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Michael Saylor’s Effort to Convince Microsoft to Buy Bitcoin Faces Roadblock

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Microsoft shareholders reject a proposal to incorporate Bitcoin as a treasury asset despite advocacy from MicroStrategy’s Michael Saylor.

This decision reflects the cautious stance of the company’s leadership toward crypto assets. The proposal aimed to encourage Microsoft’s board to assess Bitcoin’s role in diversifying the company’s treasury. Its rejection highlights the ongoing debate about corporate adoption of Bitcoin.

Proposal Pitched Bitcoin as Inflation Hedge

Microsoft’s proxy statement outlined the proposal, highlighting Bitcoin’s strong historical performance compared to traditional corporate bonds. Proponents argued that adding Bitcoin to the company’s assets could improve its financial resilience by diversifying its treasury holdings.

However, Microsoft’s board recommended against the proposal, citing concerns over Bitcoin’s volatility and preferring the stability of traditional investments for its financial strategy. Shareholders ultimately sided with the board’s recommendation, signaling limited interest in exploring cryptocurrency investments at this time.

The board’s position aligns with advisory firms like Glass Lewis, which opposed the proposal. These firms pointed out the lack of concrete evidence that cryptocurrencies can enhance corporate returns.

Ultimately, their position proves the broader hesitancy among large corporations to adopt Bitcoin amidst its unpredictable value fluctuations.

Michael Saylor Advocated for Adoption

Before the recent outcome, MicroStrategy co-founder Michael Saylor, a prominent Bitcoin advocate, presented a compelling case for Bitcoin adoption during Microsoft’s shareholder discussions. Saylor argued that Bitcoin represents a transformative financial technology that Microsoft should embrace, positioning it as a hedge against inflation and economic uncertainty. He also emphasized its potential for significant growth in both value and utility.

Despite his efforts, including a presentation to Microsoft’s board, Saylor’s arguments failed to sway shareholders. His vision centered on Bitcoin as a tool to enhance capital preservation and productivity while mitigating risks associated with traditional financial strategies.

It is important to note that as of December 1, MicroStrategy had achieved a year-to-date Bitcoin yield of 63.3%. The company’s stock has also surged by 465.5%, fueled by Bitcoin’s strong performance.

Bitwise Predicts Bitcoin to $200,000, Ethereum to $7,000, and Solana to $750 by 2025

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Leading asset manager Bitwise provides its cryptocurrency outlook for next year, including price predictions for Bitcoin, Ethereum, and Solana.

With the year winding down quickly, industry leaders are already switching their focus to 2025. $10 billion asset manager Bitwise is one of them, as the Bitcoin ETF issuer has dropped its forecast for the coming year.

In a report titled “The Year Ahead: 10 Crypto Predictions for 2025,” Bitwise dropped massive outlooks for the next year. Some interesting forecasts included a surge to new all-time highs for Bitcoin, Ethereum, and Solana and more inflows from the spot ETFs.

New ATH for the Crypto Magnificent Three

Bitwise asserted that the current crypto bullish momentum would spill into 2025, spurring unprecedented price upsurges for the magnificent three—Bitcoin, Ethereum, and Solana.

Per the report, Bitcoin will surge to $200,000 before the end of next year. The asset manager hinged the speculation on a sustenance of inflows from the Bitcoin ETFs and demand from corporate entities, which are increasing their exposure to the premier crypto asset.

Meanwhile, Bitwise noted that Bitcoin would surpass the $200,000 price mark and surge to $500,000 if the United States created a strategic reserve of the asset. Notably, the incoming Donald Trump administration has repeatedly teased the idea, with Senator Cynthia Lummis already setting the bill in motion.

Furthermore, Bitwise speculated that Ethereum and Solana will surge to new heights next year. The asset manager asserted a $7,000 price valuation for the former and $750 for the latter.

Greater Inflows for the US Spot ETFs

Meanwhile, Bitwise expects the US Bitcoin ETFs to continue their blossoming performance next year. After trading for just one year, the funds have achieved notable milestones, including surpassing founder Satoshi Nakamoto to become the largest Bitcoin holder.

The asset manager speculated that the Bitcoin investment products will gain more traction in 2025, as the first year of an ETF launch is historically the slowest. It also asserted that the “wirehouses” are coming, as illustrious wealth managers have not fully adopted Bitcoin.

Other Bullish Predictions

Bitwise continued with the bullish predictions, stating that the number of Bitcoin-holding countries will surge twofold. The report shows that only nine nations hold Bitcoin at this time.

The countries include the United States, China, the United Kingdom, Bhutan, El Salvador, Finland, Venezuela, Georgia, and Ukraine. However, Bitwise stated that the number would double as more countries join the Bitcoin bandwagon.

Meanwhile, Bitwise insisted that 2025 will be the year of crypto IPOs. The asset manager expects a stampede of crypto initial public offerings amidst a friendly regulatory environment.

Bitwise mentioned crypto firms that are likely to go public next year, including Kraken, Circle, Figure, Chainalysis, and Anchorage Digital.

Here are 7 Key Points Donald Trump’s Son Eric Made About Bitcoin

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Donald Trump’s second son, Eric Trump, is bullish on Bitcoin, highlighting its capability to transform the global economy and its other prowess. 

Eric Trump, a real estate businessman, spoke highly of BTC in yesterday’s keynote address at the Bitcoin MENA event in Abu Dhabi. Consequently, we have compiled seven crucial remarks he made about Bitcoin in the keynote.

Bitcoin is a Global Asset, Not Just an Investment 

Eric dismissed claims that Bitcoin is only suitable for investment. Over the years, critics have argued that Bitcoin is just another asset for speculative investment. In particular, Fed Chair Jerome Powell recently labeled Bitcoin a speculative asset, similar to gold. 

However, Eric thinks Bitcoin’s functions extend beyond the investment classification. According to him, Bitcoin is a global asset that serves as a store of value and a hedge against political instability as well as inflation.

No Middlemen 

For Eric, Bitcoin solves some of the issues inherent in the traditional finance (TradFi) sector. Specifically, he praised Bitcoin’s decentralized nature, which allows users to conduct transactions without relying on third parties. 

Per Eric, traditional financial institutions heavily rely on middlemen, resulting in exorbitant fees imposed on users.

Bitcoin to Hit $1 Million 

The American businessman made a bold prediction for Bitcoin, projecting that the asset will surge to $1 million someday. This projection comes days after Bitcoin slumped below the $100,000 mark.  

Although several Bitcoin proponents, like investment manager Bernstein, had previously set the $1 million target, Eric’s latest remark bolsters investors’ hopes in the projection. 

Fundamental Shift in How People Think About Money 

Further, he noted that the advent of Bitcoin has changed the way the world thinks and interacts with money. Using himself as an example, Eric noted how the asset has influenced the management of his company, particularly its treasury and payments. 

This suggests that Bitcoin strongly impacts people’s financial strategy and operations. 

Comparison Between Bitcoin and Email 

Furthermore, Eric drew a parallel between Bitcoin and Email, suggesting that neither achieved massive adoption in their early days. He is not surprised that Bitcoin has not gained widespread adoption, as it took 25 years for the world to fully embrace emails. 

He pointed out that people are usually slow to adopt new technologies. However, he expects Bitcoin to achieve widespread adoption in the future. 

No Weekend Problem 

The son of the U.S. President-elect highlighted another key feature of Bitcoin, which allows people to trade the asset round the clock. 

While the stock market closes on weekends and public holidays, Eric emphasized that he can conveniently trade Bitcoin at any time, including at midnight on Saturday. 

Early Bitcoin Adopters Will Win 

With Eric predicting Bitcoin’s surge to $1 million, he emphasized that people who adopt the premier asset early will be the winners. Nonetheless, he encouraged traditional financial institutions to join the digital revolution by adopting Bitcoin now. 

The price of Bitcoin has rallied significantly following Donald Trump’s re-election, as investors hope he will fulfill his campaign promise for the industry. 

Some of the promises include creating a national Bitcoin reserve, establishing fair and transparent regulation for the industry, and preventing the creation of a CBDC in America.    

Currently, Bitcoin is trading at $98,044, up 0.67% over the past 24 hours. 

Raydium Surpasses $5, Eyes $7 Target After Falling Channel Breakout

With a breakout from a falling channel, will the Raydium price rally reach $7 and set a new all-time high?

As Bitcoin’s price experiences a short-term recovery, hovering around the $97,000-$98,000 mark, altcoins are quickly bouncing back. Among the top-performing altcoins, Raydium leads the way with a 7.68% rise over the past 24 hours.

Surpassing a $1.5 billion market cap, Raydium is currently trading at $5.20. Will this recovery rally push Raydium to a new all-time high beyond the $6.50 level?

Raydium Price Analysis

On the daily chart, Raydium’s price action shows a strong rally, followed by a pullback. However, the bullish recovery has absorbed the pullback range, which extended from $6.50 to the $4.43 support level.

This pullback represented a nearly 32% drop over 17 days. However, the bullish momentum has picked up with an overnight surge of 10.36%, followed by a 6.02% intraday gain.

CRYPTO:RAYUSD Chart Image by Trojan69420

Raydium has surpassed the psychological $5 mark and is currently trading at $5.20. This increases the likelihood of a bull run towards the immediate trend-based Fibonacci level of 23.6% at $5.65.

Additionally, the MACD and signal lines on the 4-hour chart are preparing for a bullish crossover, supporting the chances of a continued turnaround. On the daily chart, trend-based Fibonacci levels project the recovery rally to reach the 50% Fibonacci level at $7.01, potentially setting a new all-time high by the end of December.

Raydium Channel Breakout Rally

On the 4-hour chart, Raydium’s pullback phase forms a falling channel pattern. The ongoing recovery has led to a V-shaped reversal rally, breaking above the resistance trendline.

CRYPTO:RAYUSD Chart Image by Trojan69420

Based on pivot levels, the bullish rally is approaching the $5.33 R1 pivot resistance level. Furthermore, Raydium’s price trend has created eight consecutive bullish candles amid the V-shaped recovery.

Thus, the Raydium recovery suggests a possibility of reaching the pinnacle of the falling channel pattern. This peak stands at $6.50, slightly above the R4 pivot level of $6.34. Based on the pivot level, the new all-time high could potentially reach $6.68.

Bitcoin Aims for $98,378 Breakout as ETF Inflows Hit $439M

Bitcoin is resuming its new recovery run fueled by institutional support. Will this lead to a surge to a new all-time high?

Amid the short-term market correction, Bitcoin’s price remains steady at key support levels. With an intraday recovery, BTC’s price suggests the possibility of an extended rally to offset recent declines.

Will this recovery result in a breakout rally that could set a new all-time high this month? Let’s explore this possibility.

Bitcoin Price Analysis

The second consecutive bearish candle in the daily chart caused the BTC price to drop further yesterday following the 3.69% drop on Monday. However, the low price action in the daily candles led to an intraday recovery of 0.97%, with the opening price at $96,658.

On the 4-hour chart, lower price rejections signal a bullish reversal from a long-standing support trendline. The recovery is now approaching the 23.60% Fibonacci level at $98,378.

BITSTAMP:BTCUSD Chart Image by Trojan69420

Bitcoin’s price is currently $97,588, beginning a bullish recovery from a morning star pattern near the support trendline. The rally is now preparing to challenge the local resistance trendline.

This creates a triangle pattern on the 4-hour chart, compressing the trend momentum. With the bullish recovery, the MACD and signal lines on the 4-hour chart are poised for a bullish crossover.

Bitcoin Open Interest Falls under $60B

Due to yesterday’s bearish closing, open interest in Bitcoin has taken a substantial hit, dropping below the $60 billion mark. 

Bitcoin Open Interest
Bitcoin Open Interest

Open interest stands at $59.37 billion, reflecting a 0.11% pullback over the past 24 hours. However, the open interest in options has risen by 1.54%, reaching $38.35 billion, while Bitcoin liquidations have reached $74.38 billion in the last 24 hours.

Out of this, $49.40 million came from long liquidations, indicating stronger selling pressure. Amid the pullback, the broader market experienced $517 million in liquidations, with $380.97 million coming from long liquidations.

Bitcoin ETFs See Inflows of $439.56M

Despite the short-term correction in the crypto market, institutional demand remains strong. The daily net inflow on December 10 reached $439.56 million for US BTC spot ETFs, marking the ninth consecutive positive day for these ETFs.

Bitcoin ETFs
Bitcoin ETFs

Leading the bullish trend, BlackRock’s (IBIT) Bitcoin ETF recorded an inflow of $295.60 million, followed by Fidelity’s (FBTC) $210.48 million. The total net assets of US spot Bitcoin ETFs have reached $107.76 billion, accounting for 5.65% of Bitcoin’s total market cap.

Bitcoin Price Targets

As institutional support continues to rise, minor corrections may cause short-term disruptions in the ongoing bull run. However, with a bullish rebound, Bitcoin’s price will likely reach a new all-time high if it breaks above the local resistance trendline.

In the short term, a breakout at the 23.60% Fibonacci level at $98,378 on the 4-hour chart could serve as an entry point for optimistic traders. If this level is surpassed, the next target will be the 38.20% Fibonacci level at $103,102.

XRP Inflows to Binance Surge to 6-Month High as Whale Activity Spikes

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Interaction with XRP has surged to a multi-month high as whales have moved large amounts of the asset to Binance in the past month.

The recent price surge of XRP has correlated with extensive whale activity among exchanges. Notably, the XRP Ledger native token has increased over 300% in the past month as investor traction towards the asset has reached insane levels.

Data from CryptoQuant shows that whales have shifted a substantial amount of XRP to Binance, signaling growing interaction with the asset. In a recent analysis, the on-chain analytical firm disclosed that whales have moved 2.66 billion XRP to the leading crypto exchange by market cap in the past 30 days.

Notably, this surging XRP interaction is the largest since April 2024. XRP flows of this magnitude were last seen when whales shifted 2.8 billion to exchanges.

XRP Exchange Flow

Exchange Inflow Trigger

Meanwhile, CryptoQuant’s JJ Maartunn suggested that the massive inflows into Binance signal a growing XRP whale interest. However, it also stated it could be a change of strategy among whales.

The analyst stated that XRP whales seem to be switching allegiance, as they have a substantial amount of the asset at their disposal. He implied a possible sell-off amidst the massive XRP correction following the surge to a multi-year high of $2.9092.

Nonetheless, Binance is one of the largest holders of XRP. Data shows that just one Binance wallet stores 1.8 billion XRP ($4.26 billion), which is outheld only by the Ripple Escrow and Uphold addresses.

Incoming Dump?

Notably, data shows that the XRP exchange inflow spike precedes a substantial price correction. The CryptoQuant analysis shows a similar surge occurred in April and November 2022.

In November 2022, XRP corrected 12%, falling from $0.4640 to $0.4078. A similar scenario happened in April, with XRP seeing a more significant price correction. The altcoin depreciated 20.4%, falling from $0.6292 to $0.5110.

Meanwhile, the XRP ecosystem is oozing bullish momentum, which could hedge against a repeat of the historical bearish trend. For context, XRP bounced over 20% from under $2 yesterday to around $2.40 after the New York Department of Financial Services (NYDFS) approved the Ripple-USD (RLUSD) listing.

At the time of writing, XRP trades at $2.3366, up over 5% in the past 24 hours.

Pundit Says Nothing Is Wrong With Dogecoin as DOGE Rally Stalls

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After a whirlwind run in the month following the U.S. election, crypto assets appear to be taking a breather, including the leading meme coin, Dogecoin (DOGE).

The dog-themed asset is down 6.6% in the past seven days, falling from highs of around $0.484 to trade around $0.388 at the time of writing. 

Amid this decline, investors wonder if the asset still boasts upward potential or if it has hit a market top. As the uncertainty prevails, one analyst suggests any existing concerns are overblown.

On Wednesday, December 11, prominent DOGE commentator “KrissPax” asserted that “All is good” with the asset, highlighting that price corrections are normal after extended rallies, such as DOGE’s 200% spike. He shared a daily candle chart showing the asset is stuck between the $0.36 and $0.48 price points.

Dogecoin 1D Chart KrissPaxx
Dogecoin 1D Chart KrissPax

DOGE bulls will want to see the asset convincingly break above the $0.48 price point on the daily timeframe for further continuation to the upside.

KrissPax’s views appear to align with the crypto intelligence platform Santiment. On Wednesday, the firm posited that DOGE’s bull run was still intact, citing the asset’s Mean Dollar Invested Age.

The Mean Dollar Invested Age measures how long coins stay idle in wallets. According to Santiment, the Mean Dollar Invested Age for DOGE is trending downwards. Specifically, the platform suggests that the metric has declined 31% in the past eight weeks to 370 days.

Santiment argued that this downtrend in the Mean Dollar Invested Age confirmed that the bull market “can and should continue.” The firm expressed this view, noting that the trend suggested that coins were returning to circulation, signaling increased network activity.

Here is The Only Reason XRP is Pumping Today After Falling to $1.90

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Today, XRP witnessed a major comeback after losing the $2 range during the market-wide dump of the last two days.

Notably, the turnaround emerged as the New York Department of Financial Services (NYDFS) approved Ripple’s RLUSD stablecoin, a product designed to enable cross-border payments.

The regulatory green light, announced by Ripple CEO Brad Garlinghouse, follows months of review, positioning Ripple for the imminent mainnet launch of its dollar-pegged stablecoin.

Ripple’s CEO also revealed plans to announce exchange and partner listings soon, signaling preparations for the stablecoin’s rollout. Additionally, Garlinghouse cautioned XRP community members not to fall for scams amid the ongoing excitement about coming to RLUSD. “When RLUSD launches, Ripple will be the first to share the news,” he said.

XRP Price Reaction

Ripple’s announcement of RLUSD approval spurred notable activity in the market. XRP, the crypto asset closely associated with Ripple, experienced a surge following the news.

After dipping to a low of $1.91 on Tuesday, XRP has rallied to $2.41 today, reflecting a 26.17% comeback.

XRP has retraced slightly as of press time, trading at $2.33 amid selling pressure. XRP’s market capitalization is now closing in on Tether’s $138 billion valuation once again.

RLUSD’s Backing and Competitive Approach

Notably, the RLUSD stablecoin is designed to maintain a 1:1 peg with the U.S. dollar through asset-backed reserves. This structure includes U.S. dollar holdings, short-term U.S. Treasury securities, and cash-equivalent assets, aligning with industry standards for stablecoin issuance.

Ripple is positioning RLUSD to compete in the stablecoin market, where Circle’s USDC and Tether’s USDT currently dominate. The company aims to capture a share of the growing stablecoin ecosystem, particularly in regions with increasing demand for dollar-pegged assets.

Ripple’s partnerships with leading exchanges such as Uphold, Bitstamp, MoonPay, and others underline its strategic efforts to ensure a seamless market entry.

Other Strategic Partnerships & Stablecoin Trends

Ripple has also partnered with several prominent exchanges to support RLUSD’s launch and liquidity. These include Bitso, Independent Reserve, CoinMENA, and Bullish, which are actively collaborating with Ripple for RLUSD’s listing.

Ripple’s leadership has also recognized the broader market dynamics shaping stablecoin adoption. With increasing interest in USD-backed stablecoins, Ripple President Monica Long emphasized the potential for significant demand in regions like Latin America. Furthermore, Ripple is exploring opportunities for Euro (EUR) and Singapore Dollar (SGD) stablecoins.

Bitcoin Hits Critical Level Against Gold After Falling Channel Breakout: Peter Brandt

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Bitcoin performance relative to Gold reaches an important juncture, according to a recent analysis from market veteran Peter Brandt.

Notably, his latest analysis of the Bitcoin/Gold (BTCXAU) ratio reveals a notable test for Bitcoin at the 36 to 37.1 ounce (oz.) level. For context, this area is proving to be a significant resistance zone, following a sharp breakout from a falling channel.  

Brandt’s chart, which spans a weekly timeframe, captures the market condition with historical context. In late 2018, BTC formed a wedge pattern against Gold, with higher lows and resistance at 7 XAU. 

Bitcoin Against Gold Peter Brandt
Bitcoin Against Gold | Peter Brandt

However, by early 2021, the ratio surged, breaching the 7 XAU resistance, and eventually reaching an all-time high of 37 XAU in March. This rally, propelled by Bitcoin’s bullish momentum during the 2021 bull run, marked the crypto firstborn’s dominance over Gold.  

Bitcoin Continues to Face Resistance at 37 XAU

Nonetheless, after hitting this peak, a pronounced correction unfolded, which ended in mid-2023. After a breakout, BTC surged to retest the 37 XAU mark in March 2024 but faced another rejection, leading to a descending channel pattern. 

The most recent development is the breakout above the channel as BTC recovered in early November to claim $100,000 following Donald Trump’s election victory.

The Bitcoin/Gold ratio surged to again retest its historic peak at 36 to 37 oz. However, it is again facing resistance at this point. This important resistance zone has become the focal point for traders and investors, as a decisive breach could indicate further upside potential.  

The latest roadblock questions Bitcoin’s ability to maintain its relative outperformance against Gold. If the resistance holds, the ratio may enter another consolidation phase. However, on the downside, BTC could find support at the 8-week SMA of 32.56 oz.

Implications of Crypto Dollar Dominance

Meanwhile, Mike McGlone, Bloomberg’s Senior Commodity Strategist, has also discussed the correlation between Bitcoin, Gold, and the broader market. 

He highlighted the proliferation of stablecoins like Tether, which now boasts a $137 billion market cap. McGlone suggests that this trend shows increasing dollar dominance, a development with implications for commodities and Gold.  

McGlone’s chart shows the correlation between the Tether market cap, the US Federal Reserve trade-weighted dollar index, and the Bloomberg Commodity Spot Index. 

Over time, the growing prominence of crypto dollars (dollar stablecoins) has supported the greenback, bolstering global dominance. This change has introduced headwinds for traditional commodities and Gold, which rely on broader economic and monetary conditions for their performance.  

The chart reveals major inflection points, such as the dollar’s strength during periods of global instability, which coincided with downturns in commodities and gold. As stablecoins gain traction, Bitcoin could benefit from its association with the crypto ecosystem.

XRP Soars 300% in 30 Days, but This Indicator Shows XRP About to Make Another Move

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XRP has surged over 300% in the past 30 days. Despite this run, one metric may suggest that it still has more room to fly.

Specifically, XRP’s social dominance is on the rise. As highlighted by crypto social intelligence platform Lunar Crush today, the metric has nearly doubled in the past 24 hours, surging from about 3.85% to 5.85% at the time of writing. The rise in the metric suggests that more market participants are discussing the asset.

While growing social engagement can sometimes be a contrarian signal, Lunar Crush data suggests that the sentiment around XRP remains largely neutral, which could bode well for the price.

The recent spike in social dominance correlates with a surge in XRP’s price over the past 24 hours sparked by the landmark approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services (NYDFS).

The stablecoin promises to offer critical liquidity and a DeFi boost to the XRP Ledger (XRPL), all of which promise to be supportive of XRP’s price.

So, can XRP take another leg up, and how high can it go?

Analysts Optimistic

Most analysts are optimistic about XRP’s price prospects, including would-be detractors. Recently, Bitcoin Maxi and MMCrypto host Christopher Jaszcynski asserted that XRP looked primed for a break above the $3 mark for the first time in seven years. The analyst tipped this to happen if the asset could break above the resistance at $2.6.

Unsurprisingly, pro-XRP analysts are even more bullish than Jaszcynski. For example, “BarriC” expects XRP to surge to as much as $20 in one fell swoop.

Nonetheless, amid this sea of positive views, prominent trader “IncomeSharks” has urged investors to take profits. 

IncomeSharks shared this sentiment as the asset appears to have formed a lower high on the daily candle chart.