Cryptocurrencies To Watch

Author: Sincerity Jahswill

  • It’s Never Late to Buy Bitcoin, Says Robert Kiyosaki As Market Bleeds

    It’s Never Late to Buy Bitcoin, Says Robert Kiyosaki As Market Bleeds

    Despite the recent downturn in the crypto market, businessman and author Robert Kiyosaki has reaffirmed his optimistic outlook on Bitcoin. In a recent tweet, Kiyosaki said it’s never “too late to buy Bitcoin.” He further expressed his confidence in the digital asset’s long-term potential.

    Kiyosaki Expresses Bitcoin Optimism

    Kiyosaki’s comment comes as the crypto market is experiencing significant volatility. Many investors are selling off their holdings in response to economic uncertainty. However, Kiyosaki remains undeterred, advising his followers to leverage the current market dip by investing in Bitcoin.

    The famous author of “Rich Dad Poor Dad” has long advocated investing in assets not tied to traditional fiat currencies. He has consistently cited the benefits of investing in gold, silver, and Bitcoin, citing their potential to hedge against inflation and economic uncertainty.

    Other market metrics support Kiyosaki’s perspective. According to Santiment’s analysis, now may be a strategic time to invest in Bitcoin. The 30-day Market Value to Realized Value (MVRV) ratio has dropped to its lowest level since October 10, indicating a market correction.

    With the average returns for actively trading wallets declining, many traders are experiencing losses, which could signal a buying opportunity for investors. However, While this analysis suggests a potential buying zone, it does not confirm that Bitcoin has reached a local bottom, making it a good time for investors to utilize a dollar-cost averaging (DCA) strategy.

    Why Crypto Market Is Bleeding

    According to CryptoQuant data, the combination of bearish sentiment among United States traders, low buying pressure, and a lack of inflows into crypto has created a storm driving the market’s bleed since the Federal Reserve’s recent 25 basis-point rate cut.

    Some experts believe the rate cut’s limited scope may indicate the Fed’s caution about the economy’s health. The announcement of potential inflation next year further reinforces this notion, suggesting that the Fed is not yet confident enough to implement a more aggressive monetary policy.

    The upcoming holiday season is another contributing factor to the ongoing decline in the crypto market. Historically, December has consistently seen significant decreases in the market, as traders and investors tend to take profits and liquidate their positions to fund their holiday expenses.

    Meanwhile, as investors sell off their holdings, the market will likely remain bearish until the new year, when trading activity is expected to increase.

  • Craig Wright to Serve a Year in Prison for Claiming to be Satoshi

    Craig Wright to Serve a Year in Prison for Claiming to be Satoshi

    The Australian computer scientist Craig Wright, who falsely claimed to be the founder of Bitcoin, has been sentenced to 12 months in prison and suspended for two years. The verdict served by a British Judge was mainly for contempt of court after breaching a High Court order.

    The one-year suspended sentence serves as a warning, allowing Wright to rehabilitate and avoid imprisonment if he complies with the conditions.

    Wright Bags One-Year Prison Sentence

    Earlier this year, Wright lost a legal battle against the Crypto Open Patent Alliance (COPA), a non-profit group that includes crypto firms. The lawsuit argued that the computer scientist falsely claimed to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The court barred the accused from launching further legal action related to Bitcoin.

    However, in October, Wright issued another Bitcoin-related claim worth over $1.1 trillion. The court deemed his latest act unremorseful and a flagrant breach of the first court order, a “contempt of court” offense.

    In response, the court threw out Wright’s latest legal claim and ordered him to pay around $181,530 of COPA’s legal costs. His refusal to attend the hearing and subsequent claim that he couldn’t afford to travel to the UK was seen as an attempt to avoid accountability.

    Wright May Face More Penalties

    The court also found Wright guilty of “forgery on an industrial scale.” The Crown Prosecution Service is yet to decide whether to bring criminal charges against him for the hundreds of forged documents related to the case.

    The Bitcoin community has condemned Wright’s actions, with many seeing his claims as an attempt to discredit the crypto and its developers. Notably, the crypto’s original white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” was released in 2008 and authored under Satoshi’s name, not Wright’s.

    The prison sentence is a blow to Wright’s reputation, and he will likely face further consequences for his actions.

    Not the First Crypto-Related Sentencing

    Several other figures in the crypto industry have also faced prison sentences for various offenses. One example is Ross Ulbricht, the founder of the Silk Road darknet marketplace, who was sentenced to life in prison in 2015 for money laundering and computer hacking.

    Sam Bankman-Fried, the founder of the bankrupt crypto exchange FTX, pleaded not guilty to the charges. He was later found guilty, sentenced to 8 years in prison, and ordered to forfeit $2.2 billion. He now shares a prison cell with American hip-hop music producer Sean Combs, also known as Diddy.

  • Bitcoin Miner Hut 8 Spends $100M in 990 BTC Purchase

    Bitcoin Miner Hut 8 Spends $100M in 990 BTC Purchase

    Florida-based Bitcoin mining firm Hut 8 has announced its purchase of  990 bitcoins for $100 million. The investment was executed at an average price of $101,710, bringing its total Bitcoin reserve to 10,096 BTC, currently valued at over $1 billion.

    According to an official press release, the company claims the latest purchase is part of its broader capital strategy to optimize its balance sheet performance and funding growth initiatives.

    With the latest purchase, Hut 8 believes it is well-positioned to drive platform expansion, create long-term value, and deliver strong returns to shareholders. The company’s flexible approach to managing its Bitcoin reserve will enable it to respond to emerging opportunities and navigate the crypto industry.

    Hut 8 Bitcoin Reserve

    Despite being a BTC miner firm, the company is unsatisfied with only mined bitcoins. Its Bitcoin reserve is built through low-cost production and strategic at-market purchases. The company pledges to continue actively managing and trading its holdings to unlock additional value.

    The company’s CEO, Asher Genoot, said that the Bitcoin reserve is a key component of the firm’s treasury strategy. He further emphasized that the approach will create a flywheel effect, aligning the company’s capital and operating strategies to accelerate value creation.

    Hut 8’s Bitcoin reserve will be a flexible asset, allowing the firm to leverage it through various strategies, such as option strategies, pledges, sales, or other approaches. Decisions on utilizing the reserve will be made on a case-by-case basis, prioritizing return on invested capital and guided by rigorous cost-benefit analysis.

    Other Bitcoin Miners Aggressively Buy BTC

    Despite market fluctuations, other miners also actively buy BTC from the open crypto market. Riot Platforms has accumulated 17,429 bitcoins. Its consistent buying has been seen as a vote of confidence in Bitcoin’s potential as a store of value and hedge against inflation.

    Another Bitcoin Miner, Mara Holdings, has also consistently purchased bitcoins. Focusing on BTC mining and accumulation, the firm positions itself for potential long-term growth and returns. Today, the firm has added 15,574 BTC to its holdings, bringing its Bitcoin portfolio to 44,394, worth over $4.4 billion.

  • $744M in Crypto Longs Liquidated. Why the Market Dip?

    $744M in Crypto Longs Liquidated. Why the Market Dip?

    Over $865 million of perpetual contracts were liquidated following Jerome Powell’s speech after the last FOMC meeting. Longs took the biggest hit at around $744 million, while shorts accounted for around $121 million. The fact that longs were more massively liquidated suggests that many traders were caught off guard by the market’s sudden move.

    The Federal Open Market Committee (FOMC) meets eight times annually. During these meetings, the committee thoroughly examines economic and financial conditions, formulates monetary policy decisions, and evaluates potential risks to achieving its objectives of long-term price stability and sustainable economic growth.

    Powell’s Speech Sparks Crypto Market Dip

    The recent drop in the value of Bitcoin and other assets like ETH, SOL XRP, and DOGE can be attributed to the Federal Reserve’s cautious stance on future interest-rate reductions. Powell’s shift triggered a retreat in crypto investments, leading to a drop in Bitcoin’s value of over 5%. According to CoinMarketCap, the largest crypto dipped to a low of $99,047.

    The Fed’s decision to lower interest rates again while hinting at fewer future cuts has created uncertainty in the market. This has made investors cautious and led to increased volatility. Chair Jerome Powell emphasized the need for further progress on inflation before making further rate reductions.

    However, despite the recent dip, Bitcoin has experienced significant growth since the United States election, surging 50% in value and reaching a record high of $108,316 earlier this week. President-elect Donald Trump’s pledge to free crypto from U.S. regulatory shackles has buoyed investor confidence, with some experts predicting a good floor and outlook for Bitcoin.

    Not Only the Crypto Market

    The impact of Powell’s speech was not limited to the crypto market; it had far-reaching consequences across various sectors. The stock market plummeted by 3% while yields on the 10-year treasuries reached their highest in seven months. The recent market reaction is the worst after-meeting selloff since the onset of the pandemic.

    Tom di Galoma, head of fixed income at Curvature Securities, noted that markets were unprepared for the latest Fed announcement. While officials predicted only two rate cuts over the next 12 months, Galoma said: “Powell is moving to neutral and waiting for the next administration to push their agenda and see then what he may need to do.”

    On the other hand, BTC is currently trading at $101,751, indicating some support below $100,000.

  • Bitcoin Gains Over 100% in 100 Days. What’s Next?

    Bitcoin Gains Over 100% in 100 Days. What’s Next?

    Bitcoin has been on a rally lately, surpassing 100% gains in just 100 days. According to the aggregator platform CoinMarketCap, the crypto price has surged from $53,628 to $107,780, witnessing a 101% increase. This remarkable growth has its investors and enthusiasts wondering what’s driving the surge and what’s next for the digital asset.

    What is Moving BTC Price?

    The recent price increase can be attributed to increased demand and decreased supply. As more institutional investors and individuals enter the market, the demand for Bitcoin has skyrocketed. At the same time, the supply of new bitcoins has slowed, leading to a shortage and driving up prices.

    The approval of Bitcoin spot exchange-traded funds (ETF) by the United States Securities and Exchange Commission (SEC) in January 2024 also played a significant role in Bitcoin’s growth. The spot ETF gives investors direct exposure to the underlying value of Bitcoin at market prices, making it more accessible to institutional investors and individuals alike.

    This development marked a milestone in the mainstream adoption of BTC. It provided a regulated and secure way for investors to gain exposure to Bitcoin, and as a result, its price has continued to soar.

    Nonetheless, the recent surge in Bitcoin’s value is mainly attributed to the concluded United States election. The Trump election victory ignited a renewed interest in Bitcoin, with its price increasing by over 32% one week after the election. This increase was primarily driven by expectations that the new president would be “crypto-friendly.”

    What’s Next for BTC?

    The crypto market is known for its volatility, and Bitcoin is no exception. However, despite the associated risks, many experts believe that BTC has the potential to continue growing in value. Some have even predicted it could reach $200,000 or more in 2025.

    Interestingly, Bitcoin is leading the charge as the crypto market grows. With its recent gains and predicted future growth, it’s an exciting time for investors and enthusiasts alike. Staying informed and up-to-date on the latest developments is essential for seasoned crypto investors and those new to exploring the market.

    The next few months will be crucial for Bitcoin as investors and experts wait to see if it can sustain its current momentum. Will Bitcoin continue to soar to new heights, or will it experience a correction? Only time will tell.

    Meanwhile, the leading crypto is currently priced at $107,941, having increased by 2.79% in the last 24 hours.

  • Finally! FTX Customers Set to Get Payouts Starting Next Month

    Finally! FTX Customers Set to Get Payouts Starting Next Month

    Recently, blockchain analysts have detected several transactions involving defunct crypto exchange FTX, hinting at a potential payout to affected customers. A recent press release confirmed these suspicions, announcing that the bankrupt exchange’s “Court-approved Chapter 11 Plan of Reorganization” will become effective on January 3, 2025.

    The recovery efforts, led by John J. Ray III, the CEO of the FTX Debtors, have successfully recovered billions of dollars. The announcement noted that the plan’s effectiveness and the start of distributions reflect the success of these efforts.

    FTX Customers to Receive Payouts

    The initial distribution, expected to occur within 60 days of the effective date, will be limited to claim holders having relatively simple claims. By prioritizing these convenience classes, FTX can efficiently process and distribute funds to these claim holders first, while more complex or disputed claims are addressed separately.

    Notably, FTX has partnered with BitGo and Kraken to assist in distributing payouts to customers and creditors in supported regions. The exchange claims these partnerships will enable the efficient and secure distribution of funds. Additional distribution service providers may be onboarded in the future.

    To be eligible, customers and creditors must complete the Know Your Customer (KYC) verification, submit tax forms, and onboard with the selected distribution service providers, BitGo or Kraken. Transferred claims will only be eligible for distribution if they are processed and reflected on the official claims register maintained by the Notice and Claims Agent.

    The FTX Debtors will provide instructions for onboarding with the distribution service providers on the existing customer portal. The bankrupt exchange encourages customers to complete the necessary steps to begin receiving payouts promptly.

    Other Pending Bankruptcy Cases

    Terraform Labs, the company behind the collapsed Terra ecosystem, is proceeding with its bankruptcy plan. As part of the reorganization plans, Terraform Labs has agreed to pay up to $442.2 million to investors and other stakeholders.

    Mt. Gox, the once-prominent Bitcoin exchange that went bankrupt after a massive 2014 hack, has extended its repayment deadline for creditors to October 31, 2025. This move has relieved investors anticipating market disruptions, as earlier fears of a $4 billion Bitcoin sell-off in 2024 have now been pushed to 2025.

    Celsius Network, the crypto lending platform that filed for bankruptcy in July 2022, has recently announced a payout of $127 million to its creditors following its initial $2.5 billion distribution. The expected distribution will cover approximately 60% of the creditors’ claims. Despite opposition from some creditors, Celsius is working to finalize a reorganization plan.

  • Ethena Labs Debuts New USDtb Stablecoin, ENA Gains 20% In a Week

    Ethena Labs Debuts New USDtb Stablecoin, ENA Gains 20% In a Week

    The decentralized finance (DeFi) protocol operators, Ethena Labs, have publicly announced the launch of USDtb, a new stablecoin whose reserves are invested in BlackRock’s USD Institutional Digital Liquidity (BUIDL) fund. The launch was executed in partnership with Securitize, a firm specializing in tokenizing real-world assets.

    Ethena Labs Launches USDtb

    USDtb shares similar features with existing stablecoins like USDC or USDT, utilizing cash reserves to back each token 1:1. Boasting about the token’s reliability and stability as a store of value, Ethena Labs claims users can transfer USDtb freely without restriction.

    The protocol operators further claimed that one of USDtb’s key features is its ability to scale without practical constraints, alluding to BlackRock’s BUIDL being used as the primary reserve asset. Commenting on this, Ethena Labs asserted that 90% of the reserve is in the fund. It believes the allocation is the highest of stablecoins and provides a robust foundation for the token.

    It is noteworthy that USDtb is wholly independent of Ethena’s existing stablecoin, USDe. Ethena Labs expressed that users and exchange partners have a new option for their stablecoin needs, with a completely differentiated risk profile compared to USDe. Additionally, it claims USDtb can help USDe weather better in challenging market conditions.

    Ethena Labs Assures Users

    To assure users of the token’s security, the Ethena team claims the launch of USDtb has undergone testing and auditing. The core USDtb smart contracts passed three audits from auditors Pashov, Quantstamp, and Cyfrin in October with no high or medium-level findings. Additionally, a community-driven audit from Code4rena found no high or medium-level threats.

    Ethena’s Risk Committee has approved a proposal to onboard USDtb as a USDe backing asset. During negative funding rates, Ethena can close the hedging positions underlying USDe and re-allocate its backing assets to USDtb. The team believes this will further mitigate related risks and provide a more stable store of value.

    Meanwhile, ENA, the native token of the Ethena protocol, has seen a significant 20% gain in just one week, making it a $3.52 billion asset class. The ENA price breakout above $1.20 suggests a further rally may be on the horizon. The current momentum indicates growing investor interest in the platform and its tokens.

  • Fake Uber Driver Steals Over $300,000 Crypto From Passengers

    Fake Uber Driver Steals Over $300,000 Crypto From Passengers

    A man has been arrested in Scottsdale, Arizona, on multiple felony charges for allegedly posing as an Uber driver and stealing over $300,000 in crypto from customers. The suspect, identified as Nuruhussein Hussein, was taken into custody on December 11.

    An Uber driver is an independent contractor who drives for the ride-hailing company Uber. They use their own vehicles to transport passengers who request rides through the Uber app.

    The $300K Crypto Theft

    According to court documents, Hussein targeted two victims, one in March and one in October, outside the W Scottsdale hotel near Camelback and Scottsdale roads. He allegedly pretended to be an Uber driver, calling out the names of supposed passengers, and then convinced them to hand over their phones. He would then transfer crypto from their Coinbase accounts.

    The victims reported that Hussein used two different methods of obtaining their phones. He would either claim his phone was dead or offer to help troubleshoot the Uber app. Once in possession of the phone, Hussein would quickly transfer the crypto. Although no weapon was seen, one of the victims reported that he made threats implying that he had a gun.

    Prosecutors pushed for a cash-only bond of $200,000, citing the level of skill shown in the fraud and the alleged threats made to one of the victims. The judge obliged and ordered that Hussein be placed under electronic monitoring after the settlement. The Uber scammer will also prohibited from leaving Maricopa County and using the internet.

    Although court documents indicate the thefts totaled around $223,000, the Scottsdale Police Department reported that the total was more than $300,000. The police have advised Arizona residents to be cautious when using ride-sharing services.

    In-Person Crypto Crimes on the Rise

    According to GitHub, there have been at least 19 recorded incidents of in-person crypto crimes in different countries this year. Recent cases include a Chinese man abducted for $1 million crypto ransom and a Bitcoin investor murdered over 3 BTC.

    The blockchain detective, ZachXBT, also claimed to have received multiple messages from victims of crypto home invasion thefts in Western Europe over the past few months. ZachXBT also shared a specific case where a victim was robbed of $4.3 million in crypto during a home invasion in June 2024.

  • BiT Global Sues Coinbase in $1B Lawsuit Over WBTC Delisting

    BiT Global Sues Coinbase in $1B Lawsuit Over WBTC Delisting

    Asset custody firm BiT Global has sued the American crypto exchange Coinbase, alleging anti-competitive practices. The lawsuit, filed in the Northern District of California by law firm Kneupper & Covey, seeks over $1 billion in damages.

    The wrapped Bitcoin (WBTC) custodian alleges that Coinbase’s decision to remove the token from its exchange was motivated by a desire to promote its rival product, cbBTC.

    Wrapped Bitcoin products, such as WBTC and cbBTC, allow users to unlock value in Bitcoin for use on other networks, such as Ethereum and Base. The user wraps their asset by depositing it into the wallet of a trusted custodian and subsequently receives a token on another blockchain. The original crypto is then held in trust for the user.

    Bit Global Sues Coinbase

    The lawsuit further alleged that Coinbase’s decision violates numerous state and federal laws, including antitrust laws. BiT Global argued that the exchange’s actions are anti-competitive and designed to stifle innovation in the crypto industry.

    Claiming that the case could have industry-wide implications, BiT Global’s attorney Kevin Kneupper said:

    “If an exchange of Coinbase’s size can delist a cryptocurrency just as it plans to launch its own competing product, who’s safe? And who’s next?”

    Meanwhile, Coinbase publicly promoted cbBTC as “super strategic” and predicted it would surpass wBTC in supply within six months of launch. Citing this, the lawsuit alleged that Coinbase is attempting to push wBTC out of the United States crypto market to make way for its competing product, cbBTC. Interestingly, it’s been only three months since the token’s inception.

    The asset custody firm plans to pursue the lawsuit and seek damages over $1 billion. Commenting on this, Kneupper continued:

    “We think a jury will see this for exactly what it is…We plan to make sure the law is followed, and that cryptocurrency users get to choose which product they prefer.”

    Coinbase Plays Defensive

    According to Coinbase, the decision was not motivated by a desire to promote its competing product, cbBTC, as alleged by its opponent. Instead, the exchange claims the delisting resulted from a standard review process. However, BiT Global fired back, citing the exchange’s recent onboarding of various memecoins lacking fundamental value.

    The American exchange recently announced plans to delist Tether’s USDT stablecoin from its platform for European customers, citing compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA).

  • Crypto Investor Bags 2-Year Prison Sentence for $3.7M Tax Evasion

    Crypto Investor Bags 2-Year Prison Sentence for $3.7M Tax Evasion

    Frank Richard Ahlgren III, an early Bitcoin investor residing in Texas, has been sentenced to two years in prison for tax evasion. According to the United States Department of Justice (DOJ), he earned about $3.7 million from selling bitcoins in 2017 but underreported his realized capital gains from the digital asset sales.

    Ahlgren’s $3.7M Tax Evasion

    Ahlgren purchased 1,366 bitcoins in 2015 using his Coinbase account. In October 2017, he sold approximately 640 BTC for $3.7 million, using the proceeds to buy a house in Park City, Utah. However, when it came time to prepare his 2017 federal income tax return, Ahlgren lied to his accountant by submitting a false summary of his gains and losses from the sale of his bitcoins.

    In 2018 and 2019, Ahlgren sold additional bitcoins for over $650,000 but did not report these sales on his tax returns. To conceal his transactions, Ahlgren used sophisticated techniques, including moving his bitcoins through multiple wallets, meeting an individual in person to exchange bitcoins for cash, and using mixers to obscure his transactions on the blockchain.

    Sentenced and Fined

    The U.S. District Court sentenced Ahlgren to two years in prison. He will also serve one year of supervised release and pay $1.09 million restitution to the United States.

    Notably, the acting special agent in charge of IRS-Criminal Investigation (IRS-CI), Lucy Tan, acknowledged that the case was the first criminal tax evasion prosecution “centered solely on crypto.” Commenting further on the case, he added:

    “Ahlgren will serve time because he believed his cryptocurrency transactions were untraceable. This case demonstrates that no one is above the law. My team at IRS Criminal Investigation has the expertise and tools to track financial activity, whether it involves dollars, pesos, or cryptocurrency.”

    The Future of U.S. Crypto Taxation

    U.S. President-elect Donald Trump recently proposed a zero-tax policy on crypto assets created in the country, such as BTC and XRP. In contrast, others created outside, like ETH, would be subject to taxation. He argued that taxing crypto transactions is unfair, suggesting that Bitcoin should be treated like another form of money and tariffs should be imposed instead.

    Trump also publicly pledged to commute Ulbricht’s sentence if re-elected, drawing cheers from the crowd. Given the president-elect’s growing pro-crypto stance and opposition to Bitcoin taxes, he may extend similar mercy to Ahlgren after the inauguration.