Cryptocurrencies To Watch

Category: Crypto News

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  • Saylor Doesn’t Care: MicroStrategy Spends $5.4B on Latest Bitcoin Shopping

    Saylor Doesn’t Care: MicroStrategy Spends $5.4B on Latest Bitcoin Shopping

    American business intelligence firm and the world’s first corporate bitcoin holder, MicroStrategy, has hit the market again with a whooping 55,500 BTC purchase completed on Monday.

    MicroStrategy’s chairman, Michael Saylor, has shown unwavering confidence in the leading cryptocurrency by adopting it as a reserve for his company and acquiring it despite the market uptrend. He does not care about the market price.

    $5.4 Billion BTC Shopping

    According to Saylor, his company stormed the crypto market with $5.4 billion and got about 55,500 BTC at an average price of $97,862 per bitcoin. Completing its latest purchase, MicroStrategy has achieved a BTC Yield of 35.2% QTD and 59.3% YTD.

    To finance its large purchase, MicroStrategy completed a $3 billion convertible senior notes offering to qualified institutional investors at 0% interest, maturing by December 2029 with a buyback clause.

    Following the purchase, MicroStrategy now holds 386,700 BTC, over 1.84% of the total fixed bitcoin supply, acquired for $21.9 billion at an average price of $56,761 per bitcoin.

    MSTR Investors Benefit

    Saylor revealed in a recent X post that the company’s MSTR stock has increased since it switched to a Bitcoin primary reserve strategy. Within the past 22 years, the stock has jumped by 100,247%, from $0.42 to $421.88, with most of the massive jumps occurring since he adopted bitcoin in 2020.

    He also noted that year to date, MSTR holders are enjoying a net benefit of approximately 112,125 BTC, or 341 BTC per day.

    Confirming the rise, a recent participant in CNBC’s Mad Money show noted that he has only held MSTR for a year and is swimming in over 1000 % profit.

    MicroStrategy Sets Pace

    Semler Scientific, a U.S. healthcare technology firm, follows in MicroStrategy’s footsteps. According to its latest release, it has acquired 297 BTC for $29.1 million at 97,995 per bitcoin. Concluding its last purchase, it now holds 1,570 BTC acquired for $117.8 million at $75,039 per bitcoin.

    Alongside Semler is Marathon Digital, a Bitcoin mining firm that also added to its stack with a just-concluded 5,771 BTC purchase on Friday. It now holds 33,875 BTC, valued at almost $3.4 billion.

    Meanwhile, at the current bitcoin price of $96,000, MicroStrategy’s holdings are worth over $37.1 billion.

  • Shiba Inu Lead Claims Burning of 99% of SHIB Circulating Supply is Possible

    Shiba Inu Lead Claims Burning of 99% of SHIB Circulating Supply is Possible

    The Shiba Inu (SHIB) community has been buzzing following recent claims made by Shytoshi Kusama, the lead developer of the popular memecoin. In a recent statement, Kusama noted that it is entirely possible to burn 99% of the circulating supply of SHIB but emphasized that there are more important price catalysts.

    Kusama stated that burning 99% of SHIB seemed impossible a year ago, but with numerous projects uniting to tackle this monumental challenge, it is now within the realm of possibility.

    Downsides of Increased Burn Drawbacks

    In addition, the lead added a condition to the ambitious burn goal, noting that such a significant burn rate could only occur if more projects, or a few major ones, adopted the Shiba Inu ecosystem’s tech stack.

    Meanwhile, the pseudonymous Shiba Inu lead pointed out that higher burn rates could affect the ecosystem. Kusama further noted that while burns increase, the price of SHIB could also rise.

    Consequently, acquiring Shiba Inu could ultimately become too expensive, hindering the burn rates. The lead then stressed that burning SHIB isn’t the sole focus, highlighting that there are numerous other avenues for the Shiba Inu ecosystem to thrive.

    While burning tokens can effectively impact a token’s value, it has its critics. Some argue that it is a speculative strategy that doesn’t guarantee long-term value growth, as it does not necessarily address the token’s adoption.

    Means of Boosting Shiba Inu’s Price

    Kusama also mentioned that promoting adoption is a more lasting approach to increasing Shiba Inu’s price and strengthening its ecosystem. The lead said that if the memecoin establishes a practical use case, the ecosystem will flourish to the point where users won’t need to burn their tokens.

    Kusama had previously noted the crucial role of mainstream adoption for the Shiba Inu ecosystem. According to a report, the lead asserted that broader utility for Shiba Inu would drive up prices and attract major centralized exchanges to the ecosystem.  

    The lead pointed out that the Shiba Inu ecosystem introduced liquid staking and other innovative features based on the premise of adoption. He also emphasized that developing new use cases for Shiba Inu and other tokens within the ecosystem is just as crucial.

  • Ripple Partners Archax to Bring abrdn Money Market Fund to the XRP Ledger

    Ripple Partners Archax to Bring abrdn Money Market Fund to the XRP Ledger

    Ripple has partnered with Archax, a digital asset exchange, broker, and custodian regulated by the United Kingdom’s Financial Conduct Authority (FCA), to provide access to a money market fund from the UK asset manager abrdn on the XRP Ledger (XRPL).

    The latest move represents a significant step in unlocking operational cost savings and improving settlement efficiencies through capital markets infrastructure on the XRP Ledger. The milestone also comes from a continued partnership between Archax and Ripple.

    Since 2022, Archax has been utilizing Ripple’s digital asset custody solutions. As more investors store their tokenized money market fund units on the XRP Ledger, Ripple Custody is leveraging its extensive experience with leading institutional clients and regulated entities to facilitate the tokenization, storage, exchange, and transfer of value.

    Ripple Plans to Invest $5M in Tokens

    According to an official report, Ripple plans to invest $5 million in tokens from abrdn’s Lux fund. This investment is part of a broader initiative where Ripple will allocate funds to real-world assets (RWAs) on the XRP Ledger in collaboration with various asset managers.

    The launch of abrdn’s money market fund on the XRP Ledger showcases the tokenization of real-world assets to improve operational efficiencies and solidify the XRPL as a top blockchain for real-world asset tokenization.

    Over $1B in Tokenized Money Market Funds

    The report also noted that tokenized money market funds have already surpassed $1 billion in assets under management, with some forecasts predicting that the value of tokenized assets could soar to $16 trillion by 2030, highlighting a growing demand in the market.

    Commenting on the latest move, Duncan Moir, Senior Investment Manager, abrdn, said:

    “The next evolution of financial market infrastructure will be driven by the broader adoption of digital securities, real benefits are to be had from leveraging the efficiency of moving the end-to-end investment and cash settlement process on-chain.” 

    Moir added that the XRP Ledger is a proven platform, offering institutional-grade features, cost-effectiveness, and integrated compliance capabilities. The executive stated that Ripple and Archax’s collaboration will achieve a significant milestone.

    “There is no question that the on-chain economy is gaining traction. By working with companies like Archax, we are excited to help financial institutions like abrdn to seize the incredible opportunity represented by blockchain and digital assets technology to deliver utility at scale,” said Markus Infanger, Senior Vice President of RippleX.

  • Institutional Investors Will Reduce BTC Price Volatility: Fred Thiel

    Institutional Investors Will Reduce BTC Price Volatility: Fred Thiel

    In a recent interview with CNBC, Fred Thiel, CEO of Marathon Digital Holdings, shared his insights on Bitcoin’s future price trend.

    According to Thiel, Bitcoin’s price volatility will decline in the coming years, paving the way for a stable and sustained upward trend driven by increasing institutional demand and adoption rates.

    “The volatility of past years where you would hit a peak and then see a 20% or 30% drawdown, I think (they) are gone at least for the near term future. I think what we’re going to see is essentially institutions just waiting to buy up Bitcoin… I think that for the foreseeable future, we’ll continue to see bitcoin price move up, you know, up and down, up and down, but generally, the trend will be upwards,” Fred Thiel predicted in the interview.

    Institutional Appetite for Bitcoin on the Rise

    Recent months have seen a surge in institutional investment in cryptocurrencies, with Bitcoin being the primary target.

    For instance, Thiel’s company Mara Holdings (formerly Marathon Digital) recently completed a $1 billion offering of 0% convertible senior notes due in 2030 to cover operational costs, including expanding its BTC holdings.

    Utilizing proceeds from the $1 billion 0% convertible senior notes offering, the company invested $572 million in its quarterly Bitcoin acquisition, securing around 5,771 BTC for $95,554 per bitcoin.

    Leading business intelligence firm MicroStrategy is another institution with a strong appetite for Bitcoin. The company’s numerous BTC shopping sprees have secured its position as one of the largest corporate holders of the cryptocurrency.

    After its latest purchase of 51,780 worth $4.6 billion at an average cost of $88,627 per BTC, the intelligence company announced its plans to raise $2.6 billion from senior convertible notes at a 0% interest rate to further expand its Bitcoin holdings.

    Not Left Behind: Pension Funds Enter the Bitcoin Bandwagon

    Fred Thiel also noted in his CNBC appearance that pension funds are also dipping into the Bitcoin market, with some investing in Bitcoin Exchange-Traded Funds (ETFs). A notable example is the Michigan State Pension Fund’s decision to invest $6.6 million in 110,000 shares of the ARK 21Shares Bitcoin ETF.

    Thiel cited an improving regulatory landscape, likely fueled by Donald Trump’s pro-bitcoin stance and the impending departure of SEC’s Gary Gensler, as a key driver of growing demand from both retail and institutional investors.

  • 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.

  • Tether Mints Additional $3 Billion in USDT Amid Market Surge

    Tether Mints Additional $3 Billion in USDT Amid Market Surge

    Tether, the issuer of the USDt stablecoin, has minted an additional $3 billion in tokens. The increase brings the total circulating supply of USDT to over $132.5 billion, cementing its status as the largest stablecoin by market capitalization.

    According to Arkham Intelligence, $2 billion worth of USDt was minted on the Ethereum blockchain, while another $1 billion was issued on the Tron network in consecutive transactions.

    Roughly $13M USDt Minted

    Data from Lookonchain revealed that Tether has minted roughly $13 billion in USDt since November 8. On November 24, Tether CEO Paolo Ardoino also noted that in 2025, Tether will achieve hyper-productivity to realize its grand vision.

    Traders and investors frequently view stablecoin activity as an indicator of market interest. A significant increase in newly issued stablecoins is often interpreted as a positive signal for potential price growth, whereas lower issuance tends to suggest weaker market momentum.

    The additional USDT supply is expected to provide more liquidity to the crypto market, particularly in trading pairs that rely on the stablecoin. Analysts suggest that this influx of liquidity could further fuel the current market rally, as traders easily leverage USDT to enter or exit positions.

    BTC Expected to Hit $100,000 Level

    Following Donald Trump’s election on November 5, BTC prices skyrocketed from approximately $69,000 to a record-breaking high of over $99,000 within two weeks of the United States elections. However, the crypto asset slightly dropped during the weekend and is currently trading at over $98.500.

    With the crypto asset nearing the $100, 000 mark, investors have predicted several outcomes concerning the digital asset. Bitcoin developer and cypherpunk Adam Back, noted that the price of BTC could hit $1 million if a Bitcoin strategic reserve is established under the incoming Trump administration.

    Also, on November 19, President-elect Trump appointed Howard Lutnick, CEO of Cantor Fitzgerald and crypto advocate, as commerce secretary. Cantor Fitzgerald oversees the U.S. Treasury reserves that back Tether’s USDt stablecoin.  A few days after Lutnick’s cabinet appointment, Fitzgerald revealed it acquired a 5% stake in Tether, valued at approximately $600 million.

  • U.S. SEC Obtained Over $5B From Crypto Firms in 2024

    U.S. SEC Obtained Over $5B From Crypto Firms in 2024

    The United States Securities and Exchange Commission (SEC) has released its annual enforcement reports for fiscal year 2024, noting a decrease in the number of actions taken but a massive rise in financial remedies to $8.2 billion, with a greater percentage coming from issues settled with cryptocurrency firms operating in the United States.

    Notably, the SEC’s attack on crypto firms is already coming to an end. The incoming 47th President of the U.S., Donald Trump, has revealed plans to assign a crypto-friendly chairman to lead the agency in January 2025.

    Over $5B From Crypto Firms

    A highlight of the SEC’s enforcement and financial remedies is its case with Terraform Labs, a startup founded by Do Kwon and Daniel Chin to develop the Terra blockchain protocol and payment platform. Terraform Labs also launched TerraUSD stablecoin.

    However, its operations didn’t last long, as TerraUSD couldn’t maintain a constant $1 price, leading investors to lose $40 billion. The SEC found Kwon and his establishment guilty of civil fraud and reached a settlement agreement of $4.47 billion.

    Terraform’s case covered about 56% of the financial remedies the SEC obtained in 2024.

    In a recent case with crypto lender Genesis Global Capital in Q1 2024, the agency charged it with offering and selling unregistered securities through its Gemini Earn program. Consenting to the charges, Genesis agreed to settle the SEC with a $21 million fine.

    In addition, the SEC has many ongoing cases with various crypto firms and their operations in the U.S., including Ripple Labs, the digital payment network that launched the XRP token, crypto exchanges Coinbase, Binance, Kraken, and others.

    SEC Crypto Attack Nears End

    With the recently concluded U.S. presidential election, the hopes of a crypto-friendly SEC have risen as the president-elect has promised to achieve this.

    Notably, anti-crypto SEC chair Gary Gensler will step down on January 20, 2025. While overseeing the financial agency, he opposed the crypto ecosystem. Therefore, the community sees his resignation as a big win for the industry, as it may pave the way for more crypto firms to operate freely in America.

    Meanwhile, the agency has approved Coincheck as the first Japanese crypto exchange listed on the Nasdaq global stock market.

  • Bitcoin Miner Marathon Acquires 5,771 BTC in Latest Bitcoin Shopping

    Bitcoin Miner Marathon Acquires 5,771 BTC in Latest Bitcoin Shopping

    U.S.-based Bitcoin mining firm Marathon Digital has again gone for its quarterly bitcoin shopping. Amid the market uptrend, It has spent $572 million to acquire about 5,771 BTC at an average price of $95,554 per bitcoin.

    Despite being a Bitcoin miner, Marathon has always purchased more BTC from the open market in addition to its mining rewards, adopting a complete Bitcoin hodl strategy.

    5,771 BTC Shopping

    According to the firm’s recent post on X, its latest purchase has raised its bitcoin holdings to 33,875 BTC, about 0.16% of the total fixed bitcoin supply.

    To fund its latest BTC purchase, Marathon has completed a $1 billion convertible notes offering at 0% interest rates, the largest notes offering ever among Bitcoin miners. The company’s latest Q3 achievement—about 604 Bitcoin block wins, a 32% increase from its Q2 wins—also adds to its bitcoin holdings.

    Marathon’s stack is worth about $3.4 billion, by BTC’s current market price of $99,000. Meanwhile, the company’s BTC yield remains at 35% per share, making its shareholders profit.

    Institutional Bitcoin Adoption Grows

    Marathon Digital is among the companies driving institutional Bitcoin adoption. Earlier this year, it revealed plans to hold all of its mined BTC and periodically purchase more from the open market.

    Topping the list of Bitcoin holding companies is Michael Saylor’s business intelligence firm MicroStrategy, which adopted the crypto as its primary reserve asset in 2020.

    Following its most recent purchase, MicroStrategy now holds about 331,200 BTC worth over $29 billion. Since it has been acquiring the crypto for a long time, it acquired its total bitcoins at an average price of $49,874.

    Trailing MicroStrategy and Marathon Digital is a Japanese publicly-traded firm, Metaplanet, which has clung to BTC for protection against Japanese inflation. It currently holds 1,142 BTC worth $74.1 million.

    Meanwhile, MicroStrategy is issuing $2.6 billion convertible notes to qualified institutional and personal investors to raise funds for its next bitcoin purchase.

  • American Jim Cramer Goes Bullish on BTC Calls it a “Winner”

    American Jim Cramer Goes Bullish on BTC Calls it a “Winner”

    Jim Cramer, a famous American TV presenter on CNBC’s Mad Money show, has expressed a positive stand for Bitcoin amid the bullish crypto market. Notably, Cramer is not alone. The uptrend in Bitcoin’s price has drawn the attention of many famous figures in the U.S. and around the globe.

    Coincidentally, Cramer publicized his view on BTC in the same that the leading crypto made waves to surpass the $99,000 mark.

    Cramer Endorses Bitcoin

    While handling his Mad Money show on Wednesday, the presenter entertained many questions from callers who asked for ideas concerning their stock holdings.

    In the process, a caller mentioned that he had only been holding MicroStrategy’s MSTR stock for about a year. He’s made over 1000% of profits within the short period, crediting the company’s founder and his “bitcoin first, bitcoin only” strategy, which keeps shareholders in earnings over the long term.

    Cramer said in response, “I prefer to actually own bitcoin. All I can tell you is, own bitcoin, that’s a winner.”

    In previous years, Cramer has had a rollercoaster relationship with Bitcoin. He said he had liquidated most of his BTC holdings during the crypto bear market.

    Famous Figures Endorse Crypto Amid Uptrend

    Max Keiser is another American presenter who has recently expressed support for Bitcoin and crypto. He noted that El Salvador is living America’s dream because it has adopted Bitcoin as its reserve asset. Since the country started buying BTC in 2021, it has acquired almost 6,000 and continues buying daily.

    America’s President-elect, Donald Trump, has also taken a pro-crypto stand. Throughout his campaign, he listed many things to ensure that America adopts Bitcoin and crypto completely under his tenure. Since he has secured the position, the U.S. crypto community eagerly anticipates the fulfillment of his promises.

    Notably, Trump’s crypto stand inspired Tech billionaire Elon Musk to say he now sees value in bitcoin and American entrepreneur Gary Cardone to support his presidential campaign with 12.8 BTC.

    Meanwhile, BTC has been bullish this month as many investors acquire the crypto through U.S.-approved spot Bitcoin exchange-traded funds.

  • Allianz Acquires 24% of MicroStrategy’s $2.6B Notes

    Allianz Acquires 24% of MicroStrategy’s $2.6B Notes

    Germany’s largest insurance company, Allianz, has reportedly acquired a 24% stake in MicroStrategy’s recently issued $2.6 billion convertible notes. These notes are part of MicroStrategy’s ongoing capital-raising efforts to expand its Bitcoin holdings.

    Allianz executed the transaction through four separate affiliated entities, as revealed by Bloomberg Terminal data cited by pseudonymous analyst Petruschki in a post on X.

    “The positions were filed in July and October. The shares are held by the following sub-organizations: Allianz Global Investors Luxembourg 14.34%, Allianz Global Inv Of America LP 6.64%, Nicholas Applegate Cap MGMT Inc 3.74%, and AllianzbGlobal investors GMBH 0.04%,” Petruschki said.

    The latest move comes as the business intelligence company announced plans to raise $2.6 billion from senior convertible notes at a 0% interest rate to purchase more BTC. The move further cemented the company’s commitment to the digital asset as a long-term investment strategy.

    MicroStrategy Completes $3B Note

    According to MicroStrategy, the note sale was increased from the initially planned offering of $1.75 million in aggregate principal amount of notes on November 18, 2024.

    According to a press release, MicroStrategy also secured $3 billion in funding through a note offering on November 21. Initial buyers acquired the total allocation of additional notes.

    The company’s strategic focus on Bitcoin has attracted attention from institutional investors like Allianz, which views such investments as a hedge against inflation and a way to capitalize on the growing digital asset market.

    MicroStrategy’s recently secured capital could propel Bitcoin to surpass its $100,000 milestone, potentially within the month, as projected by Ryan Lee, the lead analyst at Bitget Research.

    As BTC nears the $100,000 mark, crypto investors have profited from the market. As of the time of writing, the crypto asset is trading at $97,600, with a market capitalization of over $1.9 trillion.

    Mara Holdings Raises $1B For More BTC

    MicroStrategy is not the only company that has raised funds to acquire more BTC. Recently, crypto mining and blockchain technology company Mara Holdings completed a $1 billion offering of 0% convertible senior notes due in 2030. The firm also plans to use the proceeds for strategic investments, operational growth, and the acquisition of more BTC.