Cryptocurrencies To Watch

Category: Crypto News

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  • Fresh On-Chain Data Shows Elon Musk’s Firms Hold $1.34B in BTC

    Fresh On-Chain Data Shows Elon Musk’s Firms Hold $1.34B in BTC

    On-chain data has revealed that companies owned by tech billionaire Elon Musk hold a whopping $1.34 billion worth of bitcoin (BTC).

    Tesla and SpaceX Hold $1.3B in Bitcoin

    According to Arkham, a blockchain intelligence platform, Tesla currently holds 11.5k BTC ($780M) across 68 addresses, and SpaceX holds approximately 8.29k BTC ($560M) across 28 addresses. 

    Electric car company Tesla  is the largest holder of BTC among Musk’s firms. Tesla announced its decision to invest in bitcoin in January 2021 and the company purchased $1.5B worth of the asset at the time.

    The firm also announced that it would accept bitcoin payments for its products.

    However, Tesla later suspended the bitcoin payment option and sold $272M and $936M worth of BTC in Q1 2021 and in Q2 2022 respectively due to environmental concerns.

    Elon Musk Loves Dogecoin

    Musk believes Bitcoin is not friendly to the climate as the network still largely depends on fossil energy to run. Nonetheless, the billionaire promised that his companies would resume their bitcoin activities when the protocol starts using 50% renewable energy for its operations.

    Meanwhile, Elon Musk’s  tweets and public statements have often influenced the prices of digital assets, and he particularly favors popular memecoin Dogecoin (DOGE), thus earning him the title “Doge Father.”

    In 2021, Musk announced that Tesla would accept Dogecoin as payment for branded products. Shortly after the announcement, the price of the memecoin soared tremedounrly.  

    “Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted.    

  • Pantera Capital Wants to Buy $250M SOL From FTX, But There’s A Catch

    Pantera Capital Wants to Buy $250M SOL From FTX, But There’s A Catch

    American digital assets-focused hedge fund Pantera Capital is seeking funds to purchase Solana tokens (SOL) worth $250 million from the liquidators of the bankrupt cryptocurrency exchange FTX.

    According to a Bloomberg report, the Pantera Solana Fund has the option of buying the SOL at a 39% discount below the token’s 30-day average price of $59.95. However, the fund’s investors must consent to a four-year vesting period.

    Pantera to Buy $250M SOL From FTX

    A source familiar with the matter revealed that Pantera sought to close the fund by February’s end and has been raising money from large investors but has refrained from disclosing the amount raised so far.

    The Pantera Solana Fund investors are mandated to contribute at least $25 million each to participate in the purchase. Pantera intends to charge a management fee of 0.75% and a performance cut of 10%. If the purchase is successful, the tokens will be released over four years.

    Pantera’s proposal avails the FTX management an opportunity to raise more funds for creditors without exerting pressure on the price of SOL. The Pantera pitch documents seen by Bloomberg revealed that FTX held 41.1 million SOL, valued at approximately $5.4 billion at Wednesday’s closing prices and representing 10% of the token’s total supply.

    SOL Gains Over 600% in a Year

    FTX’s large SOL holdings are part of its active involvement in the Solana ecosystem before its demise in November 2022. The bankrupt crypto exchange’s founder and former chief executive officer Sam Bankman-Fried (SBF) and its sister trading firm Alameda Research were significant backers of the Solana network. They were among the driving forces behind the network’s growth and made heavy investments in Solana-focused startups. 

    SOL, on its part, has increased by more than 600% in the past year, returning to levels last seen in January 2022 during the onset of the bear market. At the time of writing, the asset was worth $146 with a market cap of over $64 billion, per data from Cryptocurrencies To Watch. Activity on the Solana network has also recovered significantly after being hit by news of FTX’s bankruptcy.

    Meanwhile, SBF is currently awaiting sentencing at the Metropolitan Detention Center, Brooklyn, after a jury found him guilty of multiple charges of fraud.

  • Data Suggests Bitcoin Traders Betting on $70,000 and Beyond

    Data Suggests Bitcoin Traders Betting on $70,000 and Beyond

    According to recent findings, bitcoin investors and traders are highly confident in the digital asset’s potential to hit above the $70,000 mark and beyond. 

    The cryptocurrency, known for its volatile nature, has gained significant attention from investors globally. Many are setting sights on substantial profits amid ongoing market fluctuation.  

    Investors are focusing beyond bitcoin’s 2021 price record, and even before it has been broken. However, according to data from Deribit and Amberdata, there are growing expectations for a run to hit as high as $70,000, $75,000, and $80,000 by the end of March. 

    Moreso, bitcoin rose as much as 5.7% to $66,460 on Monday, placing it within striking distance of its all-time high mark. Furthermore, the broader acceptance of Bitcoin and other crypto assets as conventional investment options has increased adoption and demand. 

    Analysts highlight several causes that could boost bitcoin beyond the $70,000 mark in forthcoming weeks and months, which include growing adoption by institutional investors and favourable regulatory developments. 

    At the time of writing, bitcoin was trading at $66,894, fluctuating back and forth. Bitcoin is designed to have a fixed supply cap of 21 million coins. This scarcity is deliberate, emulating the scarcity of precious metals like gold and designed to prevent inflation by ensuring that the supply cannot be increased at will​​​​. 

    Despite the bullish sentiment surrounding the digital asset, analysts warn about bitcoin’s vulnerability to abrupt price fluctuations and market volatility. Additionally, analysts pointed out factors that could impact Bitcoin’s price in the short term, including geopolitical tension. 

    Notably, while traders are bracing for a potential rally to record a new all-time high, the crypto community is advised to stay vigilant. With Bitcoin taking the lead, the crypto asset ecosystem stands poised for further expansion and innovation. 

    According to market data provider Kaiko, Bitcoin’s trading volume hit $46 billion, considered its highest since 2021. Leading crypto exchange accounted for roughly 50% of the total trading volume, which reached $23.84 billion. 

    The $46 billion figure represents a notable surge of 650% compared to the $6.616 billion BTC spot trading volume recorded at the start of the year. Earlier this month, the volume stood at $16.46 billion; on March 4, it reached $30.72 billion.

  • Terra Founder Do Kwon Triumphs in Appeal Against U.S. Extradition

    Terra Founder Do Kwon Triumphs in Appeal Against U.S. Extradition

    Do Kwon, the co-founder and CEO of blockchain platform Terra, has won his appeal against extradition to the United States. 

    According to an official statement released on March 5, the Appellate Court of Montenegro has annulled the decision made by the High Court of Podgorica to authorize the extradition of Kwon to the United States. The ruling represents a significant turn of events in the legal proceedings regarding the Terra founder’s extradition.   

    The Appellate Court panel contended that the earlier ruling by the High Court in Podgorica was affected by “significant violations of the provisions of criminal procedure” under local laws. 

    “There are no clear and valid reasons for decisive facts regarding the order of arrival request letter,” the panel said.

    The recent verdict by the Appellate Court of Montenegro adds another event to the prolonged saga of Kwon’s extradition process since his arrest in Montenegro in March 2023. Following his arrest, both the United States and South Korea submitted extradition requests, sparking primary debate over whether the Terra founder should return to his home country. 

    In December 2023, the Appellate Court of Montenegro revoked Kwon’s extradition authorization to the United States or South Korea. The court argued that the case should be remanded to the Podgorica Basic Court for a retrial. However, in November 2023, the High Court of Podgorica previously determined the requirements for Kwon’s extradition, leaving the ultimate decision regarding Kwon’s extradition to Mr Andrej Milović, Montenegro’s Minister of Justice.   

    Terra Labs, the firm responsible for the Terra blockchain, renowned for its Terra stablecoin, suffered a significant collapse in May 2022 amidst allegations of fraud. According to the U.S. Securities and Exchange Commission (SEC), Terra Labs and its co-founder Kwon organized a fraudulent scheme that resulted in the market’s disappearance of at least $40 billion.  

    Meanwhile, the latest legal verdict is a win for Kwon but the case will be reviewed further by the same court that initially ruled on the matter. As such, Kwon’s extradition is not entirely annulled, pending further judicial proceedings. 

  • CZ Binance Breaks Two Weeks Silence, Reminds Haters That Bitcoin is Back

    CZ Binance Breaks Two Weeks Silence, Reminds Haters That Bitcoin is Back

    For the first time in two weeks, Changpeng Zhao (CZ), the founder and former CEO of the popular cryptocurrency exchange Binance, published a tweet, reminding everyone that Bitcoin (BTC) is back.

    CZ Breaks Silence

    Since CZ stepped down as CEO of Binance in November 2023, he has been almost silent on X with only a few posts unrelated to bitcoin. But, observing the pump in bitcoin price over the past few days as it attempts to beat its previous all-time high he has broken the silence.

    In a tweet earlier today, the Binance founder simply quoted an older tweet of his from September 2022. Following the bitcoin fall below $19k in September 2022, there was a Bloomberg post saying that bitcoin looks like a faded fad. CZ, who has always been bullish on BTC, takes a screenshot and saves the post for future reference. Amidst the bitcoin pump this week, he has just referred to that post. The current jump in bitcoin price speaks against the content of that post.

    In connection to the same tweet, he referenced another post from a Bloomberg article posted in December 2018 referring to bitcoin as a bubble that has popped due to its crash in price by around 80%. The post countered bitcoin, mentioning that it has various limitations including volatility which makes it an unreal asset to invest in. 

    Analyzing losses encountered by various investors who bought at the top, the post says “There is no obvious reason why it made sense for the world to believe that bitcoin was the currency of the future.” CZ referred to the post to remind haters what they have said years back and prove that he still believes in bitcoin as a good long-term store of value. 

    Bitcoin Continues Bullish Trend

    When CZ shared the tweet, bitcoin was trading at about $68,000 with a market cap of over $1.3 trillion which is higher than many fiat currencies and popular world companies. 

    Currently, the bullish trend continues as bitcoin still trades between $67,000 and $68,000. BTC is just less than $1k away from its previous all-time high of $69,000 and creating a new high in its history.    

  • Binance to Stop All Nigerian Naira Transactions by the End of the Week

    Binance to Stop All Nigerian Naira Transactions by the End of the Week

    Leading cryptocurrency exchange Binance has announced its decision to discontinue all transactions involving the Nigerian Naira (NGN) on March 8. 

    The firm expects users to withdraw, trade or convert NGN into cryptocurrencies before the service is discontinued by the weekend.

    Binance noted that after the deadline, any remaining NGN in any user’s account will be converted to Tether (USDT). 

    The exchange further assured its Nigerian customers of a seamless transition process and has outlined steps to help facilitate the withdrawal of funds tied to the NGN from the platform.

    “Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days,” the firm said. 

    Furthermore, Binance Pay, the exchange’s payment service, will exclude NGN from the list of supported payment options on the 6th of March.

    Recall that the company already delisted the NGN from its peer-to-peer service  in late February.

    In response to the news, some Nigerian users have expressed their frustration, calling on the exchange to reconsider its decision and seek alternative means to resolve the challenges in its Nigerian operations.   

    The news on the total removal of the NGN from Binance comes as the firm faces substantial regulatory scrutiny in Nigeria.  

    Reportedly, Nigeria’s National Security Adviser in Abuja, the nation’s capital, seized the passports of two Binance executives, citizens of the United States and the United Kingdom.  

    On February 27, the governor of the Central Bank of Nigeria (CBN) contended that cryptocurrency exchanges in Nigeria were under suspicion for processing and handling illicit transactions.  

    Amid suspicions of alleged illicit activities by Binance in the country, the Nigeria House of Representative Committee on Financial Crimes has called for the exchange’s CEO, Richard Teng, to be present before the committee for questioning.  The committee chair has also issued an ultimatum to Binance’s management to appear on or before March 4.  

    Meanwhile, Nigeria is one of the fastest-growing global crypto economies as the country’s economy and local currency continue to fall.  

    In September 2023, leading crypto intelligence firm Chainalysis ranked Nigeria as the second-highest country globally regarding crypto adoption.

    In August 2022, Nigeria topped the list as the most crypto-obsessed country globally regarding the volume of Google searches for “cryptocurrency” or “buy crypto.”

  • Bitcoin Outpaces Swiss Franc, Becomes World’s 13th Largest Currency

    Bitcoin Outpaces Swiss Franc, Becomes World’s 13th Largest Currency

    Earlier today, the world’s first cryptocurrency Bitcoin rose above $67,000 for the first time since November 2021 and is just $2K away from its previous all-time high. The Swiss Franc CHF, on the other hand, rose a little after the release of a slightly stronger-than-expected CPI report.

    However, the pump by the Swiss CHF didn’t last for long as the inflation percentage still lay below what the Swiss National Bank targets. Thus, the currency still lies weak. According to information from Fiat Market Cap, CHF currently has a market capitalization of 19,285,015 BTC, which is 359,535 BTC below bitcoin, which currently trades at 19,644,550 BTC market cap.

    Amidst the uptrend in price and market cap, bitcoin is the only cryptocurrency to rank among the world’s 15 largest currencies competing with and beating many fiat currencies including the Swiss franc CHF today to rank 13th with the Taiwan Dollar ahead of it in the 12th position. 

    Why Is Bitcoin Pumping?

    Earlier this year, the U.S. Securities and Exchange Commission (SEC) approved the first batch of  Spot Bitcoin exchage-traded funds (ETFs). With the approval, many investors have the opportunity to acquire bitcoins without having to understand the blockchain technology or pass through the stress of cryptocurrency exchanges. This has introduced many investors into the bitcoin market. 

    Additionally, Bitcoin Halving is set to take place next month in April 2024. Bitcoin halving is an event that reduces the supply of bitcoin mined per block by 50%. After the halving in April, the bitcoin block reward should reduce to 3.125 bitcoins per block. Many investors are currently in the market to acquire enough BTC as the halving increases the scarcity of the asset. This may have contributed to the recent pumps in bitcoin price. 

    Meanwhile, it is impossible to determine how high bitcoin will go or whether there will be a significant price correction before the halving event occurs. 

  • Investors Pour $1.84B Into Crypto Funds in Record Week

    Investors Pour $1.84B Into Crypto Funds in Record Week

    Crypto market participants are investing more funds into digital asset investment vehicles, as seen in the amount of inflows recorded last week.

    According to the latest Digital Asset Fund Flows Weekly Report from alternative asset management firm CoinShares, crypto investment products witnessed the second largest weekly net inflows, totaling $1.84 billion in the week ending March 1.

    Crypto Funds See $1.84B Inflows

    Amid the surge in inflows last week, the trading volumes of digital asset investment products hit a record of more than $30 billion, which at times represented 50% of global bitcoin (BTC) trading volumes on trusted exchanges. 

    Due to bitcoin’s latest rally, which resulted in a rise in trading volumes and inflows, total assets under management of the investment products sit at $82.6 billion, close to $86 billion, a level last seen during the peak of the last bull cycle in November 2021. 

    The United States dominated the market in terms of region, with net inflows of $1.88 billion. Investors poured $3.2 billion into the nine spot Bitcoin exchange-traded funds (ETFs) while they withdrew a total of $1.46 billion from Grayscale’s GBTC.

    Other regions saw mixed flows, with Germany, Sweden, and Canada recording outflows of $35 million, $32 million, and $23 million, respectively, while Switzerland witnessed inflows of $20 million.

    Bitcoin Grabs 94% of Inflows

    Regarding crypto networks, Bitcoin grabbed 94% of the inflows, totaling $1.72 billion. At the same time, short traders moved roughly $22 million into short-bitcoin investment products. On the other hand, Ethereum witnessed its most significant weekly inflows since mid-July 2022, amounting to $85 million. However, its current assets under management are almost halfway below the $23.7 billion peak.

    Additionally, Polygon recorded inflows of $7.6 million, representing 22% of its assets under management, while Solana witnessed $12 million worth of outflows.

    Meanwhile, the rise in crypto fund inflows comes as BTC hits new all-time highs (ATH) against several fiat currencies, including the Chinese yuan, the Japanese yen, the Indian rupee, and the Argentine peso. Cryptocurrencies To Watch reported earlier that the leading digital asset recorded a new high in euro (EUR), setting a peak price of €60,393, smashing the previous ATH of €53,000 set in September 2021.

  • Bitcoin Sets New Euro All-Time High as Price Crosses $65k

    Bitcoin Sets New Euro All-Time High as Price Crosses $65k

    Leading cryptocurrency bitcoin (BTC) has reached a new all-time high against the Euro as its price broke through the $65,000 mark for the first time since late 2021. 

    The crypto asset recorded a peak price of €60,393, surpassing the previous ATH high of €53,000 set in September 2021, according to data on TradingView. However, at the time of writing, BTC has retraced to €57,704.61, a remarkable 56% increase year-to-date.   

    The latest feat comes after the European Central Bank (ECB) bashed Bitcoin, saying its fair value is still zero despite ETF approvals in the United States. The bank further noted that the latest price boom will spark ‘massive’ collateral damage. 

    Meanwhile, bitcoin achieved multiple milestones before surpassing the €60,000 price threshold. Since the start of the year, the digital asset has consistently recorded new highs against various fiat currencies, including the Chinese yuan (CNY), the world’s largest fiat currency by market capitalization. 

    In late February, bitcoin reached a new ATH against the CNY, surpassing the previous record of approximately 414,000 CNY ($57,506), according to data from Xe.com. At press time, BTC was exchanging hands at 469,092 CNY ($65,157) in China. 

    Speaking on the milestones, Balaji Srinivasan, an angel investor and former chief financial officer of Coinbase, noted that bitcoin has recorded new ATHs in over 30 countries, including Japan, South Korea, India, and Argentina, as of February 28. 

    Although bitcoin is now trading at new highs against different fiat currencies worldwide, the cryptocurrency is yet to surpass previous highs against some fiat, including the United States dollar, the British pound, the Brazilian real, and the Mexican peso. 

    River Intelligence marketing head Sam Wouters identifies the Mexican peso as the most “ambitious target” for Bitcoin to surpass. According to data from Xe.com, BTC is currently trading at 1.1 million pesos ($64,680), representing a decline of roughly 24% from its previous high of around 1.4 million pesos ($82,305) recorded in November 2021.

  • MicroStrategy’s BTC Investment Has Doubled with $6B Gain

    MicroStrategy’s BTC Investment Has Doubled with $6B Gain

    The popular Bitcoin-focused company, Microstrategy has gained over a hundred percent of its BTC investments following a surge in the asset’s price above $65,000 this morning.

    MicroStrategy’s Bitcoin Journey

    Microstrategy started its Bitcoin purchase journey in September 2020 buying 16,796 BTC at $10,419 per coin. With the last known purchase in February 2024, the business intelligence firn holds 193,000 bitcoins at an average price of $31,544 per coin. In total, the company has spent $6.09 billion to acquire the leading crypto asset.

    Currently, Microstrategy’s bitcoin portfolio is valued at $12.6 billion, and the firm has only recorded one bitcoin sell transaction of 804 BTCs since 2020. Interestingly, just before the pump, Michael Saylor, MicroStrategy’s executive chairman made a post on X saying: “You do not sell your #Bitcoin” openly indicating no plans to sell any of the comapny’s bitcoin holdings.  

    Effects of Bitcoin Pump on MicroStrategy

    The rise in bitcoin price has increased MicroStrategy’s market capitalization within a short period as the company now ranks #562 in the list of US companies by market cap. Growing up to a $18.32 billion market cap which is a 496.7% increase within a year and their bitcoin holdings now cover more than two-thirds of the company’s market value. 

    In an interview with CNBC two days ago, Bill Miller IV, Miller Value Partners CIO said that MicroStrategy still has a massive runway ahead of it. He explains that only $500 billion of fiat currency in circulation has been converted into bitcoins and a halving event lies ahead. 

    Further talking about Saylor, Miller IV noted that “Michael Saylor understands basic maths on how to create more bitcoin per share for their holder.” This gives further credit to Saylor’s position as MicroStrategy’s executive chairman. His diversion of focus into purchasing more bitcoins for the firm has yielded much profit. The recent bullish bitcoin candles still exhibit signs of further profits that will likely increase the company’s net worth.