Alexander Mashinsky, the former CEO of the now-bankrupt cryptocurrency lender Celsius, has pleaded guilty to two counts of fraud, facing a potential maximum sentence of 30 years in prison. This development comes in the wake of multiple charges filed by the US Department of Justice (DOJ), which originally accused him of seven counts related to […]
Bitcoin (BTC) has seen a violent drop in South Korean exchanges amid the growing political crisis in the country. Following a recent announcement by the country’s President, the flagship crypto and other crypto assets saw a brief sell-off that plunged their prices by over 30%. Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight? South Korea Declares First Martial Law In 44 Years On Tuesday night, South Korean President Yoon Suk Yeol declared an “emergency martial law” for the first time in 44 years, causing panic among Koreans and kickstarting a massive sell-off of Bitcoin and other cryptocurrencies. The Korean JoongAng Daily explains that a declaration of martial law replaces civilian government with military rule and suspends civilian legal processes for military powers. Additionally, it allows measures like “restricting freedom of speech, publication, assembly and association, special changes to the authority of governments or courts, and a warrant system by the provisions of related laws.” Nonetheless, if the parliament requests the lifting of martial law, with the consent of a majority of its members, the president must do so. In a televised briefing, Yoon stated that the measure was taken to “eradicate pro-North Korean forces and protect the constitutional democratic order.” The President accused the country’s opposition of sympathizing with North Korea and anti-state activities. It’s worth noting that the opposition Democratic Party has a majority in the South Korean parliament, which has seemingly complicated Yoon’s efforts to push his agenda. In his statement, the Korean President didn’t announce specific measures but cited the opposition’s motion to impeach top prosecutors and reject the government’s budget proposal. Through this martial law, I will rebuild and protect the free Republic of Korea, which is falling into the depths of national ruin. I will eliminate anti-state forces as quickly as possible and normalize the country. Democratic Party leader Lee Jae-Myung announced they would attempt to nullify Yoon’s order but expressed concern that the military forces would act against the parliament members. Bitcoin And XRP See Negative Kimchi Premium Following the news, the price of Bitcoin saw a sharp correction against its South Korean Won (KRW) pair in local exchanges, dropping 27% on Upbit, Korea’s largest crypto platform. The flagship cryptocurrency fell from the 132 million KRW mark, worth around $92,000, to as low as 88.26 million KRW, around $62,000. However, it has since recovered from the nosedive, trading again above the pre-crash levels. At the same time, Bitcoin recorded a price drop on global exchanges, falling momentarily below the $94,000 support before jumping back to the $95,000-$96,000 range on platforms like Binance, ByBit, and OKX. Similarly, XRP saw its price retrace 60% from the 4,000 KRW mark to as low as 1,623 KRW, worth around $1.23. The cryptocurrency has recovered from the fall in the last hour, trading at 3,600 KRW, valued at $2.52. Related Reading: Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout According to Wu Blockchain, the reason behind the negative “Kimchi Premium” is that Korean exchanges do not allow institutional market makers. This, alongside the excessive traffic, “caused prices to be unable to synchronize in a short period of time.” Ultimately, the latest reports revealed that the Parliament passed the vote to nullify the martial law, ending it after three hours. As of this writing, Bitcoin is trading at 133.2 million KWR in Upbit. Featured Image from Unsplash.com, Chart from TradingView.com
The UK Court of Appeal has firmly rejected Craig Steven Wright’s (CSW) application to appeal his case asserting he is Satoshi Nakamoto, the creator of Bitcoin. The dismissal of Wright’s appeal effectively nullifies his claims, reinforcing the prevailing consensus that he is not the individual behind the pseudonym. In May this year, the UK High […]
In a step toward integrating crypto into the country’s financial framework, Brazilian federal deputy Eros Biondini introduced a bill to create a national Bitcoin reserve. Brazil’s Proposed Bitcoin Reserve Bill Filed on Monday, the legislation proposes the establishment of the Sovereign Strategic Bitcoin Reserve (RESBit), which is designed to diversify the financial assets of Brazil’s […]
The crypto market faced a significant setback today as the Bitcoin price dropped below the $93,000 threshold. After reaching an all-time high of $99,588 on Binance last Friday, the leading cryptocurrency has fallen over 6%, hitting a low of $92,326. In the past 24 hours alone, the Bitcoin price has decreased by 3.6%. Analysts attribute […]
On Monday, it was announced that asset manager WisdomTree has entered the race for a spot XRP ETF. The move comes at a pivotal time, marked by expected leadership changes at the US Securities and Exchange Commission (SEC) and the recent election of Donald Trump. XRP ETF Applications Surge WisdomTree joins a growing list of […]
Business intelligence firm MicroStrategy has significantly increased its Bitcoin (BTC) purchases this month in response to the bullish sentiment following President-elect Donald Trump’s victory on November 5. The company’s recent acquisitions have pushed its total Bitcoin holdings to approximately $38 billion. Convertible Notes Fuel Massive Bitcoin Purchase On November 25, co-founder Michael Saylor announced via social media that MicroStrategy had acquired 55,500 BTC between November 18 and November 24 for $5.4 billion. This purchase was funded by proceeds from a $3 billion convertible note issuance and sales of common shares, as detailed in a filing with the US Securities and Exchange Commission (SEC). Related Reading: XRP Price Builds a Base: Can Bulls Ignite a New Rally? Since beginning its Bitcoin acquisition strategy in 2020, Saylor has shifted from using corporate cash to a more complex funding model that involves selling convertible debt and shares. The latest convertible note was issued at a zero percent interest rate, reflecting lenders’ confidence that MicroStrategy’s stock will appreciate beyond the conversion price in the future. Jeffrey Park, a portfolio manager at Bitwise Asset Management, noted that Saylor has effectively leveraged financial arbitrage within the corporate treasury structure, allowing MicroStrategy to borrow funds at virtually no cost. Saylor also revealed that MicroStrategy’s treasury operations have yielded a substantial 59.3% in Bitcoin returns year-to-date, translating to a net gain of approximately 112,125 BTC for shareholders, or about 341 BTC per day. At a projected price of $100,000 per BTC, Saylor stated that this could mean an impressive $11.2 billion for the year, equating to roughly $34.1 million daily. Analyst Warns Of Risks In Leverage Strategy Since its foray into Bitcoin, MicroStrategy has acquired a total of 386,700 tokens, with an average purchase price significantly lower than its current market value. The latest acquisitions occurred while Bitcoin prices were nearing all-time highs, with the company purchasing the new tokens at approximately $97,862 each, slightly above their current trading price. Related Reading: Solana (SOL) Bulls Stay in Control: Rally Far From Over? However, this leveraged strategy has raised concerns among some analysts, particularly after MicroStrategy’s shares (MSTR) fell by 16% last Thursday. Critics warn that if Bitcoin’s price declines sharply, the company’s stock could suffer similarly, recalling the downturn in 2022 when the cryptocurrency market experienced significant losses. TD Cowen analyst Lance Vitanza remarked on the risks associated with leverage, stating, “When you apply leverage to anything, you amplify the returns both in the up direction and in the down direction.” He emphasized that MicroStrategy is a pioneer in applying this leverage strategy specifically to Bitcoin. At the time of writing, the market’s leading crypto is trading at $95,350, registering a price decrease of 1.7% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
The long-awaited resolution for nearly $16 billion in funds owed to users and customers of the defunct crypto exchange FTX is approaching, as the estate managing the recovery process has outlined the next steps and timeline for distribution. FTX Nears Completion Of Chapter 11 Plan In Thursday’s announcement, FTX confirmed that it is nearing the completion of the final prerequisites necessary for its Court-approved Chapter 11 Plan of Reorganization to take effect, marking a significant milestone toward initiating creditor and customer distributions. John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors, expressed optimism about the upcoming distributions, saying that they will begin distributing proceeds in “early 2025”. Ray emphasized that the timeline reflects the diligent efforts of the team working on behalf of FTX’s creditors and customers, who have reportedly recovered “billions of dollars to date.” He reassured stakeholders that the team is committed to maximizing recoveries and is actively working to finalize arrangements with distribution agents to expedite the return of funds. Related Reading: Bitcoin Price Almost Hits $98,000: Key Reasons Behind The Rally FTX provided updates on the anticipated timeline for these distributions. In early December, the estate expects to finalize agreements with specialized distribution agents tasked with facilitating the global distribution of recoveries to customers in supported jurisdictions. At that time, FTX will provide detailed instructions for affected customers on how to establish an approved account with these agents through the existing customer portal. What Customers Must Know By the end of December, FTX plans to announce the exact effective date for the distributions, contingent upon a Court Order that will approve the Disputed Claims Reserve Amount—a necessary step outlined in the Confirmation Order. The current expectation is for the Plan to be effective in early January 2025. Following this, the first distribution will be made to holders of allowed claims in the Plan’s Convenience Classes within 60 days. Importantly, the distribution record date will coincide with the effective date, meaning customers will need to be prepared to act swiftly. For customers to qualify for the initial distribution, they must establish an approved account with a distribution agent and complete Know Your Customer (KYC) verification, along with submitting the required tax forms before the distribution record date. Additionally, claims traders should be aware of specific provisions in the Plan regarding trades made within 45 days prior to the distribution record date. Claims traded during this period may not be reflected on the claims register by the end of business on the distribution record date, which could result in distributions being made to the original claim holders rather than the current traders. FTT Price Reacts To Distribution Announcement At the time of writing, FTX’s native token, FTT, is trading at $2.36, reflecting a substantial surge of nearly 10% within the past 24 hours. Over a longer time frame, the token has posted impressive gains, rising around 40% over the past fourteen days and 18% over the past thirty days, in line with the broader market rally following President-elect Donald Trump’s victory on 5 November. Related Reading: Whale Alert: $2 Million PEPE Purchase Sees 105 Billion Tokens Snapped Up Data from CoinGecko further indicates that FTT has experienced a significant rise in trading volume over the past 48 hours, which has surged by 38%, resulting in over $135 million traded during this period. However, it is important to note that FTT’s current price remains significantly below its all-time high of $84, reached during the bull market of September 2021, marking a decline of over 97% from its peak value. Featured image from DALL-E, chart from TradingView.com
In a significant win for the crypto market, US Securities and Exchange Commission (SEC) Chair Gary Gensler has announced he will step down from his position on January 20, 2025, coinciding with the presidential inauguration of President-elect Donald Trump. This news has been met with optimism among crypto advocates, who view Gensler’s departure as a […]
The Sui network has ceased block production for over two hours, leading to a sharp decline in the token’s price. Data from suivision and suiscan indicate that block generation stopped at 09:15 UTC today, and the network has yet to resume normal operations. This marks the first major outage for the project, a blockchain praised as “Solana killer.” SUI Price Crashes Following Network Outage Members of the community have suggested that issues with validators might be the cause of the disruption. Validators, critical for processing transactions and maintaining the blockchain’s integrity, appear to be experiencing problems. The official status page, status.sui.io, acknowledges the issue, stating that they are “continuing to investigate” and confirming that “validators are down.” Despite these updates, the development team has not released an official statement detailing the root cause or providing a timeline for resolution. Related Reading: SUI Price Stability At $3.5 Signals Room For More Growth, $4 Mark Imminent? Blockchain security firm PeckShieldAlert confirmed the disruption, noting that the “Sui blockchain network appears to be experiencing delays, with reports indicating that the latest block has produced over an hour ago.” #PeckShieldAlert #Sui blockchain network appears to be experiencing delays, with reports indicating that the latest block was produced over an hour ago pic.twitter.com/KHFpmMqKxB — PeckShieldAlert (@PeckShieldAlert) November 21, 2024 The incident has sparked discussions on social media, with several crypto community members drawing parallels between Sui’s current situation and Solana’s past network outages. Crypto analyst Quinten Francois commented, “SUI has been down for 55 min, with no blocks produced during this period. SOL 2.0?” Similarly, WantCoinNews expressed interest in how the Sui community and developers will handle the downtime, stating that their response could “either destroy or strengthen the trust in the chain.” They added a personal note, saying, “Let me just ignore this Solana type FUD and look for entries. Minimum $5.” Ben Armstrong, known as BitBoy, weighed in on the matter: “It is with great pause, I declare SUI officially the next SOL. How many times do I have to say it? Can’t wait to hear from the team on this one. Solana has taught us that it’s way better for a blockchain to be overwhelmed than not used.” Related Reading: Aptos Following SUI’s Lead? Analyst Says APT’s ‘Explosive Breakout’ Targets $20 Following the news of the outage, the token’s price dropped by 7%. Over the last 24 hours, the SUI price has fallen by nearly 10%, reflecting investor concerns over the network’s reliability. Despite this setback, SUI remains one of the few altcoins to have reached a new all-time high in the current market cycle. The price dip brings the token to a critical support level at the 1.618 Fibonacci extension of $3.24. If this support holds, SUI could be poised for another upward movement, potentially targeting the 2.618 Fibonacci extension level at $4.97. At press time, SUI traded at $3.39. Featured image from X, chart from TradingView.com
On Wednesday afternoon, Bitwise Investment, a prominent asset manager and exchange-traded fund (ETF) issuer, submitted an S-1 form application for a spot Solana ETF to the US Securities and Exchange Commission (SEC) in the state of Delaware. This move positions Bitwise in the race for regulatory approval to launch an index fund that invests in […]
On Monday, Bitcoinist reported that President-elect Donald Trump was scheduled to have a private meeting with Brian Armstrong, the CEO of US-based crypto exchange Coinbase, expected to influence the landscape of cryptocurrency regulation in the United States. Coinbase CEO Discusses Crypto Landscape With Trump Fortune confirmed on Tuesday that the discussion took place over a […]
On Tuesday, Matthew Sigel, the head of digital asset research at asset management firm and crypto exchange-traded fund (ETF) issuer VanEck, officially endorsed President-elect Donald Trump’s proposal for a national strategic Bitcoin reserve. Major Financial Players Align This endorsement comes as discussions about BCT’s role in US economic policy are intensifying, most notably with Dennis Porter, co-founder and CEO of the non-profit Satoshi Action Fund (SAF), reaffirming BlackRock’s support for the strategic Bitcoin reserve. Related Reading: Bitcoin Reaches New High Of $94,000: Blockstream CEO Anticipates $1 Million Ahead Porter emphasized that the Trump administration is actively working towards creating this reserve through an executive order, highlighting a significant alignment among major financial players and lawmakers regarding Bitcoin’s future. During a series of social media posts on X (formerly Twitter), Porter also outlined a series of steps he believes will facilitate the establishment of the strategic Bitcoin reserve, suggesting that the process will begin with Trump appointing a pro-Bitcoin Treasury Secretary. Key Steps For Establishing A US Strategic Bitcoin Reserve Porter asserts that Donald Trump would then sign an executive order to create the reserve, which would also involve halting the auction of Bitcoin currently held by the US Marshals Service. The next phase would see the Treasury absorb these Bitcoin assets and place them into the Exchange Stabilization Fund. Over time, the Treasury would continue to accumulate Bitcoin for the reserve. Porter also noted the importance of legislative support, stating that since executive orders can be easily reversed, it would be crucial for Congress to pass a formal bill establishing the strategic reserve, spearheaded by pro-crypto Senator Cynthia Lummis. Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed The potential for a US strategic Bitcoin reserve has generated substantial excitement in the market, contributing to Bitcoin’s recent surge to an all-time high of $94,000. This reflects growing confidence among investors and speculation that such government actions could lead to significant buying pressure and further institutional adoption. At the time of writing, BTC has fallen back to $93,380 after hitting its new all-time high, marking a 40% increase in just two weeks. Featured image from DALL-E, chart from TradingView.com
Bitcoin (BTC) has achieved a historic milestone, reaching $94,000 for the first time, fueled by a significant uptrend since November 5, the day President-elect Donald Trump secured his re-election. Trump’s promise to bring regulatory clarity to digital assets has ignited a strong rally, with BTC recording a 40% increase in just two weeks. ‘Prepare For Possible Seven-Figure BTC Prices’ This surge reflects increased buying pressure and correlates with growing inflows into Bitcoin exchange-traded funds (ETFs). Yet, speculation surrounding a potential US Bitcoin strategic reserve has further bolstered investor confidence. Related Reading: Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control? Blockstream CEO Adam Back, a long-time advocate for Bitcoin, has suggested that if the US were to establish a strategic Bitcoin reserve, investors should prepare for the possibility of seven-figure Bitcoin prices in this market cycle. Back stated: if the US Strategic Bitcoin Reserve happens prepare for 7 figure Bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in. Market expert Anthony Pompliano highlighted that discussions around this initiative are intensifying as pro-crypto Senator Cynthia Lummis has introduced legislation to put the reserve into action, while Trump has previously committed to utilizing the approximately 200,000 BTC already held by the US government. Bitcoin To $150,000 In 2025? Despite these proposals, Pompliano argues that they do not go far enough. He advocates for a more aggressive approach, suggesting that the US should print $250 billion on the first day of Trump’s presidency and invest the entire amount into Bitcoin. Pompliano outlines that the proposed $250 billion investment could purchase nearly 2.8 million BTC at the current price. However, recognizing that the US government’s purchases would likely influence market prices, he estimates the average purchase price could rise to $150,000 per coin, resulting in the acquisition of approximately 1.6 million BTC. Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed Combined with the 200,000 Bitcoin already held, this would position the US as the largest holder of Bitcoin globally, with a total of 1.8 million BTC. Pompliano asserts that this strategy, while seemingly costly, would represent a prudent financial move with the potential for significant long-term benefits. At the time of writing, BTC is trading at $93,770, up 5% on the weekly time frame. Featured image from DALL-E, chart from TradingView.com
With President-elect Donald Trump’s recent commitment to using Bitcoin as a strategic reserve asset for the United States, speculation regarding the timing and feasibility of this initiative has intensified within the crypto industry. This proposal, first articulated during the 2024 National Bitcoin Conference in Nashville earlier this year by Trump and pro-crypto Senator Cynthia Lummis, […]
Donald Trump’s media venture, the Trump Media and Technology Group (TMTG), is reportedly in advanced negotiations to acquire Bakkt, a crypto trading platform owned by the Intercontinental Exchange (ICE). Trump Sets Sights On Crypto Expansion According to sources familiar with the ongoing discussions, TMTG is considering an all-share purchase of Bakkt, although the exact valuation remains unclear. As of Monday, Bakkt’s market capitalization was just over $150 million. Related Reading: The Year Of Solana: 2024 Sees Global Crypto Love Surge Nearly 40% TMTG, which Trump has pledged to maintain a 53% stake in, has gained considerable attention in the stock market since the former president’s election victory on November 5. Despite reporting only $2.6 million in revenues this year, TMTG boasts an equity valuation of $6 billion, providing it with a robust currency for potential acquisitions. Following the announcement of the acquisition talks, Bakkt’s shares jumped 86%, reflecting investors’ optimism about the potential acquisition. TMTG’s share price also rose significantly by around 14%. TMTG Explores All-Share Purchase Of Bakkt Founded by ICE, Bakkt was initially designed to facilitate a range of crypto services, including a custody business aimed at holding the industry’s leading digital assets, Bitcoin (BTC) and Ethereum (ETH), for clients. However, this part of the crypto business has struggled, with reported operating losses of $27,000 against revenues of only $328,000 for the third quarter of the year. Consequently, it is expected that TMTG’s acquisition will not include Bakkt’s custody operations, which are likely to be phased out. Related Reading: MicroStrategy Makes Record $4.6 Billion Bitcoin Purchase, Largest Yet In terms of user engagement, Trump’s Truth Social remains relatively small, averaging around 646,000 daily visits compared to the 155 million daily visits on Elon Musk’s X platform. Still, the president-elect’s investment in TMTG is significant, accounting for more than half of his estimated $5.7 billion net worth, according to Bloomberg. Featured image from LA Times, chart from TradingView.com
President-elect Donald Trump is scheduled to meet with Brian Armstrong, the CEO of cryptocurrency exchange platform Coinbase, on Monday. According to the Wall Street Journal (WSJ), the meeting, which will be their first interaction since the presidential election on November 5th, is expected to focus on personnel appointments for Trump’s upcoming administration. Trump’s Vision For […]
Business intelligence firm MicroStrategy has ramped up its Bitcoin (BTC) investment following President-elect Donald Trump’s victory in the presidential election. This pivotal moment on November 5 has provided a catalyst for the broader crypto market, further encouraging investment in digital assets. Bitcoin Holdings To Over $29 Billion Led by Bitcoin advocate Michael Saylor, MicroStrategy disclosed on Monday that it has acquired approximately 51,780 Bitcoin for around $4.6 billion. This acquisition marks the largest purchase by the company since it began its Bitcoin buying strategy more than four years ago. According to a filing with the US Securities and Exchange Commission, the tokens were purchased between November 11 and November 17. With this latest acquisition, MicroStrategy’s total Bitcoin holdings now exceed $29 billion or 331,200 BTC. Related Reading: Dogecoin Breaking Out Of Falling Wedge Pattern – Analyst Reveals Target Saylor’s journey into Bitcoin began in 2020 as a strategy to hedge against inflation. Initially funded through cash reserves, the company has since pivoted to using proceeds from stock issuances and convertible debt sales to enhance its purchasing power in the cryptocurrency market. Michael Saylor has also reaffirmed his commitment to this strategy. He aims to raise $42 billion over the next three years to further strengthen the company’s BTC portfolio and transform Microstrategy into a leading crypto bank. BTC Yield Rises To 20.4% Amid Market Optimism Recent data from South Korea-based crypto analytics firm CryptoQuant highlights the impact of MicroStrategy’s latest purchase on its Bitcoin statistics: BTC Holdings: Increased from 279,420 BTC to 331,200 BTC MSTR Realized Price: Rose from $42,692 to $49,874 MSTR Market Value to Realized Value (MVRV): Adjusted from 2.12 to 1.80 Percentage of BTC Owned by MicroStrategy: Increased from 1.412% to 1.674% This latest transaction follows closely on the heels of another significant acquisition on November 11, during which Saylor noted that the company’s treasury operations had yielded an 7.3% in Bitcoin, translating to a net benefit of approximately 18,410 BTC for shareholders. However, with Monday’s announcement and the notable uptrend in the Bitcoin price over the past two weeks, Saylor revealed that these metrics have risen to a BTC yield of 20.4% and a net benefit to shareholders of 51,470 BTC. Related Reading: Bitcoin Miners Sold Over 3,000 BTC In The Past 48 Hours – Consolidation Phase Ahead? The correlation between MicroStrategy’s stock (MSTR) and Bitcoin’s price has also been particularly noteworthy in recent weeks. Following Bitcoin’s record high of $93,300 on November 13, MicroStrategy’s stock also reached an all-time high of $383. Yet, as the leading digital asset of the market retraced to around $90,650—a 9% increase over the past week—MSTR’s share price also declined to approximately $359 over the past weekend, underscoring the strong relationship between the cryptocurrency and the firm’s stock performance. Featured image from DALL-E, chart from TradingView.com
A lawsuit alleging that Elon Musk manipulated the price of Dogecoin is drawing to a close, as investors have decided to withdraw their appeal against a dismissal issued on August 29. This case centered on accusations that Musk, one of the world’s richest individuals, and his electric vehicle company, Tesla, engaged in fraud and insider […]
In a significant challenge to the US Securities and Exchange Commission (SEC) and its regulatory approach toward the crypto industry, 18 states have filed a lawsuit against the agency and its commissioners on Thursday. SEC Accused Of ‘Unfair Persecution’ Of The Crypto Sector FOX journalist Eleanor Terret reported that this legal action accuses the SEC […]
A potential shift in crypto regulation could be in the works as the US Securities and Exchange Commission (SEC) Chairman Gary Gensler hints at a possible resignation following President-elect Donald Trump’s recent victory on November 5. SEC Head Gensler Drops Resignation Clue In a recent statement to SEC staff, Gensler hinted at a possible resignation, which led to further discussions about his future as the agency’s head. His remarks, which carried a tone reminiscent of a farewell, expressed gratitude for the opportunity to serve alongside his colleagues, emphasizing the importance of their work in maintaining the integrity of US capital markets. Related Reading: Crypto Analyst Predicts Major Price Crash For Shiba Inu, But It’s Not All Bad News The SEC chairman, who has long been criticized for his approach to the crypto industry, also dedicated a portion of the letter to his mom and dad, concluding, “I’ve been proud to serve with my colleagues at the SEC who work day in and day out to protect American families on the highways of finance.” Despite the absence of any official confirmations from either the SEC or Gary Gensler regarding his future, the suggestive tone of his letter has sparked anticipation among crypto investors, hinting at the likelihood of his resignation. Policy Shift Towards Crypto-Friendly US Gensler’s leadership has been marked by numerous enforcement actions, lawsuits and Wells Notices against major players in the crypto space, including Binance, Coinbase and the most notorious case against Ripple Labs, while failing to provide a clear regulatory framework for digital assets. Related Reading: Buy Dogecoin Now Or Wait? Analyst Points To Key Technical Indicator The anticipation surrounding Gensler’s potential exit is compounded by Trump’s promises to create a more favorable environment for cryptocurrencies, positioning the US as the “crypto capital of the world.” Trump’s administration is expected to prioritize policies that support innovation and growth in the digital asset sector, contrasting sharply with Gensler’s regulatory stance. Featured image from DALL-E, chart from TradingView.com
As President-elect Donald Trump prepares to take office again in January, his proposal to create a national Bitcoin reserve is gaining momentum across the United States. Several states are now reportedly considering plans to establish their own cryptocurrency reserves, reflecting a broader movement to recognize Bitcoin as a legitimate store of value. Pennsylvania’s Bitcoin Strategic […]
Over the past few weeks, Dogecoin (DOGE) has exhibited a massive surge, significantly outperforming Bitcoin (BTC) and other major altcoins. The memecoin has soared by 170% in the last two weeks, an astounding 250% over the past five weeks, and 95% in just the last five days. This meteoric rise has positioned Dogecoin as one of the top-performing digital assets in the current market landscape. Why Is Dogecoin Outperforming Bitcoin? Michael P. Regan, the global team leader for cryptocurrencies at Bloomberg and a former senior markets editor, shed light on this phenomenon during an interview with Bloomberg Crypto. Addressing skepticism from traditional investors regarding Dogecoin’s fundamentals, Regan acknowledged the coin’s unexpected resilience. “Dogecoin, I think, has surprised everybody with its staying power,” Regan stated. “When you talk about the fundamental values, that gets kind of, you know, sort of a philosophical discussion when it comes to crypto. But one thing about Dogecoin that’s really interesting is it is actually very cheap to transact with, much cheaper than Bitcoin.” Related Reading: Dogecoin Price May Explode By 10,200% Based On Classic Chart Pattern: Expert Regan highlighted practical use cases that contribute to Dogecoin’s value proposition. “We’ve had stories—you do actually find people using it for remittances, you know, people sending money back home to Venezuela to their parents. It’s a lot cheaper to do that with Dogecoin than most other cryptocurrencies,” he explained. Additionally, he mentioned the growing acceptance of Dogecoin in everyday transactions: “There’s even people developing payments apps. You know, there’s a pizza place, Williamsburg Pizza in New York, that accepts Dogecoin.” Despite its origin as a joke, Regan believes there’s more to Dogecoin than meets the eye. “It started as a joke. You know, it still makes me laugh to think about it, but there is something there that’s a little bit sort of more serious than most people realize, I think,” he concluded. The Elon Musk Effect When asked about the influence of Elon Musk on Dogecoin’s recent rally, Regan didn’t mince words. “This rally we’ve seen, I think, is almost, you know, completely tied to Elon Musk,” he asserted. Musk, a well-known advocate for Dogecoin, has a history of impacting its price through his public statements and social media activity. Related Reading: Dogecoin Could Target $2.4 If Price Aligns With Macro Pattern – Details “Elon Musk has been a huge champion of Dogecoin lately. I think, you know, just for the memes—the guy likes funny memes on the Internet. Dogecoin is sort of the, you know, meme coin of choice on X and Twitter before that,” Regan remarked. He emphasized the speculative nature of the memecoin and Musk’s significant role within it. “It’s hard to know exactly, you know, if that’s as far as Musk’s appreciation for it goes. But regardless, you know, crypto is all about speculation. He likes it,” Regan said. Highlighting the impact of Musk’s involvement, Regan concluded, “It’s up almost 200% since the election,” referring to the hype which the establishment of the Department of Government Efficiency (DOGE) created. At press time, DOGE traded at $0.38698. Featured image created with DALL.E, chart from TradingView.com
Applications for new altcoin exchange-traded funds (ETFs) have surged in recent months. Now, on November 13, an Hedera HBAR ETF S-1 form was filed with the US Securities and Exchange Commission (SEC) by crypto asset manager Canary Capital. Hedera HBAR ETF On The Horizon According to the filing with the SEC, the Canary HBAR ETF […]
Decentralized ledger platform Hedera has posted a solid set of third quarter (Q3) results, in line with broader market trends as the digital asset landscape enters a potentially transformative fourth quarter, providing insights into the future of its native token, HBAR. Hedera Achieves Record Revenue In Q3 Despite Price Corrections Delving into the data, Hedera’s circulating market capitalization fell 21% quarter-over-quarter (QoQ) to $2.2 billion in Q3. This decline followed notable performances earlier in the year, dropping HBAR’s market rank from 30th to 46th among all cryptocurrencies. The circulating supply of HBAR also saw a slight increase of 5%, totaling 37.6 billion HBAR. The HBAR price dipped by 20%, decreasing from $0.08 to $0.06, reflecting market volatility and challenges the broader crypto sector faced during the period. Related Reading: Dogecoin Unleashes 157% Weekly Boom As Musk-Trump Buzz Builds Despite the price corrections, Hedera achieved substantial revenue milestones. Revenue generated from network transaction fees reached an all-time high of 27.0 million HBAR in Q3, marking an 85% increase from the previous quarter and surpassing the prior record set in Q4 2023. The dollar-denominated revenue also rose by 10% QoQ to $1.6 million, making the third quarter of 2024 the second-highest quarter for revenue in USD, just shy of its all-time high. Hedera’s Consensus Service was a significant contributor, with revenue increasing by 94% QoQ, accounting for 89% of the network’s total revenue. Total Value Locked In HBAR Rises 9% Staking activity also remained robust, with 22.3 billion HBAR staked, representing 59% of the circulating supply. This high staking percentage is attributed to entities like Hashgraph that actively participate in network consensus while forgoing staking rewards. However, both daily average new accounts and active accounts saw declines of 22% and 23%, respectively, indicating a potential slowdown in user acquisition. On the operational front, daily average contracts increased by 24%, driven by spikes throughout September. In the decentralized finance (DeFi) space, while total value locked (TVL) in USD dropped 18% QoQ, the TVL in HBAR rose 9%, suggesting that the decline in USD value was primarily due to HBAR’s price depreciation rather than capital outflows. As the network prepares for Q4, Messari forecasts an increase in circulating supply by approximately 287 million HBAR, primarily aimed at fostering ecosystem development and supporting open-source projects. HBAR Price Outlook HBAR, currently trading at $0.069, has shown relatively flat price action as it enters the fourth quarter, especially when compared to major digital assets like Bitcoin (BTC) and Ethereum (ETH). Over the past week, Bitcoin has gained 24%, while Ethereum has surged by 31%. In contrast, HBAR has seen a more modest increase of 17%. Despite this recent uptick, HBAR remains 90% below its all-time high of $0.5692 reached in September 2021. This stark contrast becomes more pronounced as Bitcoin achieves new all-time highs for four consecutive days and Ethereum approaches its peak. Related Reading: Ethereum Could Be Set To Explore New Highs As On-Chain Metrics Light Up Looking forward, HBAR faces three critical resistance levels that could hinder its upward momentum as the broader market appears ready to push higher. Having recently broken out of a consolidation phase between $0.047 and $0.062, HBAR’s first major resistance is at $0.078, a level that has acted as a barrier for the past four months. Should the Hedera token overcome this initial hurdle, it will then encounter additional resistance at $0.092 and $0.118, corresponding to the six-month and eight-month resistance levels, respectively. If HBAR can maintain its upward trajectory and break through these key resistance points, it may inch closer to its previous all-time highs, especially if the gains seen in key metrics in Q3 continue and translate into further price action. Featured image from DALL-E, chart from TradingView.com
The leading cryptocurrency on the market, Bitcoin (BTC), hit a new all-time high of $84,000 on Monday amid increased inflows into the digital asset market and expectations for further gains in the final months of the year. This surge comes in the wake of Donald Trump’s recent victory over Democrat candidate Kamala Harris in the US presidential election, with Bitcoin experiencing a 23% increase over the past week and a 5.5% rise in the last 24 hours. Optimism Grows For $100,000 Bitcoin Bloomberg reports that as Bitcoin hits a new record high, options traders are now targeting the $100,000 mark, speculating that it could be reached before the end of the year. Traders on options exchange Deribit are particularly active, with large bets being placed on Bitcoin reaching this milestone. A notable $100,000 call option set to expire on December 27 has garnered significant attention, with reports indicating that it has already increased in value by 30%. Related Reading: Bitcoin Soars Past $82,500 As MicroStrategy Makes Major 27,200 BTC Purchase Nick Forster, founder of Derive, a decentralized finance protocol for options trading, commented, “We’re witnessing some significant movements in the wake of the US election.” As of Monday morning in London, there was approximately 9,635 Bitcoin—valued at around $780 million—in open interest tied to bets on Bitcoin hitting $100,000 by the December expiration. According to Bloomberg, this represents the highest amount of capital riding on any single trade for that expiry date, with Deribit estimating an 18.6% probability of this trade paying off. Uptrend Linked To Anticipated Regulatory Changes Under Trump Le Shi, managing director at market-making firm Auros in Hong Kong, noted that the current uptrend in the broader market is due to a number of promises made by Trump during the election campaign. These include making Bitcoin a strategic reserve asset for the US, firing the chairman of the US Securities and Exchange Commission (SEC) on his first day in office and introducing a clearer regulatory framework to support the market’s growth. Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs Shi believes that the combination of favorable market conditions, growing institutional interest, and a supportive regulatory environment under Trump’s administration could create a conducive backdrop for further price appreciation. At the time of writing, BTC is trading at $84,122. Featured image from DALL-E, chart from TradingView.com
On Monday, business intelligence firm Microstrategy announced the purchase of additional Bitcoin (BTC) as the largest cryptocurrency on the market hit a new all-time high of $82,500, with increased inflows into various sectors of the ecosystem over the past week. MicroStrategy Now Holds Nearly $23 Billion In Bitcoin In a social media post by Bitcoin bull Michael Saylor, the company announced that it had acquired approximately 27,200 BTC for approximately $2.03 billion. This transaction is one of the largest BTC purchases to date by a corporate entity but in line with the company’s strategy to integrate crypto into its financial framework. According to a statement released Monday, these acquisitions took place between October 31 and November 10, using proceeds from recent stock sales. With this latest purchase, MicroStrategy now holds nearly $23 billion in Bitcoin, totaling approximately 279,420 BTC with an average purchase price of about $42,692 per Bitcoin. Related Reading: PEPE Upsurge Stalls At Key Resistance, Eyeing Support At $0.00001152 Michael Saylor also revealed that the company’s MSTR treasury operations since the beginning of November have resulted in a BTC yield of 7.3%, representing a net benefit to shareholders of nearly 18,410 Bitcoin. However, this strategy has also had a notable impact on Microstrategy’s stock MSTR, which jumped 11% on Monday as the announcement was made and is currently trading at approximately $299 per share, up from $270 the previous week. Post-Election Bull Run The current uptrend in Bitcoin’s price also coincides with a notable shift in investor sentiment following Donald Trump’s victory in the recent US presidential election against Vice President Kamala Harris. According to CoinShares, digital asset investment products experienced inflows of $1.98 billion following the election, marking the fifth consecutive week of positive inflows and bringing the year-to-date total to a record $31.3 billion. Along with the largest cryptocurrency on the market, the overall global assets under management (AuM) in cryptocurrencies have reached an all-time high of $116 billion. The inflows were predominantly driven by US investors, who contributed $1.95 billion, while European markets also saw smaller inflows, particularly in Switzerland and Germany. Bitcoin alone attracted $1.8 billion of these inflows, reflecting a broader trend that has emerged since the US Federal Reserve (Fed) cut interest rates in September. Related Reading: Dogecoin (DOGE) Soars 50% In a Flash: Is More Upside Ahead? Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted that the bullish momentum in the crypto market is fueled by a sense of “euphoria” following Trump’s election. Streeter commented that his pledge to ‘go all in on crypto’ has sent BTC to “new, heady heights,” and ultimately believes that Trump’s shift towards supporting the cryptocurrency industry has created a more favorable regulatory environment, boosting investor confidence. In further support of this sentiment, Citi strategists highlighted that cryptocurrencies remain one of the few Trump-related trades that have not retraced. They noted that his administration’s expected crypto-friendly policies could lead to greater regulatory clarity in the US, further encouraging investment. Overall, as Bitcoin continues its uptrend, some predict that BTC could reach the $100,000 milestone by the end of the year, driven by a combination of favorable market conditions and growing institutional adoption. At the time of writing, the market’s leading crypto is trading at $82,479, up 20% in the past week alone. Featured image from DALL-E, chart from TradingView.com
Bitcoin (BTC), the leading cryptocurrency by market capitalization, surged to a new all-time high of $76,800 buoyed by the recent US presidential election which saw Donald Trump secure another term in the White House and a more favorable monetary policy from the US Federal Reserve (Fed). Fed’s Second Consecutive Rate Cut On Thursday, the Federal Reserve announced its decision to cut its benchmark overnight lending rate by 25 basis points to a target range of 4.50%-4.75%, adding to the bullish sentiment surrounding crypto prices. This marks the second consecutive rate cut, following a half-percentage point reduction in September. The unanimous vote at this meeting, which included participation from Governor Michelle Bowman, reflects a shift in the Fed’s approach to balancing inflation control with labor market support. Related Reading: CNBC Projects Bitcoin Could Hit $100,000 Before Presidential Inauguration – Details In its post-meeting statement, the Federal Open Market Committee (FOMC) noted a revised assessment of economic risks, indicating that the outlook for achieving employment and inflation goals is now seen as balanced, a departure from the previous month’s more optimistic stance. Crypto analyst Doctor Profit commented on the recent surge in both stock and crypto markets, suggesting that the price increases were in anticipation of the Fed’s rate cut. He predicts that continued rate cuts in the coming quarters could further drive up prices for both stocks and cryptocurrencies. Positive Trends For Bitcoin And Ethereum Post-Election In an exclusive interview with NewsBTC, Nansen’s Principal Research Analyst, Aurelie Barthere, highlighted that Bitcoin rise above its previous all-time high, coupled with high trading volumes, signals a strong positive momentum in the market. The analyst noted a period of “de-risking” in the run-up to the election, likely influenced by unfavorable polls for Trump, but observed a subsequent rush to “re-risk” as confidence returned following the election result, further evidenced by the rise in prices. Related Reading: Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target Barthere also pointed out that the Republican victory in the House of Representatives could further amplify this rally. However, she cautioned that profit-taking may occur in the coming weeks as new policies are tested, particularly regarding the potential political pressure on the US SEC chair to step down. The analyst pointed out that Ethereum is also gaining traction as expectations rise for a resurgence in decentralized finance (DeFi). Barthere noted an interesting uptick in the ETH/BTC price ratio, accompanied by significant net inflows into Ethereum exchange-traded funds (ETFs), totaling $52 million on the day of the election results. The analyst suggests that these continued inflows into the recently approved ETF market are seen as indicative of broader retail interest in the second largest cryptocurrency, which she ultimately believes has yet to see significant adoption. At the time of writing, Bitcoin was trading at $76,629, up nearly 10% in the seven-day time frame. Similarly, ETH has also seen significant gains, rising 14% in the same period to reach a current price of $2,885. Featured image from DALL-E, chart from TradingView.com
Changpeng Zhao (CZ), the billionaire founder of Binance, made his return to the public eye at the Coca-Cola Arena in Dubai, after his recent release from Federal Correctional Institution Lompoc II, where he served four months for failing to implement adequate anti-money laundering (AML) measures at Binance. Strong Emotional Ties To Binance’s Future Amid cheers […]
As Donald Trump secured his return to the presidency for the 2025-2029 term, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, expressed a bullish outlook for the cryptocurrency market, proclaiming it has entered a “golden age.” In a recent video shared on social media platform X (formerly Twitter), Hougan highlighted the implications of Trump’s […]