Kelvin Munene Murithi, Author at coinpress https://coinpress.live/author/kelvin/ coinpress - 24*7 Crypto Updates Sat, 11 Jan 2025 23:28:05 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://coinpress.live/wp-content/uploads/2023/11/cropped-coinpress_logo2-32x32.png Kelvin Munene Murithi, Author at coinpress https://coinpress.live/author/kelvin/ 32 32 Why Bitcoin Transfer Hits $903M on the 16th Anniversary of $0 BTC Tweet https://coinpress.live/why-bitcoin-transfer-hits-903m-on-the-16th-anniversary-of-0-btc-tweet/ Sat, 11 Jan 2025 23:28:05 +0000 https://coinpress.live/?p=233149 The Bitcoin network has experienced a surge in activity as $903 million worth of Bitcoin was transferred in the past 24 hours. This development coincided with the 16th anniversary of Bitcoin’s first-ever mention on Twitter, a pivotal moment in cryptocurrency history. Blockchain trackers have identified a series of large transactions involving unknown wallets and major

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The Bitcoin network has experienced a surge in activity as $903 million worth of Bitcoin was transferred in the past 24 hours. This development coincided with the 16th anniversary of Bitcoin’s first-ever mention on Twitter, a pivotal moment in cryptocurrency history.

Blockchain trackers have identified a series of large transactions involving unknown wallets and major exchanges, raising questions about the motive behind these significant transfers.

$903 Million in Bitcoin Moves Across Wallets and Exchanges

According to the data from the blockchain analytics service Whale Alert, there have been 10 large Bitcoin transactions in the last 24 hours with the total transaction amount of about 903 million BTC. The transfers primarily involved changing between addresses of unknown entities and  cryptocurrency exchanges like Kraken, Binance and Robinhood.

Among the largest ones, there were 620 BTC for $58.4 million, 888 BTC for $83.8 million, and 1,027 BTC for $96.7 million sent from Kraken to various unknown wallets. Also, 1,164 BTC or $109,700,000 was transferred between the wallets with unknown owners, and Robinhood sent 600 BTC or $56,800,000 to another unknown wallet.

There was also much action on Binance as 999 BTC valued at $93.6 million was transferred from an unknown wallet. The same pattern continued with 1,881 BTC worth $176.5 million being sent to Kraken from other anonymous wallets. These movements have raised questions into whether the activity is related to sales, purchases or over the counter transactions.

Potential Reasons Behind Bitcoin Transfers

The cause of such a significant volatility of BTC  price remains unknown, but there are several hypotheses. Transfers to exchanges like Kraken and Binance are usually a signal of the sellers while withdrawals to unidentified addresses could be a signal of accumulation.

OTC trading can also be another possible reason because it enables buyers and sellers to transact large volumes of crypto without necessarily affecting the general market. Due to the fact that some of the wallets can be anonymous, it is difficult to establish the exact final intent for these transactions.

Others have suggested that this could be due to some form of market positioning or potential future market event or institutional reallocation of assets. Nevertheless, without more information, the motives for these transfers are uncertain.

BTC Marks 16th Anniversary of $0 Value Tweet

The timing of these transactions coincides with Bitcoin’s 16th anniversary of its first-ever public mention. On January 11, 2009, Hal Finney, one of Bitcoin’s earliest supporters, tweeted, “Running Bitcoin.”

This marked the cryptocurrency’s debut on social media and has since become a historic milestone in its journey from obscurity to global recognition.

At the time, Bitcoin price was at $0, as adoption and utility were still in their infancy. Since then, Bitcoin’s price has risen dramatically, currently trading at $94,306. Although it remains far from Hal Finney’s long-term prediction of $10 million per coin, its progress continues to inspire confidence among investors.

Bitcoin Price Rally Looming? 

At present, Bitcoin’s price is trading slightly below its recent all-time high (ATH) of $108,268, reached in December 2024. Despite this, analysts believe that the market remains in a bullish phase. 

On-chain data from Glassnode indicates that Bitcoin’s long-term holders are still in profit, with no significant loss-making among this group.

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As Bitcoin remains just over $94,000, some traders anticipate further price volatility in the near term. A correction to around $91,000 has been suggested as part of an Elliott Wave price analysis, but some forecasts predict that Bitcoin could reach as high as $210,000 before mid-February 2025.

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Coinbase CLO Paul Grewal Calls Out FDIC Over Incomplete FOIA Responses https://coinpress.live/coinbase-clo-paul-grewal-calls-out-fdic-over-incomplete-foia-responses/ Sat, 11 Jan 2025 04:12:05 +0000 https://coinpress.live/?p=232994 Paul Grewal, Chief Legal Officer (CLO) of Coinbase, raised concerns regarding the Federal Deposit Insurance Corporation’s (FDIC) handling of Freedom of Information Act (FOIA) requests. Grewal’s remarks came after Coinbase encountered redacted and incomplete responses from the FDIC, which raised questions about the agency’s transparency. Coinbase CLO Paul Grewal Calls Out FDIC In a series

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Paul Grewal, Chief Legal Officer (CLO) of Coinbase, raised concerns regarding the Federal Deposit Insurance Corporation’s (FDIC) handling of Freedom of Information Act (FOIA) requests. Grewal’s remarks came after Coinbase encountered redacted and incomplete responses from the FDIC, which raised questions about the agency’s transparency.

Coinbase CLO Paul Grewal Calls Out FDIC

In a series of posts on X, Coinbase CLO Paul Grewal has outlined concerns about the FDIC’s process in responding to FOIA requests. He claimed that the FDIC did not perform full-text searches in its Regional Automated Document Distribution (RADD) database. In addition, the agency reportedly denied the requests for documents that were stored in collaboration tools like Microsoft Teams, thus restricting the range of the disclosed data.

Coinbase CLO Paul Grewal also pointed to specific guidelines in the FDIC’s instructions that required setting some documents as deliberative or attorney-client privileged, which he argues was done to avoid sharing them. Additionally, Coinbase found that at least 150 documents that are potentially related to the case were not included in the FOIA replies provided by the FDIC. Grewal pointed out these loopholes as a cause of concern in the agency’s accountability.

The FDIC representatives answered saying,

“Considering the increase in the scope of your requests, we shall need time to deliberate on your communication and provide our response.”

Concerns About FDIC’s Use of “Pause Letters”

The controversy includes the FDIC’s use of “pause letters” sent to banks, urging them to halt services to cryptocurrency clients. Coinbase alleges these letters were later redacted heavily under FOIA Exemption 8, which protects sensitive financial regulatory matters. 

Paul Grewal claims the exemption was misused to hide information that was not initially considered confidential.

The letters allegedly focused on issues like cryptocurrency lending, stablecoins and blockchain based payment systems. Coinbase Chief Legal Officer Paul Grewal noted that such actions posed legal risks for compliant crypto businesses since banks were not provided with explanations for the restrictions.

Operation Choke Point 2.0 Allegations Resurface

This has brought back the conversation about the ‘Operation Choke Point 2.0’ which was a term used to explain the claims of regulators to deny banking services to cryptocurrency companies. The critics have ascribed the FDIC and other regulators to covertly forcing the banks to shy away from processing crypto transactions using the cover of compliance.

The letters, which were written in 2022 and 2023, showed that the FDIC instructed the banks to cease services on different cryptocurrency products but had not given further instructions afterwards. Critics have claimed that this has slowed down innovation and prevented the expansion of financial services within the crypto industry.

Similarly, some of the comments made by Coinbase CLO Paul Grewal have elicited reactions from other legal and political personalities such as Senator John E. Deaton. Deaton called for more supervision, and noted that the danger of officials discretionarily cutting off access to financial networks cannot be overlooked.

The Coinbase CLO also pointed out that the FDIC should answer clearly as the information disclosed should be made public to ensure that all industries are treated equally, including the cryptocurrency industry.

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Meta Shareholder Requests Board to Consider Bitcoin Treasury https://coinpress.live/meta-shareholder-requests-board-to-consider-bitcoin-treasury/ Sat, 11 Jan 2025 02:18:51 +0000 https://coinpress.live/?p=232989 A Meta shareholder has submitted a proposal urging the company to assess the potential benefits of incorporating Bitcoin into its treasury. The proposal highlights Bitcoin’s historical growth and its potential as an inflation-resistant asset compared to traditional cash and bonds. Meta Shareholder Board to Consider Bitcoin Treasury? As per the proposal, by the end of

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A Meta shareholder has submitted a proposal urging the company to assess the potential benefits of incorporating Bitcoin into its treasury. The proposal highlights Bitcoin’s historical growth and its potential as an inflation-resistant asset compared to traditional cash and bonds.

Meta Shareholder Board to Consider Bitcoin Treasury?

As per the proposal, by the end of the year 2024, that is, by December 30, the price of Bitcoin had increased by 124% in a year which was even better than the average performance of bonds.

In the last five years, the price of Bitcoin has risen by 1,265%, while bonds have been a distant second with an average return difference of 1,245%. Amid this announcement, Bitcoin price has seen a recovery with the price swaying between an intra-day high and low of $95,770 and $92,250, respectively.

The submission also points out that cash and cash equivalents (which account for $72 billion out of $256 billion of Meta’s total assets as of September 30, 2024) are vulnerable to depreciation owing to inflation. It posits that integrating a part of these cash reserves with Bitcoin may be a way of preserving shareholder value even with the known volatility of Bitcoin.

Bitcoin Adoption Among Corporations and Institutions

The proposal emphasizes the transition of Bitcoin from an investment or a payment method to a treasury asset for companies and institutions. MicroStrategy, a business that acquired Bitcoin early on, claimed that its equity rose by 17,000% through using BTC in its balance sheeting strategy. Likewise, Square (now Block) was 2.5 times better than the Nasdaq index and 12 times better than Meta’s performance.

Moreover, BlackRock, the second biggest Meta’s institutional investor, has introduced a Bitcoin ETF that turned into the most popular ETF in history. BlackRock has also come out in public stating that 2% of investment in Bitcoin is a good approach towards investing for the future.

The Meta shareholder’s proposal is that an allocation of this kind for Meta’s treasury could demonstrate progressive financial stewardship and be consistent with other leading companies.

Support from Meta Leadership and Industry Trends

According to the proposal, Meta’s leadership and its stakeholders have displayed interest in Bitcoin and its ecosystem. Meta’s founder, Mark Zuckerberg, and its board member Marc Andreessen who is also a member of Coinbase’s board has previously supported blockchain and cryptocurrencies. 

The shareholder argues that Meta shareholders should receive treasury management strategies that are similar to the sophisticated financial management strategies that most probably, some of Meta’s directors and executives have used.

The submission also mentions several companies and governments considering Bitcoin or already implementing it in the treasuries. For example, a bill was recently submitted to the New Hampshire legislature, which provides for the ability of the state treasury to hold Bitcoin as a reserve asset together with precious metals such as gold and silver. 

In the same way, public firms such as Heritage Distilling Holding Company and Genius Group Ltd have also embraced Bitcoin where Genius Group Ltd for instance purchased $5 million worth of bitcoins as part of its Bitcoin-first strategy.

Request for Assessment and Fiduciary Duty

The proposal calls on Meta’s board to perform an assessment to find out if it would be in the best interest of shareholders to include Bitcoin in Meta’s reserve. Thus, it postulates that as a fiduciary duty, the board should consider investments that can yield a return higher than cash and bonds, even if these investments are associated with higher risks.

Meta has always been known as a technology leader and a pioneer of new approaches to business. The Meta shareholder argues that this will strengthen this reputation by making Meta as one fo the first corporations to embrace Bitcoin. The request is more of a proposition but does not require a particular action, which focuses on the need to evaluate the possibility of using Bitcoin as a strategic asset.

Concurrently, John Deaton, a pro crypto lawyer has pointed out that Microsoft shareholders recently rejected the idea of investing in Bitcoin after a similar motion was made. Deaton further explained that Meta shareholders might find themselves in a similar situation but pointed out that companies that are waiting for future legislation that supports Bitcoin adoption such as the State Bitcoin Reserve (SBR) provisions in the Lummis Bill might view BTC as an acquisition of strategic importance.

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New Hampshire Bill Proposes Investment In Bitcoin and Gold https://coinpress.live/new-hampshire-bill-proposes-investment-in-bitcoin-and-gold/ Fri, 10 Jan 2025 21:09:04 +0000 https://coinpress.live/?p=232975 A new bill introduced by New Hampshire Representative Keith Ammon could authorize the state treasury to hold Bitcoin and precious metals as reserve assets. The proposed legislation would permit the state to store Bitcoin alongside traditional assets such as gold, silver, and platinum, making New Hampshire one of the first U.S. states to formally consider

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A new bill introduced by New Hampshire Representative Keith Ammon could authorize the state treasury to hold Bitcoin and precious metals as reserve assets. The proposed legislation would permit the state to store Bitcoin alongside traditional assets such as gold, silver, and platinum, making New Hampshire one of the first U.S. states to formally consider such a move.

Hampshire Bill Proposes Investment in BTC and Gold

The bill presented by Republican lawmaker Keith Ammon explains the plans to build a “strategic reserve” for the state with both physical and digital currencies. The bill aims at making it possible for New Hampshire’s treasury to invest in Bitcoin and precious metals for its reserves.

Consequently, this represents a paradigm shift in the manner that states handle their financial assets as cryptocurrencies continue to gain acceptance.

The bill also provides for how the digital assets will be secured as seen in the “secure custody solutions”. This would mean that the state would have to work with so called “qualified custodians” in order to avoid possible risks connected with storage of digital assets. The legislation seeks to address security and legal issues that are important especially given that more states are turning to cryptocurrencies like El Salvador BTC buying strategy.

Rising Interest in Bitcoin Reserves Across States

New Hampshire’s proposal follows similar steps taken by other states, such as Texas, Ohio, and Pennsylvania. The idea toward using Bitcoin as a reserve has become more popular in the last one year as more people are embracing cryptocurrencies and the use of decentralized finance.

Incoming US president Donald Trump has also contributed to the discussion recently during his campaign where he pledged that United States would become the leader of cryptocurrency. The Trump administration had previously stated that the federal government owns 207,000 Bitcoin and this gave steam to other state-level initiatives like the one in New Hampshire.

Dennis Porter, CEO of the Satoshi Action Fund, confirmed the bill’s introduction in a statement posted on the X . According to Porter, the bill seeks to position New Hampshire as a forward-thinking state by embracing digital assets and ensuring their safe storage.

Global Interest in BTC as a Reserve Asset

The idea of using Bitcoin as part of government reserves is not limited to the United States. Countries such as Brazil and Poland have also begun exploring this concept, with some nations taking steps to include cryptocurrencies in their national treasuries.

Notably, Bhutan recently announced its plans to expand crypto adoption in its Gelephu Mindfulness City (GMC) initiative. Bhutan’s decision to hold Bitcoin, Ethereum, and Binance Coin in its reserves highlights the growing global acceptance of digital assets. Binance Co-Founder Changpeng Zhao remarked that this approach reflects a willingness to diversify reserves beyond Bitcoin alone.

Should the bill be approved, New Hampshire may become a pioneer in the implementation of the cryptocurrency into the public sector financial systems. However, the bill could be opposed by politicians who remain skeptical of the digital assets’ price fluctuations and the safety of storage solutions.

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Senate Banking Committee Advances Plans for Crypto Subcommittee Vote https://coinpress.live/senate-banking-committee-advances-plans-for-crypto-subcommittee-vote/ Fri, 10 Jan 2025 02:41:07 +0000 https://coinpress.live/?p=232825 The Senate Banking Committee, under the leadership of Senator Tim Scott, is preparing to establish its first-ever subcommittee focused on cryptocurrency oversight. This initiative comes amid increased government attention on digital assets, including the recent sale of $6.7 billion in Bitcoin seized from the Silk Road case by the U.S. Department of Justice. The move

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The Senate Banking Committee, under the leadership of Senator Tim Scott, is preparing to establish its first-ever subcommittee focused on cryptocurrency oversight. This initiative comes amid increased government attention on digital assets, including the recent sale of $6.7 billion in Bitcoin seized from the Silk Road case by the U.S. Department of Justice.

The move is seen as part of broader efforts to provide regulatory clarity for the rapidly growing cryptocurrency industry. According to a report shared by FOX Business reporter Eleanor Terrett, Senator Cynthia Lummis has been tentatively selected to chair the subcommittee.

Senate Banking Committee Pushes for Dedicated Crypto Subcommittee

The new cryptocurrency subcommittee is similar to the one established in the House Financial Services Committee in 2023 by Patrick McHenry. The decision made by the Senate Banking Committee is in line with the efforts made by both parties to fill the gaps in the regulation of cryptocurrencies, which has been a concern within the digital asset industry.

A Senate aide stated that a vote to formalize Senator Lummis as chair with new Republican and Democrat members will most probably take place next Thursday. This vote is to occur before another confirmation hearing for Scott Turner, the person chosen by President-elect Donald Trump for the position of Secretary of Housing and Urban Development.

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

Industry Seeks Clearer Regulations Amid Government Action

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

The formation of the Senate’s crypto subcommittee is likely to make the process of enacting coherent and comprehensible legislation even easier. This follows other actions by the government in the crypto sphere such as the sale of Bitcoin that was seized from Silk Road. The DOJ’s auctioning off of $6.7 billion worth of Bitcoin not only represented a significant enforcement action, but also highlighted the government’s increasing presence within the asset class.

As the change of government admin looms, the cryptocurrency industry is also putting pressure on the incoming President of the United States, Donald Trump, to support friendlier policies. Moreover, sources indicate that industry leaders have called for formation of a US Bitcoin reserve and executive orders to foster advancement of the blockchain technology.

Expectations for Senator Lummis’s Leadership

If approved as chair, Senator Cynthia Lummis will have a pivotal influence on setting up the new course for the U.S. cryptocurrency policies. Lummis has long been a proponent of digital assets, often campaigning for their acceptance into the US financial system.

This comes amidst appointments by the Trump administration to replace important regulatory heads such as SEC Chair Gary Gensler with others that are more liberal in the cryptocurrency space. There has also been a suggestion of a new White House position called the “Crypto Czar” within the transition team’s plans.

The creation of the Senate’s cryptocurrency subcommittee has been seen as a significant move to help combat the problems facing the sector. This is anticipated to help promote discussions between the government and businesses to support growth and coordination on regulations.

The vote to set the final list of the members of the subcommittee will be held on Thursday.

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Analyst Predicts New Ethereum Price ATH Amid Fidelity’s $103m ETH Transfer https://coinpress.live/analyst-predicts-new-ethereum-price-ath-amid-fidelitys-103m-eth-transfer/ Thu, 09 Jan 2025 20:55:11 +0000 https://coinpress.live/?p=232817 Ethereum price has been on the edge lately with recent Fidelity Digital Assets deposit of $103.55 million worth of ETH into Coinbase speculating sell-off concerns. The transactions, executed through Cumberland, have drawn attention from analysts, with some predicting a new all-time high (ATH) for Ethereum price despite this move. This comes amid Fidelity reiterating its

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Ethereum price has been on the edge lately with recent Fidelity Digital Assets deposit of $103.55 million worth of ETH into Coinbase speculating sell-off concerns. The transactions, executed through Cumberland, have drawn attention from analysts, with some predicting a new all-time high (ATH) for Ethereum price despite this move.

This comes amid Fidelity reiterating its position on Ethereum’s fundamentals in the future, thus paving way for a possible ETH price rally to ATH in 2025.

Fidelity’s $103M ETH Transfer Raises Investor Optimism

In two transactions, Fidelity has transferred a total 31,249 ETH to Coinbase which is equal to $103.55 million. The last transaction of 11,250 ETH which was worth $36.9 million occurred only after the announcement.

These changes are being made by the crypto arm of the asset management firm while Ethereum continues to hold ground amidst bearish trends. This comes after Fidelity’s Look Ahead report highlighted on the strong fundamentals of Ethereum, a factor that is positive for the Ethereum price.

The report also points out that Solana is rapidly expanding, however, Ethereum remains more attractive to developers, has a higher TVL, and more stablecoins.

Ethereum Price Eyes New All Time High

The current price action of Ethereum suggests that the market is at the beginning of the uptrend, since the price has been making higher highs and higher lows on the long-term chart. As per the analysts, there are major support and resistance levels that could be the key to determining the price of Ethereum in the coming months.

Ethereum price has retraced from the recent high of $3926 and is currently trading around the support area of $3280 to $3183. This pullback is viewed as a correctional move before the bulls can be expected to come into play again. Crypto analysts have suggested that the ETH/USD pair must hold between $3.5k and $4k to ensure the continuation of the uptrend.

Some key ETH price resistances have been identified at $3,926, $4,614, and a possible Ethereum price breakout to $5,100 to $6,450.If bears take control of market, the crypto analyst has laid down potential support levels at $2,937 and $2,400.

Institutional Activity Fuels Long-Term Confidence

Concurrently, the institutional interest in Ethereum has been gradually increasing, which is supported by Fidelity’s transactions. The ability of Ethereum to be accessed via exchange-traded products is an edge it has over other blockchain networks such as Solana.

Still, Fidelity’s report points out that Solana has been growing since it offers relatively low costs and faster transaction times. However, it suggests that a significant part of Solana’s income is generated from memecoins, which may not be very effective during bear markets. On the other hand, Ethereum is believed to be less influenced by speculation, which makes it more suitable for investors with a longer horizon.

The report also highlights the upcoming Prague/Electra (Pectra) upgrade of Ethereum that focuses on increasing the platform’s scalability and user protection. Although the upgrade may not necessarily cause a rise in the ETH price in the short term, it will help improve the network’s capabilities.

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Bitcoin Miner Loses Case To Recover $770M in BTC Buried in Newport Landfill https://coinpress.live/uk-court-denies-james-howells-claim-on-600m-bitcoin-from-landfill/ Thu, 09 Jan 2025 16:31:27 +0000 https://coinpress.live/?p=232788 A UK high Court judge has dismissed Bitcoin miner James Howells’ legal effort to recover a hard drive containing access to Bitcoin worth £600 million (almost $770 million). The decision, handed down by Judge Andrew John Keyser KC, marks the end of a long-standing legal battle between Howells and Newport City Council over access to

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A UK high Court judge has dismissed Bitcoin miner James Howells’ legal effort to recover a hard drive containing access to Bitcoin worth £600 million (almost $770 million).

The decision, handed down by Judge Andrew John Keyser KC, marks the end of a long-standing legal battle between Howells and Newport City Council over access to a landfill site in South Wales, Great Britain.

Court Denies Bitcoin Miner James Howell’s Claim

An early Bitcoin miner James Howells, said that he threw away a hard drive with 7,500 BTC in it in 2013. The council countered that once the hard drive was in the landfill, it became the property of the council under the current disposal of waste laws. The court also heard that environmental permits did not allow digging the landfill to extract the device.

According to the BBC report, Judge Keyser KC has dismissed Howells’ lawsuit stating that there are no reasonable grounds for the claim and there is no reasonable likelihood of success at trial. In the written judgment, the judge said that there was no good reason why the claim should be permitted to continue.

Howells had several times presented Newport City Council with a piece of the Bitcoin, which he estimated could be worth over £1 billion ($1.2 billion) by 2026 if the council helped him access the hard drive.

Environmental Concerns Block Newport Landfill Access

Newport City Council told the court that James Howell should not be allowed to use the landfill because it would be against the law. The landfill, which contains over 1.4 million tonnes of waste, cannot be excavated under the current permit.

James Howells said that the search had been concentrated on an area that contained 100,000 tonnes of waste, where the hard drive was last known to be. However, the council argued that just trying to get the hard drive back could also be dangerous to the environment.

The council’s legal representative, James Goudie KC, stated that the planned excavation would make the council have to “play fast and loose” with the environmental laws. The court supported the council arguing that a set of waste management legislation was more significant than Bitcoin miner’ rights to the lost device.

Bitcoin to Remain Buried Impacting its Value

James Howell bought the 7,500 BTC in 2009 when the currency was not very valuable. Since then, the value of Bitcoin has increased, and in recent years, it has touched historical market values. Between 2024 alone, the price of Bitcoin rose by over 80%, and Howells felt that he had to act faster and renewed the efforts to get his BTC back.

At the time of the decision of the court, BTC price was standing at nearly $94,000, thus making the lost wallet one of the most valuable single ownership of bitcoins. Howells said that the lost funds could be a life-changing amount of money, but he could not retrieve the hard drive due to legal and regulatory restraints.

However, Howells had said earlier that he was ready to wheel his case to the UK Supreme Court. However, with the dismissal of the claim, it is quite difficult for him to recover the lost Bitcoin.

The James Howell case has drawn attention to the broader issue of lost Bitcoin and its potential effect on the cryptocurrency market.

In a separate case, the United States government liquidated 69,370 BTC, worth $6.7 billion, seized from the Silk Road marketplace. The US DOJ decided to go ahead with selling Bitcoin amid fluctuations in prices. Bitcoin’s volatility has also been highlighted, as the digital asset briefly fell below $92,000 following the recent liquidation.

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CFTC Chair Candidates Interviewed as Donald Trump Eyes Crypto-Friendly Policies https://coinpress.live/cftc-chair-candidates-interviewed-as-donald-trump-eyes-crypto-friendly-policies/ Thu, 09 Jan 2025 01:53:53 +0000 https://coinpress.live/?p=232647 As President-elect Donald Trump prepares to take office on January 20, the cryptocurrency industry is closely monitoring his decision on appointing the next Commodity Futures Trading Commission (CFTC) chair. With outgoing CFTC Chair Rostin Behnam set to step down on inauguration day, the new appointee is expected to play a crucial role in shaping the

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As President-elect Donald Trump prepares to take office on January 20, the cryptocurrency industry is closely monitoring his decision on appointing the next Commodity Futures Trading Commission (CFTC) chair.

With outgoing CFTC Chair Rostin Behnam set to step down on inauguration day, the new appointee is expected to play a crucial role in shaping the regulatory framework for the growing digital asset market in the United States.

CFTC Chair Candidates Interviewed by Trump Admin

According to Fox Business, a number of candidates have been reportedly met with by Trump’s transition team for the CFTC chair position with at least six individuals in the running for the post. Current frontrunners for the CFTC position include Summer Mersinger, the CFTC Commissioner, and Brian Quintenz, the current head of crypto policy at Andreessen Horowitz (a16z). The two candidates are familiar with cryptocurrencies and have some experience in the regulation of the industry.

Quintenz has experience in the development of crypto regulations as he served at the CFTC and worked with the former chair Chris Giancarlo to issue clearance for Bitcoin and Ethereum futures contracts. The fact that he is connected to Andreessen Horowitz is beneficial because its founder Marc Andreessen is one of Trump’s leading advisors on crypto and AI.

Mersinger, who is a sitting commissioner at the CFTC, is also an influential policy maker in Washington D.C. She has been a champion for innovation while standing for the rights of consumers within the cryptocurrency industry. She has been applauded by the industry participants for her dissents on enforcement actions against decentralized finance (DeFi) platforms.

A Shift in Crypto Regulation Under Trump’s Administration

The CFTC chair pick is particularly significant due to Donald Trump’s aspiration to make the US the leading country in cryptocurrency innovation. The current outgoing Biden administration, with the SEC Chairman, Gary Gensler, has adopted a more enforcement-oriented approach to crypto regulation. This approach upset the crypto industry that said that such an approach creates ambiguities and drives businesses away to other countries.

On the other hand, President elect Donald Trump has indicated that he will pursue a less hostile approach to regulation. While on the campaign trail, he was endorsed by many crypto executives and vowed to reverse what he and others saw as excessive regulation.

There are already appointments to key roles of crypto-supporters including Paul Atkins to be the head of the SEC and Scott Bessent as the head of Treasury. Therefore, the appointment of a CFTC Chair that is favorable to crypto would only strengthen this agenda.

Mersinger and Quintenz have also been vocal about their disapproval of the current ‘regulation by enforcement’ regime. They have urged the CFTC to assume the mantle of leading regulator of digital assets, claiming that the agency is in a better position to promote innovation than the SEC.

Outgoing CFTC Chair Behnam’s Final Push for Crypto Legislation

Outgoing chairman of the CFTC, Rostin Behnam has emphasized the importance of the comprehensive regulation of cryptocurrencies before his exit. Speaking at the Brookings Institution on Wednesday for the last time, Behnam pointed out that the absence of a specific set of rules has left certain issues that require the attention of Congress.

Behnam said, “My position remains the same, and I will support the CFTC to address this gap if Congress wishes it to do so even after I am no longer part of the Commission.” He also said that new laws could take from six to ten months, with agency rulemaking taking one more year.

While serving at the CFTC, the commission brought enforcement actions against several crypto companies, including the defunct exchange FTX and Gemini Trust. Nevertheless, Behnam pointed out that the current legal framework is inadequate to deal with the issues emerging from digital assets and called on the legislators to focus on the development of dedicated crypto laws.

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Just In: Oklahoma Senator Proposes Bitcoin Freedom Act to Fight Inflation https://coinpress.live/oklahoma-senator-proposes-bitcoin-freedom-act-to-fight-inflation/ Wed, 08 Jan 2025 22:15:10 +0000 https://coinpress.live/?p=232644 Oklahoma State Senator Dusty Deevers has introduced the Bitcoin Freedom Act (SB325), a new proposal aimed at providing Oklahomans with alternative financial options in the face of rising inflation. The legislation seeks to enable workers to opt into receiving payment in Bitcoin and allow businesses to accept Bitcoin as payment for goods and services. Dusty

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Oklahoma State Senator Dusty Deevers has introduced the Bitcoin Freedom Act (SB325), a new proposal aimed at providing Oklahomans with alternative financial options in the face of rising inflation. The legislation seeks to enable workers to opt into receiving payment in Bitcoin and allow businesses to accept Bitcoin as payment for goods and services.

Dusty Deevers Proposes Bitcoin Freedom Act

Bitcoin is a decentralized cryptocurrency with a fixed supply, designed to resist inflationary pressures. Proponents of the bill argue that accepting Bitcoin will give Oklahoma residents a way to protect themselves from the depreciating value of the US dollar, as well as increase their financial freedom. Amid this announcement, Bitcoin price is still in a bearish phase with the token down over 2% trading at $94,987 as of press time.

Bitcoin as a Hedge Against Inflation

The Dusty Deevers proposal supplements the growing awareness of Bitcoin as a holistic anti-inflationary asset. Fiat currencies are known to depreciate in value due to government measures such as printing of more money, however, Bitcoin has a limited supply of 21 million coins which cannot be counterfeited.

“Oklahoma must act to protect its people,” Deevers said. He pointed out that SB325 is a free-market approach and no one should be forced to join the program, neither the employees nor the employers. This approach allows people to engage with Bitcoin for the purpose of wealth preservation while at the same time, not forcing them to do so.

Bitcoin has been adopted more and more in the recent years, institutions, corporations, and even some countries hold Bitcoin as their assets. The bill puts Oklahoma in a vantage position to embrace the financial technology within the United States.

Alignment with National Trends

The proposed bill, SB325, is introduced at a time when Bitcoin is slowly being adopted both within the country and the rest of the globe. Senator Deevers cited the incoming US President Donald Trump’s positive attitude towards Bitcoin as proof of how such currency has gained acceptance in the society.

“There is a reason President Trump spoke at prominent Bitcoin events,” Deevers said. ”Bitcoin is a clear indicator of the future of finances and this law will help Oklahoma to become a leader in the use of new technologies in finance.”

At present, countries like Bhutan and the Czech Republic are even looking at Bitcoin as a part of their economic plan. According to the financial analysts, more governments and states will embrace Bitcoin by 2025, and this makes the need for such legislation as the Bitcoin Freedom Act.

Next Steps for the Bitcoin Freedom Act

SB325 will be considered during Oklahoma’s 60th legislative session, which begins on February 3.

The bill seeks to make Oklahoma one of the first states to embrace cryptocurrency while at the same time offering residents a means of protecting themselves from inflation and expanding their financial choices.

This, Deevers stressed, is why he will continue to stand against measures that work against the financial health of Oklahomans,

“This bill, along with the fight for cuts in taxes, is one step towards the protection of the earnings of the people of this state.”

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US SEC Chair Gary Gensler Says Crypto Still Needs Tougher Oversight https://coinpress.live/us-sec-chair-gary-gensler-says-crypto-still-needs-tougher-oversight/ Wed, 08 Jan 2025 21:26:45 +0000 https://coinpress.live/?p=232638 Gary Gensler, the outgoing Chair of the U.S. Securities and Exchange Commission (SEC), reaffirmed his stance on the need for stricter regulation of the cryptocurrency industry. Speaking during an interview with Bloomberg TV on Wednesday, Gensler described the crypto market as “rife with bad actors” and called for enhanced oversight to protect investors. Gensler, who

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Gary Gensler, the outgoing Chair of the U.S. Securities and Exchange Commission (SEC), reaffirmed his stance on the need for stricter regulation of the cryptocurrency industry. Speaking during an interview with Bloomberg TV on Wednesday, Gensler described the crypto market as “rife with bad actors” and called for enhanced oversight to protect investors.

Gensler, who has led the SEC since 2021, emphasized the importance of enforcing existing laws and ensuring compliance among crypto firms. His tenure has been marked by vigorous enforcement efforts, including legal actions against major players like Coinbase and Ripple. He is set to step down on January 20, the day President-elect Donald Trump is sworn in.

SEC Enforcement Actions Under Gary Gensler’s Leadership

While at the US SEC, Gary Gensler aimed at dealing with misconduct in cryptocurrencies market which he described as being ‘Emotive’ rather than being based on fundamental analysis. He noted that the agency had pursued around 100 crypto-related enforcement actions during his four years in the post, adding to the 80 actions taken by his predecessor, Jay Clayton.

The SEC’s focus under Gensler has been on companies and other entities that are alleged to have broken securities laws. Some of them were against Coinbase Global Inc. for allegedly helping in trading unregistered securities and lawsuits against Ripple Labs concerning XRP. Some of these cases ended with the SEC winning the court cases while others were controversial and even led to legal battles and backlash from the cryptocurrency community.

‘Everyday investors deserve better disclosures and protections,’ Gensler said in the Bloomberg interview, restating his view that most digital assets are securities. He urged the crypto firms to come clean and report to the SEC and operate within the prevailing legal framework.

Criticism From the Crypto Industry

US SEC Chair Gary Gensler’s approach has elicited a lot of backlash from the cryptocurrency industry. A number of participants noted that this approach of the SEC leads to over-enforcement and deters innovation. They also argue that the current legal frameworks are ineffective in the digital assets space, which puts compliance out of reach for crypto companies.

Coinbase, which has been on the receiving end of the SEC’s actions, obtained a recent legal reprieve when a court permitted it to proceed with an interlocutory appeal in its lawsuit against the agency. Another high-profile company, Ripple Labs, has also faced several legal cases with the SEC with the latter expected to file opening brief related to appeals against Ripple and its executives before deadline

Gensler has come to the defence of the SEC, saying that the agency had no choice but to act in order to protect investors and preserve the market’s integrity. “Out of these 10,000 to 15,000 crypto projects, many will not survive,” he said, comparing the sector to venture capital investments which have a high failure rate.

Transition in Leadership at the US SEC

With US SEC Chair Gary Gensler set to depart, the agency is likely to take on a different direction. Donald Trump is expected to appoint Paul Atkins, a former commissioner of the Securities and Exchange Commission, as the head of the agency. Atkins is expected to be less hostile towards the industry and may decrease the number of actions against cryptocurrency companies.

During Atkins tenure, the SEC could shift its attention toward promoting innovation and growth while ensuring a proper level of supervision. This move could be a radical change from the Gensler period, who focused on going after firms that it accused of violating the securities laws.

Despite this, Gensler said that he is happy with what has been accomplished at the SEC under his leadership, although he noted that there is still more work to be done to address the rapidly developing digital asset markets.

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Binance Co-Founder Changpeng Zhao Applauds Bhutan’s Crypto Strategic Reserve Plans https://coinpress.live/binance-co-founder-changpeng-zhao-applauds-bhutans-crypto-strategic-reserve-plans/ Wed, 08 Jan 2025 19:47:47 +0000 https://coinpress.live/?p=232628 Binance Co-Founder Changpeng Zhao has recently applauded Bhutan’s decision to introduce Bitcoin, Ethereum, and Binance Coin (BNB) into its strategic reserves. As recently posted on X, Zhao emphasized how this was a progressive move that makes BHutan a leader in the use of digital assets across the world. Changpeng Zhao Commends Bhutan’s Crypto Strategy In

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Binance Co-Founder Changpeng Zhao has recently applauded Bhutan’s decision to introduce Bitcoin, Ethereum, and Binance Coin (BNB) into its strategic reserves. As recently posted on X, Zhao emphasized how this was a progressive move that makes BHutan a leader in the use of digital assets across the world.

Changpeng Zhao Commends Bhutan’s Crypto Strategy

In an X post, Binance Co-Founder Changpeng Zhao has pointed out that the decision of Bhutan to include various cryptocurrencies in its reserves is not limited to Bitcoin only. He added that the inclusion of Ethereum and BNB shows how Bhutan is willing to try out many different digital assets.

“This is a great decision by the country to lure the Crypto firms, investments, as well as innovation,” he added.

According to the Binance Co-Founder, this is a significant move that can be considered as a validation for the Binance Coin (BNB). Zhao added,

“This will pave way for BNB and other cryptocurrencies to be included in the list of strategic reserves of other countries in the future.”

Bhutan’s History with Bitcoin Mining and Crypto Reserves

Binance Co-Founder Changpeng Zhao has also applauded Bhutan for its engagement in the cryptocurrency industry, especially its use of renewable hydropower for Bitcoin mining. He noted that Bhutan has a Bitcoin reserve through its mining, and thus it is in a good place to diversify to other cryptos such as Ethereum and BNB.

The Kingdom’s sovereign investment arm, Druk Holding & Investments, is also said to have been mining Bitcoin since 2019, and the country now holds a large number of coins.

Zhao noted this foundation and said, “By virtue of default, Bhutan has a large amount of Bitcoin, which makes this step even more calculated.”

Bhutan’s Gelephu Mindfulness City and Crypto Adoption

Changpeng Zhao also pointed out the statement made by Bhutan’s Gelephu Mindfulness City (GMC) that has recently declared its intention to incorporate cryptocurrencies into its strategic reserves. In Zhao’s view, other regions may follow this strategy to explore the possibilities of adoption.

GMC’s move to add Bitcoin, Ethereum, and BNB is to strengthen the economic stability and a stronger cryptocurrency market. Zhao noted that the emphasis on liquid assets and reliable blockchains guarantees smooth interaction with the regional economic environment.

The Binance Co-Founder is hopeful that Bhutan’s move will have a ripple effect on other countries and will not be the last of its kind.

“Bhutan is ahead of the curve and paving the way for other nations to follow when it comes to cryptocurrency and economic sustainability,” he added.

Zhao concluded his statement with optimism about the place of Binance Coin (BNB) in future national reserves. Zhao stated that as more countries consider implementing digital assets, efforts like those made by Bhutan will play a crucial role in shaping the world’s attitude towards cryptocurrencies.

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South Korea’s Bithumb Launches DEEP Token Trading on Sui Network https://coinpress.live/south-koreas-bithumb-launches-deep-token-trading-on-sui-network/ Wed, 08 Jan 2025 04:07:20 +0000 https://coinpress.live/?p=232449 Bithumb, one of South Korea’s largest cryptocurrency exchanges, has announced the listing of the DeepBook Protocol (DEEP) token. Starting January 8, 2025, DEEP is available for trading in the Korean Won (KRW) market. The trading will commence at 3:00 PM with a base price of 230 KRW, giving users the opportunity to trade the token

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Bithumb, one of South Korea’s largest cryptocurrency exchanges, has announced the listing of the DeepBook Protocol (DEEP) token. Starting January 8, 2025, DEEP is available for trading in the Korean Won (KRW) market.

The trading will commence at 3:00 PM with a base price of 230 KRW, giving users the opportunity to trade the token directly against the national currency.

Bithumb Launches DEEP Token Trading on Sui Network

According to the Bithumb notice, DEEP token will work only on the Sui network, and the token deposits from other networks will not be accepted. The deposits and withdrawals were opened right after the announcement of the official timing limit which was two hours. According to Bithumb, it takes 20 network confirmations for deposits to be credited to users’ accounts.

To foster a fair and secure trading process during its launch, some certain measures have been put in place. New buy orders are not accepted in the primary market during the first five minutes of trading session. The sell orders are also limited to within ±10% and ±100% of the base price during this time period. Additionally, the automated trading will be allowed only after the first trade has occurred.

An official said in an interview, “These measures are put in place to protect the market and prevent price manipulation during the initial trading period.” The listing of DEEP comes after Bithumb added other tokens like PEAQ and Vana to its KRW market in recent days.

Deposit and Withdrawal Guidelines

In compliance with the Travel Rule, Bithumb has observed that deposits and withdrawals shall only be made through supported exchanges. Tokens received from other unsupported platforms will not be credited to users’ accounts and the refund process may extend to several months.

Before transferring their DEEP tokens, users are recommended to double-check the deposit address as well as the network. The exchange also informed its users that dealings through restricted exchanges may result in account limitations in accordance with the exchange’s terms of service.

“More specifically, when making deposits or withdrawals, please confirm that the token is on the same network and has the same address as your Bithumb account,” the exchange said.

DEEP Token Performance and Technical Analysis

The DeepBook Protocol (DEEP) has been quite bullish, with the price sitting at $0.1741 and a 24-hour trading volume of $56.1 million as of the time of writing. On the DEEPUSD 3-hour chart, the market has formed a rising wedge pattern, which is a bearish pattern. During the rally, the price is trading close to the resistance level of $0.1750 with the support levels being at $0.1536(50 MA) and $0.1174 (200 MA).

DEEP/USD (source: TradingView)
DEEP/USD (source: TradingView)

On the DEEP price chart the short-term 50 moving average is currently positioned above the long-term 200 moving average. This crossover is usually seen as a buy signal, meaning that the token has continued to rise in the short-term.

Nevertheless, it seems that this momentum is slowing down as the price nears the upper border of the wedge. If the price falls downward from the pattern, analysts believe that it may continue to decline to $0.10 levels. On the contrary, if the $0.1750 level is breached on the upside, then there could be an upward trend.

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Ripple CEO Brad Garlinghouse Confirms Mar-a-Lago Meeting with Donald Trump https://coinpress.live/ripple-ceo-brad-garlinghouse-confirms-mar-a-lago-meeting-with-donald-trump/ Wed, 08 Jan 2025 02:06:00 +0000 https://coinpress.live/?p=232448 Ripple CEO Brad Garlinghouse revealed on social media that he recently had dinner with former President Donald Trump and Ripple’s Chief Legal Officer, Stuart Alderoty. The meeting that happened at Trump’s Mar-a-Lago resort is an important beginning to the year 2025 for Ripple especially with the current changes happening in the cryptocurrency market. Ripple CEO

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Ripple CEO Brad Garlinghouse revealed on social media that he recently had dinner with former President Donald Trump and Ripple’s Chief Legal Officer, Stuart Alderoty.

The meeting that happened at Trump’s Mar-a-Lago resort is an important beginning to the year 2025 for Ripple especially with the current changes happening in the cryptocurrency market.

Ripple CEO and CLO Meeting with Donald Trump

On Monday evening, Ripple CEO Brad Garlinghouse revealed his meeting with Donald Trump and Stuart Alderoty on the platform X (previously Twitter). “Had a great dinner last night with @realDonaldTrump & @s_alderoty. ”Great start to 2025!” he posted indicating that things are looking good for Ripple.

Stuart Alderoty, Ripple’s legal head, also commented on the event, joking about the dinner’s menu: “The beef bourguignon was really good.”

The dinner at Mar-a-Lago takes place at a time when Ripple has been building up its steam with wins against the U.S Securities and Exchange Commission (SEC) in court.In line with the optimism, crypto analysts have provided bullish signals for XRP, some of whom have forecasted a price surge to $3.

John Deaton Breaks Silence on Ripple CEO Meet Up

Ripple has recently come into the limelight for its legal victory against the SEC where the latter had alleged that the company and Garlinghouse sold unregistered securities via XRP. The lawsuit that lasted for more than two years concluded with the victory of Ripple, which opened up new possibilities for the future of the cryptocurrency market.

John E. Deaton, a pro XRP lawyer and following the case commented on X that Ripple’s win means that the company has remained unshaken. He also pointed to the SEC’s aggressive approach in the litigation process, which involved serving Garlinghouse with personal subpoenas to produce financial information.

”Ripple and Brad disclosed every XRP transaction that has ever taken place, but the SEC acted misconduct when it came to discovery,” Deaton said. However, Ripple has come out even stronger, suggesting that more positive outcomes are in the offing for the company and the sector as a whole.

Cynthia Lummis Chats With US SEC Potential Chairman

Ripple CEO, Brad Garlinghouse has also noted recent expansion of Ripple’s activities within the United States which shows that the focus has shifted back to the domestic market.He disclosed that three quarters of the new positions at Ripple are based in the United States, something that was not the case in the past given the company’s focus on the international market.

Furthermore, the company signed up more US business contracts in the last six weeks of the year 2024 than it had in the six months prior to that period.

The dinner comes after several meetings between politicians and crypto enthusiasts. U.S. Senator Cynthia Lummis, an advocate for blockchain technology, has also been engaging with Paul Atkins, the man expected to be named SEC chairman by President-elect Trump. These discussions focus on the need to reform the SEC’s rule making process and to advance the use of digital assets.

Ripple’s Growing Market Influence

Ripple is also coming up strongly in the blockchain space with new products being introduced. Ripple President Monica Long stated that the stablecoin, RLUSD, which was recently launched, is expected to be listed on multiple platforms.

At the same time, the company has joined Chainlink to work on the integration of secure and accurate pricing of RLUSD into the DeFi ecosystem.

In these developments, Ripple has witnessed a rise in its valuation due to the increased prices of XRP and the increasing adoption of its solutions. Ripple CEO Brad Garlinghouse has earlier stated that the $11 billion valuation of the company is quite dated given the current situation.

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Canadian Firm Sol Strategies Announces Strategic Investment In Solana https://coinpress.live/canadian-firm-sol-strategies-announces-strategic-investment-in-solana/ Wed, 08 Jan 2025 00:41:51 +0000 https://coinpress.live/?p=232447 Toronto-based Sol Strategies Inc. has announced a CAD $25 million investment in the Solana ecosystem to bolster its position as a leading player in blockchain staking operations and acquisitions. Sol Strategies Strategic Investment In Solana Sol Strategies, a Canadian publicly traded company, has promised CAD $25 million to the Solana ecosystem through an unsecured revolving

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Toronto-based Sol Strategies Inc. has announced a CAD $25 million investment in the Solana ecosystem to bolster its position as a leading player in blockchain staking operations and acquisitions.

Sol Strategies Strategic Investment In Solana

Sol Strategies, a Canadian publicly traded company, has promised CAD $25 million to the Solana ecosystem through an unsecured revolving credit facility. This financing agreement which has been made at the interest rate of 5% per annum will assist the company in the purchase of Solana tokens (SOL), an expansion of the staking services and the search for strategic acquisitions.

The company said that it has in fact utilized $4m from the facility and intends to spend the balance over the next two years. In a press release made by the chief executive officer Leah Wald, the firm aims to boost the returns it offers to its shareholders and at the same advance Solana digital asset. Wald said

“This new position in Solana will enable the further development of the ecosystem, and enhance our staking operations.”

The credit line is being extended by company chairman and director Antanas Guoga and will be valid until January 6, 2027. Guoga was also optimistic about the capabilities of both Sol Strategies and Solana, focusing on the future of the blockchain.

Pivot to Solana Following Rebranding

Sol Strategies, formerly called Cypherpunk Holdings, repositioned its business in 2024 and shifted its focus to only build products within the Solana ecosystem. The rebranding was a part of the process when the company aimed to become one of the biggest Solana validators and participants of the ecosystem.

During Wald’s tenure at the firm, it sold off non-strategic investments, including its equity interest in Animoca Brands that was once a major investment. Sol Strategies has been able to divert its capital and put it towards buying Solana tokens and its validator business. At the end of the year 2024, the firm had invested in more than 1.5 million SOL tokens, which was worth approximately CAD $450 million.

HODL’s symbol has changed to match the company’s focus on Solana, allowing investors to indirectly invest in the blockchain. The analysts have compared this approach to that employed by the firms such as MARA and Riot Platforms where clients get exposure to Bitcoin through mining.

SOL’s Growing Role in Web3 Innovation

The main advantage of Solana is the high speed of transactions, the prospect of scaling and the possibility to work with DeFi and NFT. As more firms shift their focus to particular blockchain platforms, Solana has become one of the most popular destinations for businesses that want to expand within the Web3 ecosystem.

Sol Strategies has already invested more than 140000 SOL tokens that are owned by the company directly, to strengthen Solana network. In this case, the company engages in validator operations to reinforce the blockchain and, at the same time, gain rewards and increase the amount of holdings.

The company also detailed its intention to increase its activity in the decentralized finance and liquidity provision space. This strategic expansion is in synergy with the general market dynamics as companies with a focus on blockchain technology direct their investments to high growth platforms.

Solana Price Analysis Points To Breakout

Solana (SOL) is among the assets that have shown significant rebound over the past few months with the price of the asset forming a V-shaped pattern. At the time of writing, Solana price is trading at $254 with the first barrier at $254.35. According to market analysts, SOL prices could rise to $302 and further to $345.76 if the buying pressure continues.

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The investment from Sol Strategies comes as Solana is experiencing a surge in investor interest in the blockchain due to its use in DeFi and NFTs. Solana’s ecosystem could be further supported by the company’s CAD $25 million, which may also improve the liquidity and staking of the ecosystem.

In its recent announcement, Sol Strategies is also set to gain from the price rise of Solana. The company has high expectations that the blockchain can create sustainable shareholder value owing to its potential for growth.

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Is a Shiba Inu Price Recovery Looming As Whales Move $39M? https://coinpress.live/is-a-shiba-inu-price-recovery-looming-as-whales-move-39m/ Tue, 07 Jan 2025 19:53:35 +0000 https://coinpress.live/?p=232436 Shiba Inu (SHIB) has recently drawn attention as large-scale transactions involving the token were spotted on-chain. According to Whale Alert, a blockchain analytics platform, more than 1.6 trillion SHIB tokens, worth about $39 million, were transferred from Crypto.com to anonymous wallets. This has led to concerns as to whether there is a possibility of further

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Shiba Inu (SHIB) has recently drawn attention as large-scale transactions involving the token were spotted on-chain. According to Whale Alert, a blockchain analytics platform, more than 1.6 trillion SHIB tokens, worth about $39 million, were transferred from Crypto.com to anonymous wallets.

This has led to concerns as to whether there is a possibility of further upward surge for the popular meme cryptocurrency.

Large Transactions Hint at Accumulation Activity

In the last 24 hours there were several transactions with Shiba Inu, the largest one was the transfer of 1,636,940,000,000 SHIB tokens. These transactions were made from Crypto.com to private wallets whose addresses are unknown which is a typical behavior of ‘whales’.

Although Crypto.com is not usually involved in the Shiba Inu ecosystem on a large scale, moving funds to private wallets is usually linked to accumulation by major investors. This whale move follows increased anticipation brought by the Treat Token launch which has sparked potential of a rally to SHIB price new ATH.

Historically, similar measures are typically viewed as a signal for the price hike since they reflect the investors’ optimism. The SHIB price is currently at $0.00002196, which is a 9% decline in the past 24 hours, with a 39% surge in trading volume.

Spike in Whale Inflows Signals Increased Interest

This inflow was accompanied by reduced outflows from these wallets of 382.94 billion SHIB, giving a net flow of about 109.87 billion SHIB.

The accumulation by large holders intensifies the speculation of Shiba Inu price surge especially when whale activity tends to indicate changes in the market. Despite these moves, recent analysis has stirred speculations of Shiba Inu price never hitting $1.

Shiba Inu Price Forms Bullish Patterns on Weekly Charts

Shiba Inu price may be about to break out, according to technical analysis. Technical analysts have observed a cup-and-handle formation on the weekly chart, a technical pattern that signifies a potential increase in the price.

An analyst known as “Strong” estimated that the SHIB price may surge to $0.000066651 if the token manages to break through the resistance level. Such a price trend can be seen in the token’s recovery to $0.00003329 in December from where it corrected to $0.0000186. SHIB has also retained its position as the largest ERC-20 token in terms of market capitalization further increasing its potential for growth.

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At the same time, market analysts have put forward quite optimistic price predictions for Shiba Inu in the current cycle. According to Javon Marks, a crypto market analyst, Shiba Inu price has recently broke above a long-term resistance trendline. As stated by Marks, a close above $0.00002 opens the path for even more SHIB price appreciation in 2025.

According to Marks, the short term price target to look for is $0.000081 which is inline with the resistance zones seen in previous cycles. For the current bull market, he put the potential top at $0.000155.

On the other hand, another analyst named Rose Premium noted a descending channel on the daily chart, and if the momentum continues, the price is expected to reach $0.00003236, $0.00003870, and $0.00004349.

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Ripple CEO Brad Garlinghouse Calls $11B Valuation Outdated Amid XRP Price Surge https://coinpress.live/ripple-ceo-brad-garlinghouse-calls-11b-valuation-outdated-amid-xrp-price-surge/ Tue, 07 Jan 2025 01:32:51 +0000 https://coinpress.live/?p=232284 Ripple CEO Brad Garlinghouse has declared that Ripple’s previous valuation of $11 billion is now “very outdated,” following a notable surge in XRP price and increased demand for Ripple’s blockchain solutions.  Speaking during a recent interview, Garlinghouse cited the company’s substantial holdings of XRP, now valued at over $100 billion, as a key factor altering

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Ripple CEO Brad Garlinghouse has declared that Ripple’s previous valuation of $11 billion is now “very outdated,” following a notable surge in XRP price and increased demand for Ripple’s blockchain solutions. 

Speaking during a recent interview, Garlinghouse cited the company’s substantial holdings of XRP, now valued at over $100 billion, as a key factor altering Ripple’s valuation outlook.

Ripple CEO Brad Garlinghouse Calls $11B Valuation Outdated

According to Ripple CEO Brad Garlinghouse the company now has more than $100 billion worth of XRP tokens. This development changes the valuation proposition of the blockchain infrastructure company dramatically. The CEO noted that Ripple’s trading in private markets has been much cheaper to the net asset value of the company than other companies that are linked to cryptocurrencies such as MicroStrategy.

“The total value of the XRP we hold is now greater than $100 billion,” said Garlinghouse. He also compared Ripple’s valuation metrics with MicroStrategy noting that the latter trades at a premium to its assets. ”Ripple has been trading in the private markets at a discount while MicroStrategy has trading at 3x premium to its net asset value,” he said.

Ripple was last valued at $11 billion in early 2024 when the company bought back $300 million worth of shares. Nevertheless, Ripple CEO Brad Garlinghouse stated that such an estimate is no longer relevant to the current financial position of Ripple, thanks to the increasing XRP price and institutional adoption.

XRP Price Growth Attracts Attention Amid Market Trends

XRP price has also seen a significant rise in value, it has risen five times its value before the election periods in late 2024. Ripple’s token has had increased liquidity and trading volume, sometimes even outperforming Bitcoin, as per data from FalconX.

This upsurge is in line with other developments within the cryptocurrency market such as the high probability of a crypto ETF launch and debate on a U.S. based blockchain reserve. Crypto analyst Peter Brandt noted in his recent analysis of XRP’s technical chart that if the current bullish flag pattern would be fulfilled, XRP market cap may hit $500 billion.

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Furthermore, the SuperTrend indicator has just turned bullish on the XRP 12-hour chart for the first time in several months. Analyst Ali Charts pointed out that “The last time the SuperTrend indicator changed direction to the bullish side, XRP rose by 470%.”

Ripple CEO Stance on Company Strategic Focus

Although XRP is gaining popularity in the market, Ripple’s main business is still centered on offering blockchain technologies to financial companies. In the interview, Ripple CEO Brad Garlinghouse restated his company’s focus on the B2B sector including banks, payment providers, and corporates, where Ripple is offering solutions like custody and cross-border payments.

Recently, Ripple announced that it would launch its stablecoin called Ripple USD (RLUSD) with the license from the New York Department of Financial Services (NYDFS). Garlinghouse stressed that the RLUSD will leverage XRP rather than replace it, increasing its liquidity, and opening more possibilities for the utilization of Ripple’s DEX and automated market maker (AMM) functionalities.

The acquisition of Switzerland-based custody firm Metaco which was completed about 18 months ago has also put Ripple in a vantage position to offer its institutional products. The CEO was upbeat on the increased demand of the company’s custody services especially from Tier 1 banks.

Changing Regulatory Environment Fuels Optimism

Ripple’s growth has been supported by changing perceptions in the legal environment. Garlinghouse claimed that the previous several months marked a ‘turning point’ due to the exit of SEC Chairman Gary Gensler and the chance for regulatory certainty under the new administration. 

As a result of the recent changes in the US government’s stance with regard to cryptocurrency innovation, Ripple CEO Brad Garlinghouse said, “The winds have changed.” 

Recently, he also stated that 95% of Ripple’s customers are outside the United States, but he expects the interest to return in the United States in the next few months.

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Crypto Forum Moderator Targeted in Alleged Bitcoin Kidnapping Attempt https://coinpress.live/crypto-forum-moderator-targeted-in-alleged-bitcoin-kidnapping-attempt/ Tue, 07 Jan 2025 00:10:25 +0000 https://coinpress.live/?p=232279 A Canadian crypto forum moderator and father of four claims to have been forced into hiding after an alleged kidnapping and torture attempt. The attackers reportedly targeted him, falsely believing he possessed an immense amount of Bitcoin. The incident has left the man and his family in a precarious situation as they move from one

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A Canadian crypto forum moderator and father of four claims to have been forced into hiding after an alleged kidnapping and torture attempt. The attackers reportedly targeted him, falsely believing he possessed an immense amount of Bitcoin.

The incident has left the man and his family in a precarious situation as they move from one temporary residence to another, fearing for their safety.

Crypto Forum Moderator Targeted in Bitcoin Kidnapping

The alleged incident, which took place in November 2024, started when two masked people allegedly got close to the Crypto forum’s house. As per the statement, the suspects escaped from the scene after the man closed the door on them. A few days later, the victim saw the masked men in an unmarked vehicle near his house while he was taking his child to daycare.

The suspects are said to have followed the man onto a main road. When the situation worsened, he was on the phone with the police when the suspect vehicle turned and three of its occupants escaped on foot. 

Shortly after, the driver of the vehicle reportedly came out and confronted the victim, and another suspect brandished a firearm. The man stated that he used bear spray as a way of protecting himself from the suspects until the police came in to arrest the duo.

Claims of Torture Equipment Discovered

In the report, the Crypto forum moderator stated that the suspects intended to kidnap and torture him in order to get his cryptocurrency. 

The police investigations suggested that the attackers thought he had 2.5 million Bitcoins worth billions of dollars because he was a moderator of a cryptocurrency Facebook group.

‘The guys had equipment to torture me,’ the man said to La Presse. They had a tarp with a hole in the middle and claws to cut off a limb and stop the bleeding. It’s incredibly violent.” The victim claimed that his actual BTC investment was $10,000 which is like 0.1 of a Bitcoin as per current price.

Suspects Released on House Arrest

Four suspects, two of which are adults and two are juveniles, were taken into custody in relation to the event. The adults are to be charged with conspiracy to kidnap and use of prohibited firearms. However, all these four suspects were released on house arrest to await their trial that is set to commence in March.

The release of the suspects has been a matter of concern to the family of the Crypto forum moderator since there is a possibility of their attack. The family was told by the authorities that they should move away from the area saying that the suspects could be linked to organised crime. The family has since been transferring from one short term lease house to another in an effort to flee any danger.

A representative of Quebec’s provincial police, Sûreté du Québec stated that although the police offer guidance to victims, they cannot offer round the clock protection.

”We do not advise people to change their address but it is one of the measures we are considering, the other ones are to change the locks or to install cameras and alarms,” the spokesperson said.

Despite this, the victim has expressed frustration over the suspects’ release, stating it has forced his family into hiding. “The police told us they can’t ensure our safety,” he said, adding that his family has been burning through their savings to stay safe. The man also revealed that the Youth Protection Department (DPJ) became involved after rumors of the incident spread at his children’s school.

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Cardano Price Prediction Points To New ATH as Bullish Breakout Looms https://coinpress.live/cardano-price-prediction-points-to-new-ath-as-bullish-breakout-looms/ Mon, 06 Jan 2025 21:00:22 +0000 https://coinpress.live/?p=232268 Cardano (ADA) price is showing strong signs of a potential breakout as it consolidates near $1.10, sparking optimism among traders. Ali Charts, a cryptocurrency analyst, has highlighted a bullish pennant formation on ADA’s price chart, suggesting an upward move could be on the horizon. If this pattern plays out, Cardano price could target higher levels,

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Cardano (ADA) price is showing strong signs of a potential breakout as it consolidates near $1.10, sparking optimism among traders. Ali Charts, a cryptocurrency analyst, has highlighted a bullish pennant formation on ADA’s price chart, suggesting an upward move could be on the horizon.

If this pattern plays out, Cardano price could target higher levels, with the possibility of reaching $1.40 in the short term and breaching the previous all time high of $3.10. The cryptocurrency has gained 28% since the start of 2025, supported by growing network activity and increased investor interest.

Cardano Price Prediction Points To New ATH

Cardano’s price is currently forming a bullish pennant, a technical pattern that often predicts a continuation of an uptrend. This pattern is characterized by a sharp price increase, followed by consolidation in a triangular shape.

The resistance level of the pennant is around $1.11, while the support lies near $1.10. If ADA breaks above the upper trendline, traders could expect the price to surge, with a target near $1.40. Ali Charts emphasized that the “Cardano breakout to $3 could be fast and smooth” if bullish momentum strengthens. This ADA price prediction aligns with an ealier analysis by coinpress pointing to a similar price breakout after the formation of an Elliott Wave.

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Technical indicators also support this outlook. The Relative Strength Index (RSI) is at 67, reflecting strong buying activity, though it is approaching overbought levels. Meanwhile, the MACD (Moving Average Convergence Divergence) remains in bullish territory, suggesting continued upward pressure.

Rising Network Activity Boosts Investor Confidence

In addition to technical signals, Cardano’s network activity has been gaining momentum, which could further support its price action. According to data from DeFiLlama, the Total Value Locked (TVL) on the Cardano blockchain has surged to $595 million, marking a 33% increase since the start of the year.

The rise in TVL indicates growing interest in Cardano’s decentralized finance (DeFi) ecosystem, which is attracting both retail and institutional investors. Transaction volumes have also increased, with the metric reaching $10.64 million, signaling higher on-chain activity.

Moreover, the number of funded wallets on the Cardano network has grown significantly. Since December 19, over 10,000 new wallets have been added, bringing the total to 4.38 million. This influx of new investors is often seen as a positive indicator of market sentiment.

ADA Price Resistance Levels and Potential Targets

While Cardano price prediction is showing bullish momentum, it faces key resistance levels that must be breached to sustain its uptrend. The immediate resistance is at $1.20, as identified by Donchian Channels.

Breaking above this level could pave the way for a move toward $1.34, which corresponds to the 1.618 Fibonacci extension.

If ADA continues to attract buying pressure and breaks out of its current consolidation, it could eventually target higher price levels even as high as $7. However, failure to surpass $1.20 could lead to a pullback, with $1.00 serving as a critical support level. A breach below this support could expose Cardano to further declines, potentially testing $0.92.

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Bitcoin Miner Riot Platforms Reports December Increase in BTC Mining https://coinpress.live/bitcoin-miner-riot-platforms-reports-december-increase-in-btc-mining/ Mon, 06 Jan 2025 18:30:54 +0000 https://coinpress.live/?p=232256 Bitcoin miner Riot Platforms has reported a 4% increase in Bitcoin production for December 2024, mining 516 BTC compared to November. The company’s CEO, Jason Les, confirmed the progress as Riot continued to expand its operational hash rate. Bitcoin Miner Riot Platforms Reports Increase in BTC Mining Bitcoin miner Riot Platforms has announced that it

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Bitcoin miner Riot Platforms has reported a 4% increase in Bitcoin production for December 2024, mining 516 BTC compared to November. The company’s CEO, Jason Les, confirmed the progress as Riot continued to expand its operational hash rate.

Bitcoin Miner Riot Platforms Reports Increase in BTC Mining

Bitcoin miner Riot Platforms has announced that it has completed the first 400 MW of the development phase of its Corsicana Facility in December. Although all the systems are up and running and miners are present, the company has adopted a gradual approach to commissioning. This move follows, BTC miner MARA move of lending 7,377 Bitcoin (BTC) to third parties, constituting 16% of its total reserves of 44,893 BTC. 

This step will help in maintaining BTC mining power quality and stability of the grid which are a part of Riot’s sustainability initiatives. Some of the hashrate has been held back by the commissioning process, but overall things are still on schedule. 

According to Jason Les, “We are happy to report that the last of the systems have been put in place at the Corsicana Facility thus ending the first 400 MW development phase.” Operationally, the hash rate growth was the primary driver that contributed to the December production, which is in line with its focus on efficiency and production.

Riot Platforms Hash Rate Soars 155% Surge

Riot Platforms also made significant achievements in 2024 where it had a 155% increase in the hash rate that it deployed as compared to the previous year. The network hash rate increased by 52% over the same period, while Riot’s deployment was even faster than this growth. 

During 2024, the company mined a total of 4,828 BTCs at an average net power cost of $0.034 kWh. During this period, Riot, concurrently, leveraged power curtailment credits and participated in demand response programs with ERCOT and MISO to reduce energy costs and support grid stability.

As of the end of the year, Bitcoin miner Riot had 17,722 BTC, which is 141% more than at the end of December 2023. This growth also translated into a 39% increase in Bitcoin yield per fully diluted share, which the company considers to be one of the key parameters of shareholder value creation. According to Riot, this is due to efficient operations and a good approach to Bitcoin purchase.

Bitcoin Mining Industry Sees Competitive Advancements

While Bitcoin miner Riot Platforms showcased its gains, other leading mining companies also reported significant updates in December. CleanSpark Inc., another major U.S. Bitcoin miner, achieved a milestone with an operating hash rate of 39.1 EH/s at the end of 2024. 

CleanSpark mined 668 BTC in December, bringing its total production for the year to 7,024 BTC. CleanSpark also expanded operations into three new states and announced plans to reach 50 EH/s by mid-2025.

Bitcoin miner Core Scientific, meanwhile, reported a self-mining output of 291 BTC in December, operating a fleet with a hash rate of 19.1 EH/s. The company also provided hosting services for customer-owned miners, which produced an additional 18 BTC. Core Scientific focused on energy-efficient operations, achieving a fleet efficiency of 24.6 J/TH.

Amid these announcements, Bitcoin price has experienced notable movement during December, with BTC price briefly reaching $102,227 as of press time. This surge followed a purchase announcement from MicroStrategy, which added 1,070 BTC to its corporate treasury.

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Bitcoin Miner MARA Lends 16% of Reserves Amid Rising BTC Lending Interest https://coinpress.live/bitcoin-miner-mara-lends-16-of-reserves-amid-rising-btc-lending-interest/ Sun, 05 Jan 2025 16:20:24 +0000 https://coinpress.live/?p=232156 Bitcoin miner MARA has lent 7,377 Bitcoin (BTC) to third parties, constituting 16% of its total reserves of 44,893 BTC. The company has confirmed the arrangement in its latest production update describing the loans as part of a strategy to generate yield and manage operating expenses. Why Is Bitcoin Miner MARA Lending 17,377 Bitcoin Bitcoin

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Bitcoin miner MARA has lent 7,377 Bitcoin (BTC) to third parties, constituting 16% of its total reserves of 44,893 BTC. The company has confirmed the arrangement in its latest production update describing the loans as part of a strategy to generate yield and manage operating expenses.

Why Is Bitcoin Miner MARA Lending 17,377 Bitcoin

Bitcoin miner MARA has stated that the 7,377 BTC loans are indeed short-term in nature and the company has entered into these arrangements with “credible counterparties only.” Robert Samuels the Company’s Director of Investor Relations said that the lending programme is to achieve ‘modest single-digit yield’ to enhance the operational sustainability.

”The long-term goal is to achieve a level of return on investment adequate to cover operating costs,” Samuels noted. This is in line with the MARA’s continuous involvement in Bitcoin lending in the whole of 2024 where it earned $3.9m in interest income in Q3 and $4.8m in the first half of the year.

Concurrent with the announcement, Bitcoin price trend had turned positive after reclaiming the $98k resistance and trading at $98,194.

As for the third-party borrowers, the MARA did not reveal their identities, but the firm said that the demand for its lending program is still strong in light of increased market risk aversion. The recent failures of BlockFi and Genesis in 2022 have only raised questions about counterparty risks in the crypto lending market.

MARA’s Expanding Bitcoin Reserves

Bitcoin miner MARA closed the year with a total of 44,893 BTC in its reserve which was a 192.5% growth from the initial 15,174 BTC in the year. The company achieved this growth through two main avenues: mining and acquisitions.

Throughout 2024, MARA mined 9,457 BTC and bought 22,065 BTC at an average rate of $87,205. As of now, total reserves are estimated at about $4.4 billion at the current market price. The firm’s approach to acquisition is consistent with its treasury policy of holding all mined bitcoins and increasing reserves through the capital markets.

Fred Thiel, CEO of MARA, confirmed that the company remains steadfast in its decision of holding Bitcoin in the long-term as a part of the company’s strategic asset.

Boost in Mining Performance

MARA reported an energized hashrate of 53 exahashes per second (EH/s) as of December 31, exceeding its year-end goal. However, its realized hashrate—the effective mining power used for production—stood at 47 EH/s, consistent with November figures.

The company’s year-end hashrate performance represented a 15% increase compared to earlier in the year. Mining operations remain central to MARA’s growth, as the firm continues to scale its infrastructure to keep pace with the competitive and energy-intensive Bitcoin mining industry.

Bitcoin miner MARA’s CEO Fred Thiel concurrently shared his optimism about Bitcoin’s future, predicting that the cryptocurrency could reach $200,000 by the end of 2025. Speaking to FOX Business, Thiel emphasized the role of institutional adoption and regulatory changes as key drivers for this anticipated growth.

Thiel encouraged retail investors to consider Bitcoin as a long-term asset, advocating for consistent, small-scale investments.

“My recommendation is to put just a little away every month in Bitcoin and forget about it,” he said.

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