Cryptocurrencies To Watch

Category: Crypto News

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  • Bitcoin Gains Over 100% in 100 Days. What’s Next?

    Bitcoin Gains Over 100% in 100 Days. What’s Next?

    Bitcoin has been on a rally lately, surpassing 100% gains in just 100 days. According to the aggregator platform CoinMarketCap, the crypto price has surged from $53,628 to $107,780, witnessing a 101% increase. This remarkable growth has its investors and enthusiasts wondering what’s driving the surge and what’s next for the digital asset.

    What is Moving BTC Price?

    The recent price increase can be attributed to increased demand and decreased supply. As more institutional investors and individuals enter the market, the demand for Bitcoin has skyrocketed. At the same time, the supply of new bitcoins has slowed, leading to a shortage and driving up prices.

    The approval of Bitcoin spot exchange-traded funds (ETF) by the United States Securities and Exchange Commission (SEC) in January 2024 also played a significant role in Bitcoin’s growth. The spot ETF gives investors direct exposure to the underlying value of Bitcoin at market prices, making it more accessible to institutional investors and individuals alike.

    This development marked a milestone in the mainstream adoption of BTC. It provided a regulated and secure way for investors to gain exposure to Bitcoin, and as a result, its price has continued to soar.

    Nonetheless, the recent surge in Bitcoin’s value is mainly attributed to the concluded United States election. The Trump election victory ignited a renewed interest in Bitcoin, with its price increasing by over 32% one week after the election. This increase was primarily driven by expectations that the new president would be “crypto-friendly.”

    What’s Next for BTC?

    The crypto market is known for its volatility, and Bitcoin is no exception. However, despite the associated risks, many experts believe that BTC has the potential to continue growing in value. Some have even predicted it could reach $200,000 or more in 2025.

    Interestingly, Bitcoin is leading the charge as the crypto market grows. With its recent gains and predicted future growth, it’s an exciting time for investors and enthusiasts alike. Staying informed and up-to-date on the latest developments is essential for seasoned crypto investors and those new to exploring the market.

    The next few months will be crucial for Bitcoin as investors and experts wait to see if it can sustain its current momentum. Will Bitcoin continue to soar to new heights, or will it experience a correction? Only time will tell.

    Meanwhile, the leading crypto is currently priced at $107,941, having increased by 2.79% in the last 24 hours.

  • Nigeria Arrests Nearly 800 in Crackdown on Crypto Scam Operation

    Nigeria Arrests Nearly 800 in Crackdown on Crypto Scam Operation

    Nigeria’s anti-corruption agency has apprehended 792 individuals during a raid on a building in the nation’s largest city. The building is suspected to be a central hub for an extensive crypto-based romance scam network.

    The individuals detained on December 10 in Lagos comprised 148 Chinese nationals and 40 Filipinos, according to Wilson Uwujaren, a spokesperson for the Economic and Financial Crimes Commission (EFCC), who shared the information with Reuters.

    “Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and several others from European countries,” Uwujaren said.

    Scamming Pattern & Operations

    Uwujaren further revealed that the arrested individuals operated within a network of fraudulent companies. They used social media, fake websites, and WhatsApp groups to attract unsuspecting investors. These platforms often promised guaranteed profits with minimal risk, a hallmark of classic Ponzi schemes.

    “Staff there would make contact with people through social media and messaging platforms, including WhatsApp and Instagram, then seduce them online or offer them apparently lucrative investment opportunities,” Uwujaren added.

    The EFCC spokesperson also noted that after the Nigerians gained the trust of potential victims, the foreign nationals stepped in to carry out the fraud itself. Once the victims were convinced, they were coerced into sending money for fraudulent crypto schemes and other fictitious projects.

    As such, Uwujaren stated that the Commission was working with international partners and would investigate possible connections to organized crime. During the raid, agents confiscated computers, mobile phones, and vehicles.

    Nigeria has long been a leader in crypto adoption in Africa, with many Nigerians turning to digital assets as an alternative to traditional banking systems. However, the rise of scams has cast a shadow over the growing crypto industry, causing many individuals to fall victim to illicit practices.

    The country’s recent crackdown highlights the urgent need for greater awareness and regulation in the crypto space. While crypto-assets continue to provide opportunities for financial growth and innovation, the dangers of fraud remain a significant challenge.

    A Prison Sentence

    Nigeria is not the only country to find individuals involved in illegal activities. For instance, Juan Tacuri, a senior promoter of the Forcount (Weltsys) Ponzi scheme, was sentenced to 20 years in prison for his involvement in the fraudulent act that reaped millions of dollars from thousands of investors.

    According to the court statements, Tacuri and his allies presented Forcount to investors as a crypto mining and trading firm that allowed investors to buy crypto investment products and receive daily returns on their purchases.

  • FCA Cautions UK Citizens Against Solana-Based Memecoin

    FCA Cautions UK Citizens Against Solana-Based Memecoin

    The Financial Conduct Authority (FCA) in the United Kingdom has issued a warning about the Solana-based “Retardio” project. The warning highlights concerns about unapproved financial promotions and activities for UK users.

    According to an official report, the FCA urged UK-based users to rely only on financial firms authorized and approved by the watchdog. The agency further noted that authorizing a firm gives greater protection if things go wrong.

    According to NFT aggregator CryptoSlam, the Retardio project includes a Solana-based NFT collection that has reportedly generated $31 million in total sales. Its linked memecoin, known by the ticker “Retardio,” is currently priced at approximately $0.08 and has a market capitalization of around $87 million, according to Dexscreener.

    FCA Warns UK Citizens on Unauthorized Firms

    The securities watchdog noted that UK users engaging with the Retardio project will not have access to the Financial Ombudsman Service, which resolves disputes between consumers and financial services firms.

    The regulator also highlighted that consumers would not be covered by the Financial Services Compensation Scheme (FSCS), which provides protection when financial firms fail. The financial services regulator also advised users to consult their registry to verify that the company they interact with is authorized in the UK.

    The agency also urged consumers to report unauthorized firms through its official channels. In response, the memecoin and NFT project claimed it had issued a warning against the UK’s financial regulator.

    The FCA’s alert serves as a broader reminder for UK investors to exercise caution when dealing with crypto assets and blockchain-based projects, particularly those that operate without proper authorization.

    UK Plans a Crypto Transparency

    The latest report came as the UK plans to implement a comprehensive regulatory framework for crypto by 2026, signaling a significant step toward promoting transparency and consumer protection in the sector.

    According to a Bloomberg report, consultations to draft regulations addressing market manipulation, trading platforms, crypto lending, and stablecoins, among other topics, will commence as early as this quarter.

    The FCA also revealed that input from more than 100 entities spanning the crypto and traditional finance sectors has been gathered. Participants include digital asset platforms, financial institutions, trading companies, blockchain analytics providers, and major regulatory organizations such as the Treasury, the Bank of England, and the United States Securities and Exchange Commission (SEC).

  • Michael Saylor Says Bitcoin is an Economy, not a Ponzi Scheme.

    Michael Saylor Says Bitcoin is an Economy, not a Ponzi Scheme.

    Famous American entrepreneur and bitcoin champion Michael Saylor has not missed any opportunity to express confidence in the crypto and defend it from opposing opinions. In a recent CNBC interview, he claimed that Bitcoin is an economy and the best strategy for strengthening the U.S. economy and solving its debts.

    Bitcoin to Become Cyber Manhattan

    According to Saylor, Bitcoin can be called “Cyber Manhattan.” He noted that New York’s Manhattan became very urban and developed because real estate investors centuries ago did not see a price increase as a hindrance. Instead, they borrowed to purchase and develop the properties.

    “Just as developers in Manhattan, they issued more debt to develop more real estate. I would call it an economy,” he said.

    Similarly, his company, MicroStrategy, has adopted the same tactic for acquiring Bitcoin by periodically issuing convertible notes to eligible institutional investors to raise more funds for the investment.

    Additionally, he stated that his Bitcoin purchases are unlimited. His company will keep buying BTC forever, no matter the price, because he believes every day is a good opportunity to acquire the crypto.

    $13 Million BTC in 2045

    The bitcoin enthusiast has periodically released predictions on where he expects the crypto to be in coming years. His last forecast noted that BTC will increase by about 29% yearly to attain a high of $13 million per BTC in the coming 21 years.

    Remarkably, Saylor is not focused on the short term, as most of his bitcoin predictions are for years or decades ahead. His company adopted bitcoin as a primary reserve asset in 2020 and has continued to purchase the crypto asset every quarter since then, with no indications of a sale anytime soon.

    Within the last 28 days, Saylor has led his company to acquire BTC weekly, spending about $10.5 billion on bitcoin shopping within a month. MicroStrategy holds about 439,000 BTC worth over $46 billion.

    Meanwhile, MicroStrategy will be added to Nasdaq-100 on December 23, 2024.

  • Finally! FTX Customers Set to Get Payouts Starting Next Month

    Finally! FTX Customers Set to Get Payouts Starting Next Month

    Recently, blockchain analysts have detected several transactions involving defunct crypto exchange FTX, hinting at a potential payout to affected customers. A recent press release confirmed these suspicions, announcing that the bankrupt exchange’s “Court-approved Chapter 11 Plan of Reorganization” will become effective on January 3, 2025.

    The recovery efforts, led by John J. Ray III, the CEO of the FTX Debtors, have successfully recovered billions of dollars. The announcement noted that the plan’s effectiveness and the start of distributions reflect the success of these efforts.

    FTX Customers to Receive Payouts

    The initial distribution, expected to occur within 60 days of the effective date, will be limited to claim holders having relatively simple claims. By prioritizing these convenience classes, FTX can efficiently process and distribute funds to these claim holders first, while more complex or disputed claims are addressed separately.

    Notably, FTX has partnered with BitGo and Kraken to assist in distributing payouts to customers and creditors in supported regions. The exchange claims these partnerships will enable the efficient and secure distribution of funds. Additional distribution service providers may be onboarded in the future.

    To be eligible, customers and creditors must complete the Know Your Customer (KYC) verification, submit tax forms, and onboard with the selected distribution service providers, BitGo or Kraken. Transferred claims will only be eligible for distribution if they are processed and reflected on the official claims register maintained by the Notice and Claims Agent.

    The FTX Debtors will provide instructions for onboarding with the distribution service providers on the existing customer portal. The bankrupt exchange encourages customers to complete the necessary steps to begin receiving payouts promptly.

    Other Pending Bankruptcy Cases

    Terraform Labs, the company behind the collapsed Terra ecosystem, is proceeding with its bankruptcy plan. As part of the reorganization plans, Terraform Labs has agreed to pay up to $442.2 million to investors and other stakeholders.

    Mt. Gox, the once-prominent Bitcoin exchange that went bankrupt after a massive 2014 hack, has extended its repayment deadline for creditors to October 31, 2025. This move has relieved investors anticipating market disruptions, as earlier fears of a $4 billion Bitcoin sell-off in 2024 have now been pushed to 2025.

    Celsius Network, the crypto lending platform that filed for bankruptcy in July 2022, has recently announced a payout of $127 million to its creditors following its initial $2.5 billion distribution. The expected distribution will cover approximately 60% of the creditors’ claims. Despite opposition from some creditors, Celsius is working to finalize a reorganization plan.

  • Publicly Traded Company Semler Scientific Adds 211 BTC to Holding

    Publicly Traded Company Semler Scientific Adds 211 BTC to Holding

    Publicly traded healthcare services provider Semler Scientific has announced yet another round of 211 Bitcoin purchases for $21.5 million at an average cost of $101,890 per BTC. The firm spread out its purchases over 10 days, from December 5 to December 15, to buy at different prices because the Bitcoin market is volatile.

    The latest purchase brought the company’s total holdings to 2,084 BTC. It was funded with proceeds from its at-the-market(ATM) offering and operating cash flow.

    Meanwhile, the healthcare tools manufacturer stated that it has filed a second prospectus with Cantor Fitzgerald & Co. to supplement the first filed in August. The second prospectus will allow Semler Scientific to offer an additional $50 million worth of shares under its existing ATM offering.

    Semler Scientific’s Bitcoin Journey

    Recall that the publicly traded firm stepped into the crypto space earlier in May by acquiring 581 BTC. It plans to make Bitcoin its primary treasury asset, as it views the king crypto as a store of value and an asset with growth potential.

    Since then, the medical tech firm has repeatedly pledged loyalty to the pioneering coin and has been on several Bitcoin purchase sprees. For instance, Semler Scientific bought 247 BTC in June after its initial purchase a month earlier, costing $17 million.

    Profitable Bitcoin Yield Year-to-Date

    The healthcare services-providing firm’s bitcoin holding has recorded a BTC yield of 92.8% year to date, while in Q3, Semler Scientific had a 67.0% BTC yield.

    At the time of writing, data found on Bitcoin Treasuries, a crypto platform that provides comprehensive data and insights on bitcoin holdings of private and public companies, reveals that Semler Scientific now takes the 14th position among publicly traded firms holding bitcoin.

    Amid growing institutional Bitcoin adoption, Bitcoin strengthens its qualification as a store of value and a means of exchange. Like MicroStrategy and Riot Platforms Inc., today’s purchase by Semler Scientific indicates its belief in Bitcoin as an asset class.

  • Ethena Labs Debuts New USDtb Stablecoin, ENA Gains 20% In a Week

    Ethena Labs Debuts New USDtb Stablecoin, ENA Gains 20% In a Week

    The decentralized finance (DeFi) protocol operators, Ethena Labs, have publicly announced the launch of USDtb, a new stablecoin whose reserves are invested in BlackRock’s USD Institutional Digital Liquidity (BUIDL) fund. The launch was executed in partnership with Securitize, a firm specializing in tokenizing real-world assets.

    Ethena Labs Launches USDtb

    USDtb shares similar features with existing stablecoins like USDC or USDT, utilizing cash reserves to back each token 1:1. Boasting about the token’s reliability and stability as a store of value, Ethena Labs claims users can transfer USDtb freely without restriction.

    The protocol operators further claimed that one of USDtb’s key features is its ability to scale without practical constraints, alluding to BlackRock’s BUIDL being used as the primary reserve asset. Commenting on this, Ethena Labs asserted that 90% of the reserve is in the fund. It believes the allocation is the highest of stablecoins and provides a robust foundation for the token.

    It is noteworthy that USDtb is wholly independent of Ethena’s existing stablecoin, USDe. Ethena Labs expressed that users and exchange partners have a new option for their stablecoin needs, with a completely differentiated risk profile compared to USDe. Additionally, it claims USDtb can help USDe weather better in challenging market conditions.

    Ethena Labs Assures Users

    To assure users of the token’s security, the Ethena team claims the launch of USDtb has undergone testing and auditing. The core USDtb smart contracts passed three audits from auditors Pashov, Quantstamp, and Cyfrin in October with no high or medium-level findings. Additionally, a community-driven audit from Code4rena found no high or medium-level threats.

    Ethena’s Risk Committee has approved a proposal to onboard USDtb as a USDe backing asset. During negative funding rates, Ethena can close the hedging positions underlying USDe and re-allocate its backing assets to USDtb. The team believes this will further mitigate related risks and provide a more stable store of value.

    Meanwhile, ENA, the native token of the Ethena protocol, has seen a significant 20% gain in just one week, making it a $3.52 billion asset class. The ENA price breakout above $1.20 suggests a further rally may be on the horizon. The current momentum indicates growing investor interest in the platform and its tokens.

  • MicroStrategy Continues Relentless Buying, Scoops 15,350 BTC Above $100K Price.

    MicroStrategy Continues Relentless Buying, Scoops 15,350 BTC Above $100K Price.

    MicroStrategy, the American business intelligence firm and first corporate bitcoin holder, has continued increasing its holdings. As its founder, Michael Saylor, announced on Monday, the company acquired an additional 15,350 BTC to expand its holdings despite the uptrend in the price of BTC.

    Over 2% of the Total Bitcoin Supply

    MicroStrategy’s latest bitcoin purchase cost about $1.5 billion. It acquired the crypto at an average price of $100,386 per BTC, the first time Saylor’s company has bought bitcoin above the $100,000 mark.

    Concluding its latest purchase, the publicly traded firm now holds 439,000 BTC acquired for $27.1 billion at approximately $61,725 per bitcoin. The business intelligence firm now controls about 2.10% of the total fixed bitcoin supply.

    70%+ Profits

    Saylor’s confidence in bitcoin over the years has yielded massive returns. Calculating by spot bitcoin price of $105,000, MicroStrategy sits in more than 70% profits as its holdings are currently worth over $46 billion.

    MicroStrategy has achieved a BTC Yield of 46.4% QTD and 72.4% YTD. By adopting a strategic Bitcoin reserve, the company continues to generate more profits for its investors, following the uptrend in the BTC price.

    Moreover, following the company market capitalization increase fueled by the crypto uptrend this year, it has increased its chances of making it into the  Nasdaq-100 index.

    MicroStrategy Leads the Pack

    Since MicroStrategy started acquiring bitcoins in 2020, many publicly traded firms have followed in the company’s footsteps, adopting bitcoin as their primary reserve asset instead of holding fiat.

    American Bitcoin mining firm Riot joined the pack earlier this month with its 5,117 bitcoins acquisition. Despite being a miner, the firm has revealed plans to buy BTC from the open market periodically. It now holds 16,728 bitcoins worth more than $1.7 billion.

    The list includes Japanese firm Metaplanet, American Miner, Marathon Digital, and others.

    Meanwhile, MicroStrategy’s Saylor recently stated that America should sell its Gold holdings and use the proceeds to acquire more BTC.

  • Data: Investors Are Pumping Nearly $3B Into Bitcoin Daily

    Data: Investors Are Pumping Nearly $3B Into Bitcoin Daily

    In a staggering display of investor interest, the Bitcoin network has witnessed an unprecedented surge in daily inflows, with over $3 billion entering the network daily for the past 30 days, according to a recent tweet by prominent cryptocurrency analyst Willy Woo.

    The crypto market also witnessed a tenth consecutive week of inflows into investment products, with a substantial $3.2 billion of new investments recorded during December 9-13, as revealed in CoinShares’ latest report.

    A combination of influential factors has contributed to the remarkable inflows into the crypto market. The heightened market volatility and liquidity have created an attractive environment for traders.

    Over the past 30 days, Bitcoin’s price has experienced a notable surge, successfully breaking through critical resistance levels and achieving new all-time highs (ATH). This development has predictably sparked a flurry of trading activity as market participants seek to leverage the price movements and market adjustments to their advantage, resulting in the massive capital inflow into the Bitcoin network.

    The increasing involvement of institutional investors in the Bitcoin market is also a primary catalyst for the remarkable inflows. As numerous prominent investors and hedge funds jump on the bandwagon, the Bitcoin network is witnessing a significant surge in investment, further solidifying its position as a leading asset class.

    Institutions are Doubling Down on Bitcoin

    Fidelity Investments, a prominent global asset management firm, took advantage of the market downturn last week, adding a substantial $196 million in Bitcoin to its portfolio, which now stands at 199,237 BTC, with a valuation exceeding $19.3 billion at the time of the report.

    In a similar move, another asset management giant, BlackRock, which has over $11.5 trillion in assets under management (AUM), recently invested significantly in Bitcoin, acquiring 4295 BTC worth $429.5 million.

    Meanwhile, Bitcoin mining firms are also actively expanding their holdings. Notably, North American Bitcoin mining firm Riot Blockchain added significantly to its Bitcoin reserves, acquiring 5,117 BTC on Friday.

    The firm’s latest purchase increased its total Bitcoin holdings to 16,728 BTC, which has a total value exceeding $1.67 billion.

    No End in Sight

    The trend of institutional influx into Bitcoin is showing no signs of slowing. It is likely to gain momentum as governments continue introducing regulatory reforms that foster a more favorable environment for the industry.

    For instance, in September, the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) unveiled the QFC Digital Assets Framework, a comprehensive set of regulations to facilitate institutional investors’ adoption of cryptocurrencies.

  • Bitget Token Jumps Over 150% in a Month, Here’s Why

    Bitget Token Jumps Over 150% in a Month, Here’s Why

    Despite a sharp 50% price drop two months ago, BGB, the native token of the famous crypto exchange Bitget, has recently witnessed an unprecedented price surge, drawing many investors’ attention. Within the past month, it has soared by 150.1% to reach a new all-time high. Its market capitalization has also jumped by about 12.3% to reach $4.75 billion, ranking it among the 32 largest cryptocurrencies by market cap.

    Many factors have pushed the crypto’s rise. On Monday, it passed the historic $3.5 mark and continues to surge as more investors pump funds into the exchange-minted token, hoping it will soar like Binance Token, BNB.

    BSP License Bagged in El Salvador

    As the crypto exchange revealed in a recent press release, it has received a green light from El Salvador’s Central Reserve Bank (Banco Central de Reserva), which granted it a  Bitcoin Service Provider (BSP) license.

    Obtaining the license, Bitget has been approved to offer Bitcoin services such as Bitcoin-to-fiat exchanges, payment facilitation, and secure Bitcoin custody solutions within the country’s borders.

    Notably, the exchange is also pushing for a Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets (NCDA) to offer sales, purchases, transfers, and storage services for other cryptocurrencies in El Salvador.

    “Latin America holds immense promise as a hub for crypto innovation, and El Salvador stands out as a pioneer with its bold embrace of Bitcoin as legal tender. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services,” says Min Lin, Chief Business Officer at Bitget.

    Investor Optimism Grows

    Many investors have shifted their portfolios to include digital assets, moved by the recent uptrend in the crypto market. Notably, considering how Binance Native Token, BNB, has resisted various market conditions during the year, investors foresee a better future for BGB. They expect it to follow in the same footsteps of resilience despite volatility or wavering conditions in the crypto market.

    Recently, BNB hit a new all-time high of $780 per coin with a market cap above $100 billion, securing its position as the sixth-largest crypto by market capitalization.

    Meanwhile, Binance’s former CEO says he’s not taking the role again, although investors think his return will help boost the token.