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 a significant milestone for the cryptocurrency industry, the total holdings of global Spot Bitcoin ETFs have surpassed $70 billion, equating to approximately 5% of the total Bitcoin (BTC) supply. This development highlights the increasing institutional interest and investment in Bitcoin as an asset class.
Spot Bitcoin ETFs have emerged as a dominant force in the cryptocurrency market, with holdings now exceeding $70 billion, equivalent to 5% of the total Bitcoin supply. As of March 2024, these ETFs collectively held approximately 776,464 BTC. This surge in Spot Bitcoin ETFs is largely driven by leading asset management firms like BlackRock and Grayscale, signaling growing institutional adoption and confidence in Bitcoin.
The exponential growth of Spot Bitcoin ETFs has also had a noticeable impact on Bitcoin’s price, with the cryptocurrency reaching an all-time high above $73,000 earlier in March 2024. This surge in price reflects the increasing demand for Bitcoin among institutional investors and highlights its growing acceptance as a legitimate investment vehicle.
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Despite the significant inflows into Spot Bitcoin ETFs, the cryptocurrency market has witnessed a period of consolidation, with Bitcoin trading sideways and experiencing periodic declines. However, recent data indicates a resurgence in investor interest, with inflows into digital asset investment products totaling $2 billion in the past week alone.
Bitcoin led the inflows, attracting a staggering $1.97 billion in investments. As of the latest update, the price of Bitcoin stands at $69,414.92, with a 24-hour trading volume of $15.4 billion. While experiencing a slight decline of -0.10% in the last 24 hours, Bitcoin has recorded a modest 0.47% increase in the past 7 days.
With a circulating supply of 20 million BTC, Bitcoin currently boasts a market capitalization of $1.3 trillion, underscoring its status as the leading cryptocurrency by market value. Despite short-term fluctuations, the overall trajectory of Bitcoin remains positive, driven by increasing institutional adoption and growing investor confidence in its long-term potential.
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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.
Announcing the newly-authorized share repurchases, Alphabet said such actions are expected to occur “from time to time, subject to general business and market conditions.”
The board of directors at Google‘s parent company Alphabet (NASDAQ: GOOGL) has authorized a $70 billion share repurchases. The multinational conglomerate announced the authorized buyback on Tuesday while announcing its financial performance for the year’s first quarter. Following the announcement of the quarterly results and share repurchases, Alphabet grew 3% in extended trading.
In the announcement, Alphabet said the share repurchases are of Class A and Class C shares. The company noted that it would execute the decision in a manner deemed in the best interest of all stockholders and the company itself. It added that it would consider the economic cost and market condition, as well as the relative trading prices and volumes of the shares. Notably, Alphabet Class A shares are the original shares with voting rights. On the other hand, Class C shares are newer, and they have no voting rights. Alphabet also has super-voting Class B shares, but they are not publicly available for trading.
The $70 billion share repurchases are an additional buyback as Alphabet also announced a buyback of the same amount in April 2022. If the company eventually spends the entire amount on the plan, it would represent a continuation of the previous year’s pace. When the holding company revealed the buyback in 2022, it was a major step up from 2021’s authorization of $50 billion and $25 billion in 2019. Apart from Apple (NASDAQ: AAPL), Alphabet repurchased more of its own stock than any other company in 2021.
Announcing the newly-authorized share repurchases, Alphabet said such actions are expected to occur “from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans”.
Speaking on the Q1 2023 report, CEO Sundar Pichai expressed his pleasure with the company’s business performance. He added that Search and Cloud are performing well, and North Star provides its users with the most helpful answers. During the quarter, the company’s revenue was a billion better than expected at almost $70 billion. Alphabet also had an unexpected bright spot in its net profit of $15 billion.
The chief financial officer of Alphabet and Google, Ruth Porat, wrote:
“Resilience in Search and momentum in Cloud resulted in Q1 consolidated revenues of $69.8 billion, up 3% year over year, or up 6% in constant currency. We remain committed to delivering long-term growth and creating capacity to invest in our most compelling growth areas by re-engineering our cost base.”
In January, Alphabet said it would cut 12,000 jobs or 6% of its workforce. Following its decision, the company recorded $2.6 billion in charges related to workforce reductions and office space during the first three months of the year.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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