Tag: Blockchain

Kaixin Eyes Crypto Mining Expansion Amid Bitcoin’s All-Time High

Summary: Kaixin which is a Chinese EV making company, it aims to shift from it’s actual core business of automobile and plans on controlling stake in Middle Eastern Cryptocurrency mining facility. This project is severely beneficial for Kaixin from sectors such as cost-effective mining machines and stable energy supplies which perfectly aligns with Kaixin’s expertise in sustainable practices.

Strategic Shift for Kaixin

Kaixin isn’t a rookie name in terms of automobile companies and for which Electric Vehicle Manufacturer to shift from it’s major path and step on to this unventured territory is a big risk, but will it also return back at them with big rewards? The company us in advanced talks to acquire a Middle Eastern mining facility, by showing their sustainable background and it’s super and real easy access to stable energy and cost-efficient Bitcoin mining machines as key advantages.

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Leveraging Expertise in Sustainability

Many people believe that Kaixin took this initiative because it always had expertise in sustainable operations. The company aims to make a good use of it’s expertise while continuing to maintain it’s actual and core focus on automobile excellence.

Riding the Crypto Wave

This move came after Bitcoin hit it’s all time high and is still on a rampage streak, this pushed the global crypto cap beyond $3 trillion. Kaixin’s choice of vividly shifting it’s major focus to crypto must have been an affect of BTC’s recent success. The acquisition timeline remains unclear as evaluations continue.

Thumzup Allocates $1M for Bitcoin Treasury Reserve

Summary: Thumzup which is a Los Angeles-based Media Corporation is taking it’s initial step into the crypto world by allocating up to $1M of its treasury to Bitcoin. Robert Steele who’s the CEO of the said company said Bitcoin’s growing institutional acceptance and it’s recent bullish momentum were taken into great consideration while making this decision.

Thumzup Embraces Bitcoin

A social media marketing firm, Thumzup Media Corporation just recently announced to make their treasury diverse by diving deep into the crypto space. Their initial plan includes purchasing up to $1M in Bitcoin. As CEO himself explained, The inflation resistant and finite supply characteristics of Bitcoin really caught their eyes and the company views it as critical advantage for a long-term store of value.

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A Growing Trend in Treasury Assets

Thumzup isn’t the only particular company to do this, recently larger and larger trend of companies are embracing Bitcoin as a reserve asset more than a liability. Just few days ago Pennsylvania’s Bitcoin Strategic Reserve Act also highlighted the increasing interest in integrating Bitcoin into tradFi as it serves as a valuable asset.

Aligning with a Digital Future

Thumzup now joins the group of cool companies which have integrated crypto into their business or in their firm for long-term profit and now people have started considering these companies as “forward-thinking business”. This move goes hand to hand with rising optimism from figures like Senator Cynthia Lummis, who is a crypto witch and envisioned Bitcoin playing a greater role in financial strategies nationwide.

Greenidge Generation Wins Legal Battle to Operate in New York

Summary: Greenidge Generation which is a bitcoin mining company secured a grand and difficult legal victory allowing it Dresden, New York, facility to continue operations. The New York Supreme Court ruled against the state’s department of Environmental Conservation (DEC), calling its falsehood of Title V Air Permit “arbitrary and capricious”. This is a good indication for other mining companies facing such problems but if there’s a problem it must go to legal standpoint and be won like the one Greenidge had.

Court Clears the Way for Greenidge

Greenidge won the legal battle as the New York Supreme Court overturned the DEC’s denial of Greenidge’s air permit, showing a lack of rational basis for its decision. Judge Vincent Dinolfo openly and boldy criticized the DEC’s interpretation of the Climate Leadership and Community Protection Act (CLCPA), which makes sure Greenidge can work without anyone and anything to interuppt, this might just prove to be the most significant win Greenidge has had over the time.

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Legal Battle Overreach

Greenidge had it’s initial plans set as its fresh argument included criticizing DEC for overstepping its authority by denying the permit despite the facility’s following the laws, which shines a truly negative light on DEC. The company stayed on its ground and won the ruling for ” facts and the rule of law” over “politically motivated governmental overreach.”

Looking in the future

This ruling marks Greenidge’s not first not second but seventh favorable decision on operational matters. The company still aims to conduct a partnership with the DEC on a new permit while also improving its contributions to the locals and the economy through job creation and electricity generation. This is a very fascinating case and also a case where everyone can learn something as this case highlights tension between environmental policies and industrial development in New York.

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Michael Saylor Predicts Bitcoin’s Rise to $100K Under Trump’s Pro-Crypto Administration

Summary: Widely known personality in crypto space, Michael Saylor says Bitcoin will hit $100,000 by the end of the year as he believes this run is fueled by President-elect Trump’s pro-crypto rules and the dominant presence of Republican in Congress. Saylor himself has a company which holds a massive number of BTC, to be exact the number is 279,420 and it attributes Bitcoin’s current rally to a great political shift for digital assets.

$100,000 Bitcoin by New Year’s Eve

Michael Saylor is very confident that BTC will hit $100,000 before the end of this year and he very happily says he’ll also organize a celebratory party at his home for this incident. He also strongly disagreed with people who still believe BTC will dip below $60k after this drastic surge by stating that BTC is still on a solid upward trajectory as it hit $93,400 following the U.S.CPI report.

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Political Tailwinds for Crypto

Michael Saylor give complete credit of this insane BTC surge to President-elect Donald Trump and Republican-led Congress. He even goes so far and calls this the “biggest thing for Bitcoin” in years. He doesn’t stay put on present but also predicts a wave of pro-crypto policies and frameworks that will strengthen the digital asset industry.

MicroStrategy Double Down

MicroStrategy with a strong base and strategy for future increased its BTC holdings to 279,420 tokens, investing an absurd additional amount of $2.03 billion. Saylor still remains positive about the bullish momentum of Bitcoin, majorly speaking about its leadership in the ongoing crypto market, which has contributed so much to the lifting of altcoins like Ethereum, Solana and meme coins.

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Pennsylvania Looks to Build Bitcoin Reserve

Synopsis: A latest bill has been proposed to invest state funds in Bitcoin in Pennsylvania’s legislature which is being led by the one and only Mike Cabell. This Pennsylvania Bitcoin Strategic Reserve Act would allow the corresponding state to fight against rising and terrifying inflation by allocating a maximum of 10% of certain funds into Bitcoin. This initiative signals rising interest in crypto as a strategic asset across the great U.S.

State Pushes for Bitcoin Reserve

The latest legislative move done by Pennsylvania wants to make Bitcoin which is a booming cryptocurrency right now into a part of the state’s financial strategy. This idea planted by Representative Mike Cabell, the bill, now known as the Pennsylvania Bitcoin Strategic Reserve Act. This act this act of brilliance into the crypto space proposes investing up to just 10% of key state fund which also includes the Rainy Day Fund in Bitcoin. Cabell very boldly claims and strongly believes that Bitcoin is the future and could provide an economic buffer in difficult times.

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Bitcoin as a Safety Net

One of the current global problem includes inflation and U.S. is no different as inflation still remains a rising concern, Cabell in the mist of all this trouble suggests Bitcoin as a helping hand hoping to stabilize the state’s economy. Notable and reputed players like BlackRock and Fidelity continuously investing in Bitcoin offer a hint of the asset’s potential to diversify and bring hard resilience to portfolios.

National Shift Toward Crypto

This start from Pennsylvania goes hand to hand with a broader pro-Bitcoin sentiment across the United States right now. as the call for a national digital asset framework grows day by day. The bill came after Pennsylvania’s recent Bitcoin Rights legislation. which passed the House and showcases residents’ rights to securely hold digital assets.

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Trump’s World Liberty Financial Integrates Chainlink for Offchain Data

Shortly, World Liberty Financial (WLFI) is a decentralized digital finance projects also widely known as DeFi project which has links to Trump Organization and is now partnering with Chainlink to combine data feeds in support of its upcoming Aave c3 Launch.

Partnership with Chainlink

WLFI announced it’s partnership with Chainlink on November 14 and said it selected chainlink to provide necessary price feeds and data connectivity for its decentralized finance service. It is also said and highly anticipated that this partnership will begin with integration of Chainlink Price Feeds on Ethereum, however it still requires approval through WLFI’s Governance Platform. Chainlink isn’t the weak link in this partnership as it’s infrastructure provides access to essential onchain data and cross-chain capabilities, which have successfully powered and supported over $16 trillion in transactions.

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Trump’s Vision for Crypto

Eric Trump, WLFI’s web3 ambassador, showed excitement and enthusiasm about this unforeseen partnership, calling it a significant step towards crypto excellence. The project’s founder Donald Trump, boldy stated WLFI in September with a fantastic aim of establishing America as a global crypto phenom, a crypto sensation and be known as Global crypto leader.

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VanEck’s Sigel Projects Bitcoin Price Base Case of $180K for 2025

Briefly, Bitcoin shows no sign of stopping and still continues its strong bullish trend, with experts and analysts strongly expecting further and more gains in upcoming quarters. Matthew Sigel who’s head of digital assets of widely known VanEck shares his point of view of bitcoin having $180,000 base case price in 2025, citing pro-crypto policies and technical indicators, which to us mere mortal seems absurd.

Pro-Crypto Sentiment Boosts Bitcoin Outlook

Since Bitcoin managed to hit all-time high of over $90,000 and an outstanding performance of 115% gain, investors and even crypto enthusiasts have their interest peaked. VanEck’s Sigel in his recent CNBC interview had only positive things to say about current Bitcoin rampage. Sigel not only had positive things to say about this Current raid boss of cryptocurrency i.e. Bitcoin, but he went ahead and stated that he and his firm expects Bitcoin’s price to continue to break all limit with a base projection of $180,000 for 2025.

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Analyst Predictions Mixed Amid Bullish Signals

Even though Bitcoin seems to be on a rampage right now with nothing to stop its advance some analysts are still skeptical and don’t seem to believe the data provided by Polymarket which suggests a 56% chance of bitcoin reaching $100,000. However, Critical Analyst might be somewhat correct because we’ve also covered similar topic of Bitcoin and Ethereum being overbought which could potentially cause a short term decline.

Yei Finance Partners with OEV Network to Boost Oracle Extractable Value on Sei Blockchain

Yei Finance, something that’s widely renowned as the largest money market on Sei blockchain has finally combined with OEV Network with the aim of enhancing their recaptured maximum extractable value (MEV) for its loyal users. This collaboration will surely leverage OEV’s layer-2 solution, which primarily focuses on capturing oracle extractable value which benefits users with improved data feeds and capital efficiency.

Enhancing Liquidity and Innovation on Sei

Yei Finance mainly partnered with OEV Network because OEV Network combined with AP13 powered data feeds helps to recapture MEV, unlock new growth and liquidity for the platform. AP13 recently stated the collaboration on Nov.12, focusing on the point that Yei Finance’s partnership will enable the Sei lending platform to offer expanded liquidity options and capital efficiency across various assets.

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Supporting Growth in Decentralized Finance

This collaboration makes strengthens Sei’s Defi market by improving lending and borrowing effectiveness and efficiency. Yei Finance is based on Aave V3 framework, provides and makes lenders happy with reward program launched in June. It’s Total Value Locked (TVL) has seen significant growth lately, so much so that it managed to reach $338.6 million, as per the information given by DeFiLlama. In comparison to others, Aave V3 still remains one of the largest DeFi lender with TVL exceeding $26 billion which is a huge amount. Highlighting Yei’s rapid and drastic growth within Sei ecosystem.

By making fair use of OEV Network’s capacities, Yei Finance seeks to pull more users and enhance Sei’s DeFi ecosystem.

UK Unveils Crypto Regulations to Rival US Leadership in Blockchain

United Kingdom just came up with new rules this month, focusing more on stablecoins and staking. This act is all to stay relevant with Trump’s pro Bitcoin US. Some delays have put them behind but there is still a shot to lead if they move fast enough. Clear regs = more crypto startups staying in the UK.

UK government is planning to introduce new crypto regulations this month to reassure businesses and especially to compete with Donald Trump’s sharp progress in crypto firms with a clear stance on the sector. A report says, UK treasury will reveal two pieces of legislation which are primarily focused on stablecoins and its staking services.

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The major step up by UK comes with new crypto rules for stablecoins and staking to keep up with Trump’s crypto-friendly US and the EU. Stablecoins will get industry input on rules, and staking won’t face heavy regulations anymore. There are delays however, that have put the UK behind, but there’s chance for bounce back as there’s plenty left for them but they must act fast. With newly elected president Trump hyping up Bitcoin reserves and mining, United Kingdom needs clear and chill regulations to keep crypto status from bouncing.

Crypto Launderer Pleads Guilty in $73M Scam, Faces Major Sentencing

In brief, A Chinese-American dual citizen, Daren Li, admitted his crime in California federal court on Nov. 11 for laundering proceeds from a $73 million crypto scam. He admitted to his role of being included in directing shell company accounts to hide the origins of stolen funds from unsuspecting investors.

Scheme Specifics and Cash Flow

Daren Li acknowledged that, between August 2021 and April 2024, he defrauded victims of millions of dollars by operating a cryptocurrency investment scam that included pig butchering. In order to launder the money, Li used to advise others to open bank accounts in the United States using shell corporations. The money was thereafter converted to Tether (USDT) and transferred to digital wallets under the control of the powerful individuals.. As per the court details, a single walled linked to the scam had received over $340 million which is just an absurd amount to even think of. Further more the filing said.

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Authorities Take Action

After being arrested at Atlanta airport in April, Li alongside his co-worker Yicheng Zhang, who was detained in Los Angeles were charged in May. Authorities noted that $73.6 million went swiftly and directly into accounts linked to the scheme, while $59.8 million flowed through U.S. shell companies created to further disguise the assets.

Upcoming Sentencing and Financial Penalties

Li’s sentencing has been scheduled for March 3, 2025 where he potentially faces upto 20 years in jail including about three years of supervised release and $500,000 fine. This doesn’t end the punishment because he may also be ordered to pay victims the amount they were scammed off which amounts to about $4.5 million and $73 million.

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