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Sequoia Capital Anticipates $100 Million Return from Bridge Acquisition by Stripe

Sequoia Capital, a renowned venture capital firm, anticipates a substantial return of $100 million from the acquisition of Bridge, a stablecoin platform, by payment processing giant Stripe. It has been reported that Sequoia Capital owns an interest of approximately 16% in Bridge.

This anticipated profit comes in the wake of Sequoia’s investment of $19 million in Bridge during its series A funding round that took place less than a year ago, as per a Bloomberg report from October 29.

Multiple Companies Set to Profit from Acquisition

Sequoia is not the lone firm projected to gain significantly from their stakes in Bridge. Other venture capital enterprises like Ribbit Capital, Haun Ventures, Index Ventures, and Bedrock Fund Management may collectively earn profits in the hundreds of millions.

It is worth highlighting that these returns have materialized quicker than the standard expectancy in the field of crypto venture capital. This landscape has recently experienced a downturn in venture capital investments since its zenith earlier in 2022 as a result of moderating market conditions. Ribbit possesses an approximately 10% stake in Bridge, which has an estimated value of $100 million. Bedrock and Index Ventures each have an interest of about 6%, while Kathryn Haun’s venture firm holds 4%.

Bridge, occasionally referred to as the cryptographic equivalent to Stripe, operates a stablecoin payments network granting businesses access to tokens. It was established in 2022 by former Coinbase executives Zach Abrams and Sean Yu. Notably, Bridge is a direct competitor to credit card providers and the global payment network, SWIFT.

Stripe, known for its payment processing services, concluded its proposition to acquire Bridge for $1.1 billion on October 20, only half a year after co-founder John Collison publicized the company’s newfound interest in stablecoins.

As one of the major deals in the crypto industry, Bridge’s rapid growth is said to have attracted Stripe’s interest. Recently, the stablecoin platform made headlines by achieving a $14 million run rate with an upward trend.

Despite these anticipations, Stripe’s acquisition of the crypto-centric company awaits regulatory approval and is anticipated to be settled within the subsequent few months. The acquisition of Stripe and the venture capital engagement in the crypto field are central to this discussion, emphasizing the transformative impact of mergers and acquisitions on the industry.

Shares in companies involved in Bitcoin mining experience substantial growth

Shares in companies involved in Bitcoin mining have seen substantial growth, marking a rise of up to 24.4% on October 28, 2021. This robust growth coincides with Bitcoin’s value surpassing the $70,000 threshold. The upbeat path of Bitcoin and the ensuing surge in mining shares can be attributed to an encouraging macroeconomic environment and the ongoing integration of Artificial Intelligence (AI) by mining entities.

The Head Analyst at Blockware, Mitchell Askew, shed light on the situation saying, “Increased deficit spending and falling interest rates are fueling a rise in global liquidity”. Askew pointed out that concerns over inflation are causing a shift in investor preference from treasury bonds to Bitcoin markets. He emphasized the essential role played by the expansion into AI and high-capacity computing domains by Bitcoin mineworkers.

Bitcoin Mining Shares’ Uptick and Worldwide Acceptance

Bitdeer Technologies, a company based in Singapore, had the most notable surge, with shares jumping 24.4%. Companies Market Cap disclosed that Nasdaq-enlisted IREN, Gryphon Digital Mining, and Hut 8 also posted growth rates of 17.8%, 16.5%, and 15.5% respectively. Simultaneously, Marathon Digital and CleanSpark saw upticks of 11% and 10.2% correspondingly, while Riot’s shares heightened by 9.5%.

The climb in mining shares is in line with recent global patterns. Argentina, the United Arab Emirates, and Ethiopia have expressed their desire to utilize national resources for Bitcoin mining, as revealed by Matthew Sigel, VanEck’s Head of Digital Assets, in an interview with CNBC on October 28.

Sigel mentioned that BRICS countries are looking at Bitcoin as a means to settle international trades, providing an alternative to the U.S. dollar. More specifically, Russia’s national wealth fund is investing in Bitcoin mining facilities within BRICS countries.

Bitcoin’s halving in April significantly impacted the Bitcoin market, according to Askew. He added that miners who couldn’t maintain profitability following the event have since “given up”. This resulted in a “substantial source of selling pressure”, and its reduction positively influences pricing dynamics.

Mitchell Askew concluded optimistically, “We are decidedly back,” indicating Bitcoin’s current robust performance and optimism for continued growth.

Significantly, Bitcoin surpassed $70,000 for the first time since June 10, after US Bitcoin exchange-traded funds attracted over $3 billion in the past fortnight. A few cryptocurrency traders have observed a “golden cross” chart pattern, hinting at potential price elevation. This complements VanEck’s long-term prediction suggesting Bitcoin may hit the $2.9 million mark per coin by 2050, assuming a compound annual growth rate of 16.6% over the next quarter-century.

In a historic event, Bitcoin, the leading cryptocurrency, has, for the first time since June, surpassed the $70,000 mark.

This notable leap in value coincided with an immense inflow of over $22 billion into exchange-traded funds (ETFs) based in the United States.

On October 28, Bitcoin’s value experienced a 3% spike, hitting a pinnacle at $70,150, as per TradingView data. Despite this, the cryptocurrency experienced a slight fall, settling below its new high.

Rise in Bitcoin ETF Investment

Simultaneously with the price surge, Bitcoin ETFs saw a marked rise in inflows. Based on a report by CoinShares, Bitcoin funds recorded $920 million inflows within just a week, ending on October 25. This brings the total inflows for the year into Bitcoin ETFs to a staggering $25.4 billion.

Farside Investors, situated in Liverpool, revealed that during the week ending October 18, eleven US spot-based ETFs garnered over $2.1 billion in inflows.

Cryptocurrency traders observed a “golden-cross” pattern in the Bitcoin market. This bullish trend occurs when the 50-day rolling average of Bitcoin exceeds its 200-day long-term average, hinting at a potential price rise in the future.

Bitcoin’s price did experience a brief decline to $66,510 on October 25, after news emerged that Tether, a prominent stablecoin issuer, was under investigation by the US Department of Justice. However, the price of Bitcoin recovered quickly. This resurgence happened alongside a notable rise of over 32 percentage points in Donald Trump’s polling figures against Vice President Kamala Harris, in the lead-up to the US Presidential election set for November 5.

Contrarily, national voter polls indicated a slim 1.3 percentage point lead for Harris over the former US president. The stability of Bitcoin’s price could also be attributed to the peaceful international landscape, with no retaliatory actions from Iran after an Israeli attack on October 26.

Now, the cryptocurrency is fast approaching its historical peak of $73,679 set on March 13 of this year. Bitcoin has soared past its year-long steady trading bracket of $55,000 – $65,000, representing its highest price since mid-May.

These developments underscore the clear focus on Bitcoin’s price and the instrumental role of Bitcoin ETFs in potentially driving this price strengthening.

Discussion on KL Rahul’s Squad Participation

The recent loss of Team India against New Zealand during the initial home Test in Bengaluru has led to widespread criticism. The defeat is primarily attributed to ineffective bowling, inaccurate pitch assessment, and a remarkable downfall in batting, with KL Rahul’s poor performance—scoring 0 and 12—being discussed intensely. However, former India bowler, Venkatpathy Raju, insists on maintaining Rahul in the squad owing to his wealth of experience.

The pitch in Bengaluru contributed significantly to India’s defeat, with captain Rohit Sharma’s misjudgments ending in a depressing team total of 46—the lowest ever recorded on home ground. The cricket team of New Zealand seized the advantage, building an impressive 356-run lead. The trouble for the Indian squad didn’t stop there, as they lost seven wickets for only 54 runs in the second inning.

Reviewing Team Composition for the Upcoming Test

Following the embarrassing defeat in the first Test, India is reassessing its team composition for the second Test match starting Thursday at the Maharashtra Cricket Association Stadium, Pune. As Rahul’s performance is being questioned, his position within the team hangs in the balance. Allrounder Washington Sundar joined the team in response to the loss in the initial Test.

However, Raju emphasizes the significance of backing seasoned players like Rahul. His advice is, “The playing XI should remain consistent. If I were in command, I’d stick with the existing team. The squad requires experienced players. KL Rahul cannot be dismissed after just a single disappointing Test.”

Concerns Arise from Rahul’s Recent Form

Rahul’s mediocre performance in the last five innings, despite performing well in the England and South Africa series earlier this year, has raised suspicions about his suitability for the squad.

Raju cautions, “Three spinners from India already performed in the Bengaluru Test. Overreacting to a single match is not wise. We have demonstrated good cricketing skills, and we should move past the 46 all-out debacle.”

Inclusion of Fast Bowling Allrounders

Raju conveyed his perspective on the team structure, emphasizing the need to include a fast-bowling allrounder. He expressed astonishment at Rohit opting for only two fast bowlers—Jasprit Bumrah and Mohammed Siraj—in the Bengaluru Test. He also underscored Hardik Pandya’s potential involvement in this situation, stating, “A fast-bowling allrounder can lighten the captain’s workload. It adds an additional fast bowler as well as a batter simultaneously.”

Despite the initial Test’s loss, it is imperative for Team India to remain focused and not react hastily with changes that may disrupt team stability. Backed by seasoned players like Rahul, India is in a good position to rebound in the forthcoming match.

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KL Rahul’s Spot in Test Team Under Fire Following Initial Loss

Following their defeat in the first Test match against New Zealand, India might need to reassess their team for the forthcoming Test. KL Rahul’s position in the team is now in doubt. The opening Test in Bengaluru concluded with a victory for India, having been dismissed for just 46, their lowest home score. The New Zealand batting line-up dictated the match, amassing a substantial lead of 356 runs. In the second innings, India’s batsmen faltered, losing seven wickets for just 54 runs, which included Rohit Sharma, Virat Kohli, Rishabh Pant, and rookie Sarfaraz Khan.

There is increasing scrutiny over KL Rahul’s position in the team before the Pune’s Maharashtra Cricket Association Stadium’s second Test. On the heels of his lacklustre performance in the first Test, allrounder Washington Sundar has been called up to the squad.

Ex-Indian bowler Venkatpathy Raju, on the other hand, recommends against squad alterations. He emphasized keeping KL Rahul on board due to his vast experience. In his discussion with TimesofIndia.com, Raju stated, “I am against tinkering with the playing XI. As the captain, I would persist with the same team. Experience is a vital commodity in the team. It would be unwise to sideline KL Rahul after a single Test.”

Inconsistent Performances by KL Rahul and Absence of a Fast-Bowling Allrounder

Concerning the validity of his place in the team, KL Rahul has only managed one fifty in his last five innings. Raju, however, maintains that KL Rahul should stay in the squad, citing the need to learn from previous games and concentrate on the two remaining Test matches.

Raju also pointed to the absence of a fast-bowling allrounder in the team. While India boasts experienced spin allrounders such as Ravichandran Ashwin and Ravindra Jadeja, a fast-bowling allrounder could add value. Raju voiced his surprise concerning Rohit Sharma’s choice of only two fast bowlers – Jasprit Bumrah and Mohammed Siraj – for the Bengaluru Test.

Raju furthered this perspective, stating “The role of a fast-bowling allrounder in the team is significant. We have spin allrounders like Ashwin, Jadeja, and Washington, but not a solo fast-bowling allrounder. It astonished me that India chose just two fast bowlers for the Bengaluru Test.”

Raju’s comments arrive at a critical junction for Indian cricket as they gear up for the second Test match against New Zealand. Whether the team will adapt to these perspectives and alter their line-up is a matter yet to be seen.

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