Cryptocurrencies To Watch

Author: Sincerity Jahswill

  • BTC has Fallen From $98K to $95K Since Jim Cramer Called it a Winner

    BTC has Fallen From $98K to $95K Since Jim Cramer Called it a Winner

    The host of CNBC’s “Mad Money” TV show, Jim Cramer, recently endorsed Bitcoin, calling it a winner. However, the public praise did not have the desired effect, as BTC’s price has dropped from $98,000 to $94,500 since then. 

    Notably, Cramer has had a rollercoaster relationship with Bitcoin. He has gone from skepticism to admitting he was wrong about it and even calling it a technological marvel and that the digital asset is here to stay.

    Not the First

    Interestingly, the crypto community has historically viewed Cramer’s predictions with skepticism. His track record of making predictions that are later proven wrong has led many to consider his views a contrarian indicator. This means that when Cramer makes a prediction, many traders and investors expect the opposite.

    Several instances have occurred where opposite market movements have followed Cramer’s predictions. For example, after he expressed confidence in Bitcoin’s resilience, the crypto’s price unexpectedly dropped below critical thresholds. Similarly, his prediction of a downturn for the pioneer crypto was followed by a surprising 150% rally in 2023.

    Cramer’s latest praise for Bitcoin garnered humorous reactions within the crypto industry, with some traders jokingly regarding his statement as a potential bearish signal. The crypto market is generally impacted by macroeconomics; hence, it is only a coincidence that it moves in the opposite direction each time the TV host mentions it.

    Cramer Not to be Blamed

    The Bitcoin rally has stalled not because of Cramer’s statement but because investors are taking profits from its recent post-election surge, which shot the asset to an over 45% increase. Regarding this, Andre Dragosch, head of research for Europe at Bitwise, said that the Bitcoin rally is expected to take a break in the short term as early investors secure profits.

    Mark Novogratz, CEO of Galaxy Digital, also attributed the stall to excessive leverage in the system. He noted that the crypto community is “levered to the gills,” making a price correction inevitable. Meanwhile, despite the crypto’s recent moves, institutions like MicroStrategy and Metaplanet remain optimistic about its long-term prospects as they add more to their portfolio.

  • Crypto User Loses Nearly $3 Million in Address Poisoning Scam

    Crypto User Loses Nearly $3 Million in Address Poisoning Scam

    Web3 dupery detector Scam Sniffer recently brought the crypto community’s attention to a transaction on the Solana blockchain. A user fell victim to an address-poisoning attack, resulting in a massive loss of over $2.9 million in PYTH tokens.

    An address poisoning attack is a crypto scam where scammers study a target’s transaction patterns, identify frequently used addresses, and generate similar-looking addresses. They then send a small amount from the fake address to the target. When the target sends funds in the future, they may mistakenly send them to the scammer’s phony address, resulting in financial loss.

    Nearly $3M Lost

    The crypto user fell victim to the address poisoning scam by transferring 7 million PYTH tokens to a fake address (4yfuQ…jizcY) that was similar to a legitimate Binance account address (4yfu4…gnhY) they had frequently transacted with. 

    The user’s last transaction with the genuine address occurred just 2 days before the incident. The target may have fallen into the scam by copying the fake address from the wallet app transaction history instead of using the correct address from their Binance app. This was possible as the fake address had sent a small amount of SOL immediately after the target’s last legitimate transaction.

    The stolen 7 million PYTH tokens have now been swapped for 11,016.14 SOL and are currently sitting in the address 3eFh8Nj6fssiXdC7Me6qmKq5Pf9vvq9rCyEdRgSEZNyt. This suggests that the scammer may attempt to launder the stolen funds in the future. Meanwhile, analysts predict a surge in SOL’s value, potentially increasing the scammer’s illicit gains.

    A Rare Case Brings Hope

    Interestingly, There seems to be a glimmer of hope for the user who lost PYTH tokens. Another user who accidentally sent $129 million to a phishing address this November had their funds returned by the scammer within an hour. The unusual act suggests the likelihood that the current scammer may also return the stolen funds.

    As address poisoning attacks are on the rise alongside other crypto scams, users need to exercise caution when handling crypto transactions and copy-paste addresses from reputable sources. Additionally, double-checking accounts before signing transactions is crucial, as these blockchain transactions are immutable and cannot be reversed.

  • Solana’s Monthly DEX Volume Surpasses $70B For the First Time

    Solana’s Monthly DEX Volume Surpasses $70B For the First Time

    On-chain data from DeFiLlama reveals that Solana’s decentralized exchange (DEX) trading volume has skyrocketed to a record-breaking $78.24 billion monthly volume, marking a significant increase of 31% from its previous all-time high of $59.79 billion. With November still underway, users may anticipate the volume continuing to grow, surpassing the $100 billion milestone.

    DEX trading volume refers to the total value of transactions (buy and sell orders) processed on decentralized exchanges over a specific period. Unlike traditional centralized exchanges, DEXs are peer-to-peer platforms that enable crypto trading between users without intermediaries.

    What’s Driving Solana’s DEX Volume?

    Solana’s DEX volume is driven primarily by meme coin trading activity within its ecosystem. Raydium is the leading contributor, accounting for 72% of Solana’s DEX activity with $27.89 billion in trades. Other notable platforms, Orca, Lfinity, and Phoenix, also saw significant growth, with $7.6 billion, $2.5 billion, and $1.7 billion in trading volume, respectively.

    Another notable driver for the ecosystem’s DEX volume month increase is Pump.fun, the memecoin launchpad, with tokens like PNUT and GOAT leading the charge. This surpasses Ethereum’s DEX volume of $38.48 billion and Base Network’s $26.70 billion, highlighting Solana’s position as a leading decentralized finance (DeFi) platform.

    Generally, Solana’s growing prominence in the DeFi space is fueled by other factors, including low fees, user-friendly interfaces, and strong community engagement. Its scalability, developer adoption, and innovative projects also contribute to its rise. Most users believe Solana will challenge other established players in the blockchain sector.

    Solana Sees More Growth

    Apart from ranking first in DEX volume, Solana has also achieved other significant milestones.  With over 3 million addresses actively engaging with its platform, it emerged as the blockchain project with the highest daily active addresses, surpassing other major networks in August.

    Last month, Solana’s liquid stake token (LST) market capitalization soared to $5.5 billion, according to Dune analytics. Jupiter, a decentralized protocol on the network, ranked second in October’s most visited DEX, with 2.9 million visits, marking a 59% increase from its September record.

    Meanwhile, Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, predicted that Solana’s value could increase by 500% by 2025. SOL is currently trading at $245 with a 7-day increase of over 13%.

  • Bitcoin Miner Mara to Raise $700 Million for More BTC Purchase

    Bitcoin Miner Mara to Raise $700 Million for More BTC Purchase

    American Bitcoin miner Mara (formerly Marathon Digital) plans to raise $700 million to expand its Bitcoin holdings. The firm’s move shows its confidence in BTC’s long-term potential despite the asset’s recent price hike.

    Mara to Purchase More BTC

    The Bitcoin miner plans to raise the funds by offering equivalent convertible senior notes due 2030 in a private offering to qualified institutional buyers. The notes will be unsecured, senior obligations of Mara, bearing interest payable semi-annually and maturing on March 1, 2030.

    The company may redeem the notes starting March 5, 2028, and holders can require repurchase on December 1, 2027. The firm assured that the notes would be convertible into cash, shares of the company’s stock, or a combination at Mara’s election. The interest rate, initial conversion rate, and other terms will be determined at pricing.

    Mara expects to use up to $200 million of the proceeds to repurchase existing convertible notes due 2026. Holders will likely sell their hedged investments, buy Mara’s stock, and engage in derivatives. The company believes this activity could impact its stock price, including during the notes’ pricing. The remainder of the funds will be used to acquire additional bitcoins.

    The American Miner reminded the public that the offering is subject to market conditions and that completion is not assured. It added that the notes and shares issuable upon conversion will not be registered under the Securities Act or other jurisdictions’ securities laws and may only be offered or sold within applicable exemptions.

    Meanwhile, Mara’s current $700 million convertible senior notes offering is not the first time the company has utilized this market instrument to fund Bitcoin purchases. In August, the firm made a similar move for a $250 million offering, which was used to acquire additional BTC and cater to other general corporate purposes.

    Institutions Bag More BTC

    With its current price at $92,371 and a market capitalization of over 1.82 trillion, Bitcoin remains the most widely recognized crypto. Institutions are accumulating more Bitcoins, as public companies like MicroStrategy hold substantial Bitcoin portfolios.

    Today, Metaplanet, a Japanese investment firm, announced its raise of $11.3 million to purchase additional bitcoins. MicroStrategy also publicized its acquisition of 51,780 BTC following last week’s purchase of 27,200 BTC worth over $2 billion.

  • Taiwan Regulator Plans to Tax Crypto Trading Income

    Taiwan Regulator Plans to Tax Crypto Trading Income

    A Taiwanese local media outlet reported that the country’s Minister of Finance, Chuang Tsui-yun, stated in a recent session that profits from crypto transactions would be subject to income tax. The statement was made at the 2025 central government budget review session, attended by several government officials.

    The taxation move is likely driven by recent optimism fueled by a more favorable regulatory environment for crypto. These expectations have driven Bitcoin prices higher following Trump’s re-election and the entry of pro-crypto legislators into the United States Congress. The move aims to clarify Taiwan’s taxation policies for crypto and other digital assets.

    Taiwan to Tax Crypto Trading Income

    While legislator Lai Shih-pao expressed concerns over Taiwan’s taxation policies for crypto, Minister Chuang reassured that profits from such transactions are taxable under income tax law, specifically the property transaction income provision of current tax laws. He added that the Ministry of Finance will explore auditing measures further.

    Cryptocurrencies are classified as digital assets rather than currency for individual income taxes. When these individuals profit from one crypto transaction but incur a loss from another, they can balance the two and only pay tax on the difference.

    Notably, 26 virtual asset service providers (VASPs) are registered under the country’s anti-money laundering (AML) regulation and are paying business and corporate income taxes. Domestic corporate investors engaging in crypto transactions will calculate profits or losses from exchanging crypto and other digital assets and pay the commensurate tax.

    The National Taxation Bureau will verify crypto transactions using auditing tools and external data sources to detect underreporting. Director-General of the Taxation Administration Sung Hsiu-ling promised to draft tax guidelines for crypto trading income within three months.

    More Crypto Taxation

    With the surge in crypto popularity, crypto taxes have been making headlines lately, with governments around the world trying to figure out how to tax them. Recently, Italian legislators proposed increasing the crypto tax to 28%. 

    In his desire to make the U.S. the “crypto capital of the planet,” President-elect Donald Trump has recently promised a zero tax on crypto assets when he assumes office. Meanwhile, some countries are more crypto-friendly than others regarding taxes, while others have banned crypto transactions entirely, labeling them as unlawful.

  • Japanese Firm Metaplanet Raises $11.3M to Purchase More BTC

    Japanese Firm Metaplanet Raises $11.3M to Purchase More BTC

    Metaplanet, a Japanese investment firm, recently announced its raise of approximately $11.3 million to fund its Bitcoin purchases. This move is part of the company’s “Bitcoin-first” approach, which aims to hedge against economic pressures in Japan.

    Metaplanet to Purchase More Bitcoins

    The announcement clarified that Metaplanet’s raised funds were solely from its third series of ordinary bond issuance. The bonds offer an annual interest rate of 0.36% and will mature on November 17, 2025. Simon Gerovich, Metaplanet’s Representative Director and President, guarantees the bonds, securing the principal and interest.

    This bond issuance enables Metaplanet to raise capital for Bitcoin investments while providing a secured return. Interestingly, it complies with Companies Act regulations, eliminating the need for a bond administrator. Metaplanet will handle principal and interest payments directly.

    Meanwhile, this is not the first time Metaplanet leveraged the bond market to expand its Bitcoin holdings. In June, the company allocated $6.26 million worth of bonds for the same purpose. Those bonds, carrying an annual interest rate of 0.5%, were reported as aiding the firm’s “long-term holding” of Bitcoin.

    By utilizing bond sales, loans, put options, and other market instruments, Metaplanet continues to expand its Bitcoin reserves, joining the ranks of companies like MicroStrategy, which have also invested heavily in Bitcoin. This approach allows Metaplanet to raise capital while cementing its position in the crypto industry. The firm now holds 1018.17 BTC.

    Metaplanet Incentivizes Investors

    The bond issuance announcement comes moments after the company publicized its Shareholder Benefits Program to express appreciation for its investors’ continued support. The firm claims to offer exclusive perks, including a Bitcoin lottery, discounts on Bitcoin conference tickets, and purchases from the Bitcoin Magazine store.

    Eligible investors will receive notification of their shareholder numbers in early February 2025, enabling them to redeem these benefits. The Asian MicroStrategy believes the program will strengthen shareholder engagement and deepen their understanding of Metaplanet’s mission. Moreover, it claims that the program aligns with its commitment to the “Bitcoin ecosystem.”

    Interestingly, Metaplanet’s stock increased 7% after the latest announcement. Additionally, it has shown massive growth since the company first announced its Bitcoin investment strategy, with an over 950% surge and currently at about 566%.

  • Founder of Crypto Mixer Helix Sentenced Over $300M BTC Launder

    Founder of Crypto Mixer Helix Sentenced Over $300M BTC Launder

    A United States District Court in Columbia sentenced an Ohio man to three years in prison for laundering over 350,000 bitcoins, worth $300 million at the start of the case. Surprisingly, Judge Beryl Howell granted him leniency, considering his valuable cooperation with U.S. prosecutors in investigating other crypto crimes.

    Sentenced to Three Years in Prison

    The case began in 2019 and involved a man identified as Larry Harmon. He is the mastermind behind Grams, a Darknet search engine set up in 2014. Grams eased finding and buying illicit goods, including hacking tools, stolen credit card information, and forged documents.

    He later established Helix, another darknet-based service for crypto laundering. The platform, which functioned as a Bitcoin mixer, concealed transactions from law enforcement. The technology propelled hundreds of drug dealers to operate with less or no fear of punishment by the law. The dark innovator used it to launder funds worth over $31.85 billion.

    Interestingly, Harmon had already shut down Helix two years before his arrest, which Judge Howell took into consideration when deciding on the sentence. The judge noted Harmon’s assistance to law enforcement and his decision to cooperate, stating, “He turned himself around before he was arrested in this case.”

    Fast-forward to today. Following extensive hearings, the judge departed from the prosecutors’ recommended sentence of 8 years, handing Harmon down a 3-year prison term. Notably, the felon was also hit with a $60 million civil fine from the U.S. Treasury Department.

    Meanwhile, Harmon’s brother, Gary, was accused of using his credentials to steal 713 bitcoins from an evidence locker. At the time of prosecution, the stolen assets were worth $5 million. He later pleaded guilty and was sentenced to four years in prison.

    Other Similar Cases

    The Harmon case brings to mind other similar crypto crime cases. Ross Ulbricht is currently serving a life sentence for creating and operating another darknet marketplace, Silk Road. However, President-elect Donald Trump has pledged to reduce his prison time.

    Alexey Pertsev, one of the original developers of the Tornado Cash crypto mixer, has been sentenced to over five years in prison by a Dutch court. Nonetheless, crypto criminals still use the platform to obfuscate blockchain transactions. Recently, the Radiant Capital hacker moved stolen funds to the protocol.

  • Solana Protocol Jupiter Ranks Second in October’s Most Visited DEX

    Solana Protocol Jupiter Ranks Second in October’s Most Visited DEX

    Web traffic data from Similarweb shows that Jupiter, a decentralized protocol on Solana, ranked second in October’s most visited DEX protocol. Its 2.9 million visits is an over 59% increase from its September 1.86 million. Uniswap leads the pack, with Raydium holding the third position.

    Jupiter is not an absolute DEX but acts as a DEX liquidity aggregator. It claims to provide the best rates for users by pulling liquidity and pricing data from all other Solana exchanges, such as Raydium and Orca.

    Why the Increase in Monthly Visitors?

    Though launched in 2021, Jupiter gained significant traction after launching its JUP token in January. The token’s utility, including staking and governance, boosted user engagement and trading volume, putting Jupiter’s position among the top Solana protocols.

    The token’s launch was the genesis of many events that incentivized users. Jupiter launched the JUP 4 JUP (J4J) initiative, which aims to reward active users and put more JUP in the hands of the community. One of these events is the Active Staking Reward (ASR), which comes quarterly for stakers who participated in voting rounds.

    Another important event for the Jupiter community is the Jupuary, which distributes JUP tokens via airdrop to its users in January. Users who actively traded with the exchange were prioritized during the event. Snapshot for last year’s eligible users was executed in November, and most users may have viewed October as the last month to participate, hence the increase.

    Generally, October saw a significant shift in market sentiment, driven by favorable macroeconomic factors, including decreased US federal rates. This optimism led to better market sentiment and upward price movements, improving and positioning the market for further growth and stability. Most Solana users gunning for the best price may have turned to Jupiter.

    What’s Currently Trending in Jupiter?

    The Jupiter community is currently deliberating on the requirements for the next Jupuary event, scheduled for January 2025, following the snapshot taken on November 2 and the co-founder’s suggestion to exclude stakers from rewards. The team wants to put up a voting round for the community to decide what it deems best for the event.

    Meanwhile, the JUP price is $1.1 at press time, down 7% in the last 24 hours. Its day trading volume is $290.34 million, and its market capitalization is $1.5 billion.

  • SEC Chair Gary Gensler Presents a Seeming Resignation Speech

    SEC Chair Gary Gensler Presents a Seeming Resignation Speech

    The United States Securities and Exchange Commission (SEC) chairman, Gary Gensler, presented a speech today at a legal conference in New York. The oral presentation, which initially seemed like an 11th-hour conviction speech urging the SEC to maintain its crypto stance, ended like a farewell resignation speech.

    Notably, most of the crypto community has portrayed Gensler as hostile in his approach to crypto regulation. This has earned him enemies in the Republican Party, including President-elect Donald Trump, who pledged during his campaign to “fire Gary Gensler.”

    Gensler Hints Resignation at Speech Conclusion

    Gensler’s speech shifted from a convincing tone to a rather farewell speech during the concluding part. He expressed his admiration for the SEC and its staff, describing the agency as “remarkable” and its team as “deeply mission-driven.” According to Gensler, these could earn higher salaries elsewhere but choose to work at the SEC to serve the public interest.

    The SEC chairman’s final statement hints that he is resigning from the SEC. He said:

    “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world…I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”

    Meanwhile, at the likely hint of resignation by the SEC chair, XRP has witnessed an 11% increase, reflecting the community’s interest in the ongoing lawsuit between Ripple Labs and the SEC. A no-Gensler chairman is like a win for the Ripple community.

    Gensler Explains Reasons for Crypto Stance

    Believing that the new administration may adopt a more lenient approach, Gensler’s speech began as an effort to push for stricter regulations on crypto markets before the incoming Trump administration takes over. Gensler emphasized the importance of “rules of the road” to ensure proper disclosure and protect investors, citing the lessons learned from the Great Depression.

    The Great Depression was a severe global economic downturn that lasted from 1929 to 1939, causing widespread devastation. It began in the United States with the Wall Street stock market crash, also known as “Black Tuesday,” and quickly spread to other countries. The global economy shrank by 15% between 1929 and 1939, with some countries experiencing declines of up to 30%.

    In what seems like a move to find a balance in his speech, Gensler reminded his audience that Bitcoin, Ether, and stablecoins are not security. He further highlighted the SEC’s successful legal battles against crypto-related investment products. He believes the industry is plagued by noncompliance and should adhere to decades-old “rules of the road.”

  • DeFi Trader Suffers Over $1 Million Loss After Phantom Wallet Upgrade

    DeFi Trader Suffers Over $1 Million Loss After Phantom Wallet Upgrade

    Crypto trading requires a balance between security, accessibility, and management. When this balance is disrupted, unpleasant consequences can follow. A recent incident involving the Phantom wallet app highlights this. A trader’s $1.2 million SPL tokens vanished after an update.

    Trader Suffers Over $1M Loss

    The trader identified as 0xFiyopi on X (formerly Twitter) had acquired 618,117 POPCAT and  1.56 million SCS tokens with two Solana wallets logged in the same Phantom app. According to the DeFi analytics tool DEX Screener, these digital assets were bought with $270,000 worth of SOL, putting the trader at over 344% unrealized gains.

    According to a deleted tweet by 0xFiyopi, the incident started with an update by Phantom, the popular wallet application, which promised enhanced security and features. For the meme trader, it began a financial nightmare, as he lost the accounts “5MnBKCzxxbGzGJ43F9o33cdosiwG9CmrHG8o7vuwZmgV” and “Gw95t4zKqsXvZKhADrkQg4RpgVn3dDX2skxfsRqbohwK.”

    Image

    0xFiyopi’s deleted tweet

    After installing the update, the trader was logged out of his wallets. He may have thought it was no big deal initially since he would log back again with his seed phrase. Unfortunately, he realized he had lost access to them when he tried to access his accounts, which were probably created using the same mnemonic phrase.

    Panic may have set in as 0xFiyopi tried to find his recovery phrase. He saved it. However, the recovery phrase he had written down in January 2022 did not work. He recalled that he had switched phones since then and created new accounts after installing the Phantom app on the new device.

    At this point, the horrifying truth dawned on him: he had lost access to his over $1 million worth of meme holdings. The DeFi trader took to X to express regret, noting that he would typically not keep large amounts on his phone, but this time, he had made an exception.

    Trader Responds to Critics

    X users expressed concern over the loss, with some blaming Phantom and others criticizing 0xFiyopi for managing such a significant amount on his mobile device. The trader reacted to these backlashes by taking full responsibility for the incident while exonerating Phantom from any blame. He said, “It’s a $1M lesson—even newbies wouldn’t make this mistake.”

    Meanwhile, amid these exciting times for most traders whose crypto assets are already on profit due to the recent surge, some users are left off in the excitement. Recently, a victim clicked a phishing link, which led to the loss of $6 million. Another crypto user lost $25 million by accidentally transferring to a smart contract wallet.