Cryptocurrencies To Watch

Author: Wilfred Samuel

  • El Salvador Buys $1 Million BTC Amid Price Crash

    El Salvador Buys $1 Million BTC Amid Price Crash

    Following Thursday’s sharp crypto market crash, the Central American country El Salvador went bitcoin (BTC) shopping again. With BTC plummeting to $96,000, the government acquired about 11 BTC for $1 million. According to reports, since El Salvador adopted a strategic bitcoin reserve, it has acquired approximately 6000 BTC and is looking for opportunities to purchase more crypto to boost its stash.

    $1 Million Purchase

    While many crypto investors cashed out their profits and others sold off their holdings in fear of the price crash, El Salvador seized the opportunity to purchase more, solidifying its position as the world’s first country to adopt BTC as its primary reserve asset.

    The International Monetary Fund (IMF) criticized the adoption of a bitcoin reserve in 2021, stating that the volatility of the crypto market poses a risk to the economy. Recently, the IMF agreed to contribute $1.4 billion over the next 40 months to help reduce the country’s debt-to-GDP percentage. In return, the government will improve the country’s fiscal policies, including the BTC policy.

    Notably, El Salvador has not opted to stop purchasing crypto. The country announced on Thursday that it will continue to buy BTC and expand its national Bitcoin portfolio, displaying commitment and confidence in the crypto despite wavering market conditions.

    El Salvador Reap Bitcoin Profits

    Notably, after concluding its last purchase, the country now holds 5,980 BTC, valued at over $568 million at the bitcoin spot price of $95,000 at press time.

    According to famous American broadcaster Max Keiser, El Salvador has achieved solid economic stability with a 1% inflation rate and is living America’s dream through its bitcoin reserve strategy.

    Other countries, including the United States, have indicated interest in adopting a strategic bitcoin reserve. Throughout his campaign, U.S. President-elect Donald Trump pronounced support for crypto and plans to make America the world’s capital of bitcoin if he steps in next month. He won the support of the crypto community as they look forward to a crypto-friendly America under his administration.

    Meanwhile, many investors in the U.S. have gained access to crypto via the spot Bitcoin and Ether exchange-traded funds (ETF) approved earlier this year.

  • Crypto Market Loses Over $1 Billion in Long Leverage Positions

    Crypto Market Loses Over $1 Billion in Long Leverage Positions

    The crypto market experienced a massive price drop on Thursday, leading to the loss of about $1.08 billion from long leverage positions. The price drop occurred about 24 hours after Jerome Powell, Chair of the U.S. Federal Reserve, delivered an unfavorable speech to the crypto community.

    The crypto market has been on the bullish side since November. So, about 3500,000 traders who had opened long positions in the drive of the uptrend have been affected by the unexpected price plummet.

    $1.08B Down the Drain

    According to Coinglass, an on-chain liquidation tracker, the most significant single liquidation order was an ETHUSDT order on the Binance exchange, valued at $15.80 million. Ethereum (ETH) dropped by over 10% to reach $3,350.

    The sharp price drop also affected the world’s leading cryptocurrency, bitcoin (BTC), which crashed by over 6%, moving below the $96,000 mark for the first time in ten days. BTC long traders lost over $200 million, about 20% of the massive loss day. At press time, the apex coin has settled at $96,800, gearing up for a price recovery.

    Notably, Dogecoin traders were also massively affected. It ranked third, recording a $50 million loss, while Solana (SOL) and Ripple (XRP) long traders lost $34 and $31 million, respectively.

    Investors Buy the Dip

    Despite the price tumble, many institutional investors have shown confidence in the crypto market by purchasing BTC at a cheaper rate, expecting a price rebound in the coming days.

    On the day of the price drop, Florida-based Bitcoin mining firm Hut 8 announced a purchase of  990 bitcoins for $100 million, acquired at an average price of $101,710. This brought its total holdings to 10,096 BTC. Similarly, MARA Holdings spent $1.53 billion to acquire 15,574 BTC at an average price of $98,529 per bitcoin. It now holds 44,394 bitcoins.

    Additionally, many investors have ventured into the market by acquiring crypto exchange-traded funds (ETFs). Since last month, the funds have been on a 14-day inflow streak.

    Meanwhile, famous American author Robert Kiyosaki predicted that BTC would crash to $60,000 before a massive pump in 2025.

  • MARA Holdings Buys 15,574 BTC for $1.53 Billion

    MARA Holdings Buys 15,574 BTC for $1.53 Billion

    Famous American Bitcoin (BTC) miner MARA  Holdings has gone BTC shopping again for the second time in Q4 2024. On Thursday, the firm revealed via an X post that it has topped up its bitcoin stash by 15,574 units and now holds 44,394 BTC, 0.21% of the total fixed bitcoin supply.

    Since MARA is a miner, it does not acquire all of its BTC from the market, making it a tedious task to calculate its average purchase price. Meanwhile, MARA purchased its last BTC at approximately $98,529 per bitcoin.

    $1.53B BTC Achieved

    As the miner revealed, it spent about $1.53 billion from the $1.925 billion it raised from 0% convertible notes offering in November and December to fund its just-announced bitcoin purchase. It spent about $263 million to repurchase the aggregate principal amount of its existing convertible notes due 2026 and plans to use the remaining note proceeds to acquire more bitcoins.

    Following the acquisition, the miner holds about $4.52 billion in BTC, based on the bitcoin spot price of $102,000 at press time. MARA strategic bitcoin reserve has proved profitable, achieving a BTC Yield of 22.5% QTD and 60.9% YTD.

    MARA Maintains Top Spot

    Notably, MARA is the first miner to publicize its Bitcoin reserve strategy. Since then, it has periodically purchased the crypto from the open market, setting the pace for others to follow in its footsteps while hodling their mined bitcoins.

    Others on the list include Riot Platforms, which raised about $500 million from convertible notes to purchase BTC last week, and Hut 8, which announced its first purchase today. Both miners hold 17,429 and 10,096 bitcoins, respectively.

    Meanwhile, MARA Holdings ranks second on the list of institutional bitcoin holders as American business intelligence firm MicroStrategy sits at the top of the table with its massive 439,000 BTC holdings.

  • Human Rights Foundation Boosts Bitcoin Development with 7 BTC Donation

    Human Rights Foundation Boosts Bitcoin Development with 7 BTC Donation

    The Human Rights Foundation (HRF) has donated 700,000,000 sats, equivalent to about seven bitcoins (BTC) worth $707,000, to support projects worldwide that focus on technical education for individuals under authoritarian rule, supporting independent media outlets, decentralizing mining operations, and providing human rights groups with private financial solutions.

    As a non-governmental organization (NGO), the HRF uses crypto donations to empower communities and promote financial freedom.

    20 Companies Globally

    According to a recent report, the HRF plans to distribute its donation among 20 projects worldwide to ensure that the funds reach the areas where they are needed most. While the organization does not reveal how the donated BTC will be distributed, it notes that the major regions of attention are Africa, Asia, and Latin America.

    Some projects that’ll benefit from the BTC donation include Stratum V2 Reference Implementation (SRI), an open-source software that enables nodes to create block templates, and Brink, an NGO aimed at advancing the Bitcoin protocol through research development and education. Unify, a Payjoin-enabled wallet that boosts Bitcoin transaction privacy, and 17 others are on the list.

    Remarkably, this is just one of the many times the HRF has donated BTC to support projects. Earlier in Q2 2024, it donated 10 BTC (1 billion sats) to support 13 projects globally.

    To facilitate its BTC donations, the NGO has established the HRF Bitcoin Development Fund as an initiative to support the development of the Bitcoin network and ecosystem.

    Corporate Bitcoin Adoption Soars

    Notably, the HRF holds more BTC on its bag, accepts donations from interested donors, and accepts applications for grant support from different firms worldwide.

    Other institutions across various continents also hold BTC in their bags, adopting it as their primary reserve asset as a wedge against fiat inflation.

    Firms like American, MicroStrategy, which holds 439 000 BTC, and Japanese Metaplanet are on the list, as they foresee a better future for the crypto ecosystem in coming years.

    Meanwhile, a few Bitcoin miners, such as MARA Holdings, Riot, and Hut 8, have also made Bitcoin their primary reserve asset.

  • Bitcoin ETF Inflow Streak Continues Despite Price Drop

    Bitcoin ETF Inflow Streak Continues Despite Price Drop

    United States-approved spot Bitcoin exchange-traded funds (ETFs) have shown resilience amid the recent waves in the crypto market. The funds recorded only seven days of outflow in November and started this month with a 14-day inflow streak. 

    Following the U.S. interest rate cut on Wednesday and the speech by Jerome Powell, Chair of the Federal Reserve Board, bitcoin (BTC) dropped by almost 5% to hit the $100,000 mark. Despite this sharp plummet, the ETFs closed the business day on the green side, signaling increased investor confidence in the world’s leading crypto. 

    Over $6 Billion in 14 Days

    According to data from ETF tracker Farside, between November 29 and December 18, 2024, U.S. spot Bitcoin ETFs have immersed about $6.35 billion from investors who have shown interest in BTC but do not want to go through the procedures of acquiring it from a crypto exchange or managing a self-custodial wallet.

    Notably, BlackRock’s Bitcoin Trust, IBIT, dominated about 90% of the inflow streak with a whopping $5.8 billion intake. Concluding Wednesday, the fund has recorded a massive net inflow of $37.4 billion with just seven outflow days since its debut in January.

    Trailing IBIT is Fidelity’s FBTC, which had an inflow of $1.08 billion within the 14-day period and just one outflow day. The other nine ETFs had minimal inflows, and only Grayscale’s GBTC stained the market with its ten outflow days.

    GBTC has recorded more outflows than the collective inflows of the other nine bitcoin ETFs, excluding IBIT. This is because of its high maintenance fee of 2.0%, while its competing ETFs are charged at just 0.25% per annum. Grayscale has launched a mini bitcoin trust, with the ticker IBIT, which has been on the green side with over $1 billion in inflows since its launch in late July.

    Crypto ETFs in the U.S.

    Following the approval of spot BTC and ether (ETH) ETFs in America earlier this year and their positive impact on the market, asset managers have developed more confidence and filed for other crypto ETFs, including spot Solana and XRP ETF.

    Meanwhile, the forthcoming resignation of U.S. crypto-pessimistic Chair Gary Gensler in January has boosted optimism that the ETF applications may be approved early next year. 

  • Binance Introduces Binance Alpha to Empower Early-Stage Crypto Projects

    Binance Introduces Binance Alpha to Empower Early-Stage Crypto Projects

    Famous crypto exchange Binance is set to debut Binance Alpha, a new platform within its wallet App that’ll help empower and spotlight new and early-stage crypto tokens that have shown evidence of a promising future in the crypto space. The Binance Alpha platform will serve as a token selection pool that will enhance transparency in choosing tokens listed on Binance by allowing users to be carried along with the decision-making through their feedback and engagements.

    Notably, the new platform will increase user awareness. Users will gain background information or more insight into some tokens that will make lasting impacts on the ecosystem.

    How it Works

    According to the renowned crypto firm, the Binance Alpha platform will be live on December 18, 2024, with about fifteen already researched and approved tokens released to the spotlight within the first three days of launch. Further, It’ll gradually examine and determine which coins to showcase in subsequent days and weeks.

    Some factors to be examined via Binance expert analysis and data-driven insights include token community support, growing popularity, and relevance to current crypto trends.

    Remarkably, tokens spotlighted on Binance Alpha will be considered for listing on the Binance exchange in the future.

    Pros of Binance Alpha

    With the launch of the Binance alpha platform, users will easily purchase tokens through the Quick Buy feature on the Binance Wallet. This feature is designed to boost swap functionality and help users swap between tokens at higher rates and better prices. It also has an anti-MEV (Miner Extractable Value) mechanism that protects users from the effects of MEV on large transactions.

    Notably, the Alpha platform would attract many crypto investors looking to diversify their positions to include some low market cap crypto tokens to using the Binance wallet.

    Binance coin, BNB, has not been left behind as the crypto market continues to trend green. Although it hesitated to join the uptrend initially, it soared to a new all-time high of $794 per token earlier this month, indicating that investors have rekindled their interest in the coin.

    Meanwhile, BNB has maintained its position as the fifth largest crypto by market capitalization, with USDT and XRP battling with the third and fourth positions.

  • Michael Saylor Says Bitcoin is an Economy, not a Ponzi Scheme.

    Michael Saylor Says Bitcoin is an Economy, not a Ponzi Scheme.

    Famous American entrepreneur and bitcoin champion Michael Saylor has not missed any opportunity to express confidence in the crypto and defend it from opposing opinions. In a recent CNBC interview, he claimed that Bitcoin is an economy and the best strategy for strengthening the U.S. economy and solving its debts.

    Bitcoin to Become Cyber Manhattan

    According to Saylor, Bitcoin can be called “Cyber Manhattan.” He noted that New York’s Manhattan became very urban and developed because real estate investors centuries ago did not see a price increase as a hindrance. Instead, they borrowed to purchase and develop the properties.

    “Just as developers in Manhattan, they issued more debt to develop more real estate. I would call it an economy,” he said.

    Similarly, his company, MicroStrategy, has adopted the same tactic for acquiring Bitcoin by periodically issuing convertible notes to eligible institutional investors to raise more funds for the investment.

    Additionally, he stated that his Bitcoin purchases are unlimited. His company will keep buying BTC forever, no matter the price, because he believes every day is a good opportunity to acquire the crypto.

    $13 Million BTC in 2045

    The bitcoin enthusiast has periodically released predictions on where he expects the crypto to be in coming years. His last forecast noted that BTC will increase by about 29% yearly to attain a high of $13 million per BTC in the coming 21 years.

    Remarkably, Saylor is not focused on the short term, as most of his bitcoin predictions are for years or decades ahead. His company adopted bitcoin as a primary reserve asset in 2020 and has continued to purchase the crypto asset every quarter since then, with no indications of a sale anytime soon.

    Within the last 28 days, Saylor has led his company to acquire BTC weekly, spending about $10.5 billion on bitcoin shopping within a month. MicroStrategy holds about 439,000 BTC worth over $46 billion.

    Meanwhile, MicroStrategy will be added to Nasdaq-100 on December 23, 2024.

  • MicroStrategy Continues Relentless Buying, Scoops 15,350 BTC Above $100K Price.

    MicroStrategy Continues Relentless Buying, Scoops 15,350 BTC Above $100K Price.

    MicroStrategy, the American business intelligence firm and first corporate bitcoin holder, has continued increasing its holdings. As its founder, Michael Saylor, announced on Monday, the company acquired an additional 15,350 BTC to expand its holdings despite the uptrend in the price of BTC.

    Over 2% of the Total Bitcoin Supply

    MicroStrategy’s latest bitcoin purchase cost about $1.5 billion. It acquired the crypto at an average price of $100,386 per BTC, the first time Saylor’s company has bought bitcoin above the $100,000 mark.

    Concluding its latest purchase, the publicly traded firm now holds 439,000 BTC acquired for $27.1 billion at approximately $61,725 per bitcoin. The business intelligence firm now controls about 2.10% of the total fixed bitcoin supply.

    70%+ Profits

    Saylor’s confidence in bitcoin over the years has yielded massive returns. Calculating by spot bitcoin price of $105,000, MicroStrategy sits in more than 70% profits as its holdings are currently worth over $46 billion.

    MicroStrategy has achieved a BTC Yield of 46.4% QTD and 72.4% YTD. By adopting a strategic Bitcoin reserve, the company continues to generate more profits for its investors, following the uptrend in the BTC price.

    Moreover, following the company market capitalization increase fueled by the crypto uptrend this year, it has increased its chances of making it into the  Nasdaq-100 index.

    MicroStrategy Leads the Pack

    Since MicroStrategy started acquiring bitcoins in 2020, many publicly traded firms have followed in the company’s footsteps, adopting bitcoin as their primary reserve asset instead of holding fiat.

    American Bitcoin mining firm Riot joined the pack earlier this month with its 5,117 bitcoins acquisition. Despite being a miner, the firm has revealed plans to buy BTC from the open market periodically. It now holds 16,728 bitcoins worth more than $1.7 billion.

    The list includes Japanese firm Metaplanet, American Miner, Marathon Digital, and others.

    Meanwhile, MicroStrategy’s Saylor recently stated that America should sell its Gold holdings and use the proceeds to acquire more BTC.

  • Bitget Token Jumps Over 150% in a Month, Here’s Why

    Bitget Token Jumps Over 150% in a Month, Here’s Why

    Despite a sharp 50% price drop two months ago, BGB, the native token of the famous crypto exchange Bitget, has recently witnessed an unprecedented price surge, drawing many investors’ attention. Within the past month, it has soared by 150.1% to reach a new all-time high. Its market capitalization has also jumped by about 12.3% to reach $4.75 billion, ranking it among the 32 largest cryptocurrencies by market cap.

    Many factors have pushed the crypto’s rise. On Monday, it passed the historic $3.5 mark and continues to surge as more investors pump funds into the exchange-minted token, hoping it will soar like Binance Token, BNB.

    BSP License Bagged in El Salvador

    As the crypto exchange revealed in a recent press release, it has received a green light from El Salvador’s Central Reserve Bank (Banco Central de Reserva), which granted it a  Bitcoin Service Provider (BSP) license.

    Obtaining the license, Bitget has been approved to offer Bitcoin services such as Bitcoin-to-fiat exchanges, payment facilitation, and secure Bitcoin custody solutions within the country’s borders.

    Notably, the exchange is also pushing for a Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets (NCDA) to offer sales, purchases, transfers, and storage services for other cryptocurrencies in El Salvador.

    “Latin America holds immense promise as a hub for crypto innovation, and El Salvador stands out as a pioneer with its bold embrace of Bitcoin as legal tender. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services,” says Min Lin, Chief Business Officer at Bitget.

    Investor Optimism Grows

    Many investors have shifted their portfolios to include digital assets, moved by the recent uptrend in the crypto market. Notably, considering how Binance Native Token, BNB, has resisted various market conditions during the year, investors foresee a better future for BGB. They expect it to follow in the same footsteps of resilience despite volatility or wavering conditions in the crypto market.

    Recently, BNB hit a new all-time high of $780 per coin with a market cap above $100 billion, securing its position as the sixth-largest crypto by market capitalization.

    Meanwhile, Binance’s former CEO says he’s not taking the role again, although investors think his return will help boost the token.

  • VanEck Predicts BTC to Hit $180,000 in Inevitable 2025 Bull Run

    VanEck Predicts BTC to Hit $180,000 in Inevitable 2025 Bull Run

    American asset manager and crypto exchange-traded funds (EFT) issuer VanEck has predicted that the world’s leading crypto, bitcoin (BTC), will soar by about 80% from its current price to reach $180,000 in the coming year as investors and analysts anticipate a massive bull run in 2025.

    In previous months, VanEck’s head of digital assets research, Matthew Sigel, has highlighted that this year’s bullish movement mirrors the 2020 pattern, which set up the massive uptrend in 2021.

    2025 Bull Run Flow

    According to the asset manager, the inevitable bull run will not only focus on BTC; altcoins like Ethereum (ETH), SUI, and Solana (SOL) will also soar in value as many investors who join the crypto market diversify their portfolios to include other assets, pushing their prices upward.

    A highlight of VanEck’s prediction is the U.S. Securities and Exchange Commission’s (SEC) approval of new crypto ETFs, including the spot Solana ETF, within the first quarter of 2025. This will make the crypto surge to $500 per SOL by the 2025 bull run. Prior to this prediction, the agency has shed a green light on the ETF applications, signaling a potential approval in no distant time.

    The asset manager noted that the market will not be all rosey next year. After reaching its mid-term peak in Q1 2025, BTC is expected to drop by 30%, while altcoins will double the price drop, retracing by about 60% in the summer. Thereafter, the market will surge, with ETH reaching $6,000 and SUI taking a position at the $10 mark.

    VanEck also added that many countries will adopt crypto and bitcoin as the number of countries mining Bitcoin with government resources is expected to reach 14 in 2025.

    Will the Market Reach These Highs?

    The asset manager also highlighted a reason for its prediction of an upward trajectory, most of all the election of Donald Trump as the new president of the United States. The president-elect has appointed many pro-crypto personnel to take on pivotal positions under his administration, marking an end to anti-crypto policies and beginning a new era with frameworks centered around a strategic Bitcoin reserve.

    Meanwhile, over 55% of VanEck’s predictions for 2024 played out, boosting confidence in its 2025 market expectations.