Cryptocurrencies To Watch

Category: Crypto News

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  • U.S. Spot Bitcoin ETFs Record $1B Inflows as BTC Eyes $100k

    U.S. Spot Bitcoin ETFs Record $1B Inflows as BTC Eyes $100k

    U.S.-approved spot Bitcoin exchange-traded funds (ETF) have been on a six-week inflow streak since early October as many investors gain crypto exposure by acquiring the funds from different asset managers. About seven ETFs concluded Thursday on the green side, taking in over $1 billion, marking its fourth time since the launch in January.

    Massive ETF inflows have contributed to the upward trajectory of BTC, the world’s leading cryptocurrency, which soared to $99,000 following the historic business day.

    Over $1B Inflow

    According to crypto ETF tracker Farside, the funds took in a whopping $1.005 billion on the just concluded business day. Notably, only Grayscale’s GBTC recorded an outflow of $7.8 million, while BTCO, BRRR, and BTCW didn’t record any market movement.

    Maintaining its position as the leading Bitcoin ETF, BlackRock’s IBIT led the business with $608.4 million in inflows. Thus, it has recorded an all-time net inflow of $30.8 billion.

    Fidelity’s FBTC seconded the flow, covering approximately 30% of the bullish inflows with its $301 million inflows, leaving the other ETFs, including Grayscale’s BTC, Bitwise’s BITB, Ark 21shares’ ARKB, Franklin’s EZBC and VanEck’s HODL with $103.5 million inflows.

    Notably, Bitcoin ETFs’ total assets under management (AUM) have hit a new milestone and now stand at approximately $106 billion.

    BTC Blasts Past $99k

    Following the massive ETF inflow day, there was a significant BTC price jump. For the first time in history, the crypto crossed the $99,000 mark and is just $1,000 away from hitting six figures, as many crypto analysts have predicted.

    Undoubtedly, November replaced this year’s Uptober, becoming the most bullish month. Driven by U.S. Presidential election results, the crypto market has been on the green side, with BTC, SOL, and XRP, amongst a few coins, hitting new all-time highs.

    Meanwhile, one of the factors driving the crypto market upwards is the resignation notice of anti-crypto U.S. financial agency Chairman Gary Gensler. He will step down from his position on the same day pro-crypto President-elect Donald Trump will take office as the 47th President of the United States.

  • FTX Releases Timeline for Creditor and Client Reimbursements

    FTX Releases Timeline for Creditor and Client Reimbursements

    Bankrupt cryptocurrency exchange FTX has unveiled its timeline for repaying creditors and former clients. This reimbursement payment is scheduled to be finalized in January 2025. Distributions are set to commence within 60 days following the specified deadline.

    According to a recent announcement, the defunct exchange will coordinate reimbursement payments with distribution agents in early December, entrusting them with overseeing the payout process and managing the customer payout portal.

    Commenting on the announcement, John J. Ray III, CEO and Chief Restructuring Officer of the FTX Debtors, said:

    “We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered billions of dollars on behalf of FTX’s creditors and customers.”

    Customers to Provide KYC

    Ray III further noted that FTX will continue to take actions to maximize recoveries. The company is ahead of schedule in reaching arrangements with its distribution agents and returning proceeds to creditors and customers as quickly as possible.

    To be eligible for distribution on the initial distribution date, customers must set up an approved account with a Distribution Agent, complete Know-Your-Customer (KYC) verification, and provide the required tax forms before the distribution record date.

    Following the approval of the FTX reorganization plan by a U.S. judge in early October, some creditors remained dissatisfied, prompting the FTX bankruptcy estate to launch several lawsuits to recover more assets.

    FTX Lawsuits Against Crypto Exchanges

    In October, the FTX estate intensified its legal actions against crypto exchanges, starting with a lawsuit against KuCoin. The lawsuit accused the crypto exchange of holding assets belonging to the bankruptcy estate.

    The lawsuit aimed to recover approximately $50 million in assets reportedly locked on the exchange since FTX’s collapse in 2022. Subsequently, in November 2024, FTX filed another complaint against Crypto.com to recover $11 million in funds.

    Similarly, on November 9, 2024, FTX filed a lawsuit against Anthony Scaramucci and SkyBridge Capital, seeking to recover $100 million spent on sponsorships and investment agreements between Scaramucci and former FTX CEO Sam Bankman-Fried.

    Recently, the collapsed exchange filed a lawsuit against leading crypto exchange Binance and its former CEO and co-founder, Changpeng Zhao (CZ). FTX seeks to recover $1.8 billion, which it claimed was fraudulently transferred to Binance.

  • BTC, SOL, XRP Hit New All-time Highs After Gensler Resignation

    BTC, SOL, XRP Hit New All-time Highs After Gensler Resignation

    Bitcoin (BTC), Solana (SOL), and Ripple (XRP), the world’s first, fourth, and sixth largest cryptocurrencies, made shocking bullish price movements on Friday, hitting new historic highs after U.S. crypto-pessimistic Securities and Exchange Commission (SEC) Chairman Gary Gensler announced his upcoming departure from the agency.

    BTC Eyes $100,000

    BTC has been bullish since this month and has smashed set records to reach new all-time highs. Since November 5, the apex coin has moved from $75,000 to above $99,000 today, a whopping 32% price jump for the world’s leading crypto.

    On average, bitcoin’s price has increased by approximately $1,333 daily over the past 18 days.

    Many famous crypto analysts and investors have predicted that BTC will reach $100k by 2025. Notably, the leading crypto has sent shocking waves into the market. At the time of writing,  it is less than $1,000 away from hitting six figures. 

    SOL Above $260

    SOL, the native token of the Solana blockchain network, leaped past its previous all-time high of $259 on Thursday.

    Driven by optimism of a spot Solana exchange-traded fund (ETF) coming soon, investors have pumped funds into the token, pushing its price to $264 per coin, a more than 10% increase within 24 hours.

    The crypto community has expressed optimism about the ETF approval across the media, hoping that when Gensler steps down in January, and a crypto-friendly chairman takes over in January, it could speed up the evaluation process.

    XRP Crosses $1.4    

    Joining the bullish trend is XRP, the native cryptocurrency of Ripple, a digital payment network. The token has flipped past Dogecoin to become the world’s sixth-largest cryptocurrency by market capitalization.

    Following Gensler’s resignation, the coin soared by more than 25% to reach $1.42 on Thursday. The anti-crypto SEC chair has made it difficult for Ripple to operate freely within the U.S., as he has instigated a case against the firm. 

    Thus, Gensler’s resignation is a big win for Ripple as the community foresees a better future for XRP if a new SEC chair takes over.

    Meanwhile, U.S. asset manager Bitwise filed for a spot XRP ETF two months ago and has not gotten any reply or update from the SEC.

  • Gary Gensler to Exit the SEC in January 2025

    Gary Gensler to Exit the SEC in January 2025

    America’s anti-crypto Securities and Exchange Commission (SEC) chairman, Gary Gensler, will resign on January 20, 2025. He has served the United States in the position for more than three and a half years under President Joe Biden’s administration.

    Notably, Gensler’s resignation falls on the same date as President-elect Donald Trump’s inauguration as the new U.S. President.

    Gensler’s Tenure Comes to an End

    According to a recent press release by the SEC, Gensler has helped the agency to make remarkable progress over the years. He helped America attain a higher level of efficiency, resiliency, and integrity. Additionally, he led many law enforcement cases, ensuring that criminals received their punishments while stolen funds were refunded to affected investors and rightful owners.

    However, Gensler’s tenure has come to an end as the incoming U.S. President is not pleased with his dealings with the crypto industry. During his campaign, he promised to fire Gensler as one of his steps to ensure that America goes pro-crypto under his regime.

    Obviously, Gensler has only shown pessimism for the crypto community and the growing blockchain technology. Consequently, U.S. lawmakers questioned his approach to crypto regulation in a September House Financial Services Committee hearing, labeling him as the most destructive and lawless chair in the agency’s history.

    Gensler Expresses Gratitude

    Earlier last week, Gensler gave a seeming resignation speech in which he noted to his audience that Bitcoin (BTC), Ether (ETH), and stablecoins are not securities. He also reiterated the many successful battles he has won for the agency against many fraudulent crypto projects.

    Moreover, following his official resignation notice, he said, “The Securities and Exchange Commission is a remarkable agency. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”

    Meanwhile, crypto-enthusiastic Americans believe that Gensler’s resignation will be a big win for the industry. Speculations keep rising as the community expects a new crypto-friendly SEC chair like Dan Gallagher, Ripple’s CLO, to help drive crypto adoption in the U.S. and achieve Trump’s goal of making America the world’s capital of Bitcoin.

  • U.S. SEC in Talks to Approve Spot Solana ETF

    U.S. SEC in Talks to Approve Spot Solana ETF

    Within the past few months, about three asset managers based in the Unite States have filed for a spot Solana exchange-traded fund (ETF) without any green light from the U.S. Securities and Exchange Commission (SEC). However, as revealed by individuals familiar with the matter, the agency has started processing the submitted S-1 applications.

    The recent engagement with these filings and the rising expectations of a crypto-friendly America under President-elect Donald Trump’s administration has built the momentum for a Solana ETF to be approved in 2025.

    Spot Solana ETF Knocks

    According to Fox Business senior reporter Eleanor Terrett, the talks between the SEC and prospective spot Solana ETF issuers are “progressing.” Since the financial watchdog is already engaging with the S-1 applications, there is a high chance that they will be dealt with in a few days.

    Notably, VanEck, Ark 21shares, and Canary Funds have submitted their S-1 filings, while Bitwise has revealed plans to submit its application soon.

    After evaluating the S-1 forms, exchanges like the Chicago Board Options Exchange (CBOE) will submit 19b4 filings on behalf of the applicant asset managers, asking the SEC to approve the applications. After that, the agency has about eight months to approve or deny the ETFs.

    Could Approval Be Next?

    While a 19b4 filing is a sign of positive progress, it does not mean full approval, as the SEC Chairman will still decide within the allotted period. A previous 19b4 filing was deleted from the CBOE website in August.

    Notably, the current crypto-pessimistic SEC Chairman, Gary Gensler, has indicated plans to step down by January 20, 2025. The crypto community believes his resignation will pave the way for a more crypto-friendly America.

    As the Solana community leaps in momentum about its ETF approval, investors have acquired more of the token on Thursday, pushing the price as high as $259 per SOL.

    Moreover, Trump’s election success has boosted optimism about the approval of many crypto ETFs, as he plans to “make America the world’s capital of Bitcoin and crypto once he’s sworn in.”

    Meanwhile, U.S.-approved spot Bitcoin and Ether ETFs have recorded bullish business days with massive inflows since approval earlier this year.

  • Mara Holdings Raises $1B Through Convertible Notes to Acquire Bitcoin

    Mara Holdings Raises $1B Through Convertible Notes to Acquire Bitcoin

    Mara Holdings (formerly Marathon Digital), a crypto mining and blockchain technology firm, has completed a $1 billion offering of 0% convertible senior notes due in 2030. The firm plans to use the proceeds for strategic investments, operational growth, and buying more BTC.

    Mara Holdings noted that the total principal value of the notes issued during the offering reached $1 billion, incorporating $150 million in notes issued through an exercised purchase option.

    The company further stated that the notes would be offered to persons reasonably believed to qualify as institutional buyers under Rule 144A of the Securities Act. Mara Holdings also noted that it will give a 13-day window starting from the date the notes were initially issued to the original buyers under the terms of the purchase agreement. The buyers fully utilized this option on November 19, 2024, with the additional transaction finalized on November 20, 2024.

    Mara to Purchase Additional BTC

    The increase in the note offering indicates growing institutional confidence in BTC as the crypto asset reached a new high. The digital asset is currently trading at above $97,400, up 3.82% in the last 24 hours.

    Mara plans to allocate approximately $199 million of the net proceeds from the note offering to buy back $212 million in total principal value of its outstanding convertible notes maturing in 2026.

    The notes will not accrue regular interest, and their principal value will remain unchanged. The company said it will retain the option to pay special interest, if applicable, as the exclusive remedy for non-compliance with its reporting obligations or under specific conditions outlined in the indenture. Any special interest, if applicable, will be disbursed semi-annually in arrears.

    Noteholders have the right to demand that MARA repurchase all or part of their notes for cash either on December 1, 2027 or if specific events occur that qualify as a fundamental change under the terms of the indenture. The repurchase price will equal 100% of the notes’ principal value, along with any accrued and unpaid special interest up to, but not including, the repurchase date.

    Institutions to Secure More BTC

    The announcement comes after leading business intelligence company MicroStrategy plans to raise $2.6 billion from senior convertible notes at a 0% interest rate to acquire more BTC. The note sale was increased from the initially announced offering of $1.75 billion in aggregate principal amount of notes.

    Starting December 4, 2026, and contingent upon specific conditions, MicroStrategy can repurchase some or all of the notes for cash at a price equivalent to 100% of their principal value, along with any accumulated and unpaid special interest.

  • Spot Bitcoin ETFs Surge Past $100B as Rally Continues

    Spot Bitcoin ETFs Surge Past $100B as Rally Continues

    In a stunning display of market enthusiasm, spot Bitcoin exchange-traded funds (ETFs) have crossed a major milestone, blasting past the $100 billion mark, according to data compiled by Bloomberg.

    The new record set by the Bitcoin ETF comes as the underlying asset continues its record-breaking rally fueled by investors’ insatiable appetite for secure, compliant, and liquid exposure to the rapidly evolving and highly volatile cryptocurrency landscape.

    The first wave of spot Bitcoin ETFs, including those from BlackRock Inc., Fidelity Investments, Invesco, Valkyrie, VanEck, and others, have propelled the market past $100 billion, solidifying their place as one of the most remarkable fund category launches in industry history, just 10 months after their debut.

    Trump’s Triumph Sparks Bitcoin Boom

    Donald Trump’s presidential win has sent BTC soaring to record-breaking heights. Its value is marching towards the $100,000 mark as traders eagerly anticipate policy changes favoring the crypto industry. At press time, the crypto asset is selling at $97,600.

    This remarkable surge in BTC’s value and other crypto assets is driven mainly by Trump’s pro-crypto stance, which is expected to create a regulatory environment favorable to increased growth and adoption.

    Bitcoin’s value increased by about 90% in 2024, a remarkable surge attributed to key factors, including the debut of Bitcoin ETFs and the impact of Donald Trump’s reelection, driven by his pro-crypto stance.

    Consequently, the crypto asset emerged as the top performer in 2024, surpassing stocks, silver, and gold with a remarkable 49.2% year-to-date gain.

    With Trump’s victory, the market is betting on a potentially crypto-friendly shift in policy, fueling the rally.

    According to Caroline Bowler, the chief executive officer of BTC Markets Pty, “this price rally is being fed by the frequent pro-crypto news linked to the incoming Trump administration.”

    Crypto Rally to Continue on Trump’s Pro-Crypto Agenda

    During his campaign, Trump made bold commitments to the crypto community, pledging to foster an environment conducive to Bitcoin adoption and growth.

    His promises include dominating the Bitcoin mining sector, creating a strategic crypto reserve, releasing the founder of the famous Silk Road, Ross Ulbricht, and firing the current SEC head, Gary Gensler.

    Trump’s ability to fulfill his crypto-friendly promises is crucial in determining whether Bitcoin’s rally will continue. Time will tell if Trump’s administration will be a game-changer for the crypto space.

  • North Korean Lazarus Hacker Group Involved in Upbit $50 Million Theft

    North Korean Lazarus Hacker Group Involved in Upbit $50 Million Theft

    The Korean National Police Agency (KNPA) has confirmed that the North Korean cybercrime group Lazarus Group, also known as the Hidden Cobra, alongside its subset, Andariel, are responsible for the South Korean crypto exchange Upbit hack in 2019, which resulted in a loss of about 342,000 Ether (ETH).

    342,000 ETH Theft

    At the time of the exploit, one ETH was worth about $147. Thus, the stolen tokens were valued at $50.2 million. Following the upward trajectory in the digital asset industry over the years, ETH is now worth $3,350 per coin. Therefore, the stolen crypto is valued at about $1.1 billion at the current market price.

    According to South Korean news media Yonhap News, this is the first time a “domestic investigative agency has officially confirmed” Lazarus hacker’s involvement in a cryptocurrency hack despite various foreign reports about the group’s cybercrimes.

    Notably, the police claimed to have gathered lots of information about the hack over the years, including North Korea’s IP addresses, traces of North Korean vocabulary usage, the flow of digital assets, and detailed data obtained through cooperation with the Federal Bureau of Investigation (FBI) before confirming North Korea’s role in the theft.

    The forces also discovered that about 57% of the stolen crypto was converted to bitcoin (BTC) via three crypto exchanges allegedly opened by the North Korean government and at a price about 2.5% lower than the average market price. After that, the group laundered the remaining ETH via 51 international exchanges.

    Additionally, the police revealed that the group stored a fraction of the stolen assets in a Swiss crypto exchange. After conducting investigations and presenting convincing shreds of evidence to the firm, it seized about 4.8 BTC, refunding Upbit.

    North Korean Crypto Exploits on the Rise

    North Korea has made a name for training hackers who bypass systems and sanctions to steal cryptocurrencies from vulnerable firms. Just this year, it has been connected to about 11 crypto exploits worth about $54.7 million. Earlier in March, it laundered about $147 million in proceeds from the hack of crypto exchange HTX in 2023.

    Meanwhile, the massive rise in the price of cryptocurrencies over time has attracted many cyber criminals, leaving investors’ funds at risk of being stolen via subtle or direct means. The industry lost about $120 million in September from over 20 hacks.

  • Bitcoin (BTC) Surpasses $97k as Trump Plans on U.S. First Crypto Czar Role

    Bitcoin (BTC) Surpasses $97k as Trump Plans on U.S. First Crypto Czar Role

    Bitcoin (BTC), the world’s leading crypto, has made significant upward moves recently, following various predictions from many famous investors, analysts, and traders. The crypto reached a new all-time high of around $97,850.

    Notably, BTC’s latest upward trajectory coincides with Trump’s latest move. He’s proposing a White House position dedicated to establishing and managing crypto policies in the U.S.

    U.S. First Crypto Czar Role  

    As reported by Fox Business, Trump is pressing for the establishment of an official crypto lead or czar position when he is inaugurated as the U.S. president by January. Whether it takes the form of a czar or a White House staff role, this will be a remarkable development in America’s crypto adoption.

    According to officials familiar with the matter, the individual filling the role will be the “president’s ear” or the bridge between the president and the crypto community, receiving and providing him with necessary information about the industry.

    Additionally, the official would regularly communicate with crypto-related regulators in the U.S., including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

    Donald Trump Drives Bitcoin Pump

    Trump’s victory in the election has been a driving force behind Bitcoin’s upward trajectory. His vocal support for crypto during his presidential campaign, coupled with his promises, has resonated with many U.S. investors, fostering expectations of a crypto-friendly environment under his leadership.

    Following his win, BTC has made many new all-time highs within a few weeks and is about $2,000 away from reaching six figures per coin. After reaching a new high this morning, the apex coin has settled at $97,000 at the time of writing.

    Additionally, since their approval in January, U.S. Spot Bitcoin ETFs have attracted more investors this month than ever. The funds are on a seven-week inflow streak, and the last business day concluded with an intake of over $700 million.

    Meanwhile, on Tuesday, the U.S.-based stock exchange Nasdaq listed options for trading in BlackRock’s Bitcoin ETF, IBIT, allowing investors to speculate on the price of the crypto using derivatives.

  • MicroStrategy Raises Note Sales to $2.6B for Bitcoin Acquisitions

    MicroStrategy Raises Note Sales to $2.6B for Bitcoin Acquisitions

    MicroStrategy, a leading business intelligence firm and one of the largest corporate holders of Bitcoin, has announced that it has raised its convertible note offering. This move further cements the company’s commitment to the crypto asset as a long-term investment strategy.

    MicroStrategy noted that it plans to raise $2.6 billion from senior convertible notes at a 0% interest rate to acquire more BTC. The note sale was increased from the initially announced offering of $1.75 billion in aggregate principal amount of notes.

    According to the announcement, the notes will be offered privately, exclusively to individuals reasonably believed to qualify as institutional buyers under Rule 144A of the Securities Act.

    MicroStrategy to Raise More Cash

    The $2.6 billion note offering is directed at qualified institutional buyers and is anticipated to be finalized on November 21, pending the fulfillment of standard closing requirements.

    The increase in the note offering indicates growing institutional confidence in Bitcoin. Investors appear willing to back MicroStrategy’s bold strategy as BTC nears the $100,000 mark.

    MicroStrategy’s move comes when bitcoin is experiencing renewed bullish momentum, hovering over $94,100. At the time of publication, the crypto asset is up 2.46% in the last 24 hours.

    The business intelligence company also gave the notes’ initial buyers a three-day window to acquire up to an additional $400 million in total principal value.

    Starting December 4, 2026, and contingent upon specific conditions, MicroStrategy can repurchase some or all of the notes for cash at a price equivalent to 100% of their principal value, along with any accumulated and unpaid special interest.

    If MicroStrategy opts to repurchase only a portion of the outstanding notes, a minimum of $75 million in total principal value must remain unredeemed as the redemption notice is issued.

    MicroStrategy Holds $30.3B in BTC

    The announcement comes after MicroStrategy plans to raise $1.75 billion from senior convertible notes at a 0% interest rate to acquire additional bitcoin. The company intends to use the net proceeds from the offering to purchase additional BTC and support various general corporate objectives.

    MicroStrategy, led by executive chairman Michael Saylor, has solidified its position as a top player in BTC acquisition. The company currently holds 331,200 bitcoins, valued at over $30.3 billion, after acquiring an additional $4.6 billion in BTC on November 18.