Cryptocurrencies To Watch

Author: Chris Lion

  • Nigeria Arrests Nearly 800 in Crackdown on Crypto Scam Operation

    Nigeria Arrests Nearly 800 in Crackdown on Crypto Scam Operation

    Nigeria’s anti-corruption agency has apprehended 792 individuals during a raid on a building in the nation’s largest city. The building is suspected to be a central hub for an extensive crypto-based romance scam network.

    The individuals detained on December 10 in Lagos comprised 148 Chinese nationals and 40 Filipinos, according to Wilson Uwujaren, a spokesperson for the Economic and Financial Crimes Commission (EFCC), who shared the information with Reuters.

    “Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and several others from European countries,” Uwujaren said.

    Scamming Pattern & Operations

    Uwujaren further revealed that the arrested individuals operated within a network of fraudulent companies. They used social media, fake websites, and WhatsApp groups to attract unsuspecting investors. These platforms often promised guaranteed profits with minimal risk, a hallmark of classic Ponzi schemes.

    “Staff there would make contact with people through social media and messaging platforms, including WhatsApp and Instagram, then seduce them online or offer them apparently lucrative investment opportunities,” Uwujaren added.

    The EFCC spokesperson also noted that after the Nigerians gained the trust of potential victims, the foreign nationals stepped in to carry out the fraud itself. Once the victims were convinced, they were coerced into sending money for fraudulent crypto schemes and other fictitious projects.

    As such, Uwujaren stated that the Commission was working with international partners and would investigate possible connections to organized crime. During the raid, agents confiscated computers, mobile phones, and vehicles.

    Nigeria has long been a leader in crypto adoption in Africa, with many Nigerians turning to digital assets as an alternative to traditional banking systems. However, the rise of scams has cast a shadow over the growing crypto industry, causing many individuals to fall victim to illicit practices.

    The country’s recent crackdown highlights the urgent need for greater awareness and regulation in the crypto space. While crypto-assets continue to provide opportunities for financial growth and innovation, the dangers of fraud remain a significant challenge.

    A Prison Sentence

    Nigeria is not the only country to find individuals involved in illegal activities. For instance, Juan Tacuri, a senior promoter of the Forcount (Weltsys) Ponzi scheme, was sentenced to 20 years in prison for his involvement in the fraudulent act that reaped millions of dollars from thousands of investors.

    According to the court statements, Tacuri and his allies presented Forcount to investors as a crypto mining and trading firm that allowed investors to buy crypto investment products and receive daily returns on their purchases.

  • FCA Cautions UK Citizens Against Solana-Based Memecoin

    FCA Cautions UK Citizens Against Solana-Based Memecoin

    The Financial Conduct Authority (FCA) in the United Kingdom has issued a warning about the Solana-based “Retardio” project. The warning highlights concerns about unapproved financial promotions and activities for UK users.

    According to an official report, the FCA urged UK-based users to rely only on financial firms authorized and approved by the watchdog. The agency further noted that authorizing a firm gives greater protection if things go wrong.

    According to NFT aggregator CryptoSlam, the Retardio project includes a Solana-based NFT collection that has reportedly generated $31 million in total sales. Its linked memecoin, known by the ticker “Retardio,” is currently priced at approximately $0.08 and has a market capitalization of around $87 million, according to Dexscreener.

    FCA Warns UK Citizens on Unauthorized Firms

    The securities watchdog noted that UK users engaging with the Retardio project will not have access to the Financial Ombudsman Service, which resolves disputes between consumers and financial services firms.

    The regulator also highlighted that consumers would not be covered by the Financial Services Compensation Scheme (FSCS), which provides protection when financial firms fail. The financial services regulator also advised users to consult their registry to verify that the company they interact with is authorized in the UK.

    The agency also urged consumers to report unauthorized firms through its official channels. In response, the memecoin and NFT project claimed it had issued a warning against the UK’s financial regulator.

    The FCA’s alert serves as a broader reminder for UK investors to exercise caution when dealing with crypto assets and blockchain-based projects, particularly those that operate without proper authorization.

    UK Plans a Crypto Transparency

    The latest report came as the UK plans to implement a comprehensive regulatory framework for crypto by 2026, signaling a significant step toward promoting transparency and consumer protection in the sector.

    According to a Bloomberg report, consultations to draft regulations addressing market manipulation, trading platforms, crypto lending, and stablecoins, among other topics, will commence as early as this quarter.

    The FCA also revealed that input from more than 100 entities spanning the crypto and traditional finance sectors has been gathered. Participants include digital asset platforms, financial institutions, trading companies, blockchain analytics providers, and major regulatory organizations such as the Treasury, the Bank of England, and the United States Securities and Exchange Commission (SEC).

  • Bitcoin Surpasses $106,000 Mark Amid Institutional Adoption

    Bitcoin Surpasses $106,000 Mark Amid Institutional Adoption

    Bitcoin (BTC), the leading cryptocurrency by market capitalization, has reached a historic milestone, breaking past the $106,000 mark for the first time. The surge comes amid a wave of institutional adoption, reinforcing BTC as a store of value in the financial sector.

    BTC has experienced a significant rise in the past month. Despite its price swing, the crypto asset surpassed its $100,000 price mark for the first time on December 4, 2024, in the early hours of the day. However, at the time of writing, BTC was trading at above $103,900, with a market cap of more than $2 trillion.

    Bitcoin On The Rise

    Over the past year, the crypto market has witnessed a significant influx of institutional investment. Companies like BlackRock, Fidelity, and ARK Invest have doubled down on their crypto strategies, increasing their BTC portfolios.

    On December 13, 2024, the world’s largest asset management firm, BlackRock, went BTC shopping. The asset manager acquired 4295 BTC worth $429.5 million. The current purchase further cements BlackRock’s growing footprint in the crypto asset market.

    Following the massive purchase, asset management giant Fidelity Investment went a step further by adding more bitcoin to its holdings. The firm added over $196 million in BTC to its investment vehicle. Over the week, the asset manager purchased approximately 5,200 BTC, worth more than $524.6 million. Before the latest acquisition, Fidelity held 199,237 BTC, worth roughly $19.3 billion.

    A Bitcoin Reserve

    The BTC surge comes as the United States plans a strategic BTC reserve under President Donald Trump’s administration. Just recently, Cynthia Lummis, an American attorney and politician serving as the junior US senator from Wyoming, met with Scott Bessent, an American investor, philanthropist, and hedge fund billionaire, to discuss implementing a national BTC reserve strategy.

    Senator Lummis also proposed that the US government accumulate more bitcoin to establish a strategic BTC reserve fund. The politician further stated that the US could become the first developed nation to develop a strategic reserve by embracing BTC, securing a brighter future for generations of Americans.

    Following the talks on a national BTC reserve, Trump confirmed the BTC reserve on December 14, 2024. The reserve aims to stabilize the financial market during a crisis.

  • Cynthia Lummis Meets With Future Treasury Secretary to Discuss Strategic BTC Reserves

    Cynthia Lummis Meets With Future Treasury Secretary to Discuss Strategic BTC Reserves

    Cynthia Lummis, an American attorney and politician serving as the junior United States senator from Wyoming, recently met with Scott Bessent, an American investor, philanthropist, and hedge fund billionaire, to discuss implementing a national Bitcoin (BTC) reserve strategy.

    The meeting during the week marked a significant moment in the growing conversation around crypto and its role in the US economy.

    “Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve. I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility,” said Lummis.

    Lummis was elected to represent the people of Wyoming in the US House of Representatives from 2009 – 2017 and became a US senator in 2021. While serving as a senator, Lummis has paid close attention to the BTC trend and its potential role in the US economy.

    Senator Lummis also proposed that the US government accumulate more bitcoin to establish a strategic BTC reserve fund. The politician further stated that the US could become the first developed nation to establish a strategic reserve by embracing BTC, securing a brighter future for generations of Americans.

    Trump Appoints Bessent as Treasury Secretary

    On the other hand, Bessent was nominated by President Donald Trump. The 62-year-old treasury nominee has spent his career in finance and made a big bet on Trump winning the election.

    Before the US election on November 5, the hedge fund investor predicted last year that President-elect Donald J. Trump’s political fortunes were on the rise.

    As treasury secretary, the billionaire will essentially be the highest-ranking US economic official, responsible for maintaining the balance of the world’s largest economy. This includes collecting taxes and paying the nation’s bills, managing the $28.6 trillion treasury debt market, and overseeing financial regulation, including handling and preventing market crises.

    Bessent will confront significant challenges, mainly the responsibly managing federal deficits projected to increase by nearly $8 trillion over the next decade, driven by Trump’s proposals to extend expiring tax cuts next year and introduce substantial new tax breaks, such as eliminating taxes on social security income.

    BTC Adoption

    Amid the growing adoption of BTC, several corporations and entities have allocated their funds to the crypto asset, even when former US Treasury Secretary Lawrence Summers criticized Trump’s proposal for a strategic Bitcoin reserve, calling it “crazy” and accusing it of being a move designed to appease his crypto campaign donors.

    American stock broker, financial commentator, and radio personality Peter Schiff also noted that BTC is a national threat to the US economy. He believes that individuals waste their funds when investing in digital asset.

  • Bullish: Blackrock Officially Recommends 2% Allocation to Bitcoin

    Bullish: Blackrock Officially Recommends 2% Allocation to Bitcoin

    Asset Manager Blackrock has recommended a 2% allocation into bitcoin (BTC). The announcement marks a significant milestone in the crypto asset’s journey toward mainstream acceptance.

    According to a recent report on X, the world has approximately $900 trillion in assets. If BTC captured 2% of it, it would result in a market capitalization of roughly $18 trillion, translating to around $900,000 per coin.

    While investing in the crypto asset, BlackRock also highlights bitcoin’s potential as a hedge against inflation and a store of value. The world’s largest asset manager has long been investing in BTC, increasing its portfolio.

    Over $429.5M in BTC Purchase 

    Recall that BlackRock, with over $11.5 trillion in assets under management (AUM), acquired 4295 BTC worth $429.5 million. The investment reflects a deliberate strategy by the management giant. The asset manager signals its confidence in the long-term growth of the crypto asset.

    Amid the adoption season, several asset managers like Fidelity Investments are focused on investing significantly in crypto assets. As such, both institutional and retail investors are smiling at their profits. For instance, the asset manager recently acquired 1205 BTC, valued at over $121.5 million, in its Bitcoin portfolio.

    This is not the only purchase the asset giant has made over the week. It also added approximately 5200 BTC, worth more than $524.6 million. At the time, Fidelity held a total of 199,237 BTC, valued at roughly $19.3 billion.

    Meanwhile, BTC is currently trading at over $101,100, down from its all-time high of over $103,000 last week.

    5,117 BTC Bagged

    In line with the adoption of BTC, other corporations have also begun investing in digital assets. On December 13, 2024, North American Bitcoin mining firm Riot acquired an additional 5,117 BTC. The company spread its latest purchase over three days, from December 10 to December 12, 2024, to obtain the crypto at varied prices due to the volatile nature of the market.

    Despite being a miner and holding its mining rewards, Riot has taken steps to increase its stash by acquiring BTC from the open market. The firm spent roughly $510 million to acquire its latest bitcoins at an average price of $99,669 per coin, including trading fees and expenses.

    Recently, MicroStrategy has also acquired a significant amount of the digital asset. The company noted it purchased 21,550 BTC for approximately $2.1 billion. The acquisition, executed at an average price of $95,976, brings its total Bitcoin holdings to 423,650 BTC, valued at around $42 billion.

  • Australian Pension Fund Giant AMP Acquires $27M in Bitcoin

    Australian Pension Fund Giant AMP Acquires $27M in Bitcoin

    AMP, an Australian superannuation fund, announced a $27 million investment in Bitcoin. It is the first major fund of its kind in Australia to adopt the digital asset. The latest acquisition represents a significant step in integrating crypto into institutional investment portfolios.

    According to a Financial Review report, the fund manages approximately $57 billion in assets. Its Bitcoin allocation is modest, representing just 0.05% of its total assets under management (AUM).

    AMP’s decision to invest in the crypto asset is a strategic move to diversify its portfolio during economic uncertainty. The investment is intended to act as a hedge against inflation while expanding beyond conventional assets like stocks and bonds.

    The superannuation fund reportedly purchased bitcoin at prices between $60,000 and $70,000, aiming to diversify its holdings and benefit from BTC’s historical price surge, which followed Donald Trump’s electoral victory on November 5.

    Despite BTC price surging past the $100,000 level, other Australian superannuation funds remain hesitant to follow AMP’s example, considering the emerging asset too risky for adoption.

    BTC Adoption & Investments

    Australia is not alone in this acquisition. On July 27, 2024, the state of Michigan’s pension fund announced it had invested $6.6 million into its crypto investment vehicle through ARK 21Shares’ Bitcoin exchange-traded fund (ETF). The decision underscored the increasing global interest in Bitcoin and its investment vehicles.

    Following Michigan’s investment, Jimmy Patronis, Florida’s Chief Financial Officer (CFO), pushed for BTC to be included in the state’s investment portfolio. If implemented by the State Board of Administration (SBA), Florida will join many American states like Wisconsin, which has added crypto assets to its holdings.

    In light of BTC purchases, top corporations like MicroStrategy and Tesla have positioned themselves among the largest bitcoin holders. On December 5, 2024, the business intelligence firm exceeded $40 billion in value. MicroStrategy holds roughly 402,100 BTC, purchased at an average of $58,402, and is collectively worth $41.33 billion. 

    On December 9, the publicly traded company purchased 21,550 BTC for approximately $2.1 billion. The acquisition, executed at an average price of $95,976, brings its total Bitcoin holdings to 423,650 BTC, valued at around $42 billion. With this big buy, the company boasts over 2% of the Bitcoin supply.

  • Asset Manager BlackRock Acquires 4,295 BTC ($429.5M) Amid Adoption Season

    Asset Manager BlackRock Acquires 4,295 BTC ($429.5M) Amid Adoption Season

    BlackRock, the world’s largest asset management firm, with over $11.5 trillion in assets under management (AUM), has acquired 4295 BTC worth $429.5 million. The current purchase further cements BlackRock’s growing footprint in the crypto asset market.

    The asset manager’s recent acquisition also highlights its confidence in bitcoin’s (BTC) potential as a store of value and a hedge against macroeconomic risks. The investment reflects a deliberate strategy by the management giant. BlackRock signals its confidence in the long-term growth of the crypto asset.

    Asset Managers Buying BTC

    BlackRock’s move comes amid a wave of institutional interest in crypto in BTC. For instance, Fidelity Investments recently doubled down on its commitment to crypto by adding over $196 million in BTC to its holdings. The move positioned the asset manager as one of the top dogs in the crypto space, with bitcoin forming a core component of its long-term investment strategy.

    Following the substantial investment, Fidelity also went a step further by adding more bitcoin to its portfolio. In the last four days, the asset manager purchased approximately 5,200 BTC, worth more than $524.6 million. Before the latest acquisition, Fidelity held 199,237 BTC, worth roughly $19.3 billion.

    BlackRock Becomes Largest Bitcoin Spot ETF

    BlackRock’s purchase aligns with the firm’s prior steps toward embracing crypto. In 2023, BlackRock filed for a Bitcoin spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), widely regarded as a turning point for mainstream crypto adoption.

    Early this year, the SEC approved a Spot Bitcoin ETF for BlackRock. The management firm became the world’s largest Bitcoin ETF, surpassing Grayscale’s Bitcoin Trust (GBTC).  At the time, BlackRock held approximately $19.68 billion worth of BTC.

    Amid the latest purchase, BTC was trading at over $100,400, with a market cap of over $1.9 trillion. In the past few days, the crypto asset has traded slightly above the $100,000 price level and pulled back to the $97-$99,000 price range.  

    Bitcoin as Reserve Asset

    Meanwhile, the city council of Vancouver, Canada, has recently embraced BTC. The proposal suggests allocating some of the city’s financial reserves to Bitcoin. It cites Bitcoin’s potential as a hedge against inflation and a means to promote innovation and economic growth. The move aims to position Vancouver as a blockchain and crypto innovation hub.

    In addition, the return of President-elect Donald Trump has partially fueled the move, which is seen as a step towards embracing innovation.

  • Coinbase Plans to Delist Tether’s USDT Stablecoin in Europe

    Coinbase Plans to Delist Tether’s USDT Stablecoin in Europe

    Coinbase, one of the world’s largest crypto exchanges, has announced that it will delist Tether’s USDT stablecoin from its platform for European customers.

    USDT, the leading stablecoin issued by Tether, has maintained its dominance in the crypto market with a market capitalization exceeding $139.5 billion. Its removal from Coinbase’s European markets represents a significant change in the stablecoin ecosystem.

    Coinbase will limit services for certain assets, including USDT, PAX, PYUSD, GUSD, GYEN, and DAI, citing restrictions imposed by Europe’s Markets in Crypto-Assets Regulation (MiCA).

    Coinbase currently supports USD Coin (USDC) and the euro-backed stablecoin EURC, both of which are managed in partnership with the U.S.-based crypto firm Circle.

    Potential Relisting Under Consideration

    The first phase of MiCA’s stablecoin regulations has been in effect since June 30, while the complete regulatory framework for crypto asset service providers (CASPs) will take effect on December 30.

    In October, Coinbase announced its intention to delist MiCA-restricted stablecoins from its platform and encouraged users to exchange their holdings in noncompliant coins for alternative stablecoins such as USDC.

    Although Coinbase labels USDT as a “MiCA-restricted stablecoin,” European regulators have not explicitly stated that the stablecoin fails to comply with MiCA regulations.

    Tether CEO Paolo Ardoino has also openly criticized certain aspects of the MiCA regulations, revealing that Tether is developing a technology-driven solution designed specifically for the European market.

    In November, Tether formally announced it would discontinue its euro-backed stablecoin, EURt (EURT), citing community interest as the reason. At that time, EURT’s market capitalization represented just 0.02% of USDT’s total market value.

    Coinbase Launches Wrapped BTC

    The latest development came after the American crypto exchange announced the launch of its Coinbase Wrapped BTC (cbBTC), a new ERC20 token backed 1:1 by BTC currently available on Base and Ethereum networks.

    Coinbase noted that cbBTC will not have its separate trading options on Coinbase. However, users can trade cbBTC on other decentralized platforms using Coinbase wallet and other exchanges that may support it.

  • Fidelity Investments Purchases 1205 BTC Worth Over $121.5M

    Fidelity Investments Purchases 1205 BTC Worth Over $121.5M

    Fidelity Investments, one of the world’s largest asset management firms, has gone bitcoin (BTC) shopping, adding 1205 BTC, valued at over $121.5 million in its Bitcoin portfolio.

    Fidelity Buys More BTC

    According to an X report, the asset manager has purchased approximately 5200 BTC, worth more than $524.6 million in the last three days. Before the latest acquisition, Fidelity held 199,237 BTC, valued at roughly $19.3 billion.

    Fidelity’s acquisition follows a series of strategic initiatives to cement its position in the cryptocurrency ecosystem. The purchase aligns with the firm’s long-standing commitment to the digital asset.

    Fidelity Investments has played a significant role in promoting the integration of crypto assets into traditional investment strategies and has steadily expanded its involvement in crypto services since its launch.

    With bitcoin currently trading at approximately $100,900, Fidelity’s substantial investment underscores the company’s belief in the leading cryptocurrency’s long-term potential. This purchase adds to Fidelity’s already robust portfolio of digital assets and marks one of its largest purchases.

    The acquisition comes when institutional interest in digital assets is reaching new heights. BlackRock, the world’s largest asset manager, announced it now holds 304,976 BTC, valued at over $21 billion.

    Earlier this year, Fidelity launched a Bitcoin ETF, which has seen significant investor demand. This latest purchase may further enhance the firm’s ability to meet client needs and capitalize on the growing adoption of digital assets. The fund attracted approximately $6.9 billion.

    Bitcoin in High Demand

    The demand for bitcoin has gone beyond corporations and entities. Recently, the city council of Vancouver, Canada, passed the motion to become a “Bitcoin-friendly city.”

    The proposal suggests allocating some of the city’s financial reserves to Bitcoin. It cites Bitcoin’s potential as a hedge against inflation and a means to promote innovation and economic growth. The move aims to position Vancouver as a blockchain and crypto innovation hub.

    As such, Thomas Peterffy, a Hungarian-born American billionaire businessman and the founder, chairman, and largest shareholder of Interactive Brokers, noted that individuals invest at least 2-3% of their net worth into bitcoin.

    Meanwhile, due to the asset’s widespread acceptance and performance, Eric Trump, son of President-elect Donald Trump and executive vice president of the Trump Organization, predicted that BTC would reach $1 million.

    He made this prediction at the Bitcoin MENA conference, which discussed Bitcoin’s future and its impact on the Middle East and North Africa region. The event also featured notable speakers, including billionaire Steve Witkoff and Binance founder Changpeng Zhao.

  • Thomas Peterffy Advises Allocating 2–3% of Net Worth to Bitcoin

    Thomas Peterffy Advises Allocating 2–3% of Net Worth to Bitcoin

    Thomas Peterffy, a Hungarian-born American billionaire businessman and the founder, chairman, and largest shareholder of Interactive Brokers, has suggested that individuals invest in Bitcoin (BTC).

    Peterffy Wants People to Have BTC

    In a recent post, the Interactive Brokers founder recommended that people allocate about 2-3% of their net worth to Bitcoin. Before Peterffy’s suggestion, he earlier noted that people should hold “some Bitcoin” during a recent interview with Bloomberg Television. He also advised against having excessive exposure to the leading cryptocurrency.

    “So, I think that anybody who does not have Bitcoin should have some Bitcoin, but not too much,” Peterffy said.

    The American billionaire initially criticized Bitcoin, claiming it should be kept separate from the “real economy” after news surfaced about CME’s plans to introduce Bitcoin futures. Peterffy even warned that Bitcoin had the potential to destabilize the entire economy.

    By July 2021, the executive shifted his stance, disclosing that he was a crypto holder. He mentioned investing “a small amount” and acknowledged that crypto could become a dominant currency.

    In November 2022, Peterffy expressed surprise that Bitcoin didn’t undergo a more significant downturn after the sudden collapse of the FTX crypto exchange.

    Growing Acceptance of Bitcoin

    Peterffy’s recommendation comes when BTC and other crypto assets are witnessing increasing adoption among institutional players, like BlackRock and Fidelity, signaling a shift toward mainstream acceptance.

    With the growing acceptance of BTC, Ray Dalio, the American investor and founder of Bridgewater Associates, the world’s largest hedge fund, revealed that he prefers investing in bitcoin and gold over debt assets.

    He further noted that BTC has been trading close to record highs as investors turn to digital assets as hedges against economic uncertainty, geopolitical conflicts, and new monetary policies. 

    Despite the market’s volatility, bitcoin has remained resilient. Last week, it traded above $103,000, significantly up from its lows earlier in the year. At the time of writing, the asset is starting to recover from its recent downturn, trading at over $101,200. 

    While Microsoft, a tech giant, voted against a proposal to invest directly in Bitcoin, other entities and corporations, like MicroStrategy, Riot, and MARA Holdings, have invested significantly in the asset.