5 million ADSs in total. According to a CNBC estimate, the lower end of the price range should bring $4.49 billion for Arm and $4.87 billion at the upper end.
Arm will launch trading on the New York Nasdaq. Before SoftBank completed its 2016 acquisition of the company for $32 billion, Arm had a dual listing in New York and London. In 2022, British Prime Minister Rishi Sunak hoped Arm would consider a London listing and met with CEO Rene Haas at the Prime Minister’s residence to discuss options. Although the conversation reportedly ended well, SoftBank concluded on a US-only IPO. The CEO said it was “the best way forward for the company and its stakeholders.”
Following the upcoming IPO, the public will only be able to access 9.4% of Arm’s shares on the Nasdaq stock exchange. The rest will remain in SoftBank’s control. However, the IPO’s underwriters may choose to buy an additional 7 million ADSs for $735 million. If they do this, SoftBank’s Arm stake would reduce to 89.9%.
Arm Holdings initially filed a Form F-1 with the SEC last month, with Raine Securities LLC as the financial advisor. The IPO would also have JPMorgan, Goldman Sachs, Mizuho Financial Group, and Barclays as joint book-running managers.
CoinSpeaker reported in August that several big tech companies were in talks with Arm to anchor the IPO. Reportedly, Arm has had conversations with Amazon, TSMC, Alphabet Inc, Intel Corp, Apple, and Samsung Electronics Co Ltd. So far, Arm is yet to choose an anchor investor. However, the company has stated that the selected firm would not get any board seats or control.
Before now, Arm had its main focus on tech required for mobile phones. The company was invested in selling blueprints to design microprocessors and licensing instructions for software interactions with produced chips. However, since Rene Haas became Arm’s CEO last year, the company has been putting in effort to diversify and pull in more than the smartphone market. Haas is looking into advanced computing and focusing on chips for data centers involved in artificial intelligence (AI) and cloud computing. According to his LinkedIn page, Haas was appointed Arm’s CEO in February 2022, after spending more than five years as the company’s President Intellectual Property Group.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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