Cryptocurrencies To Watch

Category: Crypto News

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  • BlackRock’s IBIT Holdings Surpasses $50B Amid BTC Surge

    BlackRock’s IBIT Holdings Surpasses $50B Amid BTC Surge

    Setting a new benchmark, BlackRock’s iShares Bitcoin Trust (IBIT) has shattered records by surpassing $50 billion in assets under management (AUM) in the shortest time ever.

    IBIT, launched earlier this year, has demonstrated unprecedented growth, reaching the $50 billion AUM mark in a staggering 228 days.

    According to a tweet by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, the new record surpasses the previous record held by BlackRock’s iShares Core MSCI EAFE ETF (IEFA), which took about 1,329 days to reach the same landmark.

    BlackRock’s Spot Bitcoin ETF Makes Waves

    Following the landmark launch of up to 11 Bitcoin ETFs in January 2024, BlackRock’s ETF has exhibited exceptional growth, outpacing its competitors and establishing itself as a clear leader in the Bitcoin ETF market.

    A few months after launching, IBIT outperformed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin ETF. The record was achieved after BlackRock’s ETF reported about $102.5 million in inflows, while GBTC experienced a $105 million outflow.

    On Tuesday, BlackRock’s ETF reached a significant milestone, surpassing 500,000 BTC in AUM. According to Vetle Lunde, K33’s Head of Research, BlackRock’s milestone represented a significant accomplishment, building on the fund’s outstanding launch year.

    Furthermore, the fund’s strong year-to-date inflows have secured its position as one of the top three ETFs in the US, surpassing Invesco’s substantial $314 billion fund.

    The Crypto Rally Continues

    In another historic milestone, Bitcoin breached the $100,000 barrier earlier today, marking a significant achievement for the cryptocurrency.

    According to CoinMarketCap data, although it experienced a slight correction after narrowly missing the $104,000 mark, Bitcoin has stabilized above $102,000.

    The recent surge in Bitcoin’s value and the new record achieved by IBIT can be mainly attributed to US President-elect Donald Trump’s nomination of Paul Atkins, a former SEC commissioner and well-known crypto supporter, to head the US Securities and Exchange Commission (SEC).

    The SEC chair’s new appointment is seen as a significant shift in the regulatory landscape. Atkins is expected to replace Gary Gensler, who has been vocal about his anti-crypto stance.

    The nomination of Paul Atkins, who has spoken out against the agency’s enforcement actions against the industry, has sparked a predominantly optimistic reaction within the crypto sector. Concerns are vastly outweighed by hopes for a more favorable regulatory environment.

  • Finally! Bitcoin Surpasses the Much Anticipated $100K Price High

    Finally! Bitcoin Surpasses the Much Anticipated $100K Price High

    Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, reached an all-time high on December 5, trading above the $100,000 mark for the first time in history, according to data from CoinMarketCap. The milestone comes amid sustained growth and increasing adoption from institutional investors, governments, and retail traders alike.

    Investors have been closely watching the crypto asset since it neared the anticipated $100,000 level. In the past week, the digital asset has fluctuated around $95,000-$98,000. Despite the market pullback, BTC is currently trading at an impressive $103,000.

    Over 139% This Year 

    By surging over 139% this year, bitcoin has shown that the turbulence fueled by the collapse of FTX in November 2022, the subsequent conviction of its founder, Sam Bankman-Fried, and BTC sell-off from the German government were only temporary setbacks on its path to greater heights.

    As the recent milestone fuels confidence in investors, Fed chair Jerome Powell noted that BTC is a major competitor to Gold. 

    Several investors and institutions have accumulated the digital asset in the past months due to its performance. For instance,  America-based publicly traded company MicroStrategy recently acquired an additional 15,400 of the pioneer crypto worth $1.5 billion. This purchase marked the company’s fourth consecutive weekly purchase, bringing its total Bitcoin holdings to 402,100, worth $39 billion.  

    Big Firms Accumulating BTC

    As one of the major players in the crypto market, the business intelligence firm also purchased a whooping 55,500 BTC, worth approximately $5.4 billion at an average price of $97,862 per bitcoin, fueling renewed confidence in investors. 

    Before the latest feat reached by the crypto asset, MicroStrategy’s Bitcoin portfolio exceeded $20 billion. The pump has also benefited other major BTC holders.  

    Despite being a Bitcoin mining company, MARA Holdings spent approximately $572 million to acquire about 5,771 BTC at an average price of $95,554 per bitcoin. The form has always purchased more bitcoin from the open market in addition to its mining rewards, adopting a complete Bitcoin hodl strategy.  

    BTC to Reach Different Highs

    Notably, several entities and investors have predicted different prices for BTC in the past. Standard Chartered Bank believes that the crypto asset will hit $150,000.

    Prediction market platform Kalshi also predicted that the leading crypto will surge to approximately $158,000 by 2025. This projection aligns with growing optimism about bitcoin’s long-term potential.

    Meanwhile, the growing acceptance of Bitcoin has made several states consider BTC as their reserve asset. The House of Representatives of Pennsylvania, the fifth-most populous state in the United States, plans to foster crypto adoption by passing a law to add bitcoin to the state balance sheet as a reserve asset.

  • Donald Trump Picks Crypto-Friendly Paul Atkins to Lead the SEC

    Donald Trump Picks Crypto-Friendly Paul Atkins to Lead the SEC

    President Donald Trump has officially nominated Paul Atkins, a former SEC commissioner and vocal advocate for the crypto industry, as the new Chairman of the Securities and Exchange Commission (SEC).

    The US President shared the news via a post on Truth Social, a social media platform he launched in 2022 through his company, Trump Media & Technology Group (TMTG).

    “I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission. Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

    Why Atkins?

     In his post, Trump expressed his confidence in Paul Atkins as his pick for SEC Chair, citing his extensive experience in financial regulation.

    The US President claimed Atkins’ background as CEO of Patomak Global Partners and Co-Chairman of the Digital Chamber’s Token Alliance demonstrates his expertise in digital assets. His tenure as a former SEC Commissioner from 2002 to 2008 also showcases his commitment to transparency and investor protection.

    Trump Delivers on Crypto Promise

    Trump has fulfilled one of his key crypto campaign promises by nominating Paul Atkins, a pro-crypto former SEC commissioner, to lead the SEC. During his campaign, the pro-crypto President made about ten promises to the crypto industry to foster its growth.

    One promise was to fire anti-crypto Gary Gensler and replace him with a more crypto-friendly leader, and it seems he’s making good on that promise. Last month, Gensler announced his plans to step down as SEC chair in January 2025, paving the way for Trump’s nominee, Paul Atkins, to take the reins.

    Between 2021 and 2023, during Gensler’s tenure as SEC Chair, the agency launched 100 lawsuits against major industry firms, including Binance, Ripple, Kraken, and Coinbase. Meanwhile, with Atkins at the helm, the crypto industry is poised for a more favorable regulatory environment, given his track record of support for the space.

    The news of Atkins’ appointment caused a stir in the space. While some may have concerns about his approach to financial regulation, the majority of the crypto community, including Jake Chervinsky, Chief Legal Officer at Variant Fund, is optimistic about the latest development.

    Meanwhile, the crypto market has reacted positively to the news, with Bitcoin surpassing the $100,000 mark and other cryptocurrencies like XRP and Reserve Rights (RSR) experiencing significant gains.

  • Binance’s BNB Attains New All-Time High Above $780

    Binance’s BNB Attains New All-Time High Above $780

    Binance Coin (BNB) has surged to a new all-time high of over $786, reflecting a 24-hour gain of 20.52%, according to data from CoinMarketCap (CMC). The rise signifies robust positive momentum, highlighting BNB’s strength and appeal to investors during a period of increased activity in the crypto market.

    BNB also reported a 24-hour trading volume of $5.82 billion, reflecting a 132% increase, and achieved a market capitalization of over $113 billion. The sharp price rally triggered widespread market liquidations, wiping out $4.5 million in short positions.

    BNB Sets Eyes on $800 Mark

    In the previous month, BNB experienced a notable change in trajectory, surpassing an eight-month resistance range of $572 to $619. Despite encountering challenges around the $658 level, the altcoin successfully broke through within the last 24 hours, fueling new optimism among traders. This breakout underscores an upward trend for BNB.

    With the altcoin’s new all-time high set, BNB is targeting the $800 mark as the next key resistance and support level. A climb toward the $800 mark appears achievable if the upward momentum continues, indicating an optimistic forecast for the altcoin’s price movement.

    The substantial rise shows a growing enthusiasm for crypto assets. BNB’s surge has shaped market behavior and guided investment approaches. Experts carefully observe its progress, considering it a potential indicator of broader market trends.

    BNB Ranks Fifth

    Before the altcoin hit its latest peak, BNB dropped out of the top five largest cryptos by market capitalization. However, since its latest feat, it has since retraced its steps, ranking as the fifth-largest crypto by market cap, directly after Tether (USDT), according to data from CMC. This shift in rankings may be attributed to various market factors, including market correction and increased competition among rival digital assets. In all cases, such a move usually reflects changes in investor sentiments.

    The performance of the Binance exchange also plays a significant role in BNB’s value. Positive news or increasing trading volumes on the platform may trigger the asset’s price. As the crypto industry grows, market participants closely watch BNB’s price movements and anticipate new highs and levels.

    While BNB is ranked 5th, XRP has surpassed several tokens and competes with Tether for the third spot. XRP’s remarkable performance has led to a significant shift in the rankings as investors are now eyeing the token. Meanwhile, Bitcoin is struggling to reach the $100,000 mark.

  • BTC Could Surpass $100K If This Happens

    BTC Could Surpass $100K If This Happens

    December has traditionally been a volatile and unpredictable month for bitcoin (BTC). However, analysts at the crypto exchange Bitfinex suggest that while a short-term pullback may occur, changes in network dynamics could propel the digital asset beyond $100,000.

    A recent weekly report suggests that the crypto asset could sustain its upward momentum this month and potentially surge past $100,000 if short-term holders’ (STH) demand aligns with the supply from long-term holders’ (LTH) supply. Currently, BTC is trading at over $95,300 after fluctuating within the $90,000 to $98,000 range over the past week.

    Can STH Demand Match LTH Supply?

    Long-term Bitcoin holders are seizing the opportunity to distribute their reserves on a large scale amid rising market demand. The recent rally has been fueled by increased interest from institutional investors and growing momentum in the spot Bitcoin exchange-traded fund (ETF) market.

    LTHs saw their supply peak in September, after which they distributed approximately 508,990 BTC. While substantial, this amount is notably less than the 934,000 BTC offloaded during the March rally that propelled Bitcoin to its peak of $73,666, according to Bitfinex.

    Over the past eight months, LTHs have been steadily re-accumulating bitcoin after offloading their holdings ahead of the halving. However, as this group transitions back to a redistribution phase, STHs have been actively buying and accumulating rapidly. The exchange’s analysis indicates that a decline in the supply held by LTHs is typical at this stage of the bull cycle.

    BTC Depends on ETF Inflows and Strong Demand

    As LTHs continue to realize profits, BTC relies on positive ETF inflows and robust demand from marginal buyers to sustain its upward momentum. Over the past two weeks, the consistent supply from LTHs has entered the market. Without strong spot demand to absorb this influx, the digital asset risks facing a sharp price correction.

    The final phase of the bull market typically begins when the STH supply surpasses the pre-halving cycle peak of 3,282,000 BTC. This supply currently stands at 3,252,000 BTC, signaling that the threshold is close to reaching.

  • Pantera Capital Raises $20 Million to Invest in TON Blockchain

    Pantera Capital Raises $20 Million to Invest in TON Blockchain

    Pantera Capital, a leading hedge fund and venture capital firm focused on blockchain and cryptocurrency, has raised $20 million to invest in the layer-1 TON Blockchain and its native cryptocurrency, Toncoin.

    According to documents filed with the United States Securities Exchange Commission (SEC) on Monday, Pantera Capital successfully raised funds from at least 29 investors through two separate investment vehicles.

    The two funds officially launched in July, following a June outreach effort to potential investors. Investors were required to commit a minimum of $250,000 to participate.

    It’s worth noting that Pantera Capital’s current investment in the TON blockchain represents a deliberate extension of its existing involvement with the Telegram-linked blockchain.

    Notably, the venture capital firm has a pre-existing relationship with the blockchain, having previously demonstrated its confidence in TON blockchain’s potential for growth and innovation.

    $20M Investment in TON

    In May, Pantera Capital made a substantial investment in the TON blockchain. Although the venture capital firm opted not to publicly disclose the exact amount of the investment, it notably referred to it as the largest investment it has ever made throughout its 21-year history.

    Significantly, Pantera Capital’s latest $20 million investment, which involved creating two new funds dedicated to investing in Toncoin, serves as a strategic expansion of its previous massive investment in the platform in May.

    TON Blockchain Grows

    Pantera Capital is not the only prominent firm to have established a strategic partnership with TON Blockchain.

    In a significant development, the Telegram-linked blockchain platform entered into a landmark collaboration with Animoca Brands’ Mocaverse, a popular Web3 gaming and metaverse company, and the MOCA Foundation.

    The partnership, forged in July, was aimed to seamlessly integrate the capabilities of the three platforms, boost interoperability, broaden the consumer network, and potentially revolutionize the blockchain industry as a whole.

    The collaboration was believed to have played a significant role in the surge in trading activity on the TON blockchain at that time. Specifically, the platform’s trading volume experienced a remarkable 170.12% increase within 24 hours, reaching a staggering $218.92 million.

    In a recent development, cryptocurrency exchange Gate.io revealed a substantial $10 million investment in the TON blockchain, which is aimed at bolstering Telegram-based projects.

  • BlackRock’s Spot Bitcoin ETF Hits Over 500,000 BTC in Asset Under Management

    BlackRock’s Spot Bitcoin ETF Hits Over 500,000 BTC in Asset Under Management

    BlackRock’s spot Bitcoin exchange-traded fund (ETF) has surpassed the threshold of 500,000 BTC ($47 million) in assets under management (AUM). The milestone shows growing institutional adoption and marks a significant achievement in the mainstream acceptance of Bitcoin (BTC) as an asset class.

    Based on its most recent fund filings, BlackRock’s Bitcoin ETF reported holdings of 496,854 BTC as of November 29. A net inflow of $338.3 million (approximately 3,526 BTC) into the ETF pushed its total to 500,380 BTC, according to data from K33. This represents 2.38% of Bitcoin’s total 21 million supply.

    Over 500,000 BTC

    K33 Head of Research Vetle Lunde noted that BlackRock’s surpassing 500,000 BTC is yet another huge milestone after a tremendous launch year. He added that, based on year-to-date inflows, it ranks as the third most robust ETF offering in the United States, surpassing Invesco’s massive $314 billion fund.

    Interestingly, 1 million BTC aligns with the amount proposed by Senator Lummis as the ideal holding for the U.S. government under her proposed Bitcoin Strategic Reserve Bill. This figure represents roughly 5% of Bitcoin’s total supply, mirroring the U.S. government’s proportionate share of global gold reserves.

    Lunde also noted that the products are primed for further expansion, with institutional ownership of IBIT reaching 24% by the close of Q3 2024, allocating 1-3% of their assets to these funds, given bitcoin’s track record of enhancing risk-adjusted performance.

    BlackRock BItcoin ETF Hits The Top

    During an interview with Fox Business following IBIT’s crossing of the 250,000 BTC mark in March, BlackRock CEO Larry Fink noted that IBIT is the fastest-growing ETF in the history of ETFs, expressing his astonishment at BTC’s price surge. At the time, bitcoin was trading at around $69,000, and it has since risen by an additional 38%, now trading at over $93,900, according to data from CryptocurrenciesToWatch.

    The BlackRock Bitcoin ETF, launched earlier this year, surpassed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin exchange-traded fund (ETF). The asset manager has rapidly attracted institutional and retail investors seeking exposure to Bitcoin without the complexities of direct custody. The 500 BTC milestone has placed the asset manager among the largest Bitcoin investment vehicles globally.

    Meanwhile, according to Bloomberg’s Eric Balchunas, Bitcoin ETFs are 82% on the way to surpassing gold in assets. The Bitcoin EFTs total over $104 billion in assets, triggered by a strong market boost following the U.S. presidential election. This surge has pushed to several highs, with some experts and investors predicting it could hit over $100,000-$150,000 per coin.

  • South Korea to Permit Institutions to Accept Crypto Donations

    South Korea to Permit Institutions to Accept Crypto Donations

    The South Korean government plans to allow institutions, including universities and local governments, to cash out donated and confiscated crypto starting next year. If this is realized, it will gradually allow corporations to open virtual asset won accounts. Notably, the authorities previously blocked these from opening such accounts.

    A virtual asset won account is a type of digital asset account that allows users to manage and store digital assets, such as crypto and other digital currencies.

    Interestingly, many worldwide nonprofits already accept crypto donations, reflecting its growing recognition as a legitimate donation means. Some notable examples include the American Cancer Society and the American Red Cross. These organizations have partnered with crypto payment processors like Coinbase to accept donations in various digital assets.

    Accepting Crypto Donations

    In line with the latest plans, South Korea’s Financial Services Commission is set to release a roadmap by the end of this month for allowing corporations to open virtual asset won accounts. Currently, corporations can not open these accounts because banks restrict issuance based on anti-money laundering guidelines.

    The plan is to roll out the account opening in phases, starting with central government ministries, local governments, public institutions, universities, and non-profit corporations. These entities will only need to cash out donated virtual assets rather than invest in crypto.

    In the second stage, crypto exchanges and related businesses can open won accounts. The government claims to advance the crypto industry by allowing businesses to open their accounts. However, there are concerns that the Asian country is slow in allowing general and financial companies to engage in other crypto transactions.

    Why the New Plan?

    South Korea’s financial authorities have explained that allowing corporations to hold virtual asset won accounts is a necessary step, given the existing reality of the crypto market. Despite maintaining that crypto is not an investment asset, the authorities acknowledge the need to institutionalize it, especially considering United States President-elect Donald Trump’s proposal to stockpile 1 million BTC.

    However, the authorities are cautious, restricting account issuance to general corporations and financial institutions until detailed regulations and infrastructure are established. Additional legislation is required to address the needs of the crypto market fully.

    Meanwhile, as the use of crypto for donations continues to grow, more institutions, ministries, and local governments in South Korea and other parts of the world are likely to explore this new funding method.

  • South Korean Crypto Investor Bags 5 Years Jail-Term Over $427,800 Theft

    South Korean Crypto Investor Bags 5 Years Jail-Term Over $427,800 Theft

    A South Korean court has sentenced a civil servant to five years in prison for embezzling approximately $427,800 (600 million won) in public funds. The civil servant at Cheongju City Hall was responsible for student work activities and North Korean defector settlement support projects.

    Sentenced to Five Years Jail-Term

    The embezzlement, which started in January 2017, lasted seven years and involved forging various official documents. The stolen funds were used to invest in crypto and stocks. He also used part of it to pay off personal debt.

    The civil servant likely invested the embezzled funds in crypto, intending to make returns and replace the money before being caught. This strategy, often called “robbing Peter to pay Paul,” is common in embezzlement and other financial misconduct cases.

    Perpetrators often attempt to use investments or other financial instruments to replace stolen funds, but these schemes can be complex and challenging to sustain. Whichever reasons he may have had for investing in crypto with stolen funds, the plan ultimately backfired, and he was caught and brought to justice.

    Judge Kwon No-eul of the Cheongju District Court stated that the defendant’s repeated offenses over a long period, combined with the fact that only a portion of the damages were paid, contributed to the severity of the sentence.

    Not the First

    Recently, a Chinese government official was also sentenced to life imprisonment for betraying national trust by selling classified state secrets to an unauthorized third party. Foreign agents exploited his vulnerability, offering him compensation for classified data. He eventually supplied the internal documents for significant sums, receiving over $140,000 via crypto transactions. 

    Chandrahar SR, a former Indian police inspector, was also charged with stealing about $216,000 worth of Bitcoin from hackers. As part of the investigation team, he allegedly accessed the hackers’ Bitcoin wallets and transferred the funds to his accounts while destroying the evidence to cover his tracks.

    Officials’ misuse of power to engage in criminal activities can have far-reaching consequences. To prevent such abuses, the government should have robust systems of accountability and transparency in place. This includes measures such as periodic investigations and whistleblower protection laws.

  • Coinbase CEO Says US Govt Should Never Sell BTC, Amid Market Panic

    Coinbase CEO Says US Govt Should Never Sell BTC, Amid Market Panic

    Coinbase CEO Brian Armstrong recently posted on X (formerly Twitter) that the United States government “should never sell” its Bitcoin holdings. Notably, the U.S. authorities have a history of selling confiscated Bitcoins, including a previous sale of 9,861 BTC worth $216 million in March 2023.

    The statement comes after a recent transaction has ignited concerns that the U.S. government might be planning to sell its seized Bitcoins. A wallet tagged by Arkham as “U.S. government: Silk Road” transferred 10,000 BTC, worth over $954.6 million, to Coinbase.

    It’s worth noting that the U.S. government still holds around $17.5 billion worth of Bitcoin, alongside other crypto assets like ETH and USDT. The fate of these holdings remains uncertain, and the recent transfer to Coinbase has only added to the speculation.

    A Huge Strategic Mistake

    The coinbase CEO attached another tweet belonging to a U.S. Space Force major, Jason Lowery, who noted his strong belief that the U.S. government selling its Bitcoin holdings would be a “huge strategic mistake.” 

    He further emphasized that there is no price point at which selling Bitcoin would make sense for the U.S. government, implying that Bitcoin’s long-term value and potential are too great to be sold. Lowery also criticized the government for not fully understanding the value and implications of the Bitcoin they hold.

    Interestingly, Bitcoin’s consistent value appreciation since its inception makes it a potentially lucrative investment for the U.S. government. By holding its Bitcoin, the authorities could benefit from the potential growth. It could also provide a diversification benefit, reducing dependence on traditional assets like gold and foreign currencies. 

    Furthermore, as a leader in financial innovation, the U.S. selling Bitcoin could be perceived as a lack of confidence in the crypto’s potential. This would set a precedent, potentially encouraging other governments to follow suit and sell their holdings.

    Speculations Met With Hopium

    Coinbase involvement in the latest government BTC transaction does not necessarily mean a sale is imminent. Coinbase Prime has secured a contract with the U.S. Marshals Service to manage its digital assets. Hence, users should note that the sales are only speculation.

    Meanwhile, President-elect Donald Trump’s vow to build a strategic Bitcoin reserve for America has given investors hope. His plan could potentially boost the market and increase investor confidence, leading to a sense of optimism among investors who believe that Trump’s plan will be realized.