Category: Bitcoin

Bitcoin is digital money created in 2009. It lets people send and receive payments directly without using banks. It’s stored on a public network called a blockchain, and only 21 million will ever exist.

Senator Lummis Proposes Bitcoin Reserves Backed by Gold

Summary: Senator Cynthia Lummis suggests a digital and decentralized way to make their national finances strong, He suggests converting U.S. gold reserves into Bitcoin. Though this seems to be a great leap for crypto community and it’s development, critics question the feasibility of the program in the midst of U.S’s growing debt crisis.

Bitcoin Strategic Reserve Plan

Lummis says that currently Bitcoin is way more valuable than gold as gold has recently been undervalued. He aims to do this without creating new dollars. He also points out that the BTC can be stored in Bitcoin Strategic Reserve Fund in decentralized places to make sure it’s properly and very tightly secure to reduce centralized risk like gold. He suggests a program to buy 200,00 BTC annually to ensure the reserve reached 1 million BTC in five years, which he expects would lead the states to participate through segregated accounts if the BTC is held for 20 years.

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Criticism and Concerns

No matter how blissful the program by senator may sound but experts in field of economics, Avik Roy argue that this plan won’t be able to address the annual $2 trillion deficits and explains how fiscal reform is vey much necessary. He also expresses how the volatility of Bitcoin and the crypto space as a whole causes potential misuse.

Trump’s Crypto Push

Trump has always advocated for a pro-crypto administration which includes a crypto advisory board to guide policy. Since this is a really huge deal for every digital and decentralized firm, Major crypto firms like Ripple and a16z are dying for a role.

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NFTs Hit $158M in Weekly Sales, Powered by Ethereum and Bitcoin

NFT sales just hit $158M this week, led primarily by Ethereum ($49M) and Bitcoin ($43M), despite a 12.7% drop from last week. Solana saw a huge spike in buyers aswell, with 185K+ active users. The NFT market’s still strong, closing November with solid momentum after a record-breaking October.

NFTs are still holding strong despite a slight dip this week, with $158 million in sales over the last seven days, according to CryptoSlam. While that’s a 12.7% decrease from last week’s $181 million, the numbers are still looking solid, especially when compared to earlier in November when sales were only around $93 million.

Ethereum continues to dominate the NFT scene with $49 million in sales, though that’s down 25.9% from the week before. Bitcoin NFTs are also holding their own, recording $43 million in sales, though that’s a 29% drop.

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But here’s where things get interesting: Solana, which has been flying under the radar, just smashed it in terms of buyers. With over 185K Solana users actively picking up NFTs this week, which is a 58% jump from last week, its giving off positive vibes all over! In comparison, Ethereum, while leading in sales volume, saw a slight dip in buyer activity.

Other networks like Polygon, Mythos Chain, Immutable, and BNB Chain combined for $35.8 million in NFT sales this week. And although the average transaction value dropped a little, from $133 to $126, it’s clear that interest in NFTs is holding steady.

Looking at the bigger picture, the NFT space is showing some serious resilience. October saw a huge spike in sales, ending a seven-month slump, and now November is keeping the momentum going. Despite the fluctuations, the rise in Solana’s buyers and Ethereum’s continued dominance show that the digital collectible market is alive and kicking.

Despite a minor decline this week, NFTs are still doing well; according to CryptoSlam, sales over the past seven days have totaled $158 million. Even while it is a 12.7% drop from previous week’s $181 million, the figures appear to be stable, particularly when contrasted with sales of only about $93 million earlier in November.

With $49 million in sales, Ethereum is still the market leader in NFT, despite a 25.9% decrease from the previous week. Despite a 29% decline, Bitcoin NFTs are still doing well, with $43 million in sales.

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Bitcoin Rally Mirrors 2020 Bull Market

Summary: Ki Young Ju who’s the CEO of infamous CryptoQuant said that the recent Bitcoin rally which is driven and supported by huge whale accumulation and mining economics. He believes that this surge is very similar to the 2020 bull phase. Bitcoin currently is being traded at $97,444 as it comes closer and closer to $100,000.

Whale Accumulation Drives Rally

Ju was previously criticized for sharing how he believes whale accumulation is surging the BTC valuation but now Ju’s truth is highlighted by the insane surge as whale accumulation have been a major factor in Bitcoin’s valuation increase.

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Halving Impact on Mining Economics

Ju explained how higher Bitcoin prices are very necessary to maintain profitability for miner, and after the April halving, the mining rewards was reduced to mere 3.125 BTC while also doubling mining costs. This has added upward pressure on the market.

Short Squeeze Potential

As many more traders and investors are shorting Bitcoin, Ju highly believes that a short squeeze could potentially fuel the flame and further the bullish momentum. Which seems just parallel to what happened during 2020’s sixfold surge. He stressed his tone and emphasized that the recent conditions including political aspect greatly supports sustainable growth, however, he’s also cautious as the timing remains uncertain.

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AI Firm Genius Group Adds $14M to Bitcoin Treasury, Shares Jump 8.5%

Summary: Genius Group is a Singapore-based artificial intelligence focused company or firm which has just now invested an additional $14M on its Bitcoin holding which just seems to be every company’s plan right now as BTC just hit it’s ATH of $97,000. The company raised its total treasury to 153 BTC and the announcement made on Nov.21 help increase the company’s share by 8.5%.

Accelerated Bitcoin Strategy

Genius Group recently adopted a crypto-based policy named ” Bitcoin-first” strategy and this latest purchase followed said policy. This policy includes committing 90% or more of its reserves to Bitcoin which shows their trust on Bitcoin as a currency and asset. Key developments on said case include:

  • A $10M Bitcoin purchase on Nov.18
  • Additional investment of $14M on announced on Nov. 21.
  • Formation of a crypto-focused treasury to have $120M in Bitcoin holdings.

Strategic Shift Towards Bitcoin

Roger Hamilton who’s the big man, The CEO said that this move reflects a growing rapid trend amongst public companies of rethinking and revising their financial and economical strategies and increasing Bitcoin allocations.

After this much of commitment and investment on Bitcoin, Genius Group becomes yet another company that has managed to position itself as a leader among AI firms using Bitcoin for treasury management which goes hand to hadn with bigger and greater industry trends.

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Bitcoin Breaks $97K, Over 80% Odds of Hitting $100K This Month

Summary: Bitcoin’s valuation increased by 5.8% in just last 24 hours and so the bullish streak continues. Bitcoin surged to yet another of its all-time high of $97,750. Market capitalization for Bitcoin also looks fantastic as it stands at $1.93 trillion, with a super dominant 57.9% share of the crypto market. Bitcoin’s daily trading volume has also surpassed $85 billion which shows how strong and dominant the bullish momentum has been for BTC.

Market Sentiment and Predictions

After this recent and explosive success of Bitcoin, A poll was done on the prediction platform Polymarket where 83% odds were on the favor of Bitcoin hitting $100,000 before December. This is also happening as the global crypto market cap reaches an all-time high of $3.33 trillion.

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Factors Driving Bitcoin’s Surge

  1. Political Landscape: Donald Trump winning the election as the “crypto president” with a promise of making U.S. a pro-crypto Congress country has filled everyone especially crypto enthusiast with hopes for regulatory support.
  2. Institutional Interest: After the first big surge, Whale accumulation and many over-the-counter (OTC) deals most probably by big organizations are sustaining this bull run.
  3. Halving Effect: After the Bitcoin Halving on April 20th, rewards for mining and miners had decreased. Therefore, prices was pushed upwards to maintain an environment where miners can also enjoy profit.
  4. Spot BTC ETFs: When BlackRock’s iShares Bitcoin trust was firstly launched, it was the first and one and only U.S. approved spot Bitcoin ETF and this fueled the demand for bitcoin even higher. This made things easier for investors as they were greatly manage risks while still gaining rapid exposure to digital asset.

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Michael Saylor to Pitch Bitcoin Investment to Microsoft Board

Summary: Michael Saylor has been advocating real hard for the usage of Bitcoin, and now he’s set to give a three minute presentation pitch to Microsoft board as to why they should also invest in Bitcoin. Saylor isn’t any ordinary man as he’s an executive chairman of MicroStrategy company and believes that Microsoft’s investment strategy might have a ripple effect on the broader market.

Saylor’s Three-Minute Bitcoin Pitch

Michael Saylor announced on VanEck’s X spaces that he will be presenting a very brief but strong and impactful pitch to Microsoft’s board of directors. He believes he might be able to sway them and aims to convince them as much as possible to allocate funds to Bitcoin as Microsoft is a tech giant and has over $78 billion in cash reserves.

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The Impact on Microsoft and the Market

Microsoft being a technical giant as mentioned before has only invested on companies like OpenAI but has yet to invest anything on crypto or crypto related projects. Microsoft has the potential to be a major corporate Bitcoin adopter if Michael manages to persuade them, which might start a potential larger institutional interest in the cryptocurrency.

A Track Record of Success

Saylor in his announcement highlighted that MicroStrategy’s growth as a pioneer in Bitcoin adoption. The shares of said companies have surged as high as 2,735% over five years, this success story in itself proves Bitcoin’s potential as a strategic asset.

Bitfinex Hacker Razzlekhan Gets 18 Months in Jail

Summary: Heather “Razzlekhan” Morgan has been sentenced to 18 months in prison for her dirty and notorious role in laundering a massive amount of $10.8 billion from the infamous Bitfinex hack. This is the biggest crypto theft scandal to have ever existed and it’s not finally concluded with Morgan’s partner Ilya Lichtenstein receiving a five-year sentence.

A Crypto Heist Gone Wrong

Morgana and Lichtenstein stole a huge amount of BTC from Bitfinex which counts to 120,000 in 2016. The valuation of said amount of BTC at that time was $17 million but if we calculate it’s value today, BTC was skyrocketed and that amount is valued at $10.8 billion. The couple tried their best to run from the law and authorities but finally got caught up in 2022, which directly led to them pleading guilty for conspiracy and money laundering in 2023.

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The Sentence and Regret

Morgan being speculated as just a helper in the operation received 18-month of prison sentence while her partner whom is believed to be the operation’s mastermind was handed five years which is just fair considering the amount stolen. Morgan very clearly expressed shame and regret that she got involved in this work and claimed that she was only involved in laundering the amount with no clues about the hack. However, the court came to the conclusion that she still played an active role in concealing the fund which is a crime nontheless.

Sophisticated Laundering Tactics

The couple tried to hide their track of money by using crypto mixers, dark web markets and even several gold purchases but in the end authorities got the better of them and the federal investigators took all their ill-gotten assets and stated their story is a cautionary tale about how no amount of on-chain trickery can run away from the justice as the reach of justice is long and it’ll always shine upon every criminal.

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Trump’s Bitcoin Obsession: Is Gold Losing Its Shine?

Summary: Everyone already knows how all around crypto space the thing being talked about the most is our Beloved Bitcoin as it surges to greater and greater heights under a pro-crypto narrative led by Donald Trump. Gold, another highly valued asset is being compared to BTC and it seems to be losing its appeal to Bitcoin. Since the Fed’s polices are getting more and more strict the investor’s primary focus is on Bitcoin with the hopes that it’ll reshape the future of financial assets.

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Gold on the Defensive

It wasn’t all sunshine for Gold as it very recently hit a one-month low of $2,543 following the U.S. inflation report. This decrease in value has raised some eyebrows some of sadness and some of disappointment. Although it managed to get back on it’s feet and recovered slightly, gold’s 30 day decline of 2.6% just perfectly contrasts with sharply increasing Bitcoin’s value.

Bitcoin Hits the Spotlight

Bitcoin smashed and broke all records into pieces with a all time high of around $93,400 in the time where inflation is rising everywhere. People have started calling BTC as the new-age “digital gold” and with this gold’s century-old dominance is being overshadowed by a cryptocurrency. With Donald Trump on the lead, people’s perception has started to change and everyone sees BTC as a new weapon against inflation.

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Gold’s Gilded Era Fading?

It’s not just normal everyday people saying gold might lose it’s charm but experts like Maruf Yusupov says that gold’s allure could fade away as Bitcoin has started to gain mainstream popularity. Not only that but Senator Cynthua Lummi’s also proposed an idea to swap some of the Fed’s gold reserves for Bitcoin further fuel speculation. With this it’s highly believed by analysts hat if U.S. dollar strengthens, the case for traditional hedges like gold might just lose it’s allure.

Semlar Scientific Buys 215 Bitcoin, Raises $21.5M via Equity Offering

Summary: Semlar just few days ago bought some BTC and again it had bought 215 and has expanded its Bitcoin Holdings to 1273 BTC, this astonishing amount is valued at $114M, while it has managed to raus $21.5M thorough equity offering. This move has improved its reserve as BTC trades at $90,400.

Semler Expands Bitcoin Holdings

Semler Scientific is a medical equipment company and has ventured into the crypto space and purchases an additional 215 Bitcoin between a short period of Nov. 6 and Nov, 15 for $17.7M, averaging $82,502 per BTC. This has again drastically increased its total holding to 1,273 BTC, according to recent press release. Since Bitcoin has unreal momentum which is breaking all limit and current trading price of $90,400 gives the company’s holdings a value of $114M.

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Equity Offerings Supports Strategy

Semler raised a high amount of $21.5M through an at-the-market offerings with Cantor Fitzgerald, this could happen because they sold 505,544 shares to fund its Bitcoin purchases and operational goals. The company uses a special metric system widely called BTC yield to track its strategic success and as per the provided data, BTC yield reached 37.3% from July 1 to Nov. 15.

A Strategic Hedge

Semler’s also using the same strategy other companies like MicroStrategy used and it goes hand to hand with its view of BTC as an inflation resilient asset. This company along with several other companies growing crypto treasury shows broader trend amongst corporations and institutions embracing Bitcoin as a reserve asset.

MicroStrategy Hits 331,200 BTC in Holdings with $4.6B Buy

Summary: MicroStrategy didn’t just invest on Bitcoin but now had gone deep into the crypto rabbit hole and bought itself $4.6 Billion worth of BTC making it’s total holding to over 331,200 BTC which is a very very aggressive approach to cryptocurrency by any company.

A Massive BTC Purchase

This move of buying insane amount of BTC was announced on Nov.18, which positions the company as the largest corporate Bitcoin holder globally with some unrealized profits exceeding over $13 billion which is yet another absurd amount. MicroStrategy purchased 51,780 BTC at an average price of $88,627 per coin with total expenditure of $4.6 billion.

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Saylor’s Bold Strategy

Michael Saylor is a madman to some and a Crypto genius to some, he launched his BTC investment strategy in 2020, and ever since the announcement, the strategy has become the central core piece to MicroStrategy economic and financial approach. This company alone has manage to spent a huge amount of $16.5 billion on BTC and still plans to raise $42 billion more for further acquisitions in the next three years.

Industry-Wide Impact

MicroStrategy is now playing a role of a role-model for other companies like Semlar Scientific and AI firm Genius Group, to take and adopt BTC as a treasury asset.

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