Cryptocurrencies To Watch

Author: Chris Lion

  • Ex-US Treasury Secretary Criticizes National Bitcoin Reserve as ‘Crazy’

    Ex-US Treasury Secretary Criticizes National Bitcoin Reserve as ‘Crazy’

    Former United States Treasury Secretary Lawrence Summers criticized President-elect Donald Trump’s proposal for a strategic Bitcoin reserve, calling it “crazy” and accusing it of being a move designed to appease his cryptocurrency campaign donors.

    “Some of what is being said — this idea that we should have some kind of national Bitcoin reserve — is crazy. “There’s no reason to do that other than to pander to generous special-interest campaign contributors,” Summers said.

    Summers noted that he understands the need for a national oil reserve and why gold is accumulated in Fort Knox, but of all of the prices to support, why would the government choose to support, by accumulating a sterile inventory, a bunch of Bitcoin?” he added.

    1M BTC Acquired For 20 Years

    The former secretary further stated that during Trump’s campaign, he proposed that the United States government retain the approximately 198,000 Bitcoin it has seized, which is valued at over $19 billion, according to data from Arkham Intelligence.

    Meanwhile, some Trump-aligned Republicans, notably Wyoming Senator Cynthia Lummis, advocated for legislation that would authorize the government to acquire 1 million BTC — roughly 5% of the total supply — and hold it for at least 20 years. Lummis’s advocacy for a Bitcoin reserve was driven by her focus on tackling the nation’s $36 trillion debt.

    However, Summers acknowledged that certain aspects of Trump’s rhetoric on crypto have merit.

    “I think we need to support financial innovation wherever it may go, and there are probably respects in which crypto has been over-regulated by overzealous regulators,” he said.

    Summers served as Treasury Secretary from 1999 to 2001 under the Clinton administration and briefly served as an advisor to the cryptocurrency conglomerate Digital Currency Group (DCG) in 2016.

    Is a Bitcoin Reserve Important?

    Summers is not the only person who has something to say about Bitcoin reserves. For instance, Avik Roy, president of the Foundation for Research on Equal Opportunity, stated at a crypto summit last month that Bitcoin’s potential benefits are being “overhyped.”  

    Additionally, Roy noted that Bitcoin reserves have merits, but they are not a solution to the problem. He further explained the need for budgetary reforms to address the $2 trillion annual federal deficit.

    Despite the debate on Bitcoin reserves, several institutions are considering BTC as their reserve. For instance, the House of Representatives of Pennsylvania, the fifth-most populous state in the US, plans to foster crypto adoption by passing a law to add bitcoin to the state balance sheet as a reserve asset.

  • Bernstein Says Bitcoin to Replace Gold Over the Next Decade

    Bernstein Says Bitcoin to Replace Gold Over the Next Decade

    Brokerage firm Bernstein has predicted that bitcoin (BTC) will replace gold as the dominant store of value over the next decade. Analyst Gautam Chhugani noted that Bitcoin’s swift growth was driven by enthusiasm about potential U.S. policy changes under a possible Trump leadership.

    Bitcoin Compared to Gold

    Over the years, institutions and investors have predicted that Bitcoin will surpass gold as a dominant store of value. According to an industry leader, Brendan Blumer, CEO of Block.one., BTC could replace gold as a leading store of value by 2039, highlighting its long-term potential.

    While certain experts highlight Bitcoin’s potential to compete with gold, others underscore its distinct attributes. Gil Luria of D.A. Davidson characterized Bitcoin as an asset with minimal correlation to inflation and strong appreciation potential, setting it apart from gold. He explained that Bitcoin’s value is primarily influenced by its growing adoption and integration rather than conventional economic indicators.

    Meanwhile, BTC reached an impressive high of over $103,000 earlier today. However, the crypto market has experienced a slight pullback, and the asset is currently trading at over $99,200.

    The $100,000 peak fueled confidence in both institutional and retail investors, who added profits to their portfolios as the crypto asset achieved a remarkable 41% annual increase.

    Luria also noted that Bitcoin requires substantial progress before it can serve effectively as a widely used medium of exchange and a reliable unit of account. Adding to the parallels drawn between Bitcoin and gold, Federal Reserve Chair Jerome Powell offered his viewpoint during the New York Times DealBook Summit on Wednesday, where he referred to Bitcoin as “digital gold,” categorizing it as a speculative investment distinct from the U.S. dollar.

    Altcoins and Stocks Ride the Wave

    Bitcoin’s surge has boosted the prices of various crypto assets and related stocks. Ether (ETH) rose to $3,944 on Thursday, approaching its March peak of $4,090. However, it remains below its record high of $4,890, achieved in November 2021. The crypto asset was exchanging hands at over $3,800.

    Meanwhile, Leading the charge among Bitcoin mining companies, Bitdeer (BTDR) surged by 17%, with Hut 8 (HUT) and CleanSpark (CLSK) both recording gains of approximately 10%. Riot Platforms (RIOT) climbed more than 8%, while Marathon Digital (MARA), Iris Energy (IREN), and Bit Digital (BTBT) saw increases ranging from 5% to 7%.

  • MicroStrategy’s Bitcoin Holdings Exceed $40B as BTC Hits $100K Milestone

    MicroStrategy’s Bitcoin Holdings Exceed $40B as BTC Hits $100K Milestone

    The world’s largest cryptocurrency, Bitcoin (BTC), has surged past the $100,000 mark for the first time in history, solidifying its position as a global financial asset. The latest milestone has had a monumental impact on Bitcoin-heavy institutions like MicroStrategy, whose Bitcoin holdings have now exceeded a staggering $40 billion in value.

    According to data from Saylor Tracker, MicroStrategy currently holds 402,100 BTC, purchased at an average of $58,402, and is collectively worth $41.33 billion. Bitcoin was trading at $101,184 at the time of writing, up 5.87% daily, per data from CyptotocurrenciesToWatch.

    MicroStrategy Acquires Large BTC

    The business intelligence company has continued to accumulate large amounts of BTC throughout the year. In November alone, the firm allocated $13.5 billion to acquire 149,880 BTC at an average cost of $90,231 per coin. By December 2, MicroStrategy disclosed an additional investment of $1.5 billion, securing another 15,400 BTC at an average price of $95,976.

    Furthermore, Michael Saylor, the founder and executive chairman of MicroStrategy, noted that the firm’s Bitcoin acquisitions in November delivered a 38.7% return, adding a net gain of 97,500 BTC to shareholder value. With Bitcoin trading at $96,000, this translated to an estimated monthly benefit of $9.4 billion for shareholders, averaging about $312 million per day.

    Generally, MicroStrategy’s cumulative bitcoin acquisitions amounted to approximately $23.48 billion. However, with the current valuation of its holdings reaching $41.21 billion, the company’s investment has appreciated by 75.48% since it began acquiring BTC in 2020.

    With all its total BTC stash, MicroStrategy plans to raise $2.6 billion from senior convertible notes at a 0% interest rate. The company aims to use the funds to accumulate more BTC. The notes will be offered privately, exclusively to individuals reasonably believed to qualify as institutional buyers under Rule 144A of the Securities Act.

    MicroStrategy’s Portfolio Hits Over $22B

    In the wake of United States President Donald Trump’s electoral win in early November, the value of MicroStrategy’s Bitcoin holdings surged past $22.98 billion, marking a return on investment exceeding 100%. At that moment, the company reported unrealized profits of $11.08 billion. Currently, the unrealized gains have grown to over $17.72 billion.

    With the crypto asset’s performance, the executive also aims to transform the firm into a trillion-dollar company and become the world’s leading Bitcoin bank. Saylor announced this vision during an interview with analysts at asset management firm Bernstein.

  • Mt. Gox Transfers Over $2.8B in Bitcoin to Unknown Address

    Mt. Gox Transfers Over $2.8B in Bitcoin to Unknown Address

    Defunct cryptocurrency exchange Mt. Gox has reportedly transferred a massive amount of BTC to an unknown wallet address amid the crypto asset’s new price achievement.

    According to a recent data from blockchain analysis platform Arkham Intelligence, Mt. Gox moved 27,871 BTC worth approximately $2.8 billion to an undisclosed address. The exchange still holds roughly over $4 billion.

    Mt. Gox Moves $222M

    The recent transfer follows a significant transfer of 2,500 bitcoins (valued at $222 million) by the crypto exchange on November 12 to an unidentified wallet. These transactions occur amid the prolonged repayment timeline for Mt. Gox creditors, now extended to October 31, 2025. The delay has been linked to continued claimant verification efforts.

    Although some creditors have been compensated in fiat currency, many still await their repayments in Bitcoin or Bitcoin Cash.

    In the past, Bitcoin market prices have shown sensitivity to transactions involving Mt. Gox wallets, though recent activities have had minimal immediate effect. However, analysts remain wary that a widespread distribution of payouts could lead to selling pressure if recipients choose to liquidate their Bitcoin.

    BTC Hits New High

    As of the time of writing, BTC is changing hands at over $103,000, reflecting a 6.17% rise over the past 24 hours. However, the crypto asset has encountered some challenges in the past week, with slight pullbacks.

    The recent milestone of the digital asset has pushed its market capitalization to over $2 trillion, further cementing it as the world’s largest cryptocurrency.

    The uptick comes from significant events shaping the U.S. crypto sector. Federal Reserve Chairman Jerome Powell recently referred to Bitcoin as a rival to gold, and President-elect Donald Trump has selected pro-crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC). 

    Investors and analysts see these developments as indicative of a regulatory shift under the new administration, potentially creating a more crypto-friendly landscape.

    Institutional Demand Drives Bitcoin’s Rally

    Institutional interest remains a key driver of Bitcoin’s growth. The January approval of U.S. spot Bitcoin ETFs marked a turning point, offering a regulated avenue for institutional investors to enter the market.

    As such, a large percentage of institutional investors intend to invest in digital assets in 2024, highlighting the increasing appeal of the sector, with countries and states also joining the bandwagon of having BTC as their reserve asset.

    Corporate adoption also strengthens Bitcoin’s position. U.S. companies increasingly embrace it as a treasury reserve asset—a movement led by MicroStrategy steadily gaining momentum across the business landscape. With its latest acquisition of approximately 15,400 BTC valued at $1.5 billion, the business intelligence firm has positioned itself as one of the largest corporate holders of Bitcoin.

  • Finally! Bitcoin Surpasses the Much Anticipated $100K Price High

    Finally! Bitcoin Surpasses the Much Anticipated $100K Price High

    Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, reached an all-time high on December 5, trading above the $100,000 mark for the first time in history, according to data from CoinMarketCap. The milestone comes amid sustained growth and increasing adoption from institutional investors, governments, and retail traders alike.

    Investors have been closely watching the crypto asset since it neared the anticipated $100,000 level. In the past week, the digital asset has fluctuated around $95,000-$98,000. Despite the market pullback, BTC is currently trading at an impressive $103,000.

    Over 139% This Year 

    By surging over 139% this year, bitcoin has shown that the turbulence fueled by the collapse of FTX in November 2022, the subsequent conviction of its founder, Sam Bankman-Fried, and BTC sell-off from the German government were only temporary setbacks on its path to greater heights.

    As the recent milestone fuels confidence in investors, Fed chair Jerome Powell noted that BTC is a major competitor to Gold. 

    Several investors and institutions have accumulated the digital asset in the past months due to its performance. For instance,  America-based publicly traded company MicroStrategy recently acquired an additional 15,400 of the pioneer crypto worth $1.5 billion. This purchase marked the company’s fourth consecutive weekly purchase, bringing its total Bitcoin holdings to 402,100, worth $39 billion.  

    Big Firms Accumulating BTC

    As one of the major players in the crypto market, the business intelligence firm also purchased a whooping 55,500 BTC, worth approximately $5.4 billion at an average price of $97,862 per bitcoin, fueling renewed confidence in investors. 

    Before the latest feat reached by the crypto asset, MicroStrategy’s Bitcoin portfolio exceeded $20 billion. The pump has also benefited other major BTC holders.  

    Despite being a Bitcoin mining company, MARA Holdings spent approximately $572 million to acquire about 5,771 BTC at an average price of $95,554 per bitcoin. The form has always purchased more bitcoin from the open market in addition to its mining rewards, adopting a complete Bitcoin hodl strategy.  

    BTC to Reach Different Highs

    Notably, several entities and investors have predicted different prices for BTC in the past. Standard Chartered Bank believes that the crypto asset will hit $150,000.

    Prediction market platform Kalshi also predicted that the leading crypto will surge to approximately $158,000 by 2025. This projection aligns with growing optimism about bitcoin’s long-term potential.

    Meanwhile, the growing acceptance of Bitcoin has made several states consider BTC as their reserve asset. The House of Representatives of Pennsylvania, the fifth-most populous state in the United States, plans to foster crypto adoption by passing a law to add bitcoin to the state balance sheet as a reserve asset.

  • Binance’s BNB Attains New All-Time High Above $780

    Binance’s BNB Attains New All-Time High Above $780

    Binance Coin (BNB) has surged to a new all-time high of over $786, reflecting a 24-hour gain of 20.52%, according to data from CoinMarketCap (CMC). The rise signifies robust positive momentum, highlighting BNB’s strength and appeal to investors during a period of increased activity in the crypto market.

    BNB also reported a 24-hour trading volume of $5.82 billion, reflecting a 132% increase, and achieved a market capitalization of over $113 billion. The sharp price rally triggered widespread market liquidations, wiping out $4.5 million in short positions.

    BNB Sets Eyes on $800 Mark

    In the previous month, BNB experienced a notable change in trajectory, surpassing an eight-month resistance range of $572 to $619. Despite encountering challenges around the $658 level, the altcoin successfully broke through within the last 24 hours, fueling new optimism among traders. This breakout underscores an upward trend for BNB.

    With the altcoin’s new all-time high set, BNB is targeting the $800 mark as the next key resistance and support level. A climb toward the $800 mark appears achievable if the upward momentum continues, indicating an optimistic forecast for the altcoin’s price movement.

    The substantial rise shows a growing enthusiasm for crypto assets. BNB’s surge has shaped market behavior and guided investment approaches. Experts carefully observe its progress, considering it a potential indicator of broader market trends.

    BNB Ranks Fifth

    Before the altcoin hit its latest peak, BNB dropped out of the top five largest cryptos by market capitalization. However, since its latest feat, it has since retraced its steps, ranking as the fifth-largest crypto by market cap, directly after Tether (USDT), according to data from CMC. This shift in rankings may be attributed to various market factors, including market correction and increased competition among rival digital assets. In all cases, such a move usually reflects changes in investor sentiments.

    The performance of the Binance exchange also plays a significant role in BNB’s value. Positive news or increasing trading volumes on the platform may trigger the asset’s price. As the crypto industry grows, market participants closely watch BNB’s price movements and anticipate new highs and levels.

    While BNB is ranked 5th, XRP has surpassed several tokens and competes with Tether for the third spot. XRP’s remarkable performance has led to a significant shift in the rankings as investors are now eyeing the token. Meanwhile, Bitcoin is struggling to reach the $100,000 mark.

  • BTC Could Surpass $100K If This Happens

    BTC Could Surpass $100K If This Happens

    December has traditionally been a volatile and unpredictable month for bitcoin (BTC). However, analysts at the crypto exchange Bitfinex suggest that while a short-term pullback may occur, changes in network dynamics could propel the digital asset beyond $100,000.

    A recent weekly report suggests that the crypto asset could sustain its upward momentum this month and potentially surge past $100,000 if short-term holders’ (STH) demand aligns with the supply from long-term holders’ (LTH) supply. Currently, BTC is trading at over $95,300 after fluctuating within the $90,000 to $98,000 range over the past week.

    Can STH Demand Match LTH Supply?

    Long-term Bitcoin holders are seizing the opportunity to distribute their reserves on a large scale amid rising market demand. The recent rally has been fueled by increased interest from institutional investors and growing momentum in the spot Bitcoin exchange-traded fund (ETF) market.

    LTHs saw their supply peak in September, after which they distributed approximately 508,990 BTC. While substantial, this amount is notably less than the 934,000 BTC offloaded during the March rally that propelled Bitcoin to its peak of $73,666, according to Bitfinex.

    Over the past eight months, LTHs have been steadily re-accumulating bitcoin after offloading their holdings ahead of the halving. However, as this group transitions back to a redistribution phase, STHs have been actively buying and accumulating rapidly. The exchange’s analysis indicates that a decline in the supply held by LTHs is typical at this stage of the bull cycle.

    BTC Depends on ETF Inflows and Strong Demand

    As LTHs continue to realize profits, BTC relies on positive ETF inflows and robust demand from marginal buyers to sustain its upward momentum. Over the past two weeks, the consistent supply from LTHs has entered the market. Without strong spot demand to absorb this influx, the digital asset risks facing a sharp price correction.

    The final phase of the bull market typically begins when the STH supply surpasses the pre-halving cycle peak of 3,282,000 BTC. This supply currently stands at 3,252,000 BTC, signaling that the threshold is close to reaching.

  • BlackRock’s Spot Bitcoin ETF Hits Over 500,000 BTC in Asset Under Management

    BlackRock’s Spot Bitcoin ETF Hits Over 500,000 BTC in Asset Under Management

    BlackRock’s spot Bitcoin exchange-traded fund (ETF) has surpassed the threshold of 500,000 BTC ($47 million) in assets under management (AUM). The milestone shows growing institutional adoption and marks a significant achievement in the mainstream acceptance of Bitcoin (BTC) as an asset class.

    Based on its most recent fund filings, BlackRock’s Bitcoin ETF reported holdings of 496,854 BTC as of November 29. A net inflow of $338.3 million (approximately 3,526 BTC) into the ETF pushed its total to 500,380 BTC, according to data from K33. This represents 2.38% of Bitcoin’s total 21 million supply.

    Over 500,000 BTC

    K33 Head of Research Vetle Lunde noted that BlackRock’s surpassing 500,000 BTC is yet another huge milestone after a tremendous launch year. He added that, based on year-to-date inflows, it ranks as the third most robust ETF offering in the United States, surpassing Invesco’s massive $314 billion fund.

    Interestingly, 1 million BTC aligns with the amount proposed by Senator Lummis as the ideal holding for the U.S. government under her proposed Bitcoin Strategic Reserve Bill. This figure represents roughly 5% of Bitcoin’s total supply, mirroring the U.S. government’s proportionate share of global gold reserves.

    Lunde also noted that the products are primed for further expansion, with institutional ownership of IBIT reaching 24% by the close of Q3 2024, allocating 1-3% of their assets to these funds, given bitcoin’s track record of enhancing risk-adjusted performance.

    BlackRock BItcoin ETF Hits The Top

    During an interview with Fox Business following IBIT’s crossing of the 250,000 BTC mark in March, BlackRock CEO Larry Fink noted that IBIT is the fastest-growing ETF in the history of ETFs, expressing his astonishment at BTC’s price surge. At the time, bitcoin was trading at around $69,000, and it has since risen by an additional 38%, now trading at over $93,900, according to data from CryptocurrenciesToWatch.

    The BlackRock Bitcoin ETF, launched earlier this year, surpassed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin exchange-traded fund (ETF). The asset manager has rapidly attracted institutional and retail investors seeking exposure to Bitcoin without the complexities of direct custody. The 500 BTC milestone has placed the asset manager among the largest Bitcoin investment vehicles globally.

    Meanwhile, according to Bloomberg’s Eric Balchunas, Bitcoin ETFs are 82% on the way to surpassing gold in assets. The Bitcoin EFTs total over $104 billion in assets, triggered by a strong market boost following the U.S. presidential election. This surge has pushed to several highs, with some experts and investors predicting it could hit over $100,000-$150,000 per coin.

  • MARA Holdings Plans to Raise $700 Million for Bitcoin Acquisitions

    MARA Holdings Plans to Raise $700 Million for Bitcoin Acquisitions

    Popular United States-based Bitcoin mining company MARA (formally Marathon Digital Holdings) has announced plans to raise roughly $700 million from senior convertible notes at a 0% interest rate to purchase additional bitcoin (BTC).

    The company noted that it aims to allocate the net proceeds to acquire additional bitcoin for general corporate purposes, including working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

    Up to $105 Million

    The notes will be available to individuals reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act. The initial purchasers will also have the option to purchase up to an additional $105 million aggregate principal amount of the notes within 13 days, including the date on which the notes are first issued.

    The announcement comes when the leading cryptocurrency has shown resilience, trading steadily above the $96,000-$97,000 range after recovering from an earlier market pullback. MARA’s move reflects growing institutional confidence in Bitcoin’s long-term potential.

    Over the years, the mining firm has acquired BTC worth millions of dollars, further cementing its position as a key player in the crypto space. According to the announcement, between October 1, 2024, and November 30, 2024, MARA acquired roughly 6,484 bitcoins for approximately $618.3 million in cash at an average price of approximately $95,352 per bitcoin, inclusive of fees and expenses.

    MARA Buying BTC

    Recently, the miner noted that it acquired an additional 703 BTC after its prior acquisition of 5,771 BTC, with an average cost of $95,395 per BTC. Year-to-date, MARA’s Bitcoin holdings have delivered a per-share return of 36.7%, and the firm now maintains a reserve of about 34,797 BTC, estimated to be worth around $3.3 billion.

    Despite being a Bitcoin miner, MARA has always purchased more BTC from the open market in addition to its mining rewards, adopting a complete Bitcoin hodl strategy. On November 23, 2024, the firm spent $572 million to acquire about 5,771 BTC at an average price of $95,554 per bitcoin.

  • Whales Amass Over $1 Billion in XRP as Interest Surges

    Whales Amass Over $1 Billion in XRP as Interest Surges

    Large investors, commonly known as whales, have accumulated over $1 billion worth of Ripple’s flagship crypto asset, XRP, over the past three weeks as interest in the digital asset rises. The surge in whale activity is seen as a significant signal of growing confidence in XRP despite its past challenges.

    Market analysis platform Santiment revealed that the substantial buildup has driven XRP’s price to $2.35, marking its peak value since January 8, 2018 (nearly 7 years).

    Over 679 Million Tokens Accumulated

    According to the report, wallets containing between 1 million and 10 million XRP have accumulated 679.1 million tokens during this period. With XRP’s current value, these holdings are worth around $1.66 billion, highlighting the crucial influence of major investors in fueling XRP’s recent upward momentum.

    In addition, another significant development is the rise in adoption, with the total count of non-empty XRP wallets exceeding 5.5 million for the first time in the token’s eight-year existence. The achievement reflects increasing interest from retail and institutional investors, further promoting positive market sentiment.

    Interestingly, XRP’s surge has also altered the rankings within the crypto market, surpassing Tether USDT. Data from CoinMarketCap shows XRP’s market cap at over $138.4 billion, surpassing USDT’s over $134.1 billion. This positions XRP as the third largest crypto by market cap ranking.

    Ripple’s Legal Battles 

    In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for allegedly selling unregistered securities. The SEC claimed that XRP is a security rather than a commodity and that the blockchain company illegally raised $1.8 billion by selling the token.

    The legal battle was one of the most crucial conflicts between a crypto firm and a regulatory body. Despite a year of court proceedings and legal filings, it remained unclear who held the advantage in the case.

    On October 3, 2024, the SEC also filed an appeal in its lawsuit against Ripple Labs, challenging the court’s ruling in the United States District Court. The appeal came after US District Judge Analisa Torres ruled that Ripple breached federal securities law with its institutional sales of XRP tokens but not with its programmatic sales to retail exchanges.

    Following the ruling, the judge ordered Ripple to pay a $125 million fine, lower than the $2 billion in disgorgement and civil penalties initially requested by the SEC. The ruling was seen as a significant win for the crypto industry, but the regulator’s appeal has put that victory on hold.