Cryptocurrencies To Watch

Category: Crypto News

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  • Microsoft Shareholders Vote Against Bitcoin Investment Proposal

    Microsoft Shareholders Vote Against Bitcoin Investment Proposal

    Microsoft shareholders have voted against a proposal to invest directly in Bitcoin, signaling a cautious approach to crypto adoption by one of the world’s largest technology companies.

    The proposal was made during Microsoft’s shareholder meeting by the National Center for Public Policy Research (NCPPR), a pro-free-market think tank based in Washington, D.C., which sought to diversify the company’s investment portfolio by adding Bitcoin to its reserves.

    Shareholders Meet For BTC Proposal

    The initiative was spearheaded by a group of shareholders advocating for the company to follow the lead of companies like Tesla and MicroStrategy, which have integrated Bitcoin into their corporate balance sheets.

    Despite the backing from some investors, the proposal faced significant resistance. Most shareholders voted against the initiative, citing concerns over bitcoin’s volatility, regulatory uncertainty, and environmental impact.

    Following the refusal, the NCPPR proposed using between 1% and 5% of the firm’s profits to acquire bitcoin. To conclude, if diversifying the firm’s balance sheet by including Bitcoin is in the best long-term interests of shareholders, the proposal demanded that the tech giant conduct a thorough assessment.

    Big Firms Buying BTC

    The decision reflects a broader trend among large corporations that have remained hesitant to embrace Bitcoin despite its growing mainstream acceptance. While some firms like MicroStrategy have made headlines with their crypto investments. Some countries have also joined in making BTC their reserve asset.

    The business intelligence company recently went BTC shopping by purchasing 21,550 BTC, valued at $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 substantial buy, the company boasts over 2% of the Bitcoin supply.

    According to the company’s official filing with the Securities and Exchange Commission (SEC), MicroStrategy entered into a sales agreement in October. The deal allows the firm to issue and sell shares of its class A common stock with an aggregate offering price of up to $21 billion.

    In light of bitcoin’s integration as a treasury asset, Amazon shareholders urged the company to consider the digital asset for treasury holdings. The proposal recommends that the multinational technology company consider allocating at least 5% of its treasury holdings to Bitcoin.

    Although Bitcoin is a highly volatile asset, the NCPPR argued that Amazon’s stock has also experienced volatility in the past, and therefore, adding the leading crypto asset to the tech firm’s treasury holding is in the “best long-term interest of shareholders.”

  • Artificial Intelligence is Now Consuming More Electricity Than Bitcoin

    Artificial Intelligence is Now Consuming More Electricity Than Bitcoin

    Artificial intelligence (AI) has impacted various industries, transforming how businesses operate and interact with customers. However, this rapid growth comes with electricity consumption. Recent studies reveal that AI is now consuming more electricity than Bitcoin mining, changing the energy sector dynamics.

    AI Firms Flip Bitcoin Miners in Energy Consumption

    A few years ago, Bitcoin miners dominated the electricity market, purchasing massive amounts of power for their data centers, which resulted in concerns about the power grid’s capacity. Today, Miners are eclipsed by AI tech giants who invest heavily in AI research and development, requiring more electricity to process vast amounts of data and train complex models. 

    This surge in demand has led to a significant increase in electricity consumption, which has increased electricity costs. AI companies are willing to spend significantly more on energy than Bitcoin miners. 

    Commenting on this, Fred Thiel, CEO of Bitcoin mining firm MARA Holdings, said big tech firms like Amazon, Microsoft, and Google are willing to pay up to three times more than Bitcoin miners, who struggle to spend over $40 per megawatt. This disparity has led power producers to favor AI companies, which can absorb more power.

    The demand for electricity by AI firms has become so significant that Dominion Energy, an energy provider, metaphorically implied that data centers now require a reactor’s worth of power. Amazon Web Services’ AI data center in Virginia is an example of this trend. The facility’s electricity consumption has become a concern, highlighting the need for sustainable energy solutions.

    The rise in AI may have severe consequences for Bitcoin miners. Companies like MARA Holdings are already struggling to compete, leading to a decline in their market share. Bitcoin miners face higher costs, loan defaults, and takeover risks as AI tech firms target them to buy up their data centers.

    BTC Miners Slowdown Operations

    Bitcoin miners are slowing down their operations, mainly due to increasing energy costs and the need to adopt more sustainable practices. As a result, many Bitcoin miners are exploring alternative energy sources, such as solar and wind power, to reduce their environmental footprint and energy costs.

    A few months ago, Bitcoin miner Rhodium filed for bankruptcy in Texas. Cathedra, another miner, considered halting mining operations to focus on BTC purchases from the open market.

  • Donald Trump’s Son Eric Predicts Bitcoin Price Surge to $1 Million

    Donald Trump’s Son Eric Predicts Bitcoin Price Surge to $1 Million

    Eric Trump, son of the United States President-elect, Donald Trump, and the executive vice president of the Trump Organization, made a bold prediction about the future of Bitcoin at the Bitcoin MENA conference.

    Eric Trump is confident that the cryptocurrency will surge to $1 million.

    “I can tell you, a lot of eyes were opened when Bitcoin hit $100,000. I can tell you a whole lot more are going to be opened when Bitcoin hits $1 Million. I’m confident it’s gonna hit $1 Million. I think we’re all confident in this room that it’s going to hit a million,” he said.

    The Bitcoin MENA conference is a top-tier cryptocurrency event that took place at the ADNEC Centre in Abu Dhabi, UAE, from December 9 to 10, 2024. Eric Trump was the keynote speaker, and over 6,000 attendees attended.

    The event, aimed to discuss Bitcoin’s future and its impact on the Middle East and North Africa region, also featured other notable speakers, including billionaire Steve Witkoff and Binance founder Changpeng Zhao.

    Eric Trump’s Crypto Outlook

    Eric Trump’s keynote speech at the Bitcoin MENA conference was packed with insightful comments about Bitcoin’s potential. Beyond predicting that Bitcoin’s value will soar to $1 million, he also highlighted the cryptocurrency’s significance in transforming the future of finance.

    Trump described Bitcoin as a “fundamental paradigm” in the global economic landscape and a revolutionary asset with the potential to surpass anything the world has seen before.

    He also emphasized Bitcoin’s unique status, saying it’s “not just another asset” but a truly global one, “It’s a store of value. It’s a hedge against inflation. It’s a hedge against political turmoil, political instability, acts of God, hurricanes, fires, floods, tornadoes, guys. That’s what makes it so powerful.”

    Additionally, Trump discussed Donald Trump’s growing support for cryptocurrency, highlighting his father’s evolving stance on digital assets. Eric Trump expressed confidence in his father’s ability to position America as a global leader in cryptocurrency, describing Donald Trump as a potential “crypto president.”

    Experts Predict BTC at $1 Million and Beyond

    Eric Trump is among a growing group of crypto enthusiasts who believe Bitcoin’s value will skyrocket to $1 million and beyond.

    In a recent article, MicroStrategy CEO Michael Saylor predicted that if Bitcoin reaches $1.7 million per coin, it could cause potential ripple effects on major stocks like Microsoft, which he believes could see its share price soar to $584 in the next decade.

    Saylor also predicted that Bitcoin’s value could skyrocket to a staggering $13 million per coin within the coming 21 years.

    While some might see Eric Trump’s prediction of $1 million in BTC as overly optimistic, the cryptocurrency market’s growth and adoption are undeniable. It will be interesting to see if his prediction becomes a reality.

  • Fidelity Adds Over $196M in Bitcoin as Institutions Continue to Buy the Dip

    Fidelity Adds Over $196M in Bitcoin as Institutions Continue to Buy the Dip

    Fidelity Investments, one of the world’s largest asset management firms, has doubled down on its commitment to crypto by adding over $196 million in Bitcoin (BTC) to its holdings.

    Over $19.3B in Total Holdings

    According to a recent X post, the latest acquisition moved the asset manager’s position as one of the top dogs in the crypto space, with bitcoin forming a core component of its long-term investment strategy. As of December 6, 2024, Fidelity holds 199,237 BTC, valued at over $19.3 billion.

    The move also comes as BTC prices hover around $97,400, recovering from their recent dip to $94,000. However, the crypto asset performed highly in the last week, surpassing the $100,000 price mark. As such, both institutional and retail investors gained from the asset’s milestone.

    Fidelity Investments has played a significant role in promoting the integration of crypto assets into traditional investment strategies and has steadily expanded its involvement in crypto services since its launch.

    Institutions Buying BTC

    Fidelity isn’t alone in seizing the opportunity presented by recent market downturns. For instance, the world’s largest asset management firm, BlackRock, accumulated 12,272 BTC worth $742 million.

    Since September 24, the asset manager has resumed purchasing BTC, bringing its total holdings to over 369,822 BTC, worth around $23.2 billion. The accumulation reflects the manager’s increasing confidence in the crypto asset’s long-term potential.

    Other institutions have also joined the crypto investment bandwagon. The publicly traded company MicroStrategy recently 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 now boasts over 2% of the Bitcoin supply.

    Bitcoin mining and digital infrastructure company Riot Platforms plans to raise $500 million from senior convertible note sales. The firm noted that the offering would occur through a private offering. The cash raised will be used to acquire more bitcoins, solidifying its position as one of the big players in the crypto sector.

    As bitcoin continues to win the hearts of investors and institutions, MicroStrategy’s co-founder and American entrepreneur Michael Saylor urged the United States to sell all the gold held in its reserve worth around $500 billion and switch to a strategic Bitcoin reserve, acquiring the crypto as a store of value for the country, as Central American El Salvador did.

    Saylor noted that the US could acquire around five million BTC using the proceeds from its gold reserves, positioning itself as the largest recognized national holder of Bitcoin, overseeing roughly 24% of the entire Bitcoin supply.

  • Crypto Exchange OKX Invests $5 Million in TON Blockchain

    Crypto Exchange OKX Invests $5 Million in TON Blockchain

    Crypto exchange OKX has recently announced its investment of $5 million in The Open Network (TON) blockchain. This financial backing, executed by its investment arm, OKX Ventures, and managed by TON Ventures, is focused on accelerating growth within the TON ecosystem.

    OKX Invests in TON Blockchain

    An official press release noted that the investment complements its recently launched $10 million Telegram Growth Hub, demonstrating its long-term conviction in TON’s potential to drive mainstream adoption. The exchange believes that with direct access to Telegram’s 950 million monthly active users, TON has strong potential for massive growth.

    The exchange further claimed the latest investment is a strategic move to establish a network of experienced builders and develop best practices for TON applications. Notably, The partnership between OKX Ventures and TON Ventures is expected to drive growth and innovation within the TON ecosystem and empower web3 entrepreneurs.

    Meanwhile, TON Ventures, led by former TON Foundation executives, has secured $40 million in initial funding and typically deploys investments of up to $500,000 for early-stage projects. The fund claims to have already shown early success by backing projects like DeLabs, Goat Gaming, Memetics, and Grably.

    TON Ventures focuses on backing early-stage consumer applications building on TON. In the coming months, the fund will focus on supporting mid-core gaming experiences, expanding monetization tools for creators, and growing the decentralized finance sector on TON.

    TON Attracts Big Investors

    TON has garnered significant attention and support from prominent investors, with Pantera Capital and crypto exchange Gate.io being notable examples. These investments have played a crucial role in driving the development and growth of the TON ecosystem.

    On the other hand, the TON Blockchain has experienced rapid growth in 2024, driven by its strategic partnership with Telegram’s user base. This has significantly boosted on-chain activity, with key metrics showing impressive gains. Popular Telegram apps like Notcoin, Catizen, DOGS, and TADA have driven this growth, attracting millions of users.

    According to data from the aggregator platform CoinMarketCap, the blockchain’s native crypto, Toncoin (TON), trades at $5.76 and has a $14.63 billion market capitalization. The coin experienced a 10.17% decline within the past 24 hours following a market correction that affected several digital assets, including Bitcoin.

  • PEPE Token Trader Turns $3,000 into $73M in Almost Two Years

    PEPE Token Trader Turns $3,000 into $73M in Almost Two Years

    The crypto market’s volatility has demonstrated its potential to generate life-changing wealth quickly.

    According to recent data from Lookonchain, a blockchain analytics platform, a crypto trader has turned a $3,000 investment into a staggering $73 million profit, boasting an incredible 24,656x return in a year and 8 months.

    Over $72 Million Profit in Less Than 24 Months

    The trader’s winning strategy involved buying 4.91 trillion PEPE tokens on April 15, 2023. As the market surged, the trader made a partial exit, selling a portion of their PEPE holdings, cashing out 3.03 trillion PEPE tokens for a whopping $27.5 million.

    But the trader didn’t stop there. Before the market plummeted, PEPE tokens broke through a new all-time high (ATH) of $0.000028. Seizing the opportunity, the investor sold an additional 100 billion PEPE tokens, worth $2.8 million, boosting their profit margins even higher.

    The trader’s wallet currently holds 1.88 trillion PEPE tokens, valued at $45.66 million. Combined with their previous sell-offs, the investor’s total profit is an astonishing $73 million.

    PEPE Traders Hit Jackpot

    Launched in April 2023, the PEPE token is a meme coin that has gained significant attention and popularity within the crypto community, particularly on social media platforms, due to its strong and active community of supporters.

    The rapid fluctuations in the token’s value and trading volume have made it popular among traders and investors looking for potential opportunities. On numerous occasions, the PEPE token has delivered impressive returns for traders who have accurately predicted market trends and executed their trades at the optimal moment.

    In May, a crypto trader, known as ‘smart money,’ made a notable purchase of 142.96 billion PEPE tokens for $1.26 million at a unit price of $0.000008831.

    The trader’s strategic approach yielded impressive results in six months, with six out of seven PEPE trades proving profitable, a remarkable win rate of 85.7%, and total profits of $915,000 at the time of the incident.

    Another PEPE trader also made a staggering $46 million profit, a 15,718x return on investment, after purchasing 4.9 trillion PEPE tokens with an initial $3,000 investment on April 15, 2023.

  • El Salvador Considers Bitcoin Policy Reforms to Secure $1.3B IMF Loan

    El Salvador Considers Bitcoin Policy Reforms to Secure $1.3B IMF Loan

    El Salvador, the world’s first country to adopt Bitcoin as legal tender, is considering significant reforms to its cryptocurrency policies to secure a loan from the International Monetary Fund (IMF).

    Over $1.2B Loan Deal

    El Salvador is working toward securing a $1.3 billion loan arrangement with the IMF, conditional on adjustments to its Bitcoin law, according to a report by the Financial Times, which cited sources familiar with the story.

    The deal is also expected to unlock another $1 billion of lending from the World Bank and $1 billion from the Inter-American Development Bank over the next few years.

    If finalized, the agreement would require El Salvador’s government to eliminate the legal obligation for businesses to accept Bitcoin as a form of payment, making its use optional.

    According to one of the people familiar with the story, the government also pledged to cut the budget deficit by 3.5% of GDP within three years through a combination of expenditure reductions and tax increases, enact an anti-corruption law, and boost reserves from $11 billion to $15 billion.

    El Salvador Accumulating BTC

    The IMF has consistently opposed El Salvador’s embrace of Bitcoin, cautioning the government and President Nayib Bukele about the financial stability challenges linked to the decision to make Bitcoin a legal tender in September 2021. 

    In February 2023, the IMF called on El Salvador to mitigate risks associated with Bitcoin, stating that the anticipated benefits of its adoption had not been realized. During this period, bitcoin was valued at approximately $21,600, according to data from CoinGecko.

    Since implementing its Bitcoin Law in September 2021, El Salvador has been actively acquiring BTC, with its initial purchase of 200 BTC occurring on September 6, 2021. The government has maintained its Bitcoin purchasing strategy, committing to purchase one bitcoin per day, and has accumulated a total of 5,942 BTC by November 2024.

    Following bitcoin’s surge to record highs above $100,000 in early December 2024, El Salvador’s unrealized profits from its BTC acquisitions skyrocketed to over $300 million.

  • Memecoin Project Floki Launches Debit Card For Crypto Payments

    Memecoin Project Floki Launches Debit Card For Crypto Payments

    Ethereum-based memecoin project Floki has announced the launch of its debit card, enabling users to spend their crypto assets worldwide. Partnering with Visa and Mastercard, the Floki team claims the debit card will become functional for users at millions of merchant locations.

    Recall that the Floki team unveiled its expansion strategy in March, transitioning the project from a memecoin to a crypto ecosystem. This initiative includes introducing debit cards, staking services, and other innovative offerings. Additionally, the highly anticipated launch of Valhalla, a metaverse blockchain game, is part of this expansion effort.

    Floki Launches Debit Card

    The Floki team boasts the debit card will feature 0% transaction fees, 0% exchange rate fees, and support for over eight blockchain networks. Users can fund their cards directly with the FLOKI token or major digital assets like Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance (BNB), and Solana (SOL). TON and its tokens, including DOGS, HMSTR, and NOT, can be used for funding.

    Users have the option of physical and virtual Floki debit cards. Regarding pricing, the physical card incurs a one-time fee of €32, including shipping, while the virtual card costs €10. A 2% top-up fee applies to both options. While the physical card is currently available in 31 European countries, its twin product, the virtual card, will have a worldwide release.

    However, both products are subject to certain geographic restrictions. They are not available for use in countries under economic sanctions by the Office of Foreign Assets Control (OFAC) or restricted by the issuing banks, Mastercard, or Visa.

    Meanwhile, despite the latest development, the token’s price has remained relatively unchanged, with no significant market reaction observed following the announcement.

    Not the First

    Aside from Floki, several crypto projects have launched payment cards. These projects include Binance, Coinbase, BitPay, and Nexo. Recently, Layer-1 blockchain developer Avalanche Foundation launched a crypto Visa card.

    These cards enable users to spend their crypto in real time, enhancing the accessibility and usability of digital assets. They further aid crypto adoption by simplifying transactions and providing users with greater flexibility. Users can expect more payment solutions to emerge as the industry grows, integrating digital assets into everyday life.

  • Mining Firm Riot to Raise $500M to Buy More Bitcoin

    Mining Firm Riot to Raise $500M to Buy More Bitcoin

    Bitcoin mining and digital infrastructure company Riot Platforms, Inc., announced Monday that it plans to raise $500 million from senior convertible note sales. The firm explained that the offering would occur via a private offering. The cash raised will be injected into its BTC stash. This move further portrays the mining firm’s belief in the pioneer crypto as a long-term investment strategy.

    Riot to Raise Cash

    Per the announcement, in compliance with Rule 144A under the Securities Act of 1933, the digital firm will offer the senior notes exclusively to individuals reasonably believed to be institutional investors.

    Noting that the convertible notes are subject to market conditions, Riot Platform hopes to offer up to $75 million in aggregate principal amount of notes to early birds who purchase the notes within the first three days from the date of issuance.

    Moreover, the mining company emphasized that the notes will be due by January 15, 2030. However, depending on certain circumstances not revealed, Riot retains the right to redeem all or any portion of the notes starting January 20, 2028.

    Suppose Riot Platforms decides to redeem less than all the outstanding notes. In that case, a minimum of $50 million aggregate principal amount of the Notes will be left outstanding and not subject to redemption before the stipulated redemption date.

    Meanwhile, data found on Bitbo.io reveals that as of September 12, 2024, Riot Platforms had a total Bitcoin holding of 10,019 BTC. At the time of writing, the Colorado-based mining company currently holds 11,425 BTC, worth over $1 billion.

    More Bitcoin Buyers

    Riot Platforms is not the only institution showing unswerving loyalty to Bitcoin. Other institutional investors like MicroStrategy have solidified their position as a top player in the Bitcoin purchase game. In November alone, the business intelligence company allocated $13 billion to acquire BTC.

    With a total holding of 402,100 Bitcoins, Michael Saylor intends to transform MicroStrategy into a trillion-dollar company and become the world’s leading Bitcoin bank.

  • Crypto Investment Products Record $3.85 Billion in Weekly Inflows

    Crypto Investment Products Record $3.85 Billion in Weekly Inflows

    Crypto investment products have recorded a staggering $3.85 billion in weekly inflows, surpassing the prior record set just a few weeks ago as investor confidence surges and institutional interest increases.

    According to an official report, the latest development has pushed total inflows year-to-date (YTD) to $41 billion and total assets under management (AuM) to a new high of $165 billion – prior cycle highs in 2021 saw inflows of $10.6 billion and an AuM high of $83 billion.

    Bitcoin Leads the Table

    Bitcoin recorded inflows of $2.5 billion this week, pushing year-to-date inflows to $36.5 billion. In contrast, short Bitcoin products attracted a modest $6.2 million, significantly below historical levels typically observed following sharp price surges. This suggests that investors exercise caution when considering bearish positions amid the robust market momentum.

    Following Bitcoin’s inflow, Ethereum experienced its most significant weekly inflows, totaling $1.2 billion, surpassing the levels seen during ETF launches in July. Meanwhile, Solana saw $14 million in outflows, marking the second straight week of declining investor interest.

    Solana (SOL) has been a top performer this year, surging over 199% to a peak of $263 before consolidating near the $230 resistance level with a market cap of $110 billion. However, the asset was trading above $223, representing a 5.16% decrease in the past 24 hours, ranking as the fifth largest crypto asset.

    While Solana recorded approximately $14 million in outflows amid the market pullback, blockchain equities also attracted $124 million in inflows, the highest since January, fueled by increasing investor optimism regarding improving profit margins for Bitcoin mining companies.

    Meanwhile, several countries reported notable regional inflows, led by the United States, of $3.6 billion. Switzerland followed with $160 million, while Germany, Canada, and Australia recorded $116 million, $14 million, and $10 million, respectively.

    Will ETH Price Surge?

    With the 2024 crypto bull market continuing, bitcoin (BTC) and other altcoins have experienced significant price surges. However, Ethereum (ETH), the second-largest cryptocurrency by market cap, has shown minimal growth compared to its historical performance in previous cycles.

    Despite its minimal and slow growth, investors still acquire the crypto asset, showing their confidence. Recently, the layer-1 blockchain saw a surge in total value locked (TVL) by $7.79 billion in the past week, significantly higher than some top blockchain networks. However, the increase in TVL has failed to affect ETH price movement, which is currently down 3.15% in the last 24 hours, struggling below the $4,000 price mark.

    While Solana recorded approximately $14 million in outflows amid the market pullback, blockchain equities also attracted $124 million in inflows, the highest since January, fueled by increasing investor optimism regarding improving profit margins for Bitcoin mining companies.

    Meanwhile, several countries reported notable regional inflows, led by the United States, of $3.6 billion. Switzerland followed with $160 million, while Germany, Canada, and Australia recorded $116 million, $14 million, and $10 million, respectively.