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Category: Crypto News

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  • Bitcoin Surpasses $106,000 Mark Amid Institutional Adoption

    Bitcoin Surpasses $106,000 Mark Amid Institutional Adoption

    Bitcoin (BTC), the leading cryptocurrency by market capitalization, has reached a historic milestone, breaking past the $106,000 mark for the first time. The surge comes amid a wave of institutional adoption, reinforcing BTC as a store of value in the financial sector.

    BTC has experienced a significant rise in the past month. Despite its price swing, the crypto asset surpassed its $100,000 price mark for the first time on December 4, 2024, in the early hours of the day. However, at the time of writing, BTC was trading at above $103,900, with a market cap of more than $2 trillion.

    Bitcoin On The Rise

    Over the past year, the crypto market has witnessed a significant influx of institutional investment. Companies like BlackRock, Fidelity, and ARK Invest have doubled down on their crypto strategies, increasing their BTC portfolios.

    On December 13, 2024, the world’s largest asset management firm, BlackRock, went BTC shopping. The asset manager acquired 4295 BTC worth $429.5 million. The current purchase further cements BlackRock’s growing footprint in the crypto asset market.

    Following the massive purchase, asset management giant Fidelity Investment went a step further by adding more bitcoin to its holdings. The firm added over $196 million in BTC to its investment vehicle. Over the week, the asset manager purchased approximately 5,200 BTC, worth more than $524.6 million. Before the latest acquisition, Fidelity held 199,237 BTC, worth roughly $19.3 billion.

    A Bitcoin Reserve

    The BTC surge comes as the United States plans a strategic BTC reserve under President Donald Trump’s administration. Just recently, Cynthia Lummis, an American attorney and politician serving as the junior US senator from Wyoming, met with Scott Bessent, an American investor, philanthropist, and hedge fund billionaire, to discuss implementing a national BTC reserve strategy.

    Senator Lummis also proposed that the US government accumulate more bitcoin to establish a strategic BTC reserve fund. The politician further stated that the US could become the first developed nation to develop a strategic reserve by embracing BTC, securing a brighter future for generations of Americans.

    Following the talks on a national BTC reserve, Trump confirmed the BTC reserve on December 14, 2024. The reserve aims to stabilize the financial market during a crisis.

  • Fake Uber Driver Steals Over $300,000 Crypto From Passengers

    Fake Uber Driver Steals Over $300,000 Crypto From Passengers

    A man has been arrested in Scottsdale, Arizona, on multiple felony charges for allegedly posing as an Uber driver and stealing over $300,000 in crypto from customers. The suspect, identified as Nuruhussein Hussein, was taken into custody on December 11.

    An Uber driver is an independent contractor who drives for the ride-hailing company Uber. They use their own vehicles to transport passengers who request rides through the Uber app.

    The $300K Crypto Theft

    According to court documents, Hussein targeted two victims, one in March and one in October, outside the W Scottsdale hotel near Camelback and Scottsdale roads. He allegedly pretended to be an Uber driver, calling out the names of supposed passengers, and then convinced them to hand over their phones. He would then transfer crypto from their Coinbase accounts.

    The victims reported that Hussein used two different methods of obtaining their phones. He would either claim his phone was dead or offer to help troubleshoot the Uber app. Once in possession of the phone, Hussein would quickly transfer the crypto. Although no weapon was seen, one of the victims reported that he made threats implying that he had a gun.

    Prosecutors pushed for a cash-only bond of $200,000, citing the level of skill shown in the fraud and the alleged threats made to one of the victims. The judge obliged and ordered that Hussein be placed under electronic monitoring after the settlement. The Uber scammer will also prohibited from leaving Maricopa County and using the internet.

    Although court documents indicate the thefts totaled around $223,000, the Scottsdale Police Department reported that the total was more than $300,000. The police have advised Arizona residents to be cautious when using ride-sharing services.

    In-Person Crypto Crimes on the Rise

    According to GitHub, there have been at least 19 recorded incidents of in-person crypto crimes in different countries this year. Recent cases include a Chinese man abducted for $1 million crypto ransom and a Bitcoin investor murdered over 3 BTC.

    The blockchain detective, ZachXBT, also claimed to have received multiple messages from victims of crypto home invasion thefts in Western Europe over the past few months. ZachXBT also shared a specific case where a victim was robbed of $4.3 million in crypto during a home invasion in June 2024.

  • Cynthia Lummis Meets With Future Treasury Secretary to Discuss Strategic BTC Reserves

    Cynthia Lummis Meets With Future Treasury Secretary to Discuss Strategic BTC Reserves

    Cynthia Lummis, an American attorney and politician serving as the junior United States senator from Wyoming, recently met with Scott Bessent, an American investor, philanthropist, and hedge fund billionaire, to discuss implementing a national Bitcoin (BTC) reserve strategy.

    The meeting during the week marked a significant moment in the growing conversation around crypto and its role in the US economy.

    “Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve. I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility,” said Lummis.

    Lummis was elected to represent the people of Wyoming in the US House of Representatives from 2009 – 2017 and became a US senator in 2021. While serving as a senator, Lummis has paid close attention to the BTC trend and its potential role in the US economy.

    Senator Lummis also proposed that the US government accumulate more bitcoin to establish a strategic BTC reserve fund. The politician further stated that the US could become the first developed nation to establish a strategic reserve by embracing BTC, securing a brighter future for generations of Americans.

    Trump Appoints Bessent as Treasury Secretary

    On the other hand, Bessent was nominated by President Donald Trump. The 62-year-old treasury nominee has spent his career in finance and made a big bet on Trump winning the election.

    Before the US election on November 5, the hedge fund investor predicted last year that President-elect Donald J. Trump’s political fortunes were on the rise.

    As treasury secretary, the billionaire will essentially be the highest-ranking US economic official, responsible for maintaining the balance of the world’s largest economy. This includes collecting taxes and paying the nation’s bills, managing the $28.6 trillion treasury debt market, and overseeing financial regulation, including handling and preventing market crises.

    Bessent will confront significant challenges, mainly the responsibly managing federal deficits projected to increase by nearly $8 trillion over the next decade, driven by Trump’s proposals to extend expiring tax cuts next year and introduce substantial new tax breaks, such as eliminating taxes on social security income.

    BTC Adoption

    Amid the growing adoption of BTC, several corporations and entities have allocated their funds to the crypto asset, even when former US Treasury Secretary Lawrence Summers criticized Trump’s proposal for a strategic Bitcoin reserve, calling it “crazy” and accusing it of being a move designed to appease his crypto campaign donors.

    American stock broker, financial commentator, and radio personality Peter Schiff also noted that BTC is a national threat to the US economy. He believes that individuals waste their funds when investing in digital asset.

  • VanEck Predicts BTC to Hit $180,000 in Inevitable 2025 Bull Run

    VanEck Predicts BTC to Hit $180,000 in Inevitable 2025 Bull Run

    American asset manager and crypto exchange-traded funds (EFT) issuer VanEck has predicted that the world’s leading crypto, bitcoin (BTC), will soar by about 80% from its current price to reach $180,000 in the coming year as investors and analysts anticipate a massive bull run in 2025.

    In previous months, VanEck’s head of digital assets research, Matthew Sigel, has highlighted that this year’s bullish movement mirrors the 2020 pattern, which set up the massive uptrend in 2021.

    2025 Bull Run Flow

    According to the asset manager, the inevitable bull run will not only focus on BTC; altcoins like Ethereum (ETH), SUI, and Solana (SOL) will also soar in value as many investors who join the crypto market diversify their portfolios to include other assets, pushing their prices upward.

    A highlight of VanEck’s prediction is the U.S. Securities and Exchange Commission’s (SEC) approval of new crypto ETFs, including the spot Solana ETF, within the first quarter of 2025. This will make the crypto surge to $500 per SOL by the 2025 bull run. Prior to this prediction, the agency has shed a green light on the ETF applications, signaling a potential approval in no distant time.

    The asset manager noted that the market will not be all rosey next year. After reaching its mid-term peak in Q1 2025, BTC is expected to drop by 30%, while altcoins will double the price drop, retracing by about 60% in the summer. Thereafter, the market will surge, with ETH reaching $6,000 and SUI taking a position at the $10 mark.

    VanEck also added that many countries will adopt crypto and bitcoin as the number of countries mining Bitcoin with government resources is expected to reach 14 in 2025.

    Will the Market Reach These Highs?

    The asset manager also highlighted a reason for its prediction of an upward trajectory, most of all the election of Donald Trump as the new president of the United States. The president-elect has appointed many pro-crypto personnel to take on pivotal positions under his administration, marking an end to anti-crypto policies and beginning a new era with frameworks centered around a strategic Bitcoin reserve.

    Meanwhile, over 55% of VanEck’s predictions for 2024 played out, boosting confidence in its 2025 market expectations.

  • Bullish: Blackrock Officially Recommends 2% Allocation to Bitcoin

    Bullish: Blackrock Officially Recommends 2% Allocation to Bitcoin

    Asset Manager Blackrock has recommended a 2% allocation into bitcoin (BTC). The announcement marks a significant milestone in the crypto asset’s journey toward mainstream acceptance.

    According to a recent report on X, the world has approximately $900 trillion in assets. If BTC captured 2% of it, it would result in a market capitalization of roughly $18 trillion, translating to around $900,000 per coin.

    While investing in the crypto asset, BlackRock also highlights bitcoin’s potential as a hedge against inflation and a store of value. The world’s largest asset manager has long been investing in BTC, increasing its portfolio.

    Over $429.5M in BTC Purchase 

    Recall that BlackRock, with over $11.5 trillion in assets under management (AUM), acquired 4295 BTC worth $429.5 million. The investment reflects a deliberate strategy by the management giant. The asset manager signals its confidence in the long-term growth of the crypto asset.

    Amid the adoption season, several asset managers like Fidelity Investments are focused on investing significantly in crypto assets. As such, both institutional and retail investors are smiling at their profits. For instance, the asset manager recently acquired 1205 BTC, valued at over $121.5 million, in its Bitcoin portfolio.

    This is not the only purchase the asset giant has made over the week. It also added approximately 5200 BTC, worth more than $524.6 million. At the time, Fidelity held a total of 199,237 BTC, valued at roughly $19.3 billion.

    Meanwhile, BTC is currently trading at over $101,100, down from its all-time high of over $103,000 last week.

    5,117 BTC Bagged

    In line with the adoption of BTC, other corporations have also begun investing in digital assets. On December 13, 2024, North American Bitcoin mining firm Riot acquired an additional 5,117 BTC. The company spread its latest purchase over three days, from December 10 to December 12, 2024, to obtain the crypto at varied prices due to the volatile nature of the market.

    Despite being a miner and holding its mining rewards, Riot has taken steps to increase its stash by acquiring BTC from the open market. The firm spent roughly $510 million to acquire its latest bitcoins at an average price of $99,669 per coin, including trading fees and expenses.

    Recently, MicroStrategy has also acquired a significant amount of the digital asset. The company noted it purchased 21,550 BTC for approximately $2.1 billion. The acquisition, executed at an average price of $95,976, brings its total Bitcoin holdings to 423,650 BTC, valued at around $42 billion.

  • BiT Global Sues Coinbase in $1B Lawsuit Over WBTC Delisting

    BiT Global Sues Coinbase in $1B Lawsuit Over WBTC Delisting

    Asset custody firm BiT Global has sued the American crypto exchange Coinbase, alleging anti-competitive practices. The lawsuit, filed in the Northern District of California by law firm Kneupper & Covey, seeks over $1 billion in damages.

    The wrapped Bitcoin (WBTC) custodian alleges that Coinbase’s decision to remove the token from its exchange was motivated by a desire to promote its rival product, cbBTC.

    Wrapped Bitcoin products, such as WBTC and cbBTC, allow users to unlock value in Bitcoin for use on other networks, such as Ethereum and Base. The user wraps their asset by depositing it into the wallet of a trusted custodian and subsequently receives a token on another blockchain. The original crypto is then held in trust for the user.

    Bit Global Sues Coinbase

    The lawsuit further alleged that Coinbase’s decision violates numerous state and federal laws, including antitrust laws. BiT Global argued that the exchange’s actions are anti-competitive and designed to stifle innovation in the crypto industry.

    Claiming that the case could have industry-wide implications, BiT Global’s attorney Kevin Kneupper said:

    “If an exchange of Coinbase’s size can delist a cryptocurrency just as it plans to launch its own competing product, who’s safe? And who’s next?”

    Meanwhile, Coinbase publicly promoted cbBTC as “super strategic” and predicted it would surpass wBTC in supply within six months of launch. Citing this, the lawsuit alleged that Coinbase is attempting to push wBTC out of the United States crypto market to make way for its competing product, cbBTC. Interestingly, it’s been only three months since the token’s inception.

    The asset custody firm plans to pursue the lawsuit and seek damages over $1 billion. Commenting on this, Kneupper continued:

    “We think a jury will see this for exactly what it is…We plan to make sure the law is followed, and that cryptocurrency users get to choose which product they prefer.”

    Coinbase Plays Defensive

    According to Coinbase, the decision was not motivated by a desire to promote its competing product, cbBTC, as alleged by its opponent. Instead, the exchange claims the delisting resulted from a standard review process. However, BiT Global fired back, citing the exchange’s recent onboarding of various memecoins lacking fundamental value.

    The American exchange recently announced plans to delist Tether’s USDT stablecoin from its platform for European customers, citing compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA).

  • Crypto Investor Bags 2-Year Prison Sentence for $3.7M Tax Evasion

    Crypto Investor Bags 2-Year Prison Sentence for $3.7M Tax Evasion

    Frank Richard Ahlgren III, an early Bitcoin investor residing in Texas, has been sentenced to two years in prison for tax evasion. According to the United States Department of Justice (DOJ), he earned about $3.7 million from selling bitcoins in 2017 but underreported his realized capital gains from the digital asset sales.

    Ahlgren’s $3.7M Tax Evasion

    Ahlgren purchased 1,366 bitcoins in 2015 using his Coinbase account. In October 2017, he sold approximately 640 BTC for $3.7 million, using the proceeds to buy a house in Park City, Utah. However, when it came time to prepare his 2017 federal income tax return, Ahlgren lied to his accountant by submitting a false summary of his gains and losses from the sale of his bitcoins.

    In 2018 and 2019, Ahlgren sold additional bitcoins for over $650,000 but did not report these sales on his tax returns. To conceal his transactions, Ahlgren used sophisticated techniques, including moving his bitcoins through multiple wallets, meeting an individual in person to exchange bitcoins for cash, and using mixers to obscure his transactions on the blockchain.

    Sentenced and Fined

    The U.S. District Court sentenced Ahlgren to two years in prison. He will also serve one year of supervised release and pay $1.09 million restitution to the United States.

    Notably, the acting special agent in charge of IRS-Criminal Investigation (IRS-CI), Lucy Tan, acknowledged that the case was the first criminal tax evasion prosecution “centered solely on crypto.” Commenting further on the case, he added:

    “Ahlgren will serve time because he believed his cryptocurrency transactions were untraceable. This case demonstrates that no one is above the law. My team at IRS Criminal Investigation has the expertise and tools to track financial activity, whether it involves dollars, pesos, or cryptocurrency.”

    The Future of U.S. Crypto Taxation

    U.S. President-elect Donald Trump recently proposed a zero-tax policy on crypto assets created in the country, such as BTC and XRP. In contrast, others created outside, like ETH, would be subject to taxation. He argued that taxing crypto transactions is unfair, suggesting that Bitcoin should be treated like another form of money and tariffs should be imposed instead.

    Trump also publicly pledged to commute Ulbricht’s sentence if re-elected, drawing cheers from the crowd. Given the president-elect’s growing pro-crypto stance and opposition to Bitcoin taxes, he may extend similar mercy to Ahlgren after the inauguration.

  • Bitcoin Miner Riot Acquires 5,117 BTC for $510 Million

    Bitcoin Miner Riot Acquires 5,117 BTC for $510 Million

    North American Bitcoin mining firm Riot has added to its bitcoin holds by acquiring an additional 5,117 BTC. Notably, the company spread its latest purchase within three days, from December 10 to December 12, 2024, to obtain the crypto at varied prices due to the volatile nature of the market.

    Concluding the purchase, Riot holds 16,728 BTC valued at $1.67 billion by bitcoins spot price of $100,000.

    5,117 BTC Bagged

    Despite being a miner and hodling its mining rewards, Riot has taken steps to increase its stash by acquiring BTC from the open market. According to the U.S. Securities and Exchanges Commission’s (SEC) release, the firm spent approximately $510 million to acquire its latest bitcoins at an average price of $99,669 per coin, including trading fees and expenses.

    To raise funds for its just-concluded purchase, Riot offered about $500 million in convertible notes to qualified institutional investors, due 2030, with just 0.75% interest. Its purchase was announced about four days after the notes were sold.

    Riot’s adoption of a BTC reserve has helped it stay in operation despite the slash in mining rewards from the Bitcoin halving earlier this year, which threw many low-class miners out of the game as they couldn’t meet the energy cost and other operation expenses.

    Miners BTC Reserve

    Remarkably, Riot is not the only miner who has adopted a strategic Bitcoin reserve. Marathon Digital, a famous American-based bitcoin miner, also fully adopted BTC as its reserve asset earlier this year and has periodically acquired the crypto from the open market since then.

    Concluding its last purchase, Marathon acquired 5.771 BTC and now holds about 33,875 BTC, more than double Riot’s holdings. It is valued at almost $3.4 billion.

    Similarly, the Bitcoin miner Cathedra suspended its mining operations and switched to a data center development. Using profits from its new business, it acquired more BTC from the market to ensure that it kept up with investors’ expectations.

    Meanwhile, MicroStrategy, the world’s first Bitcoin company, now holds over 2% of the total Bitcoin supply and has secured about $40 billion in unrealized profits.

  • Australian Pension Fund Giant AMP Acquires $27M in Bitcoin

    Australian Pension Fund Giant AMP Acquires $27M in Bitcoin

    AMP, an Australian superannuation fund, announced a $27 million investment in Bitcoin. It is the first major fund of its kind in Australia to adopt the digital asset. The latest acquisition represents a significant step in integrating crypto into institutional investment portfolios.

    According to a Financial Review report, the fund manages approximately $57 billion in assets. Its Bitcoin allocation is modest, representing just 0.05% of its total assets under management (AUM).

    AMP’s decision to invest in the crypto asset is a strategic move to diversify its portfolio during economic uncertainty. The investment is intended to act as a hedge against inflation while expanding beyond conventional assets like stocks and bonds.

    The superannuation fund reportedly purchased bitcoin at prices between $60,000 and $70,000, aiming to diversify its holdings and benefit from BTC’s historical price surge, which followed Donald Trump’s electoral victory on November 5.

    Despite BTC price surging past the $100,000 level, other Australian superannuation funds remain hesitant to follow AMP’s example, considering the emerging asset too risky for adoption.

    BTC Adoption & Investments

    Australia is not alone in this acquisition. On July 27, 2024, the state of Michigan’s pension fund announced it had invested $6.6 million into its crypto investment vehicle through ARK 21Shares’ Bitcoin exchange-traded fund (ETF). The decision underscored the increasing global interest in Bitcoin and its investment vehicles.

    Following Michigan’s investment, Jimmy Patronis, Florida’s Chief Financial Officer (CFO), pushed for BTC to be included in the state’s investment portfolio. If implemented by the State Board of Administration (SBA), Florida will join many American states like Wisconsin, which has added crypto assets to its holdings.

    In light of BTC purchases, top corporations like MicroStrategy and Tesla have positioned themselves among the largest bitcoin holders. On December 5, 2024, the business intelligence firm exceeded $40 billion in value. MicroStrategy holds roughly 402,100 BTC, purchased at an average of $58,402, and is collectively worth $41.33 billion. 

    On December 9, the publicly traded company purchased 21,550 BTC for approximately $2.1 billion. The acquisition, executed at an average price of $95,976, brings its total Bitcoin holdings to 423,650 BTC, valued at around $42 billion. With this big buy, the company boasts over 2% of the Bitcoin supply.

  • Asset Manager BlackRock Acquires 4,295 BTC ($429.5M) Amid Adoption Season

    Asset Manager BlackRock Acquires 4,295 BTC ($429.5M) Amid Adoption Season

    BlackRock, the world’s largest asset management firm, with over $11.5 trillion in assets under management (AUM), has acquired 4295 BTC worth $429.5 million. The current purchase further cements BlackRock’s growing footprint in the crypto asset market.

    The asset manager’s recent acquisition also highlights its confidence in bitcoin’s (BTC) potential as a store of value and a hedge against macroeconomic risks. The investment reflects a deliberate strategy by the management giant. BlackRock signals its confidence in the long-term growth of the crypto asset.

    Asset Managers Buying BTC

    BlackRock’s move comes amid a wave of institutional interest in crypto in BTC. For instance, Fidelity Investments recently doubled down on its commitment to crypto by adding over $196 million in BTC to its holdings. The move positioned the asset manager as one of the top dogs in the crypto space, with bitcoin forming a core component of its long-term investment strategy.

    Following the substantial investment, Fidelity also went a step further by adding more bitcoin to its portfolio. In the last four days, the asset manager purchased approximately 5,200 BTC, worth more than $524.6 million. Before the latest acquisition, Fidelity held 199,237 BTC, worth roughly $19.3 billion.

    BlackRock Becomes Largest Bitcoin Spot ETF

    BlackRock’s purchase aligns with the firm’s prior steps toward embracing crypto. In 2023, BlackRock filed for a Bitcoin spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), widely regarded as a turning point for mainstream crypto adoption.

    Early this year, the SEC approved a Spot Bitcoin ETF for BlackRock. The management firm became the world’s largest Bitcoin ETF, surpassing Grayscale’s Bitcoin Trust (GBTC).  At the time, BlackRock held approximately $19.68 billion worth of BTC.

    Amid the latest purchase, BTC was trading at over $100,400, with a market cap of over $1.9 trillion. In the past few days, the crypto asset has traded slightly above the $100,000 price level and pulled back to the $97-$99,000 price range.  

    Bitcoin as Reserve Asset

    Meanwhile, the city council of Vancouver, Canada, has recently embraced BTC. The proposal suggests allocating some of the city’s financial reserves to Bitcoin. It cites Bitcoin’s potential as a hedge against inflation and a means to promote innovation and economic growth. The move aims to position Vancouver as a blockchain and crypto innovation hub.

    In addition, the return of President-elect Donald Trump has partially fueled the move, which is seen as a step towards embracing innovation.