Binance, a leading cryptocurrency exchange, announced its departure from Nigeria, ceasing all operations involving the local currency. This move follows intense regulatory scrutiny and will see user balances in Nigerian Naira converted to Tether. Grayscale, the largest digital asset manager, reported a significant reduction in its Bitcoin holdings post-transition to an ETF, with a 33% reduction in assets. MicroStrategy’s shares, meanwhile, experienced a notable increase amidst a strong Bitcoin rally.
Cryptocurrency Exchange Exits Nigerian Market
Confirming its exit, Binance has stated that it will stop Nigerian Naira withdrawals after March 8th. Following this date, users’ Naira balances on Binance will be automatically switched to Tether, a stablecoin. The withdrawal from the Nigerian market is a result of increased regulatory pressure within the country.
Grayscale Encounters Asset Outflow
Since Grayscale converted its Bitcoin trust into an ETF, the company has witnessed a substantial outflow of assets. With over 5,450 Bitcoins withdrawn recently, Grayscale’s Bitcoin holdings have been on a downward trend, with the total value of assets managed now at $28.8 billion. Competition from other ETFs with lower fees has contributed to this shift.
Bitcoin’s price surge has not slowed despite Grayscale’s asset outflow, nearly reaching its historical peak. The rise in Bitcoin’s value directly influenced MicroStrategy’s share price, which saw a significant increase of over 20% on March 4th. The company’s continual investment in Bitcoin has fortified its market position, with its total Bitcoin holdings now numbering over 193,000 bitcoins.
MicroStrategy’s Stock Soars with Bitcoin’s Ascend
MicroStrategy witnessed its shares ascend in value, correlating with the surge in Bitcoin prices. The company, known for its aggressive Bitcoin acquisition strategy, has seen its stocks peak significantly on March 4th. The firm’s share value remained high despite a slight retraction, with its stance on Bitcoin investment remaining unchanged.