Cryptocurrencies To Watch

Category: Crypto News

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  • MARA Holdings Plans to Raise $700 Million for Bitcoin Acquisitions

    MARA Holdings Plans to Raise $700 Million for Bitcoin Acquisitions

    Popular United States-based Bitcoin mining company MARA (formally Marathon Digital Holdings) has announced plans to raise roughly $700 million from senior convertible notes at a 0% interest rate to purchase additional bitcoin (BTC).

    The company noted that it aims to allocate the net proceeds to acquire additional bitcoin for general corporate purposes, including working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

    Up to $105 Million

    The notes will be available to individuals reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act. The initial purchasers will also have the option to purchase up to an additional $105 million aggregate principal amount of the notes within 13 days, including the date on which the notes are first issued.

    The announcement comes when the leading cryptocurrency has shown resilience, trading steadily above the $96,000-$97,000 range after recovering from an earlier market pullback. MARA’s move reflects growing institutional confidence in Bitcoin’s long-term potential.

    Over the years, the mining firm has acquired BTC worth millions of dollars, further cementing its position as a key player in the crypto space. According to the announcement, between October 1, 2024, and November 30, 2024, MARA acquired roughly 6,484 bitcoins for approximately $618.3 million in cash at an average price of approximately $95,352 per bitcoin, inclusive of fees and expenses.

    MARA Buying BTC

    Recently, the miner noted that it acquired an additional 703 BTC after its prior acquisition of 5,771 BTC, with an average cost of $95,395 per BTC. Year-to-date, MARA’s Bitcoin holdings have delivered a per-share return of 36.7%, and the firm now maintains a reserve of about 34,797 BTC, estimated to be worth around $3.3 billion.

    Despite being a Bitcoin miner, MARA has always purchased more BTC from the open market in addition to its mining rewards, adopting a complete Bitcoin hodl strategy. On November 23, 2024, the firm spent $572 million to acquire about 5,771 BTC at an average price of $95,554 per bitcoin.

  • Japanese Crypto Exchange DMM Bitcoin Shuts Down After $321M Hack

    Japanese Crypto Exchange DMM Bitcoin Shuts Down After $321M Hack

    Japanese cryptocurrency exchange DMM Bitcoin has announced its plan to shut down operations some months after it suffered a devastating hack that resulted in the theft of approximately $321 million worth of digital assets.

    SBI VC Trade to Take Over

    Following the shutdown of the Japanese crypto exchange, SBI VC Trade, a cryptocurrency-focused division under the SBI Group, has issued a formal statement confirming its plans to procure the exchange’s assets.

    An English translation of the Monday statement read:

    “SBI VC Trade Co., Ltd., a consolidated subsidiary of SBI Holdings, Inc., which operates a cryptocurrency exchange business, is pleased to announce that the two companies have reached a basic agreement to accept the transfer of all accounts and assets held by DMM Bitcoin Co., Ltd., for the cryptocurrency trading service provided by DMM Bitcoin.”

    As part of the agreement between the two companies, DMM Bitcoin customers’ assets, including their Japanese yen and cryptocurrencies, will be transferred to SBI VC Trade by March 2025.

    The announcement further noted that SBI will be expanding its cryptocurrency trading options by adding 14 new spot trading items and that both companies will maintain open communication with their customers regarding the transfer details and timeline.

    DMM Bitcoin Suffers $305M Hack

     DMM Bitcoin’s decision to shut down is hardly unexpected, as the company struggled to recover from a major cyber attack that occurred some months back. The severity of the attack was notable, ranking it among the largest and most impactful crypto exchange hacks of the year.

    In May, DMM Bitcoin suffered a massive hack that resulted in the theft of approximately 4,502.9 BTC, worth around $305 million at the time. The hack happened when a private key linked to a wallet containing the bitcoins was compromised.

    A month after the attack, the exchange obtained a 5 billion yen loan to support its recovery, with plans to raise an additional 50 billion yen through its corporate network and subordinated loans, ultimately aiming to raise $320 million to reimburse affected customers. However, all attempts to recover the lost funds failed.

    Investigators suggested that the Lazarus Group, a notorious North Korean-backed cybercrime organization, was behind the DMM hack, with evidence indicating that the group laundered some of the stolen funds via the Huione Guarantee marketplace.

  • MicroStrategy Has Done It Again! Purchases 15,400 BTC Worth $1.5B

    MicroStrategy Has Done It Again! Purchases 15,400 BTC Worth $1.5B

    The America-based publicly traded company MicroStrategy has made another massive investment in Bitcoin, purchasing an additional 15,400 of the pioneer crypto worth $1.5 billion. This marks the company’s fourth consecutive weekly purchase, bringing its total Bitcoin holdings to 402,100 worth $39 billion.

    Interestingly, this recent purchase has contributed to the company’s impressive BTC yield, with a 38.7% return quarter-to-date (QTD) and a 63.3% return year-to-date (YTD). This move demonstrates MicroStrategy’s continued commitment to investing in Bitcoin.

    MicroStrategy Purchases More BTC

    The Virginia-based firm made the latest purchases between November 25 and December 1, as reported in a United States Securities and Exchange Commission (SEC) filing. Since November 11, MicroStrategy has invested over $13.5 billion in Bitcoin, solidifying its position as a significant player in the crypto market.

    MicroStrategy’s co-founder and Chairman, Michael Saylor, has been instrumental in transforming the enterprise software maker into a “Bitcoin Treasury” company. This bold move has captured the attention of Wall Street and the crypto industry, with the company’s shares surging over 500% this year, outperforming almost every other major stock.

    MicroStrategy has been relying on the sale of convertible notes and at-the-market share offerings to fund these massive purchases. The company’s commitment to Bitcoin is evident in its actions, and the crypto community is interested in seeing how this strategy plays out in the long run.

    Four Purchases in One Month

    MicroStrategy has made four significant BTC purchases in just one month, reminding the crypto industry of Saylor’s statement. The Bitcoin Maximalist revealed that the company’s vision is to be the world’s leading Bitcoin bank.

    MicroStrategy’s Bitcoin purchases in one month totaled 149,880 BTC, making its stash precisely 2% of the crypto’s total supply. The acquisitions include 27,200 BTC for $2.03 billion, 51,780 BTC for $4.6 billion, 55,500 BTC for $5.4 billion, and the latest 15,400 BTC for $1.5 billion.

    Meanwhile, MARA (formerly Marathon Digital), a Bitcoin mining company, plans to raise up to $805 million to purchase more BTC. The education-focused company Genius Group has also recently invested $1.8 million in the pioneer crypto. As more institutions vie for a share of the digital asset, it could do more numbers and surpass the $100,000 zone, as predicted by several analysts.

  • BNB Tumbles out of Top Five Largest Crypto, Is It Over?

    BNB Tumbles out of Top Five Largest Crypto, Is It Over?

    The Binance-affiliated digital asset and native coin of the BSC network, BNB, has dropped out of the top five largest cryptos by market capitalization. According to current rankings from the aggregator platform CoinMarketCap, the top five spots are now occupied by Bitcoin (BTC), Ether (ETH), Tether (USDT), Ripple (XRP), and Solana (SOL), respectively.

    BNB Ranks Sixth

    BNB’s market capitalization reached its 2024 peak in June and is currently at $91.2 billion, putting it in sixth place. 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 crucial role in BNB’s value. Negative news or declining trading volumes on the platform may affect the asset’s price. As the crypto industry grows, market participants closely watch BNB’s price movements and adjust their strategies accordingly.

    While BNB is ranked 6th, 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.

    Is It Over?

    BNB’s recent tumble out of the top five largest crypto assets has raised concerns about its future. However, the broader market context and the token’s historical performance must also be considered.

    The coin has been among the strongest non-meme altcoins, with a quarterly auto-burn mechanism and a consistently positive Moving average convergence/divergence (MACD) indicator. While its market capitalization is lower than XRP’s and SOL’s, its overall trend remains bullish. Some analysts predict that BNB could surge to over $1,000 if the newly established support holds.

    Even though BNB’s current situation may seem uncertain, it is likely far from “over.” The crypto market is known for its volatility, and BNB is not immune. As with any investment, it’s crucial for investors to critically research and set realistic expectations while considering multiple perspectives before making any investment decisions.

    Meanwhile, its price performance has seen significant growth, with a year-to-date increase of over 180% and a surge to over $710. The Binance-affiliated token trades at $639 and has experienced a 3.28% price decrease over the past 24 hours.

  • Robert Kiyosaki Predicts Bitcoin Crash to $60k Before Massive Pump

    Robert Kiyosaki Predicts Bitcoin Crash to $60k Before Massive Pump

    Famous American entrepreneur and author Robert Kiyosaki predicted that since bitcoin (BTC) has recently struggled to hit the $100,000 mark, it would crash to $60,000 to build up momentum for a massive pump in 2025.

    In early November, the crypto-enthusiastic entrepreneur said he holds about 73 BTC and aims to reach at least 100 BTC by seizing any slight price dump opportunity to purchase more. He started buying BTC at $6,000.

    $60,000 BTC Crash Coming Soon

    In a recent X post, Kiyosaki predicted that BTC will jump in value to reach $250,000 in 2025. However, he also said that the crypto will settle by more than 35% to the $60,000 mark before the upward trajectory, providing a buying opportunity for interested investors to enter the market.

    Expressing further optimism, Kiyosaki revealed that a price dump won’t scare him away from acquiring crypto. Instead, he sees it as an opportunity to ape into the market, noting that there’s a far better future ahead for BTC, so no matter the price, he’s buying more and more.

    Other BTC Predictions

    Before his latest price prediction, Kiyosaki had predicted that BTC would reach $105,000 in the next nine months, citing the U.S. presidential election results as a driving factor. Notably, the election favored the crypto community. With Republican Donald Trump securing the presidency, the price of BTC soared above $99k.

    Similarly, Binance CEO Richard Teng has been exalted. He predicted since March that BTC would reach $80k before this year ends, and it played out last month when the crypto jumped past it.

    Bernstein analysts also made another remarkable prediction for the world’s leading crypto, putting it at $150,000 before the year runs out. Notably, we’re less than 30 days to the end of 2024. If Kiyosaki’s latest prediction plays out, Bernstein analysts will reexamine the market to determine subsequent price action.

    Meanwhile, at the press time, the apex coin trades at $95,000 and is trailed by ETH and XRP, which recently flipped USDT to become the third largest crypto by market capitalization.

  • Whales Amass Over $1 Billion in XRP as Interest Surges

    Whales Amass Over $1 Billion in XRP as Interest Surges

    Large investors, commonly known as whales, have accumulated over $1 billion worth of Ripple’s flagship crypto asset, XRP, over the past three weeks as interest in the digital asset rises. The surge in whale activity is seen as a significant signal of growing confidence in XRP despite its past challenges.

    Market analysis platform Santiment revealed that the substantial buildup has driven XRP’s price to $2.35, marking its peak value since January 8, 2018 (nearly 7 years).

    Over 679 Million Tokens Accumulated

    According to the report, wallets containing between 1 million and 10 million XRP have accumulated 679.1 million tokens during this period. With XRP’s current value, these holdings are worth around $1.66 billion, highlighting the crucial influence of major investors in fueling XRP’s recent upward momentum.

    In addition, another significant development is the rise in adoption, with the total count of non-empty XRP wallets exceeding 5.5 million for the first time in the token’s eight-year existence. The achievement reflects increasing interest from retail and institutional investors, further promoting positive market sentiment.

    Interestingly, XRP’s surge has also altered the rankings within the crypto market, surpassing Tether USDT. Data from CoinMarketCap shows XRP’s market cap at over $138.4 billion, surpassing USDT’s over $134.1 billion. This positions XRP as the third largest crypto by market cap ranking.

    Ripple’s Legal Battles 

    In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for allegedly selling unregistered securities. The SEC claimed that XRP is a security rather than a commodity and that the blockchain company illegally raised $1.8 billion by selling the token.

    The legal battle was one of the most crucial conflicts between a crypto firm and a regulatory body. Despite a year of court proceedings and legal filings, it remained unclear who held the advantage in the case.

    On October 3, 2024, the SEC also filed an appeal in its lawsuit against Ripple Labs, challenging the court’s ruling in the United States District Court. The appeal came after US District Judge Analisa Torres ruled that Ripple breached federal securities law with its institutional sales of XRP tokens but not with its programmatic sales to retail exchanges.

    Following the ruling, the judge ordered Ripple to pay a $125 million fine, lower than the $2 billion in disgorgement and civil penalties initially requested by the SEC. The ruling was seen as a significant win for the crypto industry, but the regulator’s appeal has put that victory on hold.

  • Binance’s CZ Turns Down CEO Role, Open to Pardon

    Binance’s CZ Turns Down CEO Role, Open to Pardon

    In a stunning tweet, Changpeng Zhao (CZ), the influential founder of Binance and former CEO of the leading cryptocurrency exchange, voiced his unanticipated reluctance to reclaim his position as CEO despite a recent suggestion that he be pardoned and cleared to lead the company once again.

    “No wish to be CEO again. But definitely wouldn’t mind a pardon,” the tweet read.

    CZ Welcomes Potential Pardon

    CZ’s shocking tweet came as a reply to an earlier tweet made by John Lilic, a member of The Telos Foundation, a few days ago.

    Lilic proposed that newly elected United States President Donald Trump consider pardoning CZ and allowing him to return to his position as CEO of Binance. His influence will help the crypto industry grow and reach its full potential. Additionally, it’s implied that the legal system has unfairly targeted CZ.

    However, in response to the suggestion, CZ stated that he would not mind being pardoned while he was unwilling to return to the CEO role.

    Binance Bans CZ from Future CEO Role

    Binance’s board of directors permanently banned CZ from managing the platform in September as part of its agreement with US authorities.

    Although CZ stepped down from his position as the exchange’s CEO, his status as Binance’s largest shareholder still affords him significant sway over the company’s operations and direction. He retains significant authority to propose changes to the management team, appoint new board members, and steer the company’s overall strategy.

    After stepping down from Binance, CZ announced that he would invest in emerging industries like blockchain, AI, and biotechnology as his next career chapter.

    The news of CZ’s ban as Binance CEO came from his issue with the authorities. Earlier this year, Changpeng Zhao (CZ) pleaded guilty and was sentenced to four months in prison for violating US money laundering laws.

    US authorities claim that Binance’s deficient anti-money laundering program exposed the financial system to risk by allowing illegal transactions. CZ settled with the US government in November, which included his resignation as Binance CEO and a substantial fine of $4.3 billion.

    After completing his term, CZ was finally released two days ahead of schedule due to a policy allowing early release over weekends.

  • Bitcoin Uptrend Faces Fresh Test with $138M ETF Outflows

    Bitcoin Uptrend Faces Fresh Test with $138M ETF Outflows

    U.S.-approved spot Bitcoin exchange-traded funds (ETFs) concluded their last business week, November 25 – November 29, with an outflow of $138 million. Although the funds recorded two inflow days in the week, the other days were unfavorable as investors sold over $500 million within the first two days.

    Following the unfavorable week, bitcoin’s (BTC) price has dropped by about 3% and struggles to stay above $95,000.

    First Bearish Week Since October

    Notably, the just-concluded business marked the first outflow week for the Bitcoin ETFs after a long seven-week inflow streak that started in early October. With Bitcoin and crypto optimism rising before, during, and a few weeks after the U.S. presidential election, the funds recorded massive historic inflows.

    The worst day for the bearish ETF week was Monday when the funds lost over $435 million. Bitwise BITB was at the forefront with $280 million outflows, followed by Grayscale’s GBTC, Fidelity’s BTC, and Ark 21Shares ARKB, which collectively bled $403.8 million. After that, they lost $122.8 million on Tuesday.

    The funds recorded inflows of $103 million and $320 million on Wednesday and Friday, but the earlier outflows were about 30% higher, leading to a $138 million loss.

    BlackRock’s Bitcoin ETF, IBIT, and Grayscale’s Mini Bitcoin Trust, BTC, stood out in the business week as investors poured in $405.3 million and $25.8 million, respectively. Both funds did not record any outflows.

    Despite the outflows, the funds have reached a net inflow of $30.67 billion within 11 business months in the American financial market.

    BTC at $95,000

    Starting the new week, the world’s leading cryptocurrency backing the ETFs has seen a 4% price drop from its latest all-time high above $99,000. It trades at $95,000 per BTC as investors expect further price correction before deciding on the next move.

    Notably, the BTC jump to $99k, fueled by increasing ETF investments and a favorable U.S. presidential election, plays out predictions by famous veteran crypto investors and analysts.

    Three months ago, Bernstein analysts predicted that the apex coin would soar to $90k if Donald Trump secures the position of the 47th President of the United States. However, the analyst’s forecast of $150,000 BTC this year seems unachievable as the crypto has struggled to pass the six-figure mark after many attempts.

    Meanwhile, American author Robert Kiyosaki is looking forward to a price dump to $60k before BTC’s further uptrend.

  • Michael Saylor Says Bitcoin Could Boost Microsoft’s Value by $5T

    Michael Saylor Says Bitcoin Could Boost Microsoft’s Value by $5T

    MicroStrategy co-founder Michael Saylor has told Microsoft’s board of directors that fully embracing Bitcoin (BTC) could boost the company’s market capitalization by nearly $5 trillion.

    Saylor, a long-time Bitcoin advocate, presented his case to Microsoft’s board, emphasizing why the tech giant should consider investing in the crypto asset.

    Saylor Urges Microsoft to Go All-in in BTC  

    In a video shared on Dec. 1, Saylor encouraged Microsoft to convert its cash flows, dividend distributions, stock repurchase programs, and debt into the leading crypto asset.

    “If you do that, you’ll add hundreds of dollars to the stock price. You can create trillions of dollars of enterprise value. You can strip away risk from your shareholders,” Saylor said.

    The executive further noted that bitcoin could spike Microsoft’s share price by as much as $584 over the next decade if the company allocated all its treasury, assuming the leading cryptocurrency reaches a value of $1.7 million per BTC.

    Meanwhile, BTC has seen progress since President-elect Donald Trump won the United States election on November 5, with more institutional investors having confidence in the crypto asset.

    Saylor also argued that adopting this strategy could increase Microsoft’s valuation by trillions of dollars. Currently, Microsoft ranks as the third most valuable company globally, with a market capitalization of $3.18 trillion, trailing behind Apple Inc. and Nvidia Corp.

    Despite several pullbacks in the last week, BTC has skyrocketed by 120% this year, gaining roughly 40% in the past month alone. As predicted by investors, entities, and bitcoin enthusiasts, the progress is nearing the $100,000 mark and hopefully more.

    MicroStrategy Keeps Acquiring BTC

    Since 2020, MicroStrategy, under Saylor’s leadership, has accumulated 386,700 BTC at a total cost of $21.9 billion. With BTC now valued at over $95,200, the holdings are worth approximately $37.6 billion.

    Recently, the business intelligence company added 55,500 BTC, worth $5.4 billion, to its holdings at an average price of $97,862 per bitcoin. Completing its latest purchase, MicroStrategy has achieved a BTC Yield of 35.2% QTD and 59.3% YTD.

    Before the $5.4 billion acquisition, the company announced plans to raise $2.6 billion from senior convertible notes at a 0% interest rate to acquire more BTC. The note sale was increased from the initially announced offering of $1.75 billion in aggregate principal amount of notes.

  • Pump.fun Daily Revenue Slumps Over 45% After Halting Livestream

    Pump.fun Daily Revenue Slumps Over 45% After Halting Livestream

    The revenue of the Solana-based memecoin creator platform Pump.fun has taken a significant hit, decreasing by 48.7%. According to DeFiLlama, the platform’s revenue skyrocketed to $5.31 million on November 24 but plummeted to $3.76 million the next day after the community backlash and halt of the controversial livestream feature.

    As you may recall, Pump.fun’s live streams had gotten wild, with some token developers even harming themselves on stream for money. The halt on the livestream feature has likely led to a decline in user engagement and, subsequently, revenue. Since then, The platform has maintained a daily revenue range of over $3.5 million.

    Regarding this rapid turn of events, DL News reported that Min Jung, a research analyst at Presto Labs, said:

    “Many users have expressed fatigue with Pump.fun memecoins, and negative sentiment towards the platform has reached an all-time high.”

    What Drives Pump.fun’s Revenue?

    Interestingly, during the X (formerly Twitter) Space session last month, Pump.fun announced plans to launch a native token. The team further revealed that a portion of the token supply will be airdropped to early adopters to reward them for their support. However, no specific timeline for the token launch was provided.

    The news was met with excitement within the community, with some believing that a well-executed airdrop could greatly enhance liquidity. Some crypto analysts have suggested that the airdrop should target top traders, developers, and other key participants, using metrics like trading volume and token performance to determine eligibility.

    The anticipation of a potential airdrop drew many Solana users to Pump.fun, leading to increased volume and revenue for the token launch platform. However, the momentum was disrupted by the livestream saga.

    Additionally, like the crypto market, the platform has been impacted by the United States political climate. Many Nationfi tokens, often associated with U.S. politics, have been created using Pump.fun. Other generated tokens like GOAT and PNUT have been listed in top exchanges, further increasing users’ interest in the platform.

    Pump.fun Keeps Growing

    Data from CoinMarketCap reveals that Pump.fun’s ecosystem tokens have reached a market capitalization of over $5 billion. The platform has also become the third-highest project by monthly revenue, closely approaching the levels of industry giants like Circle.

    The team behind Pump.fun has consistently cashed out its revenue of over 1.52 million SOL, worth approximately $362 million. This significant revenue stream hints at the platform’s popularity and success in the crypto industry.