Bitcoin Price: US$ 97,244.07 (+0.82%)
Ethereum Price: US$ 3,707.61 (+0.11%)
Japanese cryptocurrency exchange DMM Bitcoin is set to liquidate after losing $320 million in a hack involving a private key breach in May that led to the theft of over 4,500 BTC. The company plans to transfer customer assets to SBI VC Trade by March 2025, following a basic agreement with the exchange operator under SBI Group. Meanwhile, MicroStrategy’s chairman Michael Saylor recently pitched to Microsoft’s board, claiming the tech giant could increase its market value by nearly $5 trillion by going all-in on Bitcoin. He proposed that Microsoft convert its cash flows, dividends, and stock buybacks into Bitcoin, which he believes would significantly boost its stock price and long-term enterprise value. In another development, Boyaa Interactive International, a Hong Kong-based gaming company, swapped $49 million worth of Ether for Bitcoin, adjusting its treasury strategy to expand Bitcoin reserves. The company now holds over $310 million in Bitcoin and plans to continue building its BTC reserves based on the cryptocurrency’s future prospects.
Ripple’s XRP surpassed Solana’s market capitalisation on December 1, becoming the fourth-largest cryptocurrency after a surge fuelled by partnerships, product developments, ETF prospects, and unverified rumours about Elon Musk’s involvement. Ripple Labs’ busy November included multiple ETF filings, the tokenisation of a $4.77 billion fund, and regulatory approval rumours for its RLUSD stablecoin, contributing to XRP’s seven-year price peak. In other news, Meta’s Diem stablecoin project, which aimed to revolutionise global payments, was terminated in 2022 due to political pressures and banking industry resistance. Former Diem head David Marcus reflected on its failure and emphasised Bitcoin’s neutrality and resilience as the optimal foundation for a decentralised monetary network. Bitcoin achieved a 129% year-to-date gain in 2024, driven by halving-related supply effects and post-election optimism, nearing the psychological $100,000 mark. However, its falling dominance suggests a potential altcoin season as investors rotate into alternative cryptocurrencies.
Pump.fun, a Solana memecoin launchpad, experienced a 66% revenue drop after disabling its livestream feature due to reports of harmful content, including threats of violence. Its response to community backlash highlighted the challenges of moderating user-generated content and raised concerns about potential legal consequences. Meanwhile, NFT sales surged by 57.8% in November, reaching $562 million, driven by notable gains in collections like CryptoPunks and Pudgy Penguins. Ethereum and Bitcoin networks led the recovery, with Bitcoin seeing a 99.44% sales increase, signalling renewed interest in digital collectibles after months of declining volumes. In South Korea, the Democratic Party agreed to delay the crypto capital gains tax until 2027, reversing its previous push for a 2025 implementation. This decision aligns with the ruling party’s stance to avoid stifling the crypto market, though past delays and debates have underscored the contentious nature of taxing digital assets.
Ether is forming a “cup-and-handle” pattern, signalling a potential surge of up to 97% by Q1 2025, with price targets reaching $7,238 if it holds $3.8K as support. Despite a 47% increase in price since November 1, analysts expect a significant breakout as the USD index weakens. Furthermore, spot Ether ETFs have reached record inflows, surpassing $330 million in daily investments, with BlackRock leading the charge. This highlights strong institutional interest and a broader market shift where Ether ETFs are outpacing Bitcoin ETFs as the decentralised finance ecosystem gains momentum. In contrast, Bitcoin is predicted to reach a local top of over $110K by January 2025, driven by rising global liquidity. Some analysts are forecasting up to $132K in 2025 due to an increased money supply, further supported by potential political changes, including the possibility of a Bitcoin reserve under the Trump administration.
Source: https://cointelegraph.com
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