Tag: Cryptocurrency

Pump.fun Sells $25M in SOL as Solana’s Price Soars

Pump.fun has just sold 105K SOL, which is $25.14M after Solana price surged to $241.66. They have been cashing out their fees for months, sparking numerous debates. Its divided though, some say its fair while others worry it’s messing with SOL’s price stability. So far, they’ve sold out nearly $160M worth.

Pump.fun is basically a memecoin launchpad platform that helps launch and promote meme-based cryptocurrencies. It makes revenue earnings through fees from token transactions and has accumulated a large amount of Solana (SOL) tokens. However, them selling too much of SOL tokens have led to a problem.

Just recently it has sold another 105,000 SOL tokens which is valued at $25.14 million. This has been a major catalyst in intensifying pressure on Solana’s price. A blockchain analytics platform named Lookonchain revealed the transaction to the general public, noting that the tokens were transferred to Kraken in a single move.

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Pump.fun Sellings

Pump.fun has bagged huge profits as they sold huge chunks in the latest surge of Solana’s SOL. It had recently spiked from $135 to $241.66. This is no new news though, they’ve done this before, like when SOL hit $200 earlier this month. Since launching, they’ve racked up 1.3M SOL, selling $157M worth for costs. Some think it’s fair, but others worry it could mess with SOL’s price.

Read more: Crypto Podcaster Cobie Burns Majority of ‘UPONLY’ SOL Tokens in Bold Move

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.

South Korea Busts $230M Crypto Scam: 215 Arrested, 15,000 Victims

South Korea busted a huge $230M crypto scam, with over 15,000 victims suffered by their scam, most of the them were old people. This scheme was apparently run by a Youtuber with over 620K subs. Cops arrested him including 215 helpers, and tracked over 1400 accounts and seized $1.9M in Bitcoin. The mastermind for this was caught in Australia and the hunt for fund is still on.

South Koreans have just cracked down a massive organization that had managed to defraud over 15K investors including vulnerable older citizens , out of 325 billion won. According to a report by Gyeonggi Southern Provincial Police Agency’s Anti-Corruption and Economic Crime Investigation Unit, they have arrested 215 people associated with the scam. Among them 12 were considered higher level organizers of the plan. Every one of the suspects now face charges under South Korea’s Aggravated Punishment Act for Specific Economic Crimes.

The scam was mostly successful because of the influence of a youtuber who goes by the name “Mr. A”, he is the alleged ring-leader of this scam. He used his influence to lure in  investors with claims of quick riches, encouraging some to even sell their homes and take out loans to buy crypto assets that would supposedly yield “20 times the principal.” 

The scam was active from December 2021 to March 2023, and offered 28 different types of cryptocurrency tokens, six of which were self-created and listed on overseas exchanges to attract buyers. The scam was cruel on so many levels, victim’s personal info were also misused, many of them lost their life’s savings in this scheme. The alleged leader Mr.A ran away from South Korea and was eventually arrested in Australia.

Police reported that they found across 1444 bank accounts and seized 22 bitcoins which is worth $1.9 million, and requested court approval to confiscate approximately $34 million linked to the scam. They are now working on to get victims money returned to them and prevent further financial crimes.

Crypto Market Sees $650 Million in Liquidations as BTC and ETH Enter Overbought Zone

In short, the crypto market has experienced a steep increase in volatility over the past 24 hours, with total liquidations reaching $650 million. This has caused Bitcoin and Ethereum to reach overbought zone, signaling a potential market cooldown.

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Crypto Liquidations

Liquidations Spike Amid High Volatility

Coinglass provides data that shows the total liquidation have surged 70% in a day, with total amount of $650 million — $366 million in long position and $284 million in short positions. Bitcoin and Ethereum being face of crypto market, among other major cryptocurrencies are showing signs of an overbought market, which may bring forth a cooldown in their recent bull run.

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Bitcoin and Ethereum in Overbought Zone

Bitcoin recently reached all time high of $89,600 with it’s RSI hitting 75, a level that indicates it may be overbought. Ethereum also saw similar activity and reached it’s peak $3,241 before experiencing a gradual decline with it’s RSI standing at 74. This unusual and shocking activity suggests potential short-term volatility.

Market Sentiment and Speculation

After Bitcoin and Ethereum hit their all-time high, Experts are on the side of the bull-run’s sustainability. Cameron Winklevoss believes that this market cycle is being driven by institutional investments rather than retail. On the other hand, CryptoQuant CEO Ki Young Ju warns that the future crypto market may be bearish and overheated for 2025.

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Espresso Launches Mainnet for Cross-Chain Composability layer with a16z Backing

Summary

Espresso, a blockchain project backed by Andreessen Horowitz (a15z), has released it’s major confirmation layer on mainnet. This amazing achievement follows extensive testing and partnerships which promises enhanced cross-chain interactions and synchronous composability in the Ethereum ecosystem.

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Mainnet Launch of Core Confirmation Layer

Espresso a Blockchain project announced the mainnet release of it’s confirmation layer, with the aim of enhancing cross-chain composability in the Ethereum ecosystem. Espresso’s team took a juicy amount of time which is about two years of pure development and testing across five testnets to roll out this key infrastructure to enable reliable inter-chain interactions.

Improving Synchronous Composability

This confirmation layer allows chains to freely interact and validate each other’s state transitions through synchronous composability. This revolutionary shared infrastructure gives a “source of truth” for several blockchains, making sure they can read and confirm transaction data more efficiently.

Strong Industry Partnerships

Espresso has collaborated with ecosystem partners such as Cartesi, Airchains, Offchain Labs, Across Protocol and AltLayer. This ensures that its innovation has robust support system. The goal of these partnerships is to extend Espresso’s capabilities across several blockchain ecosystem by integrating its layer with modular, zero-knowledge solutions and bridge platforms.

Conclusion

With the support of an experience a16z and $28 million in Series B funding, Espresso’s mainnet debut is a significant milestone for Ethereum’s cross-chain compatibility and composability. With a robust network or partnerships and plans for phased implementation, Espresso’s infrastructure is poised to become a major force in decentralized banking

Andreessen Horowitz’s a16z Sees Bright Future for U.S. Crypto Industry

In brief, During his latest statement, venture capital Andressen Horowitz (a16z) showed optimism about the future of the U.S. crypto industry. A16z also strongly implied the growing scope and potential for regulatory clarity and opportunities for innovation, urging builders to remain focused on compliance while leveraging blockchain’s benefits for consumers.

A16z’s Optimistic Outlook

On Nov. 11, a16z launched a note stating it’s positive point of view on the United States crypto industry’s future. The firm then motivated the builders to take merit of the new coming regulatory clarity that could potentially create a more supportive and helping environment for crypto innovation. A16z leader also highlighted increasing interest from crypto founders, with many inquiring about how the latest political developments might impact their projects.

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Promising Consumer-Focused Applications

The letter explained in detail how the emerging blockchain technology could potentially empower day to day consumers by providing control over their digital identities, creating new business models for creators and providing facilities for low-cost global transactions. A16z also preferred the usage of stablecoins as tool to enhance payment efficiency, as well as a potential applications for decentralized social media and cross-border payments.

Hope for Regulatory Clarity

A16z very passionately pointed out the need for much clearer regulations to replace the current “regulation by enforcement” approach, which has more often than not left companies in uncertainty. The firm is optimistic about clearer policies allowing legitimate projects to grow while also enhancing consumer protection. It also assured it’s commitment towards fair policy in congress to sustain crypto innovation.

Conclusion

Andreessen Horowitz sees this as a significant time for United States to grow in Crypto industry. The firm still remains optimistic about their view on clear policy.

Crypto Market Surges to $3.12T, Surpassing Tech Giants in Valuation

The crypto market hit a massive hit of $3.12 trillion and majority of thanks goes to the impressive surge of Bitcoin, reaching as far as $89,500. This makes crypto more big than tech giants like Microsoft and is nearly on par with leading tech companies like Nvidia and Apple. If Bitcoin manages to cross $100K by end of the year, it could hit $2 trillion in market cap. In order to push the market to $4 trillion, experts are eyeing on altcoins for next rally. In short, crypto’s on fire and there’s no signs of if backing off anytime soon.

The cryptocurrency market is has reached a new milestone. Its going up like crazy, especially after the U.S. presidential election, as of just recent the total market capitalization by crypto has reached a staggering  $3.12 trillion. This has led it to surpass many massive tech giants including Microsoft and is right behind world’s top companies like Nvidia and Apple. This surge also largely benefitted Bitcoin and once again proved itself to be a must have digital asset right now.

As of November 12, the price of BTC is $88,656.67 after riding on 8% rise since past 24 hour. This coin alone holds market cap of over  $1.77 trillion which is larger than the GDP of Spain. Bitcoin’s today rally has also driven its market cap above that of silver yet again. Experts predict, this token has potential to cross $100K mark by the end of December, if that happens BTC will alone hold $2 trillion in market cap. This will surely boost overall crypto market scene and push its overall market capitalization to $4 trillion.

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However  Rachael Lucas from BTC Markets believes the push towards $4 trillion will not solely be because of BTC. She says it requires help from up and coming altcoins’ upward thrust. While this will reduce Bitcoin’s dominance, no other platform is even close to BTC so it shouldn’t affect much.

Nevertheless, as Bitcoin continues to dominate, other virtual currencies such as Ethereum and Solana are also expected to comply with the upward trend.

HIVE Digital Expands with 6,500 New ASICs and Paraguay Mining Facility

In brief

With the acquisition of 6,500 additional ASIC miners and the building of a 100 megawatt renewable energy mining facility in Paraguay, HIVE Digital is increasing its mining capacity. These steps will assist HIVE reach its goal of sustainable growth by boosting capacity and efficiency.

HIVE Acquires 6,500 ASIC Miners

HIVE Digital has ordered 6,500 advanced ASIC miners from Canaan Inc., each offering 185 terahashes per second. The first 500 units will arrive this week, with the remainder expected by early 2025. This upgrade will raise HIVE’s mining power to 6 exahashes per second by March 2025.

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Increasing Mining Efficiency and Capacity

HIVE anticipates increasing its mining capacity and efficiency with a higher hashrate. Following the announcement, the company’s stock increased by more than 15%, indicating that the market was confident in its strategic improvement.

Sustainable Infrastructure in Paraguay

HIVE is currently building a 100 MW renewable energy mining operation in Paraguay in conjunction with the ASIC update. HIVE’s capacity is anticipated to reach 12.5 EH/s by late 2025, with the first 30 MW projected to be operational by early Q2 2025.

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Conclusion: With new, energy-efficient miners and a renewable energy facility, HIVE is expanding sustainably and positioning itself for growth in the Bitcoin mining sector.

MicroStrategy Increases Bitcoin Holdings to $22 Billion

In brief, investing $2 billion to purchase an extra 27,200 Bitcoin, Michael Saylor’s MicroStrategy has once again made a substantial addition to its holdings. With this most recent acquisition, MicroStrategy’s total Bitcoin holdings now total an incredible 279,420 BTC, which is currently valued at nearly $22 billion. Saylor’s aggressive plan to establish his business as one of the biggest institutional Bitcoin holders is strengthened by this action.

MicroStrategy’s Latest Bitcoin Investment

Michael Saylor’s software giant, MicroStrategy, continues to double down on its ambitious Bitcoin acquisition strategy. Saylor revealed the company’s most recent acquisition of $2.03 billion worth of Bitcoin on November 11, increasing its current holdings by 27,200 BTC. MicroStrategy has secured its position as a prominent corporate Bitcoin holder by increasing its total Bitcoin reserves to 279,420 BTC since the business began investing in Bitcoin in 2020. The average purchase price for this recent acquisition was approximately $74,463 per BTC, according to MicroStrategy’s public disclosures.

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Bitcoin’s Boom After the Election

MicroStrategy’s acquisition coincided with a time when Bitcoin was experiencing strong upward momentum. The price of Bitcoin has surged since Donald Trump was elected president, hitting a fresh high of $83,400. Rekindled confidence about pro-crypto policies and favorable macroeconomic conditions have increased investor demand for digital assets. Bitcoin’s market value alone has increased to $1.6 trillion due to post-election inflows and continued interest from both institutional and individual investors. Since Trump’s victory, the cryptocurrency market has seen an infusion of over $500 billion, much of it focused on Bitcoin, enhancing its standing as an inflation hedge and store of value.

Getting Money to Purchase More Bitcoin

MicroStrategy revealed intentions to raise an additional $42 billion through debt and stock transactions to support its aggressive buying strategy, which will enable the company to keep accumulating Bitcoin. Saylor, a strong supporter of Bitcoin, believes that it is a better store of value than conventional investments. In a recent interview, Saylor stated, “As part of our long-term strategy, we are focused on increasing our Bitcoin reserves as institutional demand grows.”

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Market optimism and record inflows

The investment by MicroStrategy coincides with a surge in market interest in digital assets, as evidenced by the record $31.3 billion in inflows into cryptocurrency products so far this year. According to experts, this spike in inflows, which was sparked by Trump’s victory and investor optimism, may encourage further appreciation of Bitcoin and other digital assets. Analysts advise investors to use caution when navigating the current bullish environment, pointing out that the sharp increase may potentially contain hazards of market excitement.

Nano Labs Embraces Bitcoin Payments as Strategic Move in Digital Economy

In brief, In a strategic move toward digital finance, Nano Labs, a Chinese company that designs cryptocurrency-mining chips, has begun to accept Bitcoin as payment for its goods through Coinbase. The action demonstrates Nano Labs’ dedication to a “long-term vision” in the developing digital economy and is in line with growing interest worldwide in crypto-enabled transactions in the technology industry.

Bitcoin Payments and Strategic Vision

Nano Labs, based in Hangzhou, announced its acceptance of Bitcoin payments, facilitated through a Coinbase business account, to meet the increasing demand for cryptocurrency in cross-border transactions. This decision is part of a broader plan to align with digital economic trends. The company has yet to clarify if it will hold Bitcoin on its balance sheet.

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Effect on the Stock and Market Reaction

Strong investor interest and trust in Nano Labs’ trajectory toward embracing bitcoin was demonstrated by the 5.6% increase in the company’s stock price to $3.40 in pre-market trading after the announcement.

Background of the Organization

The Cuckoo and Darkbird chips are the products of Nano Labs,a fabless IC designer founded in 2019 by Kong Jianping and Sun Qifeng. The company has made a substantial amount of money in China since going public in July 2022, demonstrating its position as a major technology supplier in the area.

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