Cryptocurrencies To Watch

Category: Crypto News

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  • MicroStrategy Spends $2.1 Billion to Purchase More 21,550 BTC

    MicroStrategy Spends $2.1 Billion to Purchase More 21,550 BTC

    Publicly traded company MicroStrategy has 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.

    MicroStrategy Purchases 21,550 BTC

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

    It’s worth noting that MicroStrategy’s CEO, Michael Saylor, has been a strong advocate for Bitcoin, and the company’s investment strategy has been focused on accumulating the pioneer crypto. While commenting on the latest purchase, the firm’s executive chairman expressed that its BTC yield has reached 43.2% quarter-to-date (QTD) and 68.7% year-to-date (YTD).

    Meanwhile, a few days before the purchase announcement, the Bitcoin Maximalist, Saylor, suggested via an X post that the United States sell its $500 billion gold reserve and invest in a strategic Bitcoin reserve, mirroring El Salvador’s approach. He believes the move would benefit the U.S. economy and solidify its position as a financial innovation leader.

    Interestingly, the company’s latest move marks its fifth consecutive week of Bitcoin purchases, following last week’s acquisition of 15,400 BTC for $1.5 billion at an average price of $95,976 per BTC.

    BTC Garners More Attention

    As the world’s first and largest crypto, coupled with the recent surge in value, BTC has gained more attention lately with other firms investing in the digital asset. Today, the Bitcoin miner Riot announced plans to offer $500 million in convertible senior notes to invest in bitcoins. As more firms invest in BTC, the crypto will likely continue to gain traction and attention.

    As Bitcoin’s popularity and value continue to rise, it has also drawn the attention of critics. Peter Schiff, a former U.S. Senate candidate from Connecticut, has labeled Bitcoin “public enemy number one,” likely referring to the BTC reserve initiative backed by Donald Trump and other prominent figures in the Republican Party.

  • Amazon Shareholders Urge Company to Consider Bitcoin for Treasury Holdings

    Amazon Shareholders Urge Company to Consider Bitcoin for Treasury Holdings

    In a new filing by the National Center for Public Policy Research (NCPPR), shareholders at American-based multinational technology company Amazon proposed that the tech giant should consider adding Bitcoin to its treasury holdings.

    According to NCPPR, a self-acclaimed think tank in the United States, the proposal recommends that Amazon 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 pioneering digital asset to the tech firm’s treasury holding is in the “best long-term interest of shareholders.”

    In a similar development, holding Bitcoin as a hedge against inflation raised dust between Microsoft’s leadership board and its shareholders. Both parties were required to vote for or against investing at least 1% of their total assets in Bitcoin.

    Amazon to Rub Shoulders With MicroStrategy

    Per today’s filing, the proposal compels Amazon to borrow a leaf from business intelligence company MicroStrategy. NCPPR compared Amazon’s stock value to that of MicroStrategy, whose stock outperformed Amazon’s by 537% in 2023 because the Bitcoin-loving firm holds Bitcoin on its balance sheet.

    Meanwhile, with $585 billion in total assets, Amazon has $88 billion in cash, U.S. government bonds, corporate bonds, cash equivalents, and marketable securities, of which cash is “constantly being debased.” The proposal adds, “Amazon isn’t adequately protecting billions of dollars of shareholders’ value simply by holding these assets.”

    MicroStrategy Takes Lead

    Institutional and corporate firms holding Bitcoin are gradually becoming the norm, with MicroStrategy as their leader. The business intelligence company recently solidified its stance on Bitcoin by acquiring large amounts of Bitcoins throughout the year, bringing its total Bitcoin holdings to over $40 million in value.

    As Bitcoin continues to gain ground as a global financial asset, MicroStrategy plans to raise $2.6 million from senior convertible notes to accumulate more Bitcoins.

  • Bitcoin Is “National Security Threat” to the US, Says Peter Schiff

    Bitcoin Is “National Security Threat” to the US, Says Peter Schiff

    Bitcoin, the leading cryptocurrency by market capitalization, has ignited new debate as Peter Schiff, an American stock broker, financial commentator, and radio personality. He is the CEO and chief global strategist of Euro Pacific Capital Inc. and claims that Bitcoin (BTC) represents a national security risk to the United States.

    According to an X post, Schiff noted that BTC is the public’s number one enemy, and government officials lavish public funds to purchase the crypto asset. 

    “Bitcoin has become a national security threat. It’s one thing when private citizens voluntarily waste their money buying Bitcoin. But it crosses the line when they bribe government officials to squander the public’s money buying it. Bitcoin is now public enemy number one,” says Schiff.

    Schiff Criticizes BTC as a National Security Risk

    The Bitcoin critics and former US Senate candidate from Connecticut likely alluded to the crypto strategic asset reserve initiative backed by Donald Trump and prominent figures in his faction of the Republican Party.

    While addressing the Bitcoin Conference in July and campaigning for a second term in the White House, the president-elect declared, “If I am re-elected, my administration’s policy will ensure that the United States retains 100% of all Bitcoin currently held or acquired by the government moving forward.”

    Trump also told the attendees at the conference in Nashville, Tennessee, never to sell their bitcoins. Meanwhile, Trump was the first presidential candidate to accept Bitcoin donations for his campaign.

    Wyoming Senator Cynthia Lummis also proposed that the US government should actively accumulate more bitcoin to establish a strategic BTC reserve fund. In contrast, Schiff contends that Bitcoin poses a significant threat to America’s interests.

    BTC as Top Reserve Asset

    The global hedge fund strategist’s statement came amid increasing global interest in Bitcoin and other cryptocurrencies, with many investors, institutions, and even countries exploring their potential.

    On October 30, Florida Chief Financial Officer Jimmy Patronis (CFO) pushed to include BTC in state pension funds. If implemented by the State Board of Administration (SBA), Florida will join a growing number of American states like Wisconsin and Michigan, which have added crypto assets to their portfolios.

    Amazon’s (AMZN) shareholders also recently urged the company to invest at least 5% of its assets in Bitcoin. If approved, Amazon will join MicroStrategy in diversifying its reserves into BTC. 

    Meanwhile, the crypto asset is changing hands at above $94,400 after hitting and surpassing the $100,000 mark, fueling optimism for institutional and retail investors.

  • Michael Saylor Urges U.S. Govt to Sell Gold and Buy BTC

    Michael Saylor Urges U.S. Govt to Sell Gold and Buy BTC

    Speaking In a recent interview about the benefits of a pro-bitcoin president for the U.S., American entrepreneur Michael Saylor has encouraged 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 did Central American El Salvador.

    As the Bitcoin enthusiast stated, at the current bitcoin price, America would purchase about five million bitcoins (BTC) with its gold proceeds to become the largest known national bitcoin custodian, managing approximately 24% of the total bitcoin supply.

    Bitcoin – World’s Reserve Capital Network

    According to Saylor, Bitcoin is emerging as the world’s reserve capital network. Many professional and institutional investors are beginning to see BTC’s long-term prospects and have taken steps to adopt it as their reserve asset.

    “People are realizing that bitcoin is better than real estate. It’s better than stocks. There is not a single company or real estate property that you would rather own for the long-term than bitcoin,” he said.

    Notably, the U.S. president-elect, Donald Trump, has revealed plans to achieve what Saylor has stated. He promised to adopt a strategic Bitcoin Reserve for America during his campaign. Although he has not spoken about selling any percentage of the U.S. gold reserve, he highlighted that he would lead the country to purchase 200,000 BTC annually.

    Saylor Leads the Way

    Remarkably, Saylor does not only express confidence and support for Bitcoin. He has also taken the necessary action to ensure his participation in the profits from holding a strategic Bitcoin reserve. He owns over $1 billion worth of BTC.

    Moreover, Saylor’s company, MicroStrategy, does not have any known gold reserves and is not focused on establishing any cash reserves. As the company’s chairman, Saylor has adopted bitcoin as MicroStrategy’s store of value, leading the company to become the first and largest corporate bitcoin holder.

    Meanwhile, after its last known purchase, the business intelligence company holds about 402,100 BTC, 2% of the total bitcoin supply, and sits in more than 75% of profits.

  • Sky Faces Investigation for Potential $756M Exploit Vulnerability

    Sky Faces Investigation for Potential $756M Exploit Vulnerability

    Sky, the decentralized project formerly known as MakerDAO, has come under fire for a potential vulnerability that could put $756 million in USD Coin (USDC) reserves at risk. The funds are held in Sky’s lite peg stability module (PSM), which plays a crucial role in maintaining the stability of its flagship stablecoin, DAI.

    User Highlights System Issues

    According to a recent post on X, a user highlighted issues with the system’s use of an externally controlled account to handle a large share of its assets, totaling $756 million in stablecoin reserves.

    Observers also contended that this custodianship approach may expose the assets to possible security breaches or internal mismanagement.

    Following its recent transition to the Sky brand and ongoing debates over the feasibility of introducing a freeze mechanism, the potential for exploitation or misappropriation of funds managed via EOAs could further erode the protocol’s credibility and stakeholder confidence.

    The lite PSM is a tool that enables Sky to maintain the peg of its stablecoin against the United States dollar, permitting users to exchange the stablecoin for USDC at a fixed rate.

    As part of the migration plan, Sky intends to shift reserves from the older PSM to the Lite PSM in three stages, starting with an initial transfer of $20 million. However, the Lite PSM’s reserves are reportedly managed through an externally owned account (EOA), according to claims made by an X user and Sky official forum, sparking concerns about transparency and security.

    EOA-Based Custodianship

    On the other hand, EOA is a standard Ethereum wallet managed via a private key, in contrast to a smart contract, which operates based on predefined code and security protocols without external control.

    Critics of using EOAs for custodianship assert that these accounts are fundamentally more prone to risks and less transparent, as they lack mechanisms such as multi-signature verification or time-locked transactions.

    This approach to fund management would leave the $756 million reserve vulnerable to private key breaches or possible malicious activities, especially in the absence of protections to limit the movement of the assets.

    Meanwhile, the Sky co-founder’s perspective fails to adequately address questions about who has ultimate control over the wallet, how transactions are approved, or whether governance mechanisms can enforce actions related to fund management.

  • Ex-US Treasury Secretary Criticizes National Bitcoin Reserve as ‘Crazy’

    Ex-US Treasury Secretary Criticizes National Bitcoin Reserve as ‘Crazy’

    Former United States Treasury Secretary Lawrence Summers criticized President-elect Donald Trump’s proposal for a strategic Bitcoin reserve, calling it “crazy” and accusing it of being a move designed to appease his cryptocurrency campaign donors.

    “Some of what is being said — this idea that we should have some kind of national Bitcoin reserve — is crazy. “There’s no reason to do that other than to pander to generous special-interest campaign contributors,” Summers said.

    Summers noted that he understands the need for a national oil reserve and why gold is accumulated in Fort Knox, but of all of the prices to support, why would the government choose to support, by accumulating a sterile inventory, a bunch of Bitcoin?” he added.

    1M BTC Acquired For 20 Years

    The former secretary further stated that during Trump’s campaign, he proposed that the United States government retain the approximately 198,000 Bitcoin it has seized, which is valued at over $19 billion, according to data from Arkham Intelligence.

    Meanwhile, some Trump-aligned Republicans, notably Wyoming Senator Cynthia Lummis, advocated for legislation that would authorize the government to acquire 1 million BTC — roughly 5% of the total supply — and hold it for at least 20 years. Lummis’s advocacy for a Bitcoin reserve was driven by her focus on tackling the nation’s $36 trillion debt.

    However, Summers acknowledged that certain aspects of Trump’s rhetoric on crypto have merit.

    “I think we need to support financial innovation wherever it may go, and there are probably respects in which crypto has been over-regulated by overzealous regulators,” he said.

    Summers served as Treasury Secretary from 1999 to 2001 under the Clinton administration and briefly served as an advisor to the cryptocurrency conglomerate Digital Currency Group (DCG) in 2016.

    Is a Bitcoin Reserve Important?

    Summers is not the only person who has something to say about Bitcoin reserves. For instance, Avik Roy, president of the Foundation for Research on Equal Opportunity, stated at a crypto summit last month that Bitcoin’s potential benefits are being “overhyped.”  

    Additionally, Roy noted that Bitcoin reserves have merits, but they are not a solution to the problem. He further explained the need for budgetary reforms to address the $2 trillion annual federal deficit.

    Despite the debate on Bitcoin reserves, several institutions are considering BTC as their reserve. For instance, the House of Representatives of Pennsylvania, the fifth-most populous state in the US, plans to foster crypto adoption by passing a law to add bitcoin to the state balance sheet as a reserve asset.

  • Crypto Liquidations Exceed $1 Billion as BTC Retraces to $91k

    Crypto Liquidations Exceed $1 Billion as BTC Retraces to $91k

    For the first time since its inception in 2009, the world’s leading crypto, bitcoin (BTC), reached six figures as it passed the $100,000 mark on Thursday. However, the uptrend was short-lived as the crypto unexpectedly dropped by more than 12% a few hours later to liquidate more than 100,000 derivatives traders on long trades.

    The downward movement below $91,000 lasted just 15 minutes, after which the apex coin found a balance around the $98,000 mark. The leading crypto is valued at $98,113 per BTC at press time.

    $1 Billion Gone

    According to the online liquidations tracker, Coinglass, the crypto market lost about $1.03 billion due to the sharp price drop. Over $740 million was lost from long positions, with just $286 million coming from short positions.

    Notably, traders on the Crypto exchange OKX were at the forefront of the massive bleeding, losing more than $350 million. Binance traders lost approximately $200 million, and leverage traders on Bybit lost about $100 million. About 40% of the recorded liquidations occurred in other exchanges around the globe.

    Despite the massive liquidations, investors are still confident in the leading crypto, as the market’s Fear and Greed Index (FGI) only dropped slightly from 75 to 72 at the time of writing.

    One factor boosting investors’ confidence is the U.S. election of Donald Trump as president and his selection of former SEC commissioner Paul Atkins as the new Chairman of the Securities and Exchange Commission (SEC).

    Holders Swim In Profit

    Bitcoin’s uptrend past the $100,000 mark has increased the profits of long-time crypto holders, including MicroStrategy’s founder, Michael Saylor, American author Robert Kiyosaki, and others on the list.

    Moreover, institutions like MicroStrategy, an American-based business firm that holds about 402,100 BTC, 2% of the total BTC supply, are swimming in historic profits. It acquired all its holdings for $23.4 billion at an average price of $58,263 per bitcoin. With BTC’s surge to $104,000, the company has recorded more than $40 billion in profits.

    Similarly, American Bitcoin miner Marathon Digital holds 33,875 BTC, which soared to more than $3.5 billion after the pump.

    Meanwhile, amid the uptrend and massive liquidations, defunct crypto exchange Mt.Gox moved about $2.8 billion in BTC in its strategic repayment move. It still holds bitcoins worth $4 billion.

  • Bernstein Says Bitcoin to Replace Gold Over the Next Decade

    Bernstein Says Bitcoin to Replace Gold Over the Next Decade

    Brokerage firm Bernstein has predicted that bitcoin (BTC) will replace gold as the dominant store of value over the next decade. Analyst Gautam Chhugani noted that Bitcoin’s swift growth was driven by enthusiasm about potential U.S. policy changes under a possible Trump leadership.

    Bitcoin Compared to Gold

    Over the years, institutions and investors have predicted that Bitcoin will surpass gold as a dominant store of value. According to an industry leader, Brendan Blumer, CEO of Block.one., BTC could replace gold as a leading store of value by 2039, highlighting its long-term potential.

    While certain experts highlight Bitcoin’s potential to compete with gold, others underscore its distinct attributes. Gil Luria of D.A. Davidson characterized Bitcoin as an asset with minimal correlation to inflation and strong appreciation potential, setting it apart from gold. He explained that Bitcoin’s value is primarily influenced by its growing adoption and integration rather than conventional economic indicators.

    Meanwhile, BTC reached an impressive high of over $103,000 earlier today. However, the crypto market has experienced a slight pullback, and the asset is currently trading at over $99,200.

    The $100,000 peak fueled confidence in both institutional and retail investors, who added profits to their portfolios as the crypto asset achieved a remarkable 41% annual increase.

    Luria also noted that Bitcoin requires substantial progress before it can serve effectively as a widely used medium of exchange and a reliable unit of account. Adding to the parallels drawn between Bitcoin and gold, Federal Reserve Chair Jerome Powell offered his viewpoint during the New York Times DealBook Summit on Wednesday, where he referred to Bitcoin as “digital gold,” categorizing it as a speculative investment distinct from the U.S. dollar.

    Altcoins and Stocks Ride the Wave

    Bitcoin’s surge has boosted the prices of various crypto assets and related stocks. Ether (ETH) rose to $3,944 on Thursday, approaching its March peak of $4,090. However, it remains below its record high of $4,890, achieved in November 2021. The crypto asset was exchanging hands at over $3,800.

    Meanwhile, Leading the charge among Bitcoin mining companies, Bitdeer (BTDR) surged by 17%, with Hut 8 (HUT) and CleanSpark (CLSK) both recording gains of approximately 10%. Riot Platforms (RIOT) climbed more than 8%, while Marathon Digital (MARA), Iris Energy (IREN), and Bit Digital (BTBT) saw increases ranging from 5% to 7%.

  • MicroStrategy’s Bitcoin Holdings Exceed $40B as BTC Hits $100K Milestone

    MicroStrategy’s Bitcoin Holdings Exceed $40B as BTC Hits $100K Milestone

    The world’s largest cryptocurrency, Bitcoin (BTC), has surged past the $100,000 mark for the first time in history, solidifying its position as a global financial asset. The latest milestone has had a monumental impact on Bitcoin-heavy institutions like MicroStrategy, whose Bitcoin holdings have now exceeded a staggering $40 billion in value.

    According to data from Saylor Tracker, MicroStrategy currently holds 402,100 BTC, purchased at an average of $58,402, and is collectively worth $41.33 billion. Bitcoin was trading at $101,184 at the time of writing, up 5.87% daily, per data from CyptotocurrenciesToWatch.

    MicroStrategy Acquires Large BTC

    The business intelligence company has continued to accumulate large amounts of BTC throughout the year. In November alone, the firm allocated $13.5 billion to acquire 149,880 BTC at an average cost of $90,231 per coin. By December 2, MicroStrategy disclosed an additional investment of $1.5 billion, securing another 15,400 BTC at an average price of $95,976.

    Furthermore, Michael Saylor, the founder and executive chairman of MicroStrategy, noted that the firm’s Bitcoin acquisitions in November delivered a 38.7% return, adding a net gain of 97,500 BTC to shareholder value. With Bitcoin trading at $96,000, this translated to an estimated monthly benefit of $9.4 billion for shareholders, averaging about $312 million per day.

    Generally, MicroStrategy’s cumulative bitcoin acquisitions amounted to approximately $23.48 billion. However, with the current valuation of its holdings reaching $41.21 billion, the company’s investment has appreciated by 75.48% since it began acquiring BTC in 2020.

    With all its total BTC stash, MicroStrategy plans to raise $2.6 billion from senior convertible notes at a 0% interest rate. The company aims to use the funds to accumulate more BTC. The notes will be offered privately, exclusively to individuals reasonably believed to qualify as institutional buyers under Rule 144A of the Securities Act.

    MicroStrategy’s Portfolio Hits Over $22B

    In the wake of United States President Donald Trump’s electoral win in early November, the value of MicroStrategy’s Bitcoin holdings surged past $22.98 billion, marking a return on investment exceeding 100%. At that moment, the company reported unrealized profits of $11.08 billion. Currently, the unrealized gains have grown to over $17.72 billion.

    With the crypto asset’s performance, the executive also aims to transform the firm into a trillion-dollar company and become the world’s leading Bitcoin bank. Saylor announced this vision during an interview with analysts at asset management firm Bernstein.

  • Mt. Gox Transfers Over $2.8B in Bitcoin to Unknown Address

    Mt. Gox Transfers Over $2.8B in Bitcoin to Unknown Address

    Defunct cryptocurrency exchange Mt. Gox has reportedly transferred a massive amount of BTC to an unknown wallet address amid the crypto asset’s new price achievement.

    According to a recent data from blockchain analysis platform Arkham Intelligence, Mt. Gox moved 27,871 BTC worth approximately $2.8 billion to an undisclosed address. The exchange still holds roughly over $4 billion.

    Mt. Gox Moves $222M

    The recent transfer follows a significant transfer of 2,500 bitcoins (valued at $222 million) by the crypto exchange on November 12 to an unidentified wallet. These transactions occur amid the prolonged repayment timeline for Mt. Gox creditors, now extended to October 31, 2025. The delay has been linked to continued claimant verification efforts.

    Although some creditors have been compensated in fiat currency, many still await their repayments in Bitcoin or Bitcoin Cash.

    In the past, Bitcoin market prices have shown sensitivity to transactions involving Mt. Gox wallets, though recent activities have had minimal immediate effect. However, analysts remain wary that a widespread distribution of payouts could lead to selling pressure if recipients choose to liquidate their Bitcoin.

    BTC Hits New High

    As of the time of writing, BTC is changing hands at over $103,000, reflecting a 6.17% rise over the past 24 hours. However, the crypto asset has encountered some challenges in the past week, with slight pullbacks.

    The recent milestone of the digital asset has pushed its market capitalization to over $2 trillion, further cementing it as the world’s largest cryptocurrency.

    The uptick comes from significant events shaping the U.S. crypto sector. Federal Reserve Chairman Jerome Powell recently referred to Bitcoin as a rival to gold, and President-elect Donald Trump has selected pro-crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC). 

    Investors and analysts see these developments as indicative of a regulatory shift under the new administration, potentially creating a more crypto-friendly landscape.

    Institutional Demand Drives Bitcoin’s Rally

    Institutional interest remains a key driver of Bitcoin’s growth. The January approval of U.S. spot Bitcoin ETFs marked a turning point, offering a regulated avenue for institutional investors to enter the market.

    As such, a large percentage of institutional investors intend to invest in digital assets in 2024, highlighting the increasing appeal of the sector, with countries and states also joining the bandwagon of having BTC as their reserve asset.

    Corporate adoption also strengthens Bitcoin’s position. U.S. companies increasingly embrace it as a treasury reserve asset—a movement led by MicroStrategy steadily gaining momentum across the business landscape. With its latest acquisition of approximately 15,400 BTC valued at $1.5 billion, the business intelligence firm has positioned itself as one of the largest corporate holders of Bitcoin.