MicroStrategy’s S&P 500 Listing Will Expose Millions to Bitcoin

Welcome to the final edition of Datawallet Daily for the week. As always, we’ve curated the must-know crypto stories from the last 24 hours just for you:

• MicroStrategy’s S&P 500 Listing Will Expose Millions to Bitcoin
• Mad Lads’ Backpack Exchange Tops $300M in 24 Hours
• Unraveling Satoshi’s Trial: COPA Challenges Witness Memories
• Galaxy Predicts 20% Bitcoin Hash Rate Loss Post-Halving

MicroStrategy’s S&P 500 Listing Will Expose Millions to Bitcoin

MicroStrategy, the largest corporate holder of Bitcoin, is on the verge of qualifying for the S&P 500 index, a move that could significantly expose mainstream investors to Bitcoin. To be eligible, the firm must increase its market cap by $3.7 billion and meet stringent criteria, including a positive profit track record and substantial public shareholding. 

Currently ranked 535th among U.S. public companies, MicroStrategy’s inclusion could lead to widespread Bitcoin integration into diverse investment portfolios, from 401(k)s to pension funds, due to the prevalence of ETFs tracking the S&P 500. This potential listing could create a positive feedback loop for Bitcoin exposure and investment.

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Mad Lads’ Backpack Exchange Tops $300M in 24 Hours

The Solana-based Backpack Exchange, associated with the Mad Lads NFT collection, achieved a remarkable $300 million trading volume within 24 hours of its beta launch. This surge in activity catapulted Mad Lads to the third spot in daily NFT trading volume. The exchange’s success is attributed to its efficient trading metrics and the capabilities of the Solana blockchain.

With unique features like rapid order execution and substantial trading volumes surpassing major exchanges, Backpack has secured multiple global licenses, enhancing its credibility and appeal in the crypto and NFT markets.

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Unraveling Satoshi’s Trial: COPA Challenges Witness Memories

In the ongoing trial probing Craig Wright’s claim to be Bitcoin’s creator, Satoshi Nakamoto, the Crypto Open Patent Alliance (COPA) has questioned the reliability of witnesses’ memories. Ignatius Pang, Robert Jenkins, and Shoaib Yousef, who testified virtually, shared past conversations with Wright about Bitcoin and blockchain. 

However, COPA lawyers argued that the witnesses’ recollections from over a decade ago might be hazy and confused, challenging the credibility of their testimonies. The trial, which began in early February, continues to unravel the complexities surrounding the true identity of Bitcoin’s enigmatic founder.

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Galaxy Predicts 20% Bitcoin Hash Rate Loss Post-Halving

Galaxy Digital analysts predict that the next Bitcoin halving, which reduces mining rewards from 6.25 to 3.125 BTC, may lead to up to 20% of the network’s hash rate going offline, particularly affecting eight older ASIC models. The halving, expected in April, prompts miners to seek efficiency improvements and cost reductions. 

The analysis considers the impact of the halving on breakeven revenues, with a significant portion of the hash rate potentially exiting or changing hands to miners with lower power costs. This transition could stress miners, especially those with higher operating costs or less efficient equipment.

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Other breaking news

• Coinbase Exceeds Q4 Estimates with $529M Transaction Revenue
• Lava Raises $15M, Introduces Magma Reward Points
• Moonbeam, Animo Partner to Launch Crypto Game for PlayStation
• GoFundMe Halts Tornado Cash Legal Defense Fund
• Bitcoin and Ethereum Attacks “Economically Unfeasible”: Study

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