Cryptocurrencies To Watch

Author: Abigail Michelle

  • Data: Investors Are Pumping Nearly $3B Into Bitcoin Daily

    Data: Investors Are Pumping Nearly $3B Into Bitcoin Daily

    In a staggering display of investor interest, the Bitcoin network has witnessed an unprecedented surge in daily inflows, with over $3 billion entering the network daily for the past 30 days, according to a recent tweet by prominent cryptocurrency analyst Willy Woo.

    The crypto market also witnessed a tenth consecutive week of inflows into investment products, with a substantial $3.2 billion of new investments recorded during December 9-13, as revealed in CoinShares’ latest report.

    A combination of influential factors has contributed to the remarkable inflows into the crypto market. The heightened market volatility and liquidity have created an attractive environment for traders.

    Over the past 30 days, Bitcoin’s price has experienced a notable surge, successfully breaking through critical resistance levels and achieving new all-time highs (ATH). This development has predictably sparked a flurry of trading activity as market participants seek to leverage the price movements and market adjustments to their advantage, resulting in the massive capital inflow into the Bitcoin network.

    The increasing involvement of institutional investors in the Bitcoin market is also a primary catalyst for the remarkable inflows. As numerous prominent investors and hedge funds jump on the bandwagon, the Bitcoin network is witnessing a significant surge in investment, further solidifying its position as a leading asset class.

    Institutions are Doubling Down on Bitcoin

    Fidelity Investments, a prominent global asset management firm, took advantage of the market downturn last week, adding a substantial $196 million in Bitcoin to its portfolio, which now stands at 199,237 BTC, with a valuation exceeding $19.3 billion at the time of the report.

    In a similar move, another asset management giant, BlackRock, which has over $11.5 trillion in assets under management (AUM), recently invested significantly in Bitcoin, acquiring 4295 BTC worth $429.5 million.

    Meanwhile, Bitcoin mining firms are also actively expanding their holdings. Notably, North American Bitcoin mining firm Riot Blockchain added significantly to its Bitcoin reserves, acquiring 5,117 BTC on Friday.

    The firm’s latest purchase increased its total Bitcoin holdings to 16,728 BTC, which has a total value exceeding $1.67 billion.

    No End in Sight

    The trend of institutional influx into Bitcoin is showing no signs of slowing. It is likely to gain momentum as governments continue introducing regulatory reforms that foster a more favorable environment for the industry.

    For instance, in September, the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) unveiled the QFC Digital Assets Framework, a comprehensive set of regulations to facilitate institutional investors’ adoption of cryptocurrencies.

  • Donald Trump’s Son Eric Predicts Bitcoin Price Surge to $1 Million

    Donald Trump’s Son Eric Predicts Bitcoin Price Surge to $1 Million

    Eric Trump, son of the United States President-elect, Donald Trump, and the executive vice president of the Trump Organization, made a bold prediction about the future of Bitcoin at the Bitcoin MENA conference.

    Eric Trump is confident that the cryptocurrency will surge to $1 million.

    “I can tell you, a lot of eyes were opened when Bitcoin hit $100,000. I can tell you a whole lot more are going to be opened when Bitcoin hits $1 Million. I’m confident it’s gonna hit $1 Million. I think we’re all confident in this room that it’s going to hit a million,” he said.

    The Bitcoin MENA conference is a top-tier cryptocurrency event that took place at the ADNEC Centre in Abu Dhabi, UAE, from December 9 to 10, 2024. Eric Trump was the keynote speaker, and over 6,000 attendees attended.

    The event, aimed to discuss Bitcoin’s future and its impact on the Middle East and North Africa region, also featured other notable speakers, including billionaire Steve Witkoff and Binance founder Changpeng Zhao.

    Eric Trump’s Crypto Outlook

    Eric Trump’s keynote speech at the Bitcoin MENA conference was packed with insightful comments about Bitcoin’s potential. Beyond predicting that Bitcoin’s value will soar to $1 million, he also highlighted the cryptocurrency’s significance in transforming the future of finance.

    Trump described Bitcoin as a “fundamental paradigm” in the global economic landscape and a revolutionary asset with the potential to surpass anything the world has seen before.

    He also emphasized Bitcoin’s unique status, saying it’s “not just another asset” but a truly global one, “It’s a store of value. It’s a hedge against inflation. It’s a hedge against political turmoil, political instability, acts of God, hurricanes, fires, floods, tornadoes, guys. That’s what makes it so powerful.”

    Additionally, Trump discussed Donald Trump’s growing support for cryptocurrency, highlighting his father’s evolving stance on digital assets. Eric Trump expressed confidence in his father’s ability to position America as a global leader in cryptocurrency, describing Donald Trump as a potential “crypto president.”

    Experts Predict BTC at $1 Million and Beyond

    Eric Trump is among a growing group of crypto enthusiasts who believe Bitcoin’s value will skyrocket to $1 million and beyond.

    In a recent article, MicroStrategy CEO Michael Saylor predicted that if Bitcoin reaches $1.7 million per coin, it could cause potential ripple effects on major stocks like Microsoft, which he believes could see its share price soar to $584 in the next decade.

    Saylor also predicted that Bitcoin’s value could skyrocket to a staggering $13 million per coin within the coming 21 years.

    While some might see Eric Trump’s prediction of $1 million in BTC as overly optimistic, the cryptocurrency market’s growth and adoption are undeniable. It will be interesting to see if his prediction becomes a reality.

  • PEPE Token Trader Turns $3,000 into $73M in Almost Two Years

    PEPE Token Trader Turns $3,000 into $73M in Almost Two Years

    The crypto market’s volatility has demonstrated its potential to generate life-changing wealth quickly.

    According to recent data from Lookonchain, a blockchain analytics platform, a crypto trader has turned a $3,000 investment into a staggering $73 million profit, boasting an incredible 24,656x return in a year and 8 months.

    Over $72 Million Profit in Less Than 24 Months

    The trader’s winning strategy involved buying 4.91 trillion PEPE tokens on April 15, 2023. As the market surged, the trader made a partial exit, selling a portion of their PEPE holdings, cashing out 3.03 trillion PEPE tokens for a whopping $27.5 million.

    But the trader didn’t stop there. Before the market plummeted, PEPE tokens broke through a new all-time high (ATH) of $0.000028. Seizing the opportunity, the investor sold an additional 100 billion PEPE tokens, worth $2.8 million, boosting their profit margins even higher.

    The trader’s wallet currently holds 1.88 trillion PEPE tokens, valued at $45.66 million. Combined with their previous sell-offs, the investor’s total profit is an astonishing $73 million.

    PEPE Traders Hit Jackpot

    Launched in April 2023, the PEPE token is a meme coin that has gained significant attention and popularity within the crypto community, particularly on social media platforms, due to its strong and active community of supporters.

    The rapid fluctuations in the token’s value and trading volume have made it popular among traders and investors looking for potential opportunities. On numerous occasions, the PEPE token has delivered impressive returns for traders who have accurately predicted market trends and executed their trades at the optimal moment.

    In May, a crypto trader, known as ‘smart money,’ made a notable purchase of 142.96 billion PEPE tokens for $1.26 million at a unit price of $0.000008831.

    The trader’s strategic approach yielded impressive results in six months, with six out of seven PEPE trades proving profitable, a remarkable win rate of 85.7%, and total profits of $915,000 at the time of the incident.

    Another PEPE trader also made a staggering $46 million profit, a 15,718x return on investment, after purchasing 4.9 trillion PEPE tokens with an initial $3,000 investment on April 15, 2023.

  • BlackRock’s IBIT Holdings Surpasses $50B Amid BTC Surge

    BlackRock’s IBIT Holdings Surpasses $50B Amid BTC Surge

    Setting a new benchmark, BlackRock’s iShares Bitcoin Trust (IBIT) has shattered records by surpassing $50 billion in assets under management (AUM) in the shortest time ever.

    IBIT, launched earlier this year, has demonstrated unprecedented growth, reaching the $50 billion AUM mark in a staggering 228 days.

    According to a tweet by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, the new record surpasses the previous record held by BlackRock’s iShares Core MSCI EAFE ETF (IEFA), which took about 1,329 days to reach the same landmark.

    BlackRock’s Spot Bitcoin ETF Makes Waves

    Following the landmark launch of up to 11 Bitcoin ETFs in January 2024, BlackRock’s ETF has exhibited exceptional growth, outpacing its competitors and establishing itself as a clear leader in the Bitcoin ETF market.

    A few months after launching, IBIT outperformed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin ETF. The record was achieved after BlackRock’s ETF reported about $102.5 million in inflows, while GBTC experienced a $105 million outflow.

    On Tuesday, BlackRock’s ETF reached a significant milestone, surpassing 500,000 BTC in AUM. According to Vetle Lunde, K33’s Head of Research, BlackRock’s milestone represented a significant accomplishment, building on the fund’s outstanding launch year.

    Furthermore, the fund’s strong year-to-date inflows have secured its position as one of the top three ETFs in the US, surpassing Invesco’s substantial $314 billion fund.

    The Crypto Rally Continues

    In another historic milestone, Bitcoin breached the $100,000 barrier earlier today, marking a significant achievement for the cryptocurrency.

    According to CoinMarketCap data, although it experienced a slight correction after narrowly missing the $104,000 mark, Bitcoin has stabilized above $102,000.

    The recent surge in Bitcoin’s value and the new record achieved by IBIT can be mainly attributed to US President-elect Donald Trump’s nomination of Paul Atkins, a former SEC commissioner and well-known crypto supporter, to head the US Securities and Exchange Commission (SEC).

    The SEC chair’s new appointment is seen as a significant shift in the regulatory landscape. Atkins is expected to replace Gary Gensler, who has been vocal about his anti-crypto stance.

    The nomination of Paul Atkins, who has spoken out against the agency’s enforcement actions against the industry, has sparked a predominantly optimistic reaction within the crypto sector. Concerns are vastly outweighed by hopes for a more favorable regulatory environment.

  • Donald Trump Picks Crypto-Friendly Paul Atkins to Lead the SEC

    Donald Trump Picks Crypto-Friendly Paul Atkins to Lead the SEC

    President Donald Trump has officially nominated Paul Atkins, a former SEC commissioner and vocal advocate for the crypto industry, as the new Chairman of the Securities and Exchange Commission (SEC).

    The US President shared the news via a post on Truth Social, a social media platform he launched in 2022 through his company, Trump Media & Technology Group (TMTG).

    “I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission. Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

    Why Atkins?

     In his post, Trump expressed his confidence in Paul Atkins as his pick for SEC Chair, citing his extensive experience in financial regulation.

    The US President claimed Atkins’ background as CEO of Patomak Global Partners and Co-Chairman of the Digital Chamber’s Token Alliance demonstrates his expertise in digital assets. His tenure as a former SEC Commissioner from 2002 to 2008 also showcases his commitment to transparency and investor protection.

    Trump Delivers on Crypto Promise

    Trump has fulfilled one of his key crypto campaign promises by nominating Paul Atkins, a pro-crypto former SEC commissioner, to lead the SEC. During his campaign, the pro-crypto President made about ten promises to the crypto industry to foster its growth.

    One promise was to fire anti-crypto Gary Gensler and replace him with a more crypto-friendly leader, and it seems he’s making good on that promise. Last month, Gensler announced his plans to step down as SEC chair in January 2025, paving the way for Trump’s nominee, Paul Atkins, to take the reins.

    Between 2021 and 2023, during Gensler’s tenure as SEC Chair, the agency launched 100 lawsuits against major industry firms, including Binance, Ripple, Kraken, and Coinbase. Meanwhile, with Atkins at the helm, the crypto industry is poised for a more favorable regulatory environment, given his track record of support for the space.

    The news of Atkins’ appointment caused a stir in the space. While some may have concerns about his approach to financial regulation, the majority of the crypto community, including Jake Chervinsky, Chief Legal Officer at Variant Fund, is optimistic about the latest development.

    Meanwhile, the crypto market has reacted positively to the news, with Bitcoin surpassing the $100,000 mark and other cryptocurrencies like XRP and Reserve Rights (RSR) experiencing significant gains.

  • Pantera Capital Raises $20 Million to Invest in TON Blockchain

    Pantera Capital Raises $20 Million to Invest in TON Blockchain

    Pantera Capital, a leading hedge fund and venture capital firm focused on blockchain and cryptocurrency, has raised $20 million to invest in the layer-1 TON Blockchain and its native cryptocurrency, Toncoin.

    According to documents filed with the United States Securities Exchange Commission (SEC) on Monday, Pantera Capital successfully raised funds from at least 29 investors through two separate investment vehicles.

    The two funds officially launched in July, following a June outreach effort to potential investors. Investors were required to commit a minimum of $250,000 to participate.

    It’s worth noting that Pantera Capital’s current investment in the TON blockchain represents a deliberate extension of its existing involvement with the Telegram-linked blockchain.

    Notably, the venture capital firm has a pre-existing relationship with the blockchain, having previously demonstrated its confidence in TON blockchain’s potential for growth and innovation.

    $20M Investment in TON

    In May, Pantera Capital made a substantial investment in the TON blockchain. Although the venture capital firm opted not to publicly disclose the exact amount of the investment, it notably referred to it as the largest investment it has ever made throughout its 21-year history.

    Significantly, Pantera Capital’s latest $20 million investment, which involved creating two new funds dedicated to investing in Toncoin, serves as a strategic expansion of its previous massive investment in the platform in May.

    TON Blockchain Grows

    Pantera Capital is not the only prominent firm to have established a strategic partnership with TON Blockchain.

    In a significant development, the Telegram-linked blockchain platform entered into a landmark collaboration with Animoca Brands’ Mocaverse, a popular Web3 gaming and metaverse company, and the MOCA Foundation.

    The partnership, forged in July, was aimed to seamlessly integrate the capabilities of the three platforms, boost interoperability, broaden the consumer network, and potentially revolutionize the blockchain industry as a whole.

    The collaboration was believed to have played a significant role in the surge in trading activity on the TON blockchain at that time. Specifically, the platform’s trading volume experienced a remarkable 170.12% increase within 24 hours, reaching a staggering $218.92 million.

    In a recent development, cryptocurrency exchange Gate.io revealed a substantial $10 million investment in the TON blockchain, which is aimed at bolstering Telegram-based projects.

  • Japanese Crypto Exchange DMM Bitcoin Shuts Down After $321M Hack

    Japanese Crypto Exchange DMM Bitcoin Shuts Down After $321M Hack

    Japanese cryptocurrency exchange DMM Bitcoin has announced its plan to shut down operations some months after it suffered a devastating hack that resulted in the theft of approximately $321 million worth of digital assets.

    SBI VC Trade to Take Over

    Following the shutdown of the Japanese crypto exchange, SBI VC Trade, a cryptocurrency-focused division under the SBI Group, has issued a formal statement confirming its plans to procure the exchange’s assets.

    An English translation of the Monday statement read:

    “SBI VC Trade Co., Ltd., a consolidated subsidiary of SBI Holdings, Inc., which operates a cryptocurrency exchange business, is pleased to announce that the two companies have reached a basic agreement to accept the transfer of all accounts and assets held by DMM Bitcoin Co., Ltd., for the cryptocurrency trading service provided by DMM Bitcoin.”

    As part of the agreement between the two companies, DMM Bitcoin customers’ assets, including their Japanese yen and cryptocurrencies, will be transferred to SBI VC Trade by March 2025.

    The announcement further noted that SBI will be expanding its cryptocurrency trading options by adding 14 new spot trading items and that both companies will maintain open communication with their customers regarding the transfer details and timeline.

    DMM Bitcoin Suffers $305M Hack

     DMM Bitcoin’s decision to shut down is hardly unexpected, as the company struggled to recover from a major cyber attack that occurred some months back. The severity of the attack was notable, ranking it among the largest and most impactful crypto exchange hacks of the year.

    In May, DMM Bitcoin suffered a massive hack that resulted in the theft of approximately 4,502.9 BTC, worth around $305 million at the time. The hack happened when a private key linked to a wallet containing the bitcoins was compromised.

    A month after the attack, the exchange obtained a 5 billion yen loan to support its recovery, with plans to raise an additional 50 billion yen through its corporate network and subordinated loans, ultimately aiming to raise $320 million to reimburse affected customers. However, all attempts to recover the lost funds failed.

    Investigators suggested that the Lazarus Group, a notorious North Korean-backed cybercrime organization, was behind the DMM hack, with evidence indicating that the group laundered some of the stolen funds via the Huione Guarantee marketplace.

  • Binance’s CZ Turns Down CEO Role, Open to Pardon

    Binance’s CZ Turns Down CEO Role, Open to Pardon

    In a stunning tweet, Changpeng Zhao (CZ), the influential founder of Binance and former CEO of the leading cryptocurrency exchange, voiced his unanticipated reluctance to reclaim his position as CEO despite a recent suggestion that he be pardoned and cleared to lead the company once again.

    “No wish to be CEO again. But definitely wouldn’t mind a pardon,” the tweet read.

    CZ Welcomes Potential Pardon

    CZ’s shocking tweet came as a reply to an earlier tweet made by John Lilic, a member of The Telos Foundation, a few days ago.

    Lilic proposed that newly elected United States President Donald Trump consider pardoning CZ and allowing him to return to his position as CEO of Binance. His influence will help the crypto industry grow and reach its full potential. Additionally, it’s implied that the legal system has unfairly targeted CZ.

    However, in response to the suggestion, CZ stated that he would not mind being pardoned while he was unwilling to return to the CEO role.

    Binance Bans CZ from Future CEO Role

    Binance’s board of directors permanently banned CZ from managing the platform in September as part of its agreement with US authorities.

    Although CZ stepped down from his position as the exchange’s CEO, his status as Binance’s largest shareholder still affords him significant sway over the company’s operations and direction. He retains significant authority to propose changes to the management team, appoint new board members, and steer the company’s overall strategy.

    After stepping down from Binance, CZ announced that he would invest in emerging industries like blockchain, AI, and biotechnology as his next career chapter.

    The news of CZ’s ban as Binance CEO came from his issue with the authorities. Earlier this year, Changpeng Zhao (CZ) pleaded guilty and was sentenced to four months in prison for violating US money laundering laws.

    US authorities claim that Binance’s deficient anti-money laundering program exposed the financial system to risk by allowing illegal transactions. CZ settled with the US government in November, which included his resignation as Binance CEO and a substantial fine of $4.3 billion.

    After completing his term, CZ was finally released two days ahead of schedule due to a policy allowing early release over weekends.

  • USDX MONEY Announces $45M Funding Round to Boost Its Stablecoin

    USDX MONEY Announces $45M Funding Round to Boost Its Stablecoin

    In a recent tweet, USDX MONEY, a decentralized synthetic USD stablecoin issuer, announced that it secured $45 million in funding from significant backers to boost its stablecoin. The $45 million fund brought the company’s value to $275 million.

    Investors who provided the funding included venture capital firms NGC, BAI Capital, Generative Ventures, and UOB Venture Management, among others.

    Some of these investors also gave USDX MONEY special tickets, called warrants, that allow them to buy more company shares in the future. Existing investors in the stablecoin issuer, Dragonfly Capital and Jeneration Capital, also participated in this funding round.

    According to the tweet, the new funding will help USDX MONEY accelerate its goal of building a new and improved system for digital currency, called stablecoin infrastructure. This system will help connect different types of financial systems, including decentralized finance (DeFi), centralized finance (CeFi), and traditional finance (TradFi), making it easier for people to use digital currency.

    Stablecoin Adoption Continues

    Despite regulatory uncertainty, stablecoins have gained significant traction. The market cap of stablecoins has grown substantially, with Tether and Circle’s USDC being the most prominent players.

    In June, Tether, the platform behind USDT, the world’s largest stablecoin, partnered with a blockchain-focused financial institution, XREX, investing $18 million to drive stablecoin adoption and crypto innovation.

    Circle, the issuer of another popular USD Coin (USDC) stablecoin, revealed its plans to launch on the layer-1 blockchain Sui network. According to the platform’s CEO, Jeremy Allaire, its partnership with the Sui network will expand USDC’s availability to over 15 blockchain platforms and networks.

    Such partnerships and funding help to foster the growth of the stablecoin market. A notable example is the statistics of Bitcoin-backed overcollateralized stablecoin, USDa.

    Two weeks after its launch, USDa surpassed a staggering $400 million supply, demonstrating an impressive adoption rate. Furthermore, the stablecoin reached a notable milestone, exceeding $700 million in total value locked (TVL) within two weeks following its launch.

    Stablecoin Market Maturity in Asia Gains Momentum

    Asia’s influence in the stablecoin market continues to grow, with Japan’s top banks launching a joint stablecoin platform for international settlements to streamline cross-border transactions.

    The banks included Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Financial Group.

    The Hong Kong Securities and Futures Commission (SFC) recently announced its intention to create a regulatory framework to regulate stablecoins.

  • Hong Kong’s Boyaa Interactive Swaps 14,200 ETH for 515 BTC

    Hong Kong’s Boyaa Interactive Swaps 14,200 ETH for 515 BTC

    Boyaa Interactive, a Hong Kong-based firm that has drawn comparisons to MicroStrategy, has made a notable move in the market. The company has converted 14,200 ETH into approximately 515 BTC, with a total market value of around $49.48 million.

    Although the company did not officially disclose the reason behind its decision to swap its ETH holdings for BTC, Boyaa Interactive’s move may also be seen as a response to the growing competition in the crypto market.

    Bitcoin’s price has surged significantly in recent weeks, mostly driven by pro-bitcoin Donald Trump’s win in the US presidential election and increased institutional investment. Ethereum, on the other hand, has been experiencing a more muted price movement.

    As more institutional investors enter the market, companies like Boyaa Interactive may feel pressure to diversify their portfolios and stay ahead of the competition.

    Hong Kong’s MicroStrategy?

    A recent tweet revealed that Boyaa Interactive holds about 3,183 bitcoins, bought at an average cost of about $57,724.

    However, with MicroStrategy’s latest purchase of 55,500 BTC, the American business intelligence firm now holds about 386,700 BTC, which it acquired for $21.9 billion at an average price of $56,761 per Bitcoin.

    The substantial difference between Boyaa Interactive’s and MicroStrategy’s total Bitcoin holdings indicates that Boyaa’s nickname as the ‘MicroStrategy of Hong Kong’ is not a direct result of similarities in their Bitcoin reserves but rather a reflection of other shared characteristics or strategies.

    A likely reason for the ‘MicroStrategy of Hong Kong’ nickname is Boyaa Interactive’s similar enthusiasm for cryptocurrency investment. As evidenced by its recent years of active buying of Bitcoin and Ethereum, Boyaa Interactive mimics MicroStrategy’s frequent forays into the Bitcoin market.

    A further reason for the comparison could be the Hong Kong company’s strategic decision to double down on Bitcoin, much like MicroStrategy, as seen in its recent transaction converting a substantial amount of its Ethereum investment to Bitcoin.