Home Blog Page 1028

MicroStrategy Buys More Bitcoin as its Weekly BTC Buying Spree Hits Week Nine, Achieving 74% BTC Yield

Albert Brown
-
0
MicroStrategy Buys More Bitcoin as its Weekly BTC Buying Spree Hits Week Nine, Achieving 74% BTC Yield

Chairman of MicroStrategy Michael Saylor has disclosed a fresh acquisition of Bitcoin worth over $100 million as the 2025 bull market prepares to take stage.

Today, MicroStrategy revealed the addition of 1,070 BTC to its Bitcoin portfolio, investing $101 million in the market. The latest acquisition occurred at $94,004 per coin, suggesting the transaction likely occurred earlier, as Bitcoin now trades around $99,500 at press time.

Currently, MicroStrategy holds 447,470 BTC, which it has acquired over four years at a total cost of $27.97 billion. The average purchase price per coin now stands at $62,503. At Bitcoin’s current price, MicroStrategy’s portfolio is collectively worth $44.55 billion. Accordingly, the software services firm is sitting on an unrealized profit of $16.59 billion.

MicroStrategy’s Bitcoin Buying Streak

Notably, the latest acquisition builds on MicroStrategy’s continued Bitcoin purchasing momentum. The company bought 258,320 BTC in 2024, with its buying spree intensifying in the last weeks of the year when it shifted to weekly Bitcoin purchases.

Since November 11, after pro-Bitcoin Donald Trump won the U.S. presidential election, MicroStrategy has announced BTC purchases every Monday. Today’s announcement marks the ninth consecutive weekly purchase.

MicroStrategy made its largest-ever single purchase on November 25, acquiring 55,500 BTC for $5.4 billion.

MicroStrategy Achieved 74.3% Bitcoin Yield in 2024

Of all its Bitcoin acquisitions, the one on December 23 stands as the only individual transaction with a loss. The company bought 5,262 BTC at $106,662 per coin, while Bitcoin is now trading at $99,500 per coin at press time.

Nonetheless, MicroStrategy remains up by 59.35% on its total Bitcoin holdings, with earnings exceeding $16 billion.

Meanwhile, in the announcement, Saylor disclosed that the company achieved a BTC yield of 48% in Q4 2024 alone. He added that for the entire year of 2024, the BTC yield was 74.3%.

Community Reacts: Will MicroStrategy Maintain Its Momentum for the Tenth Week?

MicroStrategy’s consistent Bitcoin purchases for nine weeks in a row have generated excitement in the crypto community.

Bitcoiner Neil Jacobs commented on the announcement, praising MicroStrategy for leading the way again. He highlighted the timeless wisdom that the best time to buy Bitcoin was yesterday, and the second-best time is today, with MicroStrategy setting the example.

Meanwhile, others have noted the progressively reduced quantity in its weekly purchases. They question whether the company will maintain the same momentum for a tenth week.

Community reaction
Community reaction

Notably, last week, the company announced plans to raise $2 billion to buy more BTC.

Comparing Dogecoin Cap to BNY Mellon, Bloomberg Analyst Suggests Crypto Market Could be Due for Crash

Albert Brown
-
0
Comparing Dogecoin Cap to BNY Mellon, Bloomberg Analyst Suggests Crypto Market Could be Due for Crash

Bloomberg’s Mike McGlone suggests crypto assets could be due for price drops, comparing the valuations of Dogecoin and BNY Mellon, America’s oldest running bank.

Notably, the crypto market has never looked more promising. Bitcoin has set new price records above $100,000, several altcoins have seen their prices soar over 200%, and analysts are predicting prices will run higher amid anticipated regulatory and macroeconomic tailwinds, but amid the excitement, one analyst continues to offer a note of caution.

Is the crypto market overheated?

Dogecoin (DOGE) Valuation on the Rise: A Warning Sign?

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone has warned that the crypto market may be showing signs of a looming “reversion.” 

McGlone expressed this opinion in an X post on Monday, January 6, surmising views from a recent Bloomberg report. Citing Dogecoin’s (DOGE) rising market cap valuation, the analyst suggested that crypto assets were getting overvalued.

As McGlone highlighted, DOGE boasted a market cap of $55 billion on January 3, the same as Bank of New York Mellon, one of the oldest banks in the world and the first company to be listed on the New York Stock Exchange.

Pointing out potentially high market irrationality, McGlone highlighted that DOGE offered zero earnings while BNY Mellon was on pace to earn $19.1 billion in 2025.

Following up this warning in a separate post, McGlone touted the prospect of precious metals over Bitcoin and the broader crypto market, noting that the large number of crypto assets, 2.4 million or so, offered echoes of the dot-com bubble.

It is the second time McGlone has warned that the crypto market’s rally may be at its limits in the past month.

Gold Strength 

On December 19, 2024, McGlone warned that Bitcoin and other risk assets may have reached their bull market cycle peak, citing the strength of gold in 2024.

As the Bloomberg strategist highlighted, gold managed to narrowly outperform the S&P 500, with which Bitcoin is strongly correlated, in 2024 despite the buzz around artificial intelligence. McGlone contended that gold’s strength suggested that investors may be anticipating looming headwinds for risk assets.

This view comes as investors tend to increase gold exposure to safeguard value in times of high uncertainty.

Vivek Ramaswamy’s Strive Asset Management Files with SEC to Launch “Bitcoin Bond” ETF

Elendu Benedict
-
0
Vivek Ramaswamy’s Strive Asset Management Files with SEC to Launch “Bitcoin Bond” ETF

Strive Asset Management, a wealth manager co-founded by notable figure Vivek Ramaswamy, has filed for a Bitcoin Bond ETF.

Per a filing with the US Securities and Exchange Commission (SEC), the asset manager seeks to launch an exchange-traded fund (ETF) that tracks bonds that Bitcoin-buying corporate firms issue.

The wealth manager registered the fund with the SEC as the Strive Bitcoin Bond ETF, seeking to actively invest directly in bonds or indirectly through directive instruments such as swaps and options. The fund targets bonds issued by firms like MicroStrategy for Bitcoin purchases.

Strive to Base Primarily on MicroStrategy’s Bitcoin Playbook

Ramaswamy’s Strive will focus the ETF on the performance of senior convertible notes MicroStrategy issued to investors to raise capital for Bitcoin purchases. Per the filing, the Strive Bitcoin Bond ETF will offer 80% nominal exposure to MicroStrategy’s bond debt instrument.

The ETF manager lauded the business intelligence firm in the filing, noting it is the first and largest “Bitcoin Treasury Company.” Notably, the software firm stands out for its widely adopted playbook of leveraging whatever means available to purchase Bitcoin.

Meanwhile, MicroStrategy has invested almost $28 billion since adopting the asset as a primary treasury asset in 2022. Since then, it has acquired 447,470 BTC at an average cost of $62,503 per asset.

Upon the SEC approval, Strive’s CEO, Matthew Cole, will oversee the funds alongside Jeffrey Sherman and Randol Curtis. Investors in the fund will be subject to management fees and other annualized expenses.

MicroStrategy’s Cohorts Still Target

Meanwhile, MicroStrategy is not the only firm the ETF will mirror; it will also track other investment firms principally exposed to Bitcoin-related instruments. Some include Metaplanet, Marathon Digital, and Riot Platforms.

Japanese Metaplanet has incessantly invested in Bitcoin, mimicking MicroStrategy’s playbook. The firm recently announced plans to raise $32 million through bond offerings to buy more of the premier asset.

Marathon Digital (MARA), the second-largest public firm holding Bitcoin, is another key player. The crypto miner has been buying Bitcoin through bond issuance, recently noting it would raise $700 million to acquire the asset.

Moreover, the Strive Bitcoin Bond ETF reflects a broader market demand for instruments offering cryptocurrency exposure. The SEC has approved the Bitcoin spot, futures, and options ETFs.

CryptoQuant Analyst Believes Bitcoin Bull Run Might Be Near an End

Albert Brown
-
0
CryptoQuant Analyst Believes Bitcoin Bull Run Might Be Near an End

A CryptoQuant analyst believes the ongoing Bitcoin bull run might actually be at its later stages, citing market indicators.

In Bitcoin news today, the BTC extraordinary bull run, which began in January 2023, may be approaching its final stages, according to CryptoQuant analyst and Korea Community Manager Crypto Dan. 

He highlighted several factors, including data from Bitcoin’s realized market cap UTXO Age Bands, suggesting that the crypto market has entered the latter phase of its current cycle.  

Key Indicators Suggest the Late Stages of the Bull Cycle  

In an analysis today, Crypto Dan stressed that Bitcoin’s price trends align with the historical pattern of alternating bull and bear cycles. The current bull run, featuring price increases and heightened investment, shows a mature cycle. 

Data reveals that 36% of Bitcoin’s market cap consists of coins traded within the past month. While this figure is lower than previous cycle peaks, it still indicates the market is nearing its top.  

Bitcoin Realized Cap UTXO Age Bands CryptoQuant
Bitcoin Realized Cap UTXO Age Bands | CryptoQuant

This trend suggests the market might peak between Q1 and Q2 of 2025. However, Crypto Dan notes that, unlike a single sharp price spike, the market may witness a gradual increase in the metric, potentially leading to overheating. This could result in a bear market.  

Accordingly, he asks investors to be cautious, especially those holding large positions. The market analyst revealed that he would begin liquidating his holdings to mitigate risk while capitalizing on remaining market opportunities.  

Context from Other Market Observers  

Other analysts also believe the market could face roadblocks ahead. Markus Thielen of 10x Research notes that the Federal Reserve’s upcoming decisions could heavily influence Bitcoin’s trajectory. The Federal Open Market Committee (FOMC) meeting later this month could dampen Bitcoin’s momentum.  

Meanwhile, John Glover, Ledn’s CIO, predicts that Bitcoin could experience a short-term correction, potentially dropping to $89,000, before rebounding to over $125,000 later in the quarter. This outlook aligns with historical market behavior, where pullbacks often occur before renewed rallies.  

Analysts have also pointed to reduced market liquidity for BTC. They argue that Bitcoin will need an increase in trading volume to sustain its upward momentum and surpass the $105,000 resistance level in January 2025. 

Bitcoin Current Position  

Currently, Bitcoin trades at $99,234, with short-term support and resistance levels. On the 1-day chart, the asset is holding above the middle band of the Keltner Channel at $97,026, which serves as immediate support. If Bitcoin slips below this level, the lower band at $90,956 could come into play. 

Bitcoin 1D Chart
Bitcoin 1D Chart

Meanwhile, Bitcoin faces resistance at the upper band of the Keltner Channel at $103,096. Breaking above this resistance could open the door to retesting its December 2024 all-time high above $108,000, potentially entering a price discovery phase.  

On the DMI, the +DI is slightly rising at 22.14, while the -DI is decreasing to 21.24, indicating bullish momentum. However, the Average Directional Index (ADX) sits at 18.69, showing a weak trend. For Bitcoin to achieve a breakout, the ADX would need to rise.  

Shiba Inu Slowly Building Momentum, Aiming for a Monster Vertical Move to $0.000066651

Albert Brown
-
0
Shiba Inu Slowly Building Momentum, Aiming for a Monster Vertical Move to $0.000066651

Shiba Inu (SHIB) is forming a bullish cup-and-handle pattern on its weekly chart, with analysts projecting a breakout target of $0.000066651.

The latest news on Shiba Inu: Recently, Shiba Inu has experienced mixed performance, showing gains over the past week and 14 days but a decline in its monthly metrics. In the last 24 hours, SHIB saw a modest increase of 0.19%, while it rose by a more significant 10.79% over the past week.

Key trends and patterns observed by analysts and market observers suggest a potential bullish momentum for SHIB on both high and low timeframes.

Shiba Inu Setting for a “Monster Vertical Move”

An analyst on X, pseudo-named “Strong,” reviewed SHIB’s performance against using a weekly timeframe, identifying a potential cup-and-handle formation. This bullish continuation pattern often signals accumulation and consolidation before an upward breakout.

The analyst estimated a post-breakout target of $0.000066651 based on historical resistance levels and projections.

According to the analysis, SHIB is positioning itself as a potential “catch-up play” to Dogecoin (DOGE). Further, per the analyst, SHIB holds the status of the largest ERC-20 token on the Ethereum network and is nearing a breakout from a four-year downtrend.

Moreover, the analyst suggested that Shiba Inu will commence its projected run to $0.0000666 in a “slowly then all at once” pattern, staging what he called a “monster vertical move.”

Image
Shiba Inu chart by analyst Strong

The analysis comes as Shiba Inu builds on its recent momentum. After reclaiming a seven-month high at $0.00003329 in early December, SHIB underwent a correction phase, retracing to levels around $0.0000186. 

More Bullish Signals for SHIB

Elsewhere, market analyst Javon Marks highlighted “textbook bull signals” for SHIB on lower timeframes. He noted that SHIB recently broke above a long-term resistance trendline, which coincided with its recovery to $0.00002108. Marks emphasized that SHIB’s ability to hold above $0.00002 at the close of 2024 reinforces its bullish trajectory for 2025.

Marks set ambitious targets for SHIB, citing $0.000081 as a potential short-term price point. This target aligns with a resistance level from SHIB’s previous cycle. For the current bull cycle, Marks proposed an even higher target of $0.000155.

Potential for Breakout from Descending Channel

Further analysis by Rose Premium suggested Shiba Inu could regain upward momentum following its recent dip. The daily chart indicated a descending channel originating from a local high of $0.00003343.

Rose posited that a breakout above this channel could propel SHIB to three key targets: $0.00003236 in the short term, $0.00003870 as an intermediate target, and $0.00004349 in the long term.

However, realizing these targets, including a run to $0.00004349, depends on sustained bullish momentum.

Cardano Bullish Flag Points to Potential Rally Toward $1.394

Albert Brown
-
0
Cardano Bullish Flag Points to Potential Rally Toward $1.394

With a bullish flag in play, Cardano (ADA) fate is tied to broader market recovery, which suggests an extended rally.

As the Crypto Fear and Greed Index moves back into the Greed Zone, altcoins are gaining bullish momentum. Among the top-performing altcoins, Cardano has surged by 24% over the past week, with a market cap of $37.86 billion.

The ADA price trend continues to trade above the $1 mark, with a bullish flag formation in play.

ADA Price Analysis

On the 4-hour chart, Cardano’s price trend shows a breakout from a falling channel, gaining momentum. The bullish surge has reclaimed the psychological $1 mark and is shifting laterally.

This lateral shift is due to the significant overhead resistance at the $1.117 level, which keeps the consolidation range intact and limits bullish growth.

Cardano Price Chart

Cardano Price ChartCurrently, the Cardano price trend suggests a potential bullish flag, as the consolidation between $1 and $1.117 follows the breakout rally. The bullish momentum has led to a golden crossover between the 50 and 200 EMA lines, along with a positive crossover between the 100 and 200 EMA lines.

However, the 4-hour RSI indicates underlying weakness. The relative strength has dropped significantly from the overbought zone to the 61.85 level during the consolidation phase.

Cardano Price Targets

As the broader market recovers and Bitcoin prepares to reclaim the $100K mark, improving sentiment suggests further upside potential for altcoins like Cardano.

Additionally, the bullish flag pattern typically signals the continuation of an uptrend. Based on Fibonacci levels, a bullish breakout at the 23.60% Fibonacci level ($1.125) will likely push the price toward the 50% Fibonacci level at $1.212.

This is close to the $1.239 supply level, which serves as the immediate significant resistance. The Fibonacci levels also suggest a potential price target of $1.394.

However, the declining RSI points to the possibility of a retest of the 20 EMA near the $1 psychological level.

Shibetoshi Nakamoto Reacts as Dogecoin Regains Bullish Momentum

Elendu Benedict
-
0

Dogecoin regained bullish momentum over the weekend, sparking reactions from founder Shibetoshi Nakamoto and other notable enthusiasts.

Billy Markus, aka Shibetoshi Nakamoto, took to X (formerly Twitter) to laud Dogecoin’s price upsurge. “Yaaasss queen,” the software engineer tweeted on Friday.

For context, Dogecoin closed the day with a hefty 12.30% appreciation, its highest daily gain since the 27% price upswing on November 11. In addition, the doggy-themed meme coin finished the week with an impressive 21.5% northward push, closing at $0.3825.

Founder Discusses Dogecoin Tipping

Interestingly, Shibetoshi Nakamoto discussed using Dogecoin as a tipping currency on platforms like X. The founder stated that although he did not create the meme coin for the purpose, “it is cool” to use it in that regard.

For context, tipping is a peer-to-peer means where users can share a small amount of value. The macro payment system could be from the community to creators or among themselves, but for the sole aim of rewarding good gestures.

Meanwhile, Markus’ response followed an inquiry from a community member. The user queried whether Dogecoin’s purpose during its creation was to serve as a tipping currency on platforms.

Markus Calls for 500% Upsurge

In a parallel tweet, the founder was seen calling for further upsides for the dog-themed meme coin. Shibetoshi Nakamoto stated that he could buy a house if Dogecoin surged another 500%.

Notably, a 500% upswing from the current market price would see Dogecoin trade at around $2.3000. The price upswing will push its market cap past $340 billion, about $100 billion shy of Ethereum’s current valuation.

Meanwhile, analysis supports the feasibility of this ambitious price target. According to Javon Marks, Dogecoin could attain the $2.2800 mark if it surges to its 1.618 Fibonacci level, as it did in 2021.

In the meantime, the largest meme coin by market cap trades at $0.3848, up barely 1% in the past 24 hours.

Binance’s Changpeng Zhao Says “Price is a Distraction”

Okoya David
-
0
Binance’s Changpeng Zhao Says “Price is a Distraction”

Former Binance CEO Changpeng “CZ” Zhao light-heartedly urges the crypto industry to stay focused.

Over the past few months, Bitcoin has surged to new record highs and broken past the long-coveted $100,000 price point. At the same time, several altcoins have recorded over 200% price gains. However, according to recent statements from former Binance CEO Changpeng “CZ” Zhao, this is all a distraction.

Binance’s Changpeng Zhao Says “Keep Building”

Binance co-founder Changpeng “CZ” Zhao has asserted that “price is a distraction,” urging crypto market participants to “keep building.”

The influential crypto figure made this remark in an X post on Sunday, January 5, in a light-hearted spin on statements from Tesla CEO Elon Musk. As part of a debate with astrophysicist Peter Hague, Musk had contended that humanity was going straight to Mars, stating that “the moon is a distraction.”

CZ’s play on Musk’s words comes as crypto market participants often cite the moon when describing the astronomical price potential of crypto assets.

The former Binance CEO’s statement, though light-hearted, points out the need for the industry’s focus to remain on building real-world solutions, which will continue to fuel adoption and growth in crypto asset prices as a result.

Nonetheless, CZ himself remains optimistic about the crypto market’s prospects. 

“Send It Year”

On January 3, CZ asserted that “2025 will be a ‘send it’ year.”

“Send it” is a phrase typically used by crypto market participants to express excitement when asset prices are soaring.

There are several reasons for crypto investors to be optimistic in 2025. For one, the industry anticipates favorable regulatory conditions under the Donald Trump administration. Global liquidity conditions also look set to improve as central banks continue to cut interest rates.

At the same time, institutional adoption is on the rise, as reflected by the capital inflows into the market through Bitcoin and Ethereum exchange-traded products. Several countries are also considering the prospect of launching strategic Bitcoin reserves.

SUI Token Hits All-Time High: Bulls Eye a Rally Toward $6

Albert Brown
-
0
SUI Token Hits All-Time High: Bulls Eye a Rally Toward $6

With SUI reaching a new all-time high at $5.3580, will bulls extend the rally to the $6 mark this week?

As Bitcoin breaks above the $99,000 mark, the overall crypto market sentiment has significantly improved, with bulls eyeing the $100,000 milestone. Amid this positive sentiment, the SUI token is experiencing a breakout rally.

Achieving a new all-time high, the altcoin is showing considerable upside potential. Will this lead to an extension toward $5.50?

SUI Price Analysis 

In the 4-hour chart, the SUI price action reveals a triangle pattern breakout, crossing the supply zone at $4.80. This breakout marks a significant milestone, as predicted in our previous SUI price analysis, and has created a new all-time high.

SUI price chart
SUI price chart

The bullish recovery has propelled the 7-day price change to 26.80%, with the market capitalization rising to $5.59 billion. This impressive growth highlights increasing investor interest. Meanwhile, SUI’s price trend has shifted sideways after hitting a high of $5.3580, revealing critical support at the $5.16 level.

The range breakout rally has triggered a positive crossover between the 50 and 100 EMA lines, creating a bullish alignment of these averages. Furthermore, the 4-hour RSI briefly entered the overbought zone, showcasing strong bullish momentum.

However, the slight slowdown has caused the RSI to dip slightly below the overbought zone, indicating a temporary pause in the rally. Despite this, the technical indicators continue to signal a buy for SUI, suggesting further potential for growth.

At present, the SUI token is trading at $5.170 with a potential double-bottom reversal, which could strengthen the bullish outlook.

SUI Price Targets

Based on the Fibonacci retracement levels, the altcoin will likely encounter resistance at the $5.40 level, corresponding to the 23.60% retracement level. The bull run may target price levels at $5.67 or $6.00 in the short term.

On the downside, the critical support for SUI remains at the $5.00 psychological level, followed by the $4.80 supply-turned-demand zone.

Bitcoin Next Big Move: Is $102,557 Target Within Reach?

Albert Brown
-
0
Bitcoin Next Big Move: Is $102,557 Target Within Reach?

Will the price of Bitcoin sustain the surge in bullish momentum to bounce back to $102,557 in the next 24 hours?

As Bitcoin springs back into action, the total crypto market cap has surged to $3.45 trillion. The recovery in Bitcoin is aimed at a bull run above $100,000, supported by institutional and derivatives backing the narrative.

Bitcoin Price Analysis

With an impressive recovery of 5.10% over the past week, Bitcoin’s price surged from $93,564 to a closing price of $98,327. Despite a slowdown over the weekend, the bullish recovery continues with an intraday gain of 1.41%, breaking the $99,000 barrier.

Bitcoin Price Chart
Bitcoin Price Chart

Currently, the BTC market price stands at $99,658, with a potential breakout rally to the $100K level. The crucial resistance at $99,500 has been a significant overhead supply level. Therefore, a four-hour closing above this level will mark a BUY signal.

Meanwhile, the surge in buying pressure has resulted in a positive crossover between the 50 and 200 EMA, followed by a crossover between the 50 and 100 EMA. With multiple bullish crossovers, the moving averages are regaining positive alignment.

Furthermore, the 4-hour RSI line has also entered the overbought zone, reflecting a potential trend reversal.

ETF Trends Hint at a Positive Week

Over the past week, institutional support has been volatile, with Bitcoin spot ETFs experiencing significant outflows for most of the week. However, a strong inflow of $908.1 million on Friday resulted in a positive week.

Bitcoin ETFs
Bitcoin ETFs

The massive purchase on Friday was led by Fidelity’s FBTC with $356.95 million, followed by BlackRock with $253.1 million, and ARK and 21Shares with $222.6 million. The weekly net inflow totaled $244.99 million.

With nearly $245 million worth of inflows over the past week, the bullish support for Bitcoin from institutions will likely drive the uptrend further.

Bitcoin OI Shoots to $57 Billion

Amid increasing institutional support, Bitcoin’s open interest has bounced back by 2.69% to reach $57.81 billion.

Furthermore, the long-to-short ratio over the past 24 hours has turned bullish, surpassing the ratio threshold of 1.

Bitcoin Derivatives
Bitcoin Derivatives

Additionally, the funding rate has risen to 0.0103%. Traders are willing to pay a premium price to hold long positions, indicating strong bullish sentiment.

BTC Price Targets

Considering the support from institutions and the derivatives market, the BTC price action analysis suggests a strong possibility of a $100,000 breakout. This bullish trend could push Bitcoin to the next overhead supply zone at $102,557 within the next 24 hours, assuming the situation remains unchanged.

On the other hand, a minor retest of $99,000 is possible, which could delay the target price to 48 hours.

1...1,0271,0281,029...2,660Page 1,028 of 2,660