First sell-offs after some time - good entry points ahead?

In the crypto winter of 2022, several Bitcoin miners filed for bankruptcy, but the CEO of Hut 8 Asher Genoot is firmly convinced that things will change after the upcoming halving. In an interview with Bloomberg on 3 April, Gennot said the main cause of bankruptcies in 2022 was that companies were over-indebted and unprepared for rising energy costs. “A big area that led to a lot of bankruptcies in the mining sector and non-performing assets was debt in 2021,” Genoot said. “Many companies grew with it, and those debts could no longer be serviced in 2022 when bitcoin prices fell and energy prices rose.” However, Genoot said bitcoin miners have since typically relied on less debt and higher volumes of debt-free capital from the equity markets to grow their business. He expects an uptick in mergers and acquisitions (M&A) among smaller Bitcoin miners, which he believes will contribute to a much lower rate of bankruptcies. Bitcoin would likely have to go back to $30,000 or $40,000 for a significant amount of M&A activity or “distressed opportunities” to unfold, Genoot explained. This currently seems very unlikely and highlights the strength of Bitcoin’s network!

Tether, the company behind the stablecoin Tether , acquired 8,888 Bitcoin worth USD 618 million on 31 March.

Following the acquisition, the Tether wallet now holds 75,354 Bitcoin, which were purchased at an average price of USD 30,305 and are worth around USD 5.2 billion at the time of going to press, according to on-chain data.
With the purchase, Tether is now the seventh largest Bitcoin holder in the world, according to data from Bitinfocharts. Binance’s cold wallet is currently the largest Bitcoin holder with over 248,597 Bitcoin worth $17.31 billion.
The company said it will invest 15 per cent of its net profits in Bitcoin to diversify the stablecoin’s assets.
Tether’s USDT reached a market capitalisation of USD 100 billion on 4 March and has grown by 9 percent since the beginning of the year.
This clearly shows that Tether ensures structured management of its reserves and also invests in the long-term nature of Bitcoin!

Binance Holdings, the operator of the cryptocurrency exchange of the same name, has formed a seven-member board made up of company executives and independent members.

According to Binance’s website, the company’s board is now chaired by Gabriel Abed, former Barbados Ambassador to the United Arab Emirates (UAE). Other members include Binance CEO Richard Teng, Binance co-founder Heina Chen, Bayview Acquisition Corp CEO Xin Wang, Gojo & Company Managing Partner Arnaud Ventura, Roger Wang and Rock He.
“We are pleased to announce that Binance has formed a new board of directors,” a spokesperson told Cointelegraph. “The board consists of seven directors in total, three of whom are independent directors. We are proud to have some of the world’s strongest Web3 executives advising our company as we embark on our next chapter.”
The formation of the board is likely one of the most significant changes in Binance’s leadership since Teng was promoted to CEO from his position as head of regional markets in November 2023. Former Binance CEO Changpeng “CZ” Zhao stepped down as CEO around the same time as part of a settlement with US authorities.