Cryptocurrencies To Watch

Author: Chris Lion

  • SEC Approves Coincheck as First Japanese Crypto Exchange Listed on Nasdaq

    SEC Approves Coincheck as First Japanese Crypto Exchange Listed on Nasdaq

    The United States Securities and Exchange Commission (SEC) has approved Coincheck, a crypto exchange headquartered in Tokyo, Japan, to list on the Nasdaq Global Market. The milestone marks the first time a Japanese crypto exchange will be publicly traded on a stock exchange in the U.S.

    The exchange will go public via a merger with Thunder Bridge Capital Partners IV, Inc. (“THCP”), a Nasdaq-listed firm established to assist private companies in making their market debut.

    SEC Application Approval

    With the SEC’s approval, TBCP is set to hold a shareholder vote on December 5 to authorize and complete the business merger, a crucial step for the listing to proceed.

    If the shareholders approve, the merger with TBCP will be finalized, and Coincheck is expected to debut on Nasdaq on December 10, trading under the ticker symbol CNCK.

    Coincheck has filed various documents to the SEC as part of the listing process. With the SEC’s recent approval, THCP will now distribute the final voting materials to its shareholders, who will vote on the merger.

    THCP shareholders and other stakeholders are urged to examine these documents, which are accessible on the SEC’s EDGAR website.

    The listing will allow Coincheck to access capital from U.S. markets, potentially expand into new regions, and enhance its trading and security capabilities.

    For investors, the Nasdaq listing provides an opportunity to gain exposure to the growth of the crypto market via traditional stock investments without directly purchasing digital assets.

    Nasdaq Listing Implications

    The scheduled Nasdaq listing also represents a significant milestone for Japan and the U.S. If the merger is completed, it will enhance global market connectivity and may encourage other Japanese crypto exchanges to seek listings in international markets.

    While the listing could attract other Japanese crypto exchanges, it may draw more global crypto companies to U.S. markets, further solidifying the country’s anticipated pro-crypto regulatory approach under President-elect Donald Trump’s upcoming administration.

    Founded in 2014, Coincheck has long been one of Japan’s leading cryptocurrency exchanges, catering to millions of users in Asia. Coincheck made headlines in 2018 when it was acquired by Monex Group, a prominent Japanese online brokerage, following a high-profile hack in April 2018.

    Since then, Monex has rebuilt Coincheck’s reputation by prioritizing security and regulatory compliance.

  • Is XRP Gearing Up for a Substantial Price Pump? Analysts Think So

    Is XRP Gearing Up for a Substantial Price Pump? Analysts Think So

    In a recent tweet, the pseudonymous analyst Armando Pantoja predicted that this is the last chance for the asset to trade under $1. The analyst noted that the last time a pattern like this occurred, XRP went from pennies to over $3, recorded on January 4, 2018.

    XRP has risen 9.20% in the last 24 hours, trading at $0.71. Its 24-hour trading volume is over $5.8 billion.

    Can XRP Meet Price Pump Expectations?

    Crypto enthusiast CoinsKid also recently tweeted an XRP/BTC weekly chart, suggesting a potentially significant price movement for XRP against Bitcoin. If XRP shows signs of strength against Bitcoin, it may indicate an opportunity for XRP to gain momentum.

    CoinKid pointed out a weekly bullish divergence on the chart, implying that XRP could prepare for a significant price surge. 

    In technical analysis, a bullish divergence usually happens when the price moves downward while momentum indicators, such as the Relative Strength Index (RSI), trend upward, often indicating a potential reversal.

    The chart showed that XRP/BTC has been in a prolonged downtrend, approaching support zones near the 0.0000620 and 0.0000440 BTC levels.

    Meanwhile, the RSI moved opposite the price, indicating growing momentum despite the decline. This divergence between the RSI and price action suggests that the downtrend is losing strength, positioning the token for a reversal. 

    CoinsKid also highlighted Bitcoin’s approach to the 1.414 Fibonacci level and the nearing target for USDT (Tether) dominance. These factors could be pivotal in XRP’s potential breakout, as BTC reactions around key Fibonacci levels often influence the wider crypto market.

    CoinsKid’s tweet drew attention, with numerous users sharing their perspectives on XRP’s potential price shifts.

    Can Ripple’s Legal Battle Fuel XRP Price Movement?

    An X user named Puppeteer also highlighted that XRP’s future direction will likely rely on regulatory developments, mainly due to Ripple’s ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC).

    Ripple’s legal battle has influenced XRP market performance, and any regulatory clarity could drive the token’s price momentum. Puppeteer stressed that positive legal results for Ripple might trigger a breakout for XRP.

  • Tesla’s Bitcoin Holdings Exceed $1 Billion in Value

    Tesla’s Bitcoin Holdings Exceed $1 Billion in Value

    Electric car manufacturer Tesla has seen its Bitcoin (BTC) holdings grow in value to over $1 billion, according to a recent X post.

    The ongoing boost in valuation reflects the market’s recent surge, with bitcoin trading above $86,100. As the price of bitcoin continues to rise, so does the value of Tesla’s BTC assets. The latest valuation rise also reflects crypto’s growing role in corporate financial holdings.

    The electric car company currently holds 11,509 BTC, worth approximately $1 billion, which shows the firm’s ongoing commitment to its Bitcoin investment strategy despite the market’s recent pullback.

    Tesla’s significant stake in Bitcoin reflects its confidence in the crypto asset as a long-term asset and aligns with investors who see digital assets as valuable alternative investments.

    Tesla Invests $1.5M in BTC

    Tesla’s Bitcoin investment started in early 2021 when the company bought BTC worth $1.5 billion, marking a groundbreaking step in the corporate world.

    As one of the first prominent publicly traded firms to make such a high-profile entry into the crypto space, its investment has paved the way for other corporations to explore digital assets.

    Since it commenced its acquisition spree, the electric car manufacturing firm has purchased bitcoin worth millions of dollars, enlarging its company’s portfolio.

    The firm also briefly accepted bitcoin as a payment method for its vehicles but suspended the option over environmental concerns.

    Tesla’s incorporation of Bitcoin into its financial strategy has positioned it as a distinctive force within the automotive and crypto industries.

    With Tesla’s over $1 billion in Bitcoin holdings, the company’s position shows confidence in BTC as a long-term store of value and hedge against inflation.

    Big Firms Acquiring BTC

    The announcement comes after business intelligence firm MicroStrategy recently experienced substantial growth in its Bitcoin portfolio, exceeding $20 billion.

    Like Tesla and MicroStrategy, other prominent firms have begun accumulating the leading crypto assets globally. The Japanese investment firm Metaplanet, known as “Asia’s MicroStrategy,” has expanded its Bitcoin holdings.

    The company acquired 38.4 BTC, valued at around $2.1 million, cementing its position as a significant player in the crypto market.

    Similarly, popular U.S. Bitcoin mining firm Marathon Digital is not left out. Between August 12 and August 14, the company purchased 4144 BTC worth approximately $249 million at an average price of $59,500 per coin.

    The miner owns approximately 25,000 BTC, valued at about $1.5 billion, almost 0.12% of the total Bitcoin supply.

  • MicroStrategy Buys 27200 BTC Worth $2.03B in Latest Acquisition

    MicroStrategy Buys 27200 BTC Worth $2.03B in Latest Acquisition

    MicroStrategy, the largest corporate bitcoin (BTC)  holder, has announced updates regarding its bitcoin holdings and activities, capital market operations, and BTC Yield, a key performance indicator.

    The company noted that between October 31, 2024, and November 10, 2024, it acquired roughly 27,200 bitcoins at a total cost of about $2.03 billion in cash, with an average purchase price of approximately $74,463 per bitcoin, including fees and expenses.

    With the latest acquisition, the company now holds a total of 279,420 BTC, worth approximately $23 billion at current market prices.

    Selling Shares to Purchase More BTC

    The firm further stated that the funds for these bitcoin acquisitions were sourced from proceeds raised through the issuance and sale of shares under existing Sales Agreements.

    MicroStrategy disclosed that it entered sales agreements with multiple firms on August 1 and October 30. By November 10, the company had sold around 7.8 million shares, raising approximately $2 billion.

    MicroStrategy also revealed that as of November 10, 2024, the company and its subsidiaries collectively held around 279,420 bitcoins, acquired at a total cost of roughly $11.9 billion, with an average purchase price of approximately $42,692 per BTC, including all fees and expenses.

    The firm noted that its BTC yield was 7.3% from October 1, 2024, to November 10, 2024, and 26.4% from January 1, 2024, to November 10, 2024.

    BTC Yield is a key performance indicator (KPI) that represents the percentage change period-to-period of the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding.

    Assumed Diluted Shares Outstanding represents the total of the company’s actual common stock shares at the end of each period, combined with any additional shares that would arise from the assumed conversion of all outstanding convertible notes.

    According to MicroStrategy, it uses BTC Yield as a key performance indicator to evaluate the effectiveness of its bitcoin acquisition strategy, which it believes adds value for shareholders.

    The KPI aims to enhance investors’ understanding of the Company’s approach to financing bitcoin purchases by issuing additional common stock or convertible instruments.

    MicroStrategy’s BTC Portfolio Surpasses $20B

    The recent announcement comes as MicroStrategy’s Bitcoin portfolio exceeds $20 billion, with over 100% investment return.

    The data tracker indicated that the firm’s holding exceeded $20.5 billion before adding its latest BTC acquisition.

    Data from BitcoinTreasuries revealed that MicroStrategy has made roughly 42 purchases, with an average acquisition cost of $39,292 per BTC.

  • MicroStrategy’s Bitcoin Portfolio Exceeds $20B with Over 100% ROI

    MicroStrategy’s Bitcoin Portfolio Exceeds $20B with Over 100% ROI

    Business intelligence firm MicroStrategy has seen its Bitcoin (BTC) portfolio exceed $20 billion. With BTC’s recent price rally, MicroStrategy’s 252,200 BTC is currently worth $20.5 billion, marking a gain of over 104% on the company’s Bitcoin investment strategy.

    The world’s largest cryptocurrency by market capital has made headlines in the past week, hitting a new all-time high (ATH) of over $82,000. However, the asset has slightly dropped to over $81,900. The pump has also benefited other major BTC holders.

    According to data from BitcoinTreasuries, MicroStrategy has made roughly 42 purchases, with an average acquisition cost of $39,292 per BTC.

    MicroStrategy as Largest Corporate BTC Holder

    MicroStrategy started buying and holding bitcoin in August 2020 as revenue from its software business eased. Today, it is now the largest corporate BTC holder, followed by Bitcoin miners Marathon Digital and Riot Platforms, which hold $2.1 billion and $840 million worth of bitcoin, respectively.

    Since it commenced its acquisition spree, the business intelligence firm has purchased bitcoin worth millions of dollars, enlarging its company’s portfolio.

    On September 20, 2024,  MicroStrategy acquired BTC worth $458.2 million after it raised $1.01 billion from convertible note sales. The company also bought an additional 18,300 BTC valued at $1.11 billion.

    Big Firms Buying BTC

    Like MicroStrategy, other big firms have begun accumulating the leading crypto asset globally. The Japanese investment firm Metaplanet, famously known as “Asia’s MicroStrategy,” has expanded its Bitcoin holdings. The company acquired 38.4 BTC, valued at around $2.1 million, cementing its position as a major player in the crypto market.

    The company also purchased BTC worth $3.4 million and made an additional acquisition of BTC worth $1.2 million, which shows its commitment to building its Bitcoin reserves.

    Popular United States bitcoin mining firm Marathon Digital is not left out. Between August 12 and August 14, the company purchased 4144 BTC worth approximately $249 million at an average price of $59,500 per coin.

    With its purchases, the miner owns approximately 25,000 BTC, valued at about $1.5 billion, almost 0.12% of the total Bitcoin supply.

  • Ethereum Foundation Reveals $788 Million in Treasury Holdings

    Ethereum Foundation Reveals $788 Million in Treasury Holdings

    The Ethereum Foundation (EF), the non-profit organization that promotes the growth and development of the Ethereum blockchain,  has revealed its treasury holdings, totaling $970.2 million in ether (ETH) and other investments.

    According to a recent report, the foundation holds $788.7 million in crypto assets, with approximately 99.45% held in ETH, representing 0.26% of the total ETH supply.

    The non-profit also revealed holding approximately $181.5 million in non-crypto assets and investments.

    “We choose to hold the majority of our treasury in ETH. The EF believes in Ethereum’s potential, and our ETH holdings represent that long-term perspective,” the foundation wrote.  

    The EF stated that its treasury intends to support essential public goods for the Ethereum ecosystem. It also emphasized its commitment to a cautious treasury management approach, aiming to maintain ample resources even during a multi-year market downturn.  

    “This requires periodically selling ETH to ensure sufficient savings for future years, and programmatically increasing our fiat savings in bull markets to fund spending in bear markets,” the EF added.

    The non-profit plays a significant role in developing and maintaining the Ethereum network, funding key projects, research initiatives, and developer grants.  

    EF Support Ethereum Projects 

    Over the years, the EF has allocated millions of dollars towards several projects. The non-profit disclosed that nearly $500 million was deployed to support ecosystem projects between 2022 and 2023. 

    According to a report, in 2023, the EF’s largest spending area was on “new institutions,” amounting to $47.4 million, a notable increase from $28.6 million in 2022, which includes grants to new institutions supporting the Ethereum ecosystem.   

    Additionally, the EF invested $34.7 million in Layer 1 research and development, an increase from $32.1 million the previous year. 

    The foundation’s report also showed that entities within the Ethereum ecosystem collectively spent more than $497 million on project funding, with the EF alone contributing approximately $240.3 million, or around 48.3% of the total. 

    The rest of the funding was provided by organizations such as MakerDAO (now renamed Sky), Optimism, Gitcoin, Decentraland, Aragon, Uniswap, Starknet, MetaMask DAO, and Protocol Guild, highlighting a collaborative effort within the Ethereum community. 

    Aya Miyaguchi, executive director of the EF, noted that the foundation is committed more than ever to planting seeds that may only mature years down the line, ensuring Ethereum’s resilience and collaborative growth.

  • Ethereum Unveils Mekong Testnet to Preview Pectra Upgrade Features

    Ethereum Unveils Mekong Testnet to Preview Pectra Upgrade Features

    The Ethereum Foundation plans to launch the first short-lived Pectra testnet, Mekong, in Q1 of 2025. The testnet will allow developers to experiment with future upgrades before they reach the Ethereum mainnet.

    The foundation noted that the Mekong testnet would enable developers to explore user experience (UX) updates and get acquainted with the upcoming changes in the Prague-Electra, or “Pectra,” fork on Ethereum. 

    “Mekong is meant to be a playground for wallet developers to experiment with UX changes and for stakers to gain confidence in the upcoming changes. The testnet will be short-lived and will feature complete with all the intended EIPs for Pectra,” the foundation wrote. 

    The non-profit organization also noted that developers would experience minor spec changes or smaller Ethereum Improvement Proposals (EIPs), but the features included will eventually make it into existing public testnets and the Ethereum mainnet.  

    Tim Beiko, protocol support at the Ethereum Foundation, also described the short-lived testnet as a “pre-devcon treat” in reference to the upcoming Devcon conference in Bangkok. The testnet’s name, Mekong, honors the Mekong River, which flows through several Southeast Asian nations, including Thailand, Cambodia, and Vietnam.

    The Ethereum Foundation stated that the Mekong testnet incorporates all EIPs slated for the Pectra fork. These updates cover a range of modifications, including user experience, staking processes, deposit functions, and exit protocols.  

    Additionally, the testnet integrates other proposed EIPs and technical specifications for further testing. 

    The non-profit organization encouraged developers to test the user experience updates and share feedback with the organization.

    While the Mekong testnet provides developers with a platform to examine the upcoming enhancements, the Ethereum Foundation noted that it will not affect the mainnet or other Ethereum test environments, such as Holesky and Sepolia. 

    “Mekong is a new testnet and does not affect other Ethereum networks. However, testing on Mekong will inform the deployment of the Pectra upgrade on other Ethereum networks,” the foundation added.

    As for stakers, the Ethereum Foundation mentioned that major changes to the staking workflow are coming to Pectra. 

    The foundation further noted that the Mekong testnet will be the first location to try them out.

  • Binance Donates $3M to Spanish Red Cross for Flood Relief Support

    Binance Donates $3M to Spanish Red Cross for Flood Relief Support

    Binance Charity, the philanthropic branch of the leading crypto exchange Binance, is donating $3 million to the Spanish Red Cross to support flood relief efforts in Valencia, Spain. 

    The crypto donation aims to provide immediate assistance to communities affected by recent severe flooding, which has led to widespread damage and displaced thousands of residents.  

    “Our hearts go out to all those affected by the devastating floods in Valencia. At Binance, we are committed to leveraging our resources to provide critical support during these challenging times. Through our donation to the Spanish Red Cross, we aim to bring relief and assistance to the people who need it most,” said Javier García de la Torre, Binance’s General Manager for Spain. 

    The executive further noted that the company stands with the community and is committed to helping, rebuilding, and recovering.  

    Web3 as Solution For Humanitarian Impact

    Binance Charity said it is dedicated to building a future where Web3 technology is used as a force for good.  

    The non-profit also enables Web3 to drive social transformation by making its education and research accessible and advancing global solutions for local humanitarian impact.

    Fernando Pérez-Ordoyo, Head of International Partnerships at the Spanish Red Cross, expressed deep gratitude towards Binance’s donation.

    “We would like to express our sincerest gratitude to all the companies, such as Binance, that with their invaluable support are an essential part of the response to the recent floods. Thanks to their generosity and commitment, we can provide immediate assistance to the thousands of affected individuals, supplying vital resources in this very difficult time,” he said.

    Pérez-Ordoyo also noted that the donation not only reaches the most affected areas but also makes a significant difference in the lives of those facing loss and uncertainty.  

    Not the First 

    Over the years, Binance Charity has stayed true to its cause, donating millions of dollars worth of crypto assets to support different charity projects. 

    For instance, in 2023, the non-profit donated over $20,000 to Instituto Ruas, a Brazilian organization that educates homeless and socially vulnerable people in the city of São Paulo to support their personal development and the ability to generate income. 

    The foundation also donated more than $3 million to Morocco due to an earthquake that took many lives and damaged many properties. 

    So far, Binance Charity has supported over 2 million people in over 54 countries by committing more than $23 million to funds and 32 projects.

  • Bernstein Sees BTC at $200K by the End of 2025 Despite Election Outcome

    Bernstein Sees BTC at $200K by the End of 2025 Despite Election Outcome

    Wealth management company Bernstein has set a new price target for the world’s leading cryptocurrency, bitcoin (BTC). It predicts that the digital asset will reach $200,000 by the end of 2025.

    The bullish outlook came despite uncertainties surrounding the 2024 United States presidential election outcome and its potential impact on financial markets.

    BTC to Hit $90,000

    Before the recent BTC prediction, Bernstein analysts initially forecasted that if Donald Trump wins, the crypto asset is likely to reach the $80,000-$90,000 range. However, bitcoin will drop to $30,000 if Kamala Harris wins before the year ends.

    Bernstein analysts noted that bitcoin is now firmly set and unlikely to be significantly disrupted by any single event, including the U.S. election.

    In the past few weeks, BTC’s price has significantly increased, reaching over $71,000. However, the crypto asset is up 0.33% in the last 24 hours, exchanging hands at $68,800 at the time of writing.

    Bitcoin as Tool for America’s Economy

    Supporting the prediction, these analysts stated that Trump has positioned himself as the crypto-supportive candidate throughout his campaign, winning the support of many famous crypto advocates.

    Trump attended this year’s Bitcoin Conference in Nashville as a key speaker. There, he expressed open support for Bitcoin as the best tool to restructure America’s economy. Also, he revealed plans to fire Gary Gensler from his position as chairman of the U.S. Securities and Exchange Commission (SEC) if he wins the presidential election.

    The presidential candidate also proposed the idea of a Bitcoin reserve and pledged protection for miners.

    Big Firms Predicting BTC Price

    In recent times, several entities have predicted the price of bitcoin, which signifies hope for the crypto asset’s future.

    Earlier this year, the famous British bank Standard Chartered predicted that BTC would jump to $150k.

    Bernstein also predicted that the bitcoin price would increase to around $150,000 if bitcoin ETFs were approved. Although the company ruled off bitcoin earlier in 2018 as an investment asset, the private wealth manager has expressed confidence that bitcoin will regain and increase in value.

  • Coinbase Insiders Want to Sell Over $900M in Stock

    Coinbase Insiders Want to Sell Over $900M in Stock

    Some executives and directors of cryptocurrency exchange Coinbase are reportedly planning to sell a substantial amount of shares of the crypto trading platform.

    According to a recent report, three executives and two directors at Coinbase will sell as many as five million shares, worth over $900 million, at a price of $182.88 apiece.

    Armstrong to Sell 3,750,000 Shares

    Before the report, Brian Armstrong, co-founder and CEO of Coinbase, initially set up a Rule 10b5-1 plan on August 15 to sell up to 3,750,000 shares of class A common stock.

    These shares can only be issued upon converting class B shares held by “The Brian Armstrong Living Trust,” for which the CEO serves as trustee.

    On October 30, Coinbase revealed the adoption of the trading plans in a form submitted to the United States Securities and Exchange Commission (SEC).

    Armstrong’s plan is scheduled to begin on November 18 and end no later than November 14, 2025.

    According to the report, on September 12, the CEO sold Coinbase stock by converting 15,375 Class B shares into the same number of Class A shares and then selling them for $2.5 million at an average price of $161.28 per share.

    Just a Small Portion of Insiders’ Holdings

    Coinbase’s Chief Financial Officer (CFO), Alesia Haas, also noted that the sales account for a small portion of insiders’ total holdings in the company.

    Haas adopted a plan to sell up 153,896 Class A shares on August 29. The plan also includes selling additional Class A shares to cover costs related to Haas’s exercise of stock options, which involve up to 686,873 shares of Class A and Class B common stock.

    This plan is set to start on January 2, 2025, and conclude by December 31, 2025.

    Company insiders use these plans to avoid the appearance of trading based on confidential information. The plans automatically execute trades once specific conditions, like price, volume, and timing, are fulfilled.

    So far, Coinbase stock has achieved a modest 5.1% gain this year, with Armstrong controlling 52% of Coinbase’s voting power through his majority stake in Class B shares.