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  • Bitcoin price analysis: economic headwinds push price lower

    Bitcoin price analysis: economic headwinds push price lower

    • Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted
    • Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern
    • Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes

    Bitcoin’s price has fallen from a high of $102,667 reached on Tuesday, January 7 to $94,890.00 as of publishing, but remains within the last H4 demand zone.

    BTC/USD Chart by Trading View

    While the demand zone between $92,000 and $97,000 may be the last support level on the H4 timeframe, a broader market view shows that BTC is in a premium zone on the daily timeframe. As a result, a push below $92,000 still puts the price in bullish territory.

    BTC/USD Chart by TradingView

    The best technical buy levels would either be at the last break of structure on the daily timeframe or at the 50% Fibonacci level from the lowest point to the break.

    BTC/USD Chart by TradingView

    There are two fair value gaps from which the price could react. While they are not major zones, they could support a continuation back to the external high at $108,000 or a brief relief rally before continued sell to the first probable support zone as noted in a recent TradingView analysis of BTC.

    BTC/USD Chart by TradingView

    This is all predicated on Bitcoin breaking below the $91,000 level.

    Meanwhile, spot crypto ETFs recorded outflows on Wednesday, January 9 after the release of the US Federal Reserve’s meeting minutes. These showed that the Fed is cautious about inflation and the effects of Trump’s incoming policies.

    BTC ETFs bled $568.8 million on Wednesday while ETH ETFs lost $159.4 million with the biggest outflows from Fidelity ($258.7 million for BTC and $147.7 million for ETH).

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  • Russia confiscates $10M Bitcoin from former law enforcement official

    Russia confiscates $10M Bitcoin from former law enforcement official

    Russia confiscates $10M Bitcoin from former law enforcement official
    • Russia seizes 2,718 Bitcoin worth $10M from ex-ICRF official.
    • The ex-official was involved in what has been termed the largest bribery case in Russia.
    • The confiscated bitcoins will be added to the state revenue.

    Russian authorities have seized approximately $10 million worth of Bitcoin from Marat Tambiev, a former employee of the Investigative Committee of the Russian Federation (ICRF).

    The seizure, reported by the local news agency TASS, involved the confiscation of 103 Bitcoin, stored in a Ledger Nano X hardware wallet, marking a significant moment in Russia’s handling of digital assets in legal contexts.

    The largest bribery scandal in Russian history

    Tambiev’s conviction stems from what has been described as the largest bribery scandal in Russian history, involving a staggering 2,718 BTC bribe, which was valued at around $258 million at the time of sentencing.

    The Nikulinsky District Court of Moscow had previously ordered the seizure of 1,032 BTC from Tambiev in 2023, citing the assets as derived from unconfirmed income.

    The case against Tambiev came to light after his arrest in March 2022, where investigators discovered the private keys to his Bitcoin wallet in a folder named “Retirement” on his laptop.

    The source of the bribe was traced back to the Infraud Organization, a notorious hacker group. Members from Kazakhstan and Estonia allegedly bribed Tambiev in exchange for favourable judicial decisions, including efforts to halt their own criminal prosecutions and hide assets worth over $138 million in cryptocurrency.

    This case not only showcases the scale of corruption within certain sectors of Russian governance but also reflects the country’s evolving stance on cryptocurrency.

    The confiscated Bitcoin to be integrated into Russia’s state revenue

    As part of the legal proceedings, the confiscated Bitcoin will now be integrated into Russia’s state revenue, a move that signals how the nation is dealing with digital currencies in official capacities.

    This development comes as Russia is increasingly considering cryptocurrencies for international trade, especially as a means to circumvent Western sanctions.

    The finance minister has indicated openness to using Bitcoin in foreign trade, showcasing a potentially dual approach to crypto — one of regulation and integration, alongside stringent action against its misuse in criminal activities.

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  • UK judge says there’s no “reasonable grounds” for success with Bitcoin landfill hard drive case

    UK judge says there’s no “reasonable grounds” for success with Bitcoin landfill hard drive case

    • Upon hearing the judge’s decision, Howells said “it’s the great British justice system striking again”
    • Howells lost his hard drive in 2013 when it was accidentally thrown away at the tip
    • He has been trying to engage with Newport City Council for 12 years to recover his hard drive, but says he’s been “largely ignored”

    James Howells has lost his case to recover a lost Bitcoin hard drive from a Welsh landfill that’s now worth around $740 million.

    Howells accidentally threw out his hard drive containing 8,000 Bitcoin in 2013 during a household clearout. At the time, he had two hard drives of the same size: one was blank while the other contained his Bitcoin.

    He mistakenly put the one containing the Bitcoin into a black bin bag, which his then-girlfriend took to the tip. At the time of his loss, his assets – that he mined in 2009 – were worth around $1.3 million.

    In October, Howells sued Newport City Council for $646 million in damages after being denied access to the landfill due to environmental concerns.

    Now, Judge Keyser KC, the Circuit Commercial Judge for Wales, has dismissed Howells’ case, stating that there are no “reasonable grounds” for succeeding at a full trial, reports the BBC.

    A 12-year battle

    Upon hearing the decision, Howells said he was “very upset,” adding “it’s the great British justice system striking again.”

    Over the past 12 years, Howells said he has been trying to engage with Newport City Council to recover his lost hard drive, but has been “largely ignored.”

    A court filing states Howells hard drive is located in Cell 2, Area 2 of the Docksway landfill. Yet, despite promises to safely excavate the Newport site and to modernize the landfill, the council have rejected Howells’ requests to dig due to “environmental concerns.”

    Howells’ lawyers claim that the council have “simply ignored” that 10% of Bitcoin could bring “a huge and desperately needed investment in the local community.”

    The judge’s decision comes as Bitcoin soared past $100,000 for the first time at the beginning of December, pushing to an all-time high of more than $108,000.

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  • Oklahoma senator files Bitcoin Freedom Act enabling wages in BTC

    Oklahoma senator files Bitcoin Freedom Act enabling wages in BTC

    metaplanet-buys-bitcoin
    • The Bitcoin Freedom Act lets Oklahomans accept their wages in Bitcoin
    • Oklahoma State Senator Deevers said Washington is “ruining the US dollar”
    • The Bitcoin Freedom Act is eligible for consideration in the 60th legislative session beginning on February 3

    Oklahoma State Senator Dusty Deevers has filed legislation allowing employees to receive wages in Bitcoin and businesses to accept Bitcoin payments.

    Introducing the Bitcoin Freedom Act, Deevers said: “In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments.”

    Deevers continued: “As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.”

    The bill, known as SB325, states under section 4 that: “Any employee of this state, business, corporation, other entity, and resident of this state may negotiate and receive payment and compensation, including salaries, wages, and other forms of compensation, in Bitcoin.”

    Embracing the future of finance

    Deevers pointed out that Bitcoin is becoming increasingly seen as a hedge against inflation, unlike traditional currencies such as the US dollar. Taking to X, Deevers posted: “If Washington DC can ruin something, it likely will. And it is certainly ruining the US dollar.”

    Continuing, Deevers wrote: “This small but possibly revolutionary change has the potential to offset the harms suffered due to inflation and make Oklahoma a national leader who embraces the future of financial technology.”

    Deevers also praised President-elect Donald Trump who spoke at Bitcoin events during his presidential election.

    “Bitcoin has arrived into the mainstream of our economy and is unquestionably a significant part of the financial future,” he added.

    The Bitcoin Freedom Act is eligible for consideration in the 60th legislative session beginning on February 3.

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  • Metaplanet wants to boost its Bitcoin holdings to 10,000 in 2025

    Metaplanet wants to boost its Bitcoin holdings to 10,000 in 2025

    Metaplanet loads more bitcoins with 42,466 BTC purchase
    • Metaplanet started buying Bitcoin in May 2024 as a strategic treasury reserve
    • The Tokyo-listed company currently holds 1,761.98 Bitcoin
    • It saw its Bitcoin yield reach 310% between October 1, 2024 to December 23, 2024 compared to 41% between July 1, 2024 to September 2024

    Metaplanet is on a mission to boost its Bitcoin holdings to 10,000 in 2025 while leveraging its partnerships to boost Bitcoin adoption worldwide.

    In a post on X, Simon Gerovich, CEO of Metaplanet, said that the Tokyo-listed company is aiming to “expand our Bitcoin holdings to 10,000 BTC by utilizing the most accretive capital market tools available to us.”

    Reflecting on its 2024 performance, Gerovich highlighted that the company “broke records, expanded our Bitcoin treasury, and reinforced our position as Asia’s leading Bitcoin treasury company.”

    Purchasing Bitcoin

    Since May 2024, Metaplanet has been acquiring Bitcoin at a steady rate as a strategic treasury reserve. In June, it purchased $6.2 million worth of Bitcoin. This was followed by a $2.5 million purchase in July, a $7 million Bitcoin purchase in October, and an additional $11.7 million in November.

    Its latest Bitcoin purchase was in late December totaling 620 Bitcoin for $60 million. To date, Metaplanet currently holds 1,761.98. In comparison, MicroStrategy holds 447,470 Bitcoin with its most recent purchase of $101 million taking place at the end of December 2024.

    According to a December 23 notice from Metaplanet, it saw its Bitcoin yield reach nearly 310% between October 1, 2024 to December 23, 2024. This is compared to a 41% Bitcoin yield reached between July 1, 2024 to September 30, 2024.

    On top of building its Bitcoin holdings, Gerovich added on X, among other things, that Metaplanet is focusing on building partnerships to “advance Bitcoin adoption in Japan and globally” while exploring “innovative opportunities to grow Metaplanet’s impact in Japan and the Bitcoin ecosystem.”

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  • Calamos Investments to introduce a Bitcoin ETF with 100% downside protection

    Calamos Investments to introduce a Bitcoin ETF with 100% downside protection

    Calamos Investments to introduce a Bitcoin ETF with 100% downside protection
    • Calamos is launching a Bitcoin ETF with 100% downside protection named CBOJ in January.
    • The ETF combines Treasury bonds and Bitcoin options to mitigate investment risks.
    • CBOJ offers annual protection resets and caps potential gains for risk management.

    Calamos Investments is set to launch a groundbreaking Bitcoin exchange-traded fund (ETF) offering 100% downside protection.

    Scheduled to debut on the Chicago Board Options Exchange (CBOE) on January 22, the new ETF, named CBOJ, is designed to address Bitcoin’s volatility while providing growth opportunities, according to a company announcement.

    Calamos’ Structured Protection ETF series

    CBOJ builds upon the success of Calamos’ Structured Protection ETF series, introduced in 2024. This series provided similar downside protection mechanisms for stock indices like the S&P 500 and Nasdaq-100.

    By extending these principles to Bitcoin, Calamos seeks to meet the demands of advisors, institutions, and investors looking for a way to capture Bitcoin’s growth potential while mitigating its historically high volatility.

    Bitcoin has historically been a highly volatile asset, often deterring risk-averse investors. The CBOJ ETF aims to overcome this challenge by ensuring that investors do not lose money, even if Bitcoin’s value declines.

    This innovative fund achieves downside protection by integrating US Treasury bonds with options tied to the CBOE Bitcoin US ETF Index. The combination provides a regulated and transparent avenue for gaining Bitcoin exposure while minimizing associated risks.

    CBOJ ETF’s annual protection reset

    One of the unique features of the CBOJ ETF is its annual reset of downside protection. Each year, investors benefit from a new cap on potential gains while maintaining full protection against losses for the next 12 months.

    This structure ensures ongoing risk mitigation and aligns with the dynamic nature of the Bitcoin market.

    “Many investors have been hesitant to invest in Bitcoin due to its epic volatility,” said Matt Kaufman, Head of ETFs at Calamos. “Calamos seeks to meet advisor, institutional, and investor demands for solutions that capture Bitcoin’s growth potential while mitigating the historically high volatility and drawdowns of the asset.”

    ETFs are investment funds that trade like stocks on exchanges, allowing investors to pool their money into a fund holding various assets. With CBOJ, investors gain exposure to Bitcoin without the need to own the cryptocurrency directly. This protective structure makes the ETF especially appealing to cautious investors looking to navigate the crypto market’s notorious price swings.

    As derivatives-based Bitcoin ETFs gain traction, industry reports suggest that more firms may follow Calamos’ lead in introducing similar solutions for risk-averse investors.

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  • MicroStrategy adds $101m Bitcoin to holdings, now at 447,470 BTC

    MicroStrategy adds $101m Bitcoin to holdings, now at 447,470 BTC

    • MicroStrategy buys another $101 million of Bitcoin.
    • Company’s holdings now stand at 447, 470 BTC.
    • KULR also announced it purchased $21 million worth of Bitcoin to add to its holdings.

    MicroStrategy has added to its Bitcoin (BTC) haul with another big purchase of 1,070 BTC valued at approximately $101 million.

    The company disclosed the latest Bitcoin purchase on Monday Jan. 6, noting the acquisition was at the average price of $94,004 per bitcoin. Buying happened between Dec. 30, 2024 and Jan. 5, 2025, the business intelligence firm said.

    MicroStrategy completed the sale after finalizing the sale of 319,586 shares. With this purchase, the company’s remains with $6.77 billion shares – part of the targeted $21 billion equity and $21 billion fixed income securities – to be used for more Bitcoin purchases.

    MicroStrategy’s Bitcoin strategy

    Bitcoin price has risen in the past week, rising amid bullish sentiment ahead of Donald Trump’s inauguration. So far, MicroStrategy has acquired a staggering 447,470 BTC hodled at the purchase value of about $27.97 billion. As per current prices,the company’s total BTC bag is worth over $44 billion. 

    The world’s largest corporate holder of Bitcoin has inspired several other publicly-traded companies to adopt BTC treasury strategies. It includes companies listed in the US, Hong Kong and Canada among others.

    Notably, MicroStrategy bought its bitcoin at the average price of $62,503 per BTC.

    One of these, KULR Technology Group, an energy management platform, has also announced on Jan.6 that it purchased another $21 million worth of BTC to bring its total to $42 million.

    KULR, which began its Bitcoin treasury strategy in early December, 2024, acquired the latest BTC haul at the average price of $98,393.58 per bitcoin.

    Bitcoin traded at around $99,194 at the time of writing, 1.5% up in the past 24 hours and nearly 6% up in the past week.

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  • Binance to list Solv Protocol’s native token SOLV next week

    Binance to list Solv Protocol’s native token SOLV next week

    Binance to list Solv Protocol’s native token SOLV next week
    • SOLV token to be listed on Binance on January 17, 2025, with four trading pairs.
    • Solv Protocol focuses on Bitcoin staking to boost DeFi integration and liquidity.
    • Besides listing, Binance has also invested in Solv Protocol.

    Binance, one of the world’s leading cryptocurrency exchanges, has announced its plan to list Solv Protocol’s native token, SOLV, next week.

    This move is set to amplify SOLV’s visibility and utility within the burgeoning sector of Bitcoin-focused decentralized finance (DeFi).

    SOLV to be listed on Binance on January 17

    The listing of SOLV on Binance is scheduled for January 17, 2025, at 10:00 UTC, with trading pairs including SOLV/USDT, SOLV/BNB, SOLV/FDUSD, and SOLV/TRY.

    Notably, SOLV will enter the market with the “Seed” label, which Binance uses to signify tokens that are in their early stages, potentially indicating higher risk but also higher growth opportunities.

    The anticipation around the SOLV listing is palpable, with posts on social media platforms like X highlighting the community’s excitement and speculation about the token’s future market performance. Discussions point towards an initial market cap expectation ranging from $400 million to $600 million, reflecting both optimism and caution given the token’s nascent stage.

    The rise of the Solv Protocol

    Solv Protocol has carved a niche for itself by focusing on Bitcoin staking, aiming to integrate Bitcoin more deeply into the DeFi ecosystem. The protocol’s mission is to unlock the potential of over $1 trillion in Bitcoin assets by providing yield opportunities while preserving liquidity.

    With this listing, Binance endorses Solv Protocol’s vision and opens up new avenues for its users to engage with high-potential DeFi projects centred around Bitcoin.

    This listing comes on the heels of a significant strategic investment by Binance Labs in Solv Protocol, underscoring a strong belief in its potential to revolutionize Bitcoin’s role in DeFi. Solv Protocol has raised substantial funding, with a total of $22 million, to further its development and adoption.

    In addition to listing on Binance, SOLV will also be integrated into Binance’s Megadrop platform, where users can earn SOLV tokens by locking BNB or participating in Web3 quests, adding another layer of engagement for the crypto community.

    As we approach the listing date, all eyes will be on how SOLV performs and how effectively Solv Protocol can leverage this opportunity to expand its ecosystem and user base.

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  • iDEGEN price prediction: Is this the AI agent token to buy?

    iDEGEN price prediction: Is this the AI agent token to buy?

    Multiple small cap cryptocurrencies are witnessing notable price gains as profit taking cools for the major coins.

    Zerebro and Goateus Maximus rank as two of the biggest daily gainers as Bitcoin regains support above $94k. As traders eye potential bullish momentum in the coming months, what’s the price prediction for AI agent token iDEGEN?

    Will it explode to surpass sector rivals ai16z, ZEREBRO and GOAT? Is the outlook for Bitcoin key?

    What next for Bitcoin and altcoins?

    The overall sentiment remains bullish, but immediate action for most altcoins is slightly bearish. Analysts looking at Bitcoin and the altcoin market suggest the bull market correction may yet extend. For Bitcoin for instance, bulls may have to defend the $90k-$85k area if bears establish control short term.

    Ran Neuner, crypto trader and founder of Crypto Banter, has pointed to the Crypto Fear & Greed Index. He shared via X:

    “Corrections are a function of a change in sentiment from exuberance to fear. In every bull market correction the fear and greed drops by at least 40 points! I think the high was around 92 and we are at 65 now.”

    Notably, the market sentiment analysis tool shows “greed.”

    How is iDEGEN unique?

    What sets iDEGEN apart and a factor to its massive traction in the past month is its innovative blend of artificial intelligence and meme culture.

    The project taps into advanced AI agent technology but instead of feeding it pre-configured or knowledge, the team threw a blank slate AI to the world for training. There are no guardrails or limits to what iDEGEN can learn or become.

    Specifically, iDEGEN is degen raised, with every morsel of alpha or chaotic spew learned on X.

    Over the past month, the project has learned and posted every hour, evolving amid increased interaction with the crypto degens. Taking the community-driven approach looks to have appealed to the greater crypto market, with the explosive run to over $11 million in premarket auction a pointer to this.

    iDEGEN price prediction

    In recent weeks, ai16z, Zerebro and aixbt have rallied hard as analysts predict the sector will lead the market in 2025. This outlook makes the native iDEGEN token IDGN one to watch as it hits the market.

    Given, iDEGEN has reached over $11 million in premarket auction, hitting the milestone ahead of the token’s listing on crypto exchanges. However, the token’s value amid the dynamic pricing model has the price poised at $0.318.

    With the final value set for a 10% bump on listing debut, it could be much higher when it hits the market.

    Need to learn more about iDEGEN? Visit the official website here.

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  • MicroStrategy buys 2,138 BTC to bring stash to 446,400

    MicroStrategy buys 2,138 BTC to bring stash to 446,400

    • MicroStrategy has added to its Bitcoin holdings with another 2,138 BTC purchase
    • This is the eighth consecutive week that the US-listed company has purchased Bitcoin
    • MicroStrategy’s announcement comes a day after Michael Saylor posted the company’s BTC tracker.

    MicroStrategy, the world’s largest publicly-traded holder of Bitcoin (BTC), has announced purchase of the flagship digital asset.

    The company, whose BTC buying spree has seen it become known as a Bitcoin development company, revealed the latest purchase on Dec. 30.

    MicroStrategy buys BTC again

    In the announcement, the company disclosed its eighth consecutive week of BTC acquisition involved the scooping of 2,138 bitcoins for $209 million. The company used funds from its at-the-market share sales, which currently stands at over $6.88 billion.

    Michael Saylor, the founder and executive chairman of MicroStrategy, had posted the company’s BTC tracker on Dec. 29, leading to speculation about today’s announcement.

    For its most recent BTC acquisition, MicroStrategy spent approximately $97,837 per BTC. With this purchase, MicroStrategy has extended its lead as the world’s largest holder of Bitcoin among publicly traded companies. It now hodls 446,400 BTC, acquired for a total of $27.9 billion and at the average purchase price of $62,428 per bitcoin.

    In total, the company has seen a BTC Yield of 47.8% quarter-to-date and 74.1% year-to-date.

    Despite the buying, Bitcoin price remained negative on the daily and weekly time frames, trading around $93,114 at the time of writing. Per CoinMarketCap, BTC was down 1.8% in the past 24 hours and 2.6% in the past week.

    Meanwhile, the MicroStrategy stock, which rose sharply amid the company’s joining of the Nasdaq 100, was down 13.3% in pre-market trading. MSTR closed at $330 on Dec. 27 but hovered around $319 at 8:30 ET on Dec. 30.

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