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🌙 Crypto Market Shifts: Marathon, Harris, SEC Fraud

Marathon Digital plans a $750M Bitcoin purchase, Harris's presidential lead impacts Bitcoin prices, and the SEC charges Novatech with fraud.

Author

Mike Gavela
August 12, 2024

Crypto Roundup - August 12

The cryptocurrency sector saw notable activity with Marathon Digital Holdings unveiling a plan to raise $750 million through convertible senior notes, aiming to bolster its Bitcoin holdings and fund broader corporate strategies. In parallel, Bernstein Research pointed to Vice President Kamala Harris's lead in the presidential race as a factor in Bitcoin's sluggish price, linking political uncertainties to the market's performance. Adding to the regulatory pressures, the SEC charged Novatech with defrauding investors by falsely representing its financial health and business operations, underlining the heightened scrutiny facing the crypto industry.

Top Stories:

  • Marathon Digital plans to raise $750 million via convertible notes to buy Bitcoin and fund corporate initiatives.

  • Bernstein attributes Bitcoin's weak price to Kamala Harris's presidential lead, highlighting political market sensitivities.

  • SEC charges Novatech with fraud, accusing the firm of misleading investors about its financial stability and operations.

TOP STORIES

Marathon Digital intends to offer $250 million in covertible notes to buy more BTC

Marathon Digital Holdings plans to use the net proceeds from the sale to acquire additional bitcoin and for general corporate purposes.

www.theblock.co/post/310694/bitcoin-marathon-digital-convertible-notes

Harris presidential lead to blame for weak Bitcoin price, Bernstein says

Given Trump’s outspoken position on crypto, analysts say that a Harris win would be bearish for the industry.

www.dlnews.com/articles/snapshot/bernstein-blames-harris-presidential-lead-for-weak-bitcoin-price

SEC charges crypto firm NovaTech with fraud | TechCrunch

The SEC is charging a crypto firm and its founders, as well as its promoters, for allegedly running a multi-level marketing scheme.

techcrunch.com/2024/08/12/sec-charges-crypto-firm-novatech-with-fraud

FUNDRAISING

OTHER HEADLINES

Hamster Kombat turns down venture capital offers

The Hamster Kombat team claims it has turned down every single lucrative venture capital offer from top VC firms in the crypto industry.

cointelegraph.com/news/hamster-kombat-turns-down-venture-capital-offers

Polymarket to provide AI news summaries with Perplexity AI partnership

Through Polymarket's partnership with Perplexity AI, users can access news summaries and “probability predictions."

blockworks.co/news/polymarket-perplexity-ai-partnership-news-summaries

Bitcoin Miners At ‘Max Pain’ As Experts Reckon Bottom Is In - "The Defiant"

Miners are gasping for air as their income hits rock bottom while difficulty to mine blocks goes to record highs.

thedefiant.io/news/blockchains/bitcoin-miners-at-max-pain-as-experts-reckon-bottom-is-in

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