Cryptocurrencies To Watch

Tag: Bitcoin News

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Hong Kong’s Boyaa Interactive Swaps 14,200 ETH for 515 BTC

    Hong Kong’s Boyaa Interactive Swaps 14,200 ETH for 515 BTC

    Boyaa Interactive, a Hong Kong-based firm that has drawn comparisons to MicroStrategy, has made a notable move in the market. The company has converted 14,200 ETH into approximately 515 BTC, with a total market value of around $49.48 million.

    Although the company did not officially disclose the reason behind its decision to swap its ETH holdings for BTC, Boyaa Interactive’s move may also be seen as a response to the growing competition in the crypto market.

    Bitcoin’s price has surged significantly in recent weeks, mostly driven by pro-bitcoin Donald Trump’s win in the US presidential election and increased institutional investment. Ethereum, on the other hand, has been experiencing a more muted price movement.

    As more institutional investors enter the market, companies like Boyaa Interactive may feel pressure to diversify their portfolios and stay ahead of the competition.

    Hong Kong’s MicroStrategy?

    A recent tweet revealed that Boyaa Interactive holds about 3,183 bitcoins, bought at an average cost of about $57,724.

    However, with MicroStrategy’s latest purchase of 55,500 BTC, the American business intelligence firm now holds about 386,700 BTC, which it acquired for $21.9 billion at an average price of $56,761 per Bitcoin.

    The substantial difference between Boyaa Interactive’s and MicroStrategy’s total Bitcoin holdings indicates that Boyaa’s nickname as the ‘MicroStrategy of Hong Kong’ is not a direct result of similarities in their Bitcoin reserves but rather a reflection of other shared characteristics or strategies.

    A likely reason for the ‘MicroStrategy of Hong Kong’ nickname is Boyaa Interactive’s similar enthusiasm for cryptocurrency investment. As evidenced by its recent years of active buying of Bitcoin and Ethereum, Boyaa Interactive mimics MicroStrategy’s frequent forays into the Bitcoin market.

    A further reason for the comparison could be the Hong Kong company’s strategic decision to double down on Bitcoin, much like MicroStrategy, as seen in its recent transaction converting a substantial amount of its Ethereum investment to Bitcoin.

  • MARA Acquires Additional 703 BTC With Convertible Notes Offering

    MARA Acquires Additional 703 BTC With Convertible Notes Offering

    Bitcoin mining company MARA (formally Marathon Digital Holdings) has made headlines with its latest acquisition of 6,474 Bitcoin, solidifying its position as one of the key players in the crypto industry.

    The company 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.

    MARA Plans to Purchase More BTC

    MARA also bought a segment of its 2026 convertible notes for $200 million. It plans to allocate the approximately $160 million left from the convertible debt offering toward buying more Bitcoin at favorable prices during market downturns.

    The acquisition comes as BTC has seen increased institutional adoption but remains volatile, trading between $92,000 and $95,000 in the past week. Marathon’s decision to deepen its Bitcoin holdings reflects a bullish outlook on the crypto asset.

    The mining firm’s recent $1 billion convertible offering mirrors MicroStrategy’s approach of leveraging corporate debt to accumulate additional Bitcoin — a move gaining traction among institutional corporations.

    MicroStrategy Acquiring BTC

    MicroStrategy began acquiring Bitcoin in 2020. Its latest fundraising effort involved $3 billion in senior convertible notes with a 0% interest rate. The company aims to raise $42 billion over three years to expand its Bitcoin holdings and enhance its financial position.

    Although the firm’s strategy involves using fiat-based debt to purchase bitcoin and has attracted increased investor attention, MicroStrategy’s MSTR price dropped roughly 35% from its November 21 peak. Due to the recent sharp downturn in bitcoin’s price, the business intelligence firm saw a $30 billion loss.

    Interestingly, between November 18 and 24, the firm acquired around 55,000 BTC at an average cost of approximately $97,862 per coin. This brings MicroStrategy’s total Bitcoin reserves to nearly 386,700 BTC, making it one of the largest institutional holders of the crypto asset.

  • MicroStrategy Faces $30 Billion Loss Amid Bitcoin Correction

    MicroStrategy Faces $30 Billion Loss Amid Bitcoin Correction

    The publicly traded business intelligence firm MicroStrategy is facing a staggering $30 billion loss due to the recent sharp downturn in bitcoin’s (BTC) price.

    According to a recent report, the company experienced its most significant four-day market cap decline in history, falling over 35% from its November 21 peak as BTC fell 8% from its local high.

    While the business intelligence company’s stock (MSTR) has seen a slight rebound, it mirrored the drop in BTC value this week. MicroStrategy’s stock, MSTR, fell by 7.5% in the 24 hours, trading at over $353, down 49.76, according to data from TradingView.

    Over 44% Increase  

    On the bright side, Bitcoin and MicroStrategy have shown strong performance over extended periods. The crypto asset increased by 44% last month, while MicroStrategy’s MSTR surged by more than 32%. Over the past year, the leading cryptocurrency gained 146%, with MSTR soaring over 590%.

    Several investors profited from bitcoin’s rise, increasing their portfolios. However, the recent drop has stirred observation in the crypto market.

    Despite the recent drop in MSTR, retail investors purchased almost $100 million in MicroStrategy shares, fueled partly by growing interest surrounding the company’s $2.6 billion note offering.

    Firms Investing in MicroStrategy

    Several major traditional institutions are investing in Michael Saylor’s company, including Allianz, Europe’s second-largest insurer, which purchased more than 24% of MicroStrategy’s $2.6 billion note offering. These notes are part of MicroStrategy’s ongoing capital-raising efforts to expand its Bitcoin holdings.

    The firm plans to raise the funds 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.

    Also, MicroStrategy recently purchased 55,500 BTC, valued at $5.4 billion, and bought for $97,862 per bitcoin. Completing its latest purchase, MicroStrategy achieved a BTC Yield of 35.2% QTD and 59.3% YTD.

    Trading from a record high of above $99,000 in the past week, BTC is currently trading at above $93,300, with hope of a comeback.