Cryptocurrency

Saylor published an AI-generated picture of himself sitting in front of a laptop with a “B”, meaning Bitcoin on it and a Christmas tree in the background. “Take a Holiday ₿reak,” MicroStrategy’s Bitcoin boss tweeted to his X followers.As of now, as a result of the big Bitcoin price drawdown, the cryptocurrency’s market capitalization has lost roughly $2 trillion in value.Still, even if this potential drop does happen indeed, Ju tweeted, it would be short-lived and Bitcoin would quickly regain more than 30% after the fall.Ju tweeted that this year, many financial institutions and whales have been purchasing large amounts of Bitcoin by means of privacy transactions. Approximately 1.55 million Bitcoin has been bought this year in regular purchases, though – by spot Bitcoin ETFs and MicroStrategy.Still, the CryptoQuant founder pointed out that $7 billion enters the market every week, therefore whales have been buying a lot. However, he admitted that CryptoQuant has been unable to identify whales who have bought between 240,000 and 420,000 Bitcoins this year using privacy transactions.This article was originally published on U.Today More

Notably, it could lead to an erosion of confidence in the U.S. dollar as people seek an alternative to the once-dominant currency. Keiser explained that such a development could lead to a massive decline in the demand for U.S. dollar reserves.The Bitcoin maximalist said this disadvantage will impact the United States due to its high debt burden. He says, ” Fiat (BIT:STLAM) money imperialists die under a global Bitcoin standard.”Keiser criticized the current monetary system, where the U.S. dollar is backed by trust and government policy rather than tangible assets like gold. Keiser’s reference to “debt imperialism” implies the U.S. could issue debt in dollars as a tool for economic control and global influence on other countries.In the global space, Keiser considers Russia as being well positioned for a shift to Bitcoin standard. He believes Russia has a lesser national debt than the United States and other Western countries. This gives it an advantage, as it is less vulnerable to financial shocks.Other factors that lean in Russia’s favor include the country’s abundant energy, which could support Bitcoin mining, which has become increasingly difficult. Additionally, Russia, a commodity-producing nation, has assets with intrinsic value, which aligns well with a Bitcoin-backed system.This article was originally published on U.Today More

As a result, quotes of the leading cryptocurrency hit $95,200, but what is more worrying is that the major figure of $2 trillion for the market capitalization of Bitcoin was lost. This is not the first time this has happened recently, but once again, it signals the weakness of major digital assets in the current market environment. The reason may be that December is the end of the quarter, the end of the month and the end of the year. This is the time when traders and investors close their positions, say goodbye and return after the holidays. Considering the fact that, this year, Bitcoin has become more correlated with traditional financial markets than ever before, first of all due to the launch of spot Bitcoin ETFs in the U.S., the tendencies typical for the S&P 500, for example, will directly affect the cryptocurrency market.In this case, the fact that Bitcoin is traded 24/7 with no days off does not seem to be an advantage, but rather the opposite. Where the major cryptocurrency will find its local bottom remains to be seen. Recently, after reaching a new all-time high of $108,353 per BTC on Binance, the price of Bitcoin fell to a maximum of $92,300. There is also an open gap around $77,000 per BTC on the CME that has not closed after the events of November, which also serves as a worrying benchmark for crypto traders.This article was originally published on U.Today More

At the time of this writing, Bitcoin is changing hands at $95,772 after dropping by 3.6% over the last 24 hours. It was a sharp reversal after the Christmas rally witnessed on Dec. 25, when Bitcoin surged to $99,000 briefly.He believes that this change in sentiment reflects the fact that retail investors are keeping away from Bitcoin and have left market domination to whales.Right now, Ju says, the community is clearly witnessing a bull market as on-chain data demonstrates whales buying Bitcoin actively, with $7 billion in capital entering the market on a weekly basis.The CryptoQuant CEO also shared an expectation that at the current bull market, even if Bitcoin should reverse and enter a correction, the price will hardly drop more than 30%, and such a drop would certainly be short-lived. After this potential correction, Bitcoin is likely to recover by more than 30%, per Ju.Many institutions have been purchasing BTC from whales via privacy transactions, Ju revealed: “Whales frequently use privacy transactions to transfer their funds to new institutional investors.”However, Ju admitted that there were certain transactions that his on-chain data company was unable to identify, therefore, those buyers remain undisclosed. They have bought between 240,000 BTC and 420,000 BTC: “We still don’t know who has accumulated approx. 240K–420K BTC. Who are these whales?”This article was originally published on U.Today More

The purchase follows the Company’s announcement on December 4th of its Bitcoin Treasury strategy in which it announced allocating up to 90% of its surplus cash to BTC. The $21 million of BTC purchased since the announcement is the first of ongoing purchases the Company intends to make going forward. KULR selected Coinbase’s Prime platform to provide custody, USDC, and self-custodial wallet services for its BTC. More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, today announced the launch of its exciting “Token Treasure Hunt” campaign. This event invites selected traders to embark on a rewarding journey filled with opportunities to win prizes and exclusive rewards.Unlocking Opportunities Through ParticipationFrom now to January 16, 2025, participants can dive into a treasure trove of opportunities. By completing a series of engaging tasks, traders can get valuable lucky draw tickets. The more tasks they complete, the higher their chances of winning.A Chance to Explore Token RewardsWith each lucky draw ticket, participants can spin the wheel of fortune and potentially win a range of enticing tokens, including COOK, GRASS, SMILE, NS, STOP, and OL. The more they trade, the greater their chances of winning bigger and better rewards.Participation Guidelines:About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.For more details about Bybit, please visit Bybit PressFor media inquiries, please contact: [email protected] updates, please follow: Bybit’s Communities and Social [email protected] article was originally published on Chainwire More

Bitcoin fell 2.6% weaker to $95,884.0 by 06:52 ET (11:52 GMT). It fell below the key $100,000 mark last week after the Fed officials signaled a slower pace for future cuts.Bitcoin pulled back on Thursday as markets seemingly responded to inaccurate chart data from TradingView.The cryptocurrency dipped toward $95,000 after social media users flagged an anomaly on TradingView’s Bitcoin dominance chart, which incorrectly showed Bitcoin’s share of the total crypto market cap dropping to 0%.Although the error has been corrected, it reportedly triggered sudden trading reactions that pushed BTC/USD lower.According to CoinGlass data, roughly $33 million in Bitcoin long positions were liquidated within four hours.Bitcoin’s market dominance has become a key focus for traders recently, as Bitcoin’s climb to new all-time highs has left altcoins lagging.Dominance briefly exceeded 61.5% in mid-November before pulling back, raising expectations for a potential “altseason.”Bitcoin rose nearly 5% in the previous two sessions but failed to continue the positive momentum on Thursday as investors were cautious about the outlook for speculative assets like cryptocurrencies after the Fed indicated fewer interest rate cuts in 2025.Last week, Bitcoin recorded its first weekly fall since Trump’s election win in early November after the Fed meeting stalled the post-election rally.The rally had pushed prices to an all-time high of $108,244.9, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Fed rate outlook.The central bank lowered rates by 25 basis points but indicated only two rate cuts for the upcoming year, compared with previous expectations for four cuts.This shift led investors to reassess their positions in speculative assets like Bitcoin, contributing to its price decline.Russian companies have started using Bitcoin and other cryptocurrencies for international payments after legislative changes allowed their use to help mitigate the impact of Western sanctions, Finance Minister Anton Siluanov stated on Wednesday.Sanctions have made trade with key partners like China and Turkey more challenging, as local banks exercise extreme caution with Russia-related transactions to avoid attracting scrutiny from Western regulators.In response, Russia legalized the use of cryptocurrencies in foreign trade this year and has initiated measures to regulate cryptocurrency mining, including Bitcoin. As a global leader in Bitcoin mining, the country is leveraging its position to navigate economic restrictions.Other cryptocurrencies fell on Thursday, tracking Bitcoin’s decline and as demand for speculative assets remained subdued after the hawkish Fed rattled investor sentiment.World no.2 crypto Ether fell 3.4% to $3,367.06. Ether has gained in the last three sessions but has not been able to fully recover from last week’s slump.World no.3 crypto XRP fell 4.2% to $2.190.Solana fell 3.2% and Polygon dropped 5.8%, while Cardano fell 5%. Among meme tokens, Dogecoin lost 4.6%.Crypto markets could face elevated volatility in the final days of 2024 as a major Bitcoin options expiry approaches. On Friday at 8:00 UTC, 146,000 bitcoin options contracts worth nearly $14 billion will expire on Deribit, the largest event of its kind for the exchange. This represents 44% of all open BTC options and is expected to drive volatility.Options give buyers the right to purchase or sell an asset at a set price in the future. Calls allow buying, while puts enable selling.Alongside BTC, $3.84 billion in ETH options will also expire. ETH has fallen about 12% to $3,400 since the Fed meeting, with Deribit dominating over 80% of the global crypto options market.Approximately $4 billion in BTC options, or 28% of the total $14 billion open interest, are set to expire “in the money,” delivering profits to holders. Traders may either close these positions or roll them into future contracts, potentially adding to market fluctuations.Ayushman Ojha contributed to this report.  More

Over the past few weeks, XRP has been a standout performer, gaining traction amid positive developments in the broader crypto market and positive sentiment around the Ripple USD (RLUSD) stablecoin launch.XRP rose to highs of $2.90 on Dec. 3, while also reaching highs of $0.00003 in its Bitcoin pairing, a level last seen in May 2021.However, after this feat, the rally seems to have entered a cooling-off phase. The XRP/BTC trading pair, which assesses XRP’s relative strength to Bitcoin, has slowed and settled into a range, signaling that the next move could be pivotal.Traders are eyeing the $0.0000265 and 0.00003 BTC levels as significant barriers for XRP. A breakthrough above these key levels could signal the next leg of the rally.XRP’s rally may have paused, but the market is on the lookout for a clear direction on where it trends next. Whether XRP breaks out or declines, its next moves might shape its trajectory in the short term.The recent price action has created a symmetrical triangle pattern, which is often regarded as a continuation pattern but sometimes acts as a reversal pattern. If the price rises and breaks above the triangle, the chances of a break above $2.91 increase.A break and close below the triangle, on the other hand, may indicate that XRP has reached its short-term peak. Such a move might pull XRP to the 50-day SMA at $1.73.This article was originally published on U.Today More