Cryptocurrencies To Watch

Tag: Top Crypto News

  • Donald Trump’s Son Eric Predicts Bitcoin Price Surge to $1 Million

    Donald Trump’s Son Eric Predicts Bitcoin Price Surge to $1 Million

    Eric Trump, son of the United States President-elect, Donald Trump, and the executive vice president of the Trump Organization, made a bold prediction about the future of Bitcoin at the Bitcoin MENA conference.

    Eric Trump is confident that the cryptocurrency will surge to $1 million.

    “I can tell you, a lot of eyes were opened when Bitcoin hit $100,000. I can tell you a whole lot more are going to be opened when Bitcoin hits $1 Million. I’m confident it’s gonna hit $1 Million. I think we’re all confident in this room that it’s going to hit a million,” he said.

    The Bitcoin MENA conference is a top-tier cryptocurrency event that took place at the ADNEC Centre in Abu Dhabi, UAE, from December 9 to 10, 2024. Eric Trump was the keynote speaker, and over 6,000 attendees attended.

    The event, aimed to discuss Bitcoin’s future and its impact on the Middle East and North Africa region, also featured other notable speakers, including billionaire Steve Witkoff and Binance founder Changpeng Zhao.

    Eric Trump’s Crypto Outlook

    Eric Trump’s keynote speech at the Bitcoin MENA conference was packed with insightful comments about Bitcoin’s potential. Beyond predicting that Bitcoin’s value will soar to $1 million, he also highlighted the cryptocurrency’s significance in transforming the future of finance.

    Trump described Bitcoin as a “fundamental paradigm” in the global economic landscape and a revolutionary asset with the potential to surpass anything the world has seen before.

    He also emphasized Bitcoin’s unique status, saying it’s “not just another asset” but a truly global one, “It’s a store of value. It’s a hedge against inflation. It’s a hedge against political turmoil, political instability, acts of God, hurricanes, fires, floods, tornadoes, guys. That’s what makes it so powerful.”

    Additionally, Trump discussed Donald Trump’s growing support for cryptocurrency, highlighting his father’s evolving stance on digital assets. Eric Trump expressed confidence in his father’s ability to position America as a global leader in cryptocurrency, describing Donald Trump as a potential “crypto president.”

    Experts Predict BTC at $1 Million and Beyond

    Eric Trump is among a growing group of crypto enthusiasts who believe Bitcoin’s value will skyrocket to $1 million and beyond.

    In a recent article, MicroStrategy CEO Michael Saylor predicted that if Bitcoin reaches $1.7 million per coin, it could cause potential ripple effects on major stocks like Microsoft, which he believes could see its share price soar to $584 in the next decade.

    Saylor also predicted that Bitcoin’s value could skyrocket to a staggering $13 million per coin within the coming 21 years.

    While some might see Eric Trump’s prediction of $1 million in BTC as overly optimistic, the cryptocurrency market’s growth and adoption are undeniable. It will be interesting to see if his prediction becomes a reality.

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

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

    Speaking In a recent interview about the benefits of a pro-bitcoin president for the U.S., American entrepreneur Michael Saylor has encouraged the United States to sell all the gold held in its reserve worth around $500 billion and switch to a strategic Bitcoin reserve, acquiring the crypto as a store of value for the country as did Central American El Salvador.

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

    Bitcoin – World’s Reserve Capital Network

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

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

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

    Saylor Leads the Way

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

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

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

  • Sky Faces Investigation for Potential $756M Exploit Vulnerability

    Sky Faces Investigation for Potential $756M Exploit Vulnerability

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

    User Highlights System Issues

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

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

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

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

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

    EOA-Based Custodianship

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

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

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

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

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

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

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

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

    $1 Billion Gone

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

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

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

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

    Holders Swim In Profit

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

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

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

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

  • 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.

  • 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.

  • 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.

  • Jupiter Exchange to Hold Second Vote on $1.6B Token Airdrop

    Jupiter Exchange to Hold Second Vote on $1.6B Token Airdrop

    Solana’s decentralized exchange, Jupiter, is planning to hold another voting round for its 1.4 billion token airdrop plan. The reward worth $1.6 billion was rejected by 42% of voters who showed discomfort with the proposal via the protocol’s DAO platform.

    Why a Second Voting Round?

    The decision to hold a second round of voting stems from the team’s desire to achieve a 70% supermajority on their current proposal. This threshold hints that the team wants broad support from the community before moving forward, believing it will increase its chances of success.

    The plan for the second vote involves addressing the concerns and opposition raised during the initial vote. Over the next few days, the team will review feedback from all sources, tackle the main areas of concern, and put up a revised proposal. Jupiter claims the process will be transparent, with live reviews of the proposal’s progress over the weekend.

    Meanwhile, according to Dune, an on-chain analytics platform, Jupiter has processed over $1.9 trillion in trading volume since its inception. Its governance token, JUP, has a total supply of 10 billion, with 40% allocated for community rewards. At press time, the token was trading at $1.17 and has experienced a 3.92% increase over the past 24 hours.

    Jupiter Assures Users

    Jupiter co-founder Meow acknowledged the uncertainty surrounding the airdrop plans but assured users that the team remains steadfast in its commitment to long-term growth. He believes the team and community share the same goal of establishing clarity and working towards driving the project vision forward.

    The upcoming vote will be a crucial test for the community and its leadership. However, the co-founder claimed that with the team’s dedication to Jupiter’s ecosystem’s (Jupiverse) success, there is every reason to be confident in a positive outcome. He further noted that unity and collaboration will be essential in overcoming any challenges that lie ahead.

    Another project developer, Hyper Foundation, completed the genesis distribution of the HYPE token, airdropping over $1.6 billion worth of tokens to users. Following the launch, the native token surged to a peak price of $6.21. Most Hype airdrop participants flaunt their rewards online, as the reward seems to have exceeded their expectations.

  • Russia President Signs Bill Recognizing Crypto as Property

    Russia President Signs Bill Recognizing Crypto as Property

    Russian President Vladimir Putin has signed a bill into law that recognizes crypto, including Bitcoin, as property. This landmark legislation brings a clear taxation framework to the digital asset industry in Russia, providing much-needed clarity and reassurance to digital asset investors.

    Implications of Crypto “as Property”

    According to the law, mining and selling digital assets are exempt from value-added tax (VAT). Services related to crypto transactions are also exempt from VAT. However, operators of mining infrastructure must inform tax authorities about who is using their services to mine crypto.

    The law also outlined how crypto will be taxed. Digital assets obtained through mining will be considered income and taxed accordingly for individuals. The tax rates, set at 13% for income up to 2.4 million rubles ($22,643) and 15% for income above that amount, are reportedly designed to ensure a fair and just treatment of crypto income.

    The crypto law further introduced some restrictions on tax structures for organizations and individual entrepreneurs involved in crypto mining and sales. Meanwhile, the crypto regulations will be officially published on a government website or other official channel. Once they are formally published, they will become enforceable and legally binding.

    Notably, some parts of the law may have a delayed implementation or a phase-in period to allow for a smooth transition. These provisions will provide temporary relief or exceptions to help individuals or organizations adapt to the new law.

    Why the Crypto Law?

    Russia has been exploring using crypto for international trade to bypass Western sanctions and reduce its reliance on the US dollar. In response to the expanded U.S. sanctions in June, the Russian parliament passed bills in July to test digital assets for cross-border payments under central bank supervision, which President Putin signed into law.

    In a similar move, Hong Kong also wants to strengthen its position as a crypto-friendly hub. However, while Russia taxes individuals and organizations, its authorities will do the opposite. The government recently proposed a plan to exempt certain establishments, including hedge funds and private equity funds, from paying taxes on gains made from crypto trading and investments.

  • Celsius to Distribute $127M From Litigation Recovery Account

    Celsius to Distribute $127M From Litigation Recovery Account

    Bankrupt crypto lending firm Celsius Network has announced plans to distribute $127 million from its litigation recovery account, a significant step in its ongoing bankruptcy proceedings.

    The troubled lender noted that the distribution aims to compensate eligible creditors of classes 2, 5, 7, 8, and 9 impacted by the company’s collapse.

    A Notice of Commencement filed on November 27 in the United States Bankruptcy Court for the Southern District of New York indicates that these categories encompass retail borrower depositors, participants in the “Earn” program, and creditors with withhold claims, unsecured loans, or general unsecured claims. However, it excludes users with convenience claims or those not eligible for illiquid recovery rights.

    Celsius to Pay With Crypto

    Following the notice, creditors will receive payments primarily in crypto through the platforms used for previous distributions, such as PayPal, Venmo, or Coinbase. Those without verified accounts on these platforms will receive cash payments instead. Corporate creditors are also eligible for payments, though those with convenience claims are excluded.

    Despite the latest announcement concerning a second payment, some crypto users on X are dissatisfied. An X user stated that there are still so many creditors with unresolved distributions.

    Celsius Misleads Clients

    Celsius filed for bankruptcy in July 2022. Its former CEO, Alex Mashinsky, was arrested and charged with fraud in July 2023, accused of misleading depositors about the investment risks associated with the platform. His trial is set to commence in January 2025.

    In March, several Celsius corporate creditors alleged that their payments were reduced by 30% because the debtors’ estate exclusively used Coinbase to handle distributions.

    While the $127 million distribution marks progress, many creditors still await full resolution. The litigation recovery account has been a critical resource in Celsius’ efforts to address outstanding claims. Still, significant challenges remain as the company continues to sort out its financial and legal obligations.

    Meanwhile, Celsius is not the only firm repaying its creditors. For instance, the trustee of Mt. Gox, the now-infamous Bitcoin exchange that collapsed in July 2014, initiated a repayment plan in July. The trustee noted that the repayment will be made in bitcoin and Bitcoin Cash, which were recovered from Mt. Gox’s remaining assets.