Kategorie: Crypto Markets

• MicroStrategy has added 51,780 Bitcoin (BTC) to its holdings.
• The company acquired the BTC for $4.6 billion, bringing total holdings to 331,200 BTC.
• Metaplanet, the MicroStrategy of Asia, also announced plans to buy more Bitcoin on Nov. 18.

MicroStrategy, the world’s largest corporate holder of Bitcoin (BTC), has added to its impressive BTC haul with another major buy.

The company announced on Nov. 18 that it had acquired an additional 51,780 BTC worth $4.6 billion, with the latest purchase coming at an average price of $88,627 per bitcoin. It pushes MicroStrategy’s total BTC holdings to 331,200 BTC.

MicroStrategy BTC holdings hit 331, 200

MicroStrategy’s announcement comes a few days after the company founder Michael Saylor revealed the purchase of over $2 billion worth of BTC.

Overall, the publicly-listed company, whose stock MSTR has surged amid Bitcoin’s mega price spike, has acquired $16.5 billion worth of BTC. The average price of the buys is $49,874, putting the company billions of dollars in profit as the benchmark cryptocurrency trades near its all-time high.

“MicroStrategy has acquired 51,780 BTC for ~$4.6 billion at ~$88,627 per #bitcoin and has achieved BTC Yield of 20.4% QTD and 41.8% YTD. As of 11/17/2024, we hodl 331,200 $BTC acquired for ~$16.5 billion at ~$49,874 per bitcoin,” Michael Saylor posted on X.

As CoinJournal reported, the US-based firm has inspired several other platforms and entities to adopt a Bitcoin strategy.

One of these is Metaplanet, the Japan-based company listed on the Tokyo Stock Exchange. On Nov. 18, Metaplanet disclosed the issuance of over $11 million in bonds to buy Bitcoin. Metaplanet has become known as the “MicroStrategy of Asia.”

Elsewhere, the market continues to see a surge in interest in the crypto asset class. Bitcoin recently broke to a new all-time high above $93k. The BTC price has remained steady near the $90k level amid predictions that the digital asset’s value could run to $100k before the end of the year.

The post MicroStrategy buys another $4.6 billion of Bitcoin appeared first on CoinJournal.

Bitcoin rallied to an all-time high above $93,000 recently, creating a market abuzz for altcoins.

Ripple’s XRP, which has spiked to multi-year highs above $1.15, are among those to shine this past week. Elsewhere, sentiment around meme coins is at a new high, and getting unprecedented attention is Vantard (VTARD).

But what are analysts saying about BTC price? What could this mean for Vantard?

Bitcoin price prediction as bulls hold $90k

While Bitcon price has declined from the ATH reached in the aftermath of the US election win for Donald Trump, analysts are bullish both in the short term and long term. The outlook for the next few weeks is that bulls will try to take the psychological level of $100k.

Trump’s win and changes at the US Securities and Exchange Commission with impending exit of Gary Gensler has the market excited. A large part of this is down to crypto regulation – a scenario that is already helping XRP and other altcoins higher.

The new administration is pro-crypto and supportive of a strategic bitcoin reserve, BTC price could benefit with new momentum in place. Major institutional investors piling into the asset is also a bullish signal.

Ark Invest CEO and CIO Cathie Wood recently shared her Bitcoin price prediction. In the CNBC interview, Wood pointed to the above catalysts and others to suggest BTC could hit $650k by 2030.

What is Vantard?

As the market eyes a new leg up for the bull market, investors are focused on opportunities with likely to offer outsized gains. Meme coins have shown this trajectory in previous cycles, and analysts say the next meme rally could be a supercycle.

Vantard looks to offer buyers access to the top performing meme coins in an index fund. The portfolio, which is a basket of gems in the meme coin space, will rebalance periodically to keep the winning bets in.

With the Vantard Meme Portfolio, investors have exposure to the crypto market’s trending coins. This means investors can get the best of the bull market without having to face the complexity and challenge of managing the different coins or actively trading them.

Vantard price: What next for VTARD?

VTARD is designed to offer holders access to a fund that is similar to traditional index products. Think of a stocks index or an exchange-traded fund, but one that tracks the hottest meme coins in the market.

The project has raised over $842k in its seed round and has hot memes such as Popcat, Moo Deng, Michi and Goateus Maximus in its portfolio. Interest has pushed VTARD’s presale price from $0.00010 to $0.000014. As the project moves through the seed sale, VTARD price will rise to $0.00019 before hitting the market to trade on the open market.

Amid a surge for BTC, the meme supercycle could be explosive. Vantard will list on exchanges and rise in tandem. Meanwhile VTARD holders will target the returns from the VMP, with the tokens also redeemable for any of the treasury assets.

To learn more about Vantard, visit the official website.

The post Crypto price prediction: What next for Vantard as Bitcoin holds $90k? appeared first on CoinJournal.

• South Korea’s FIU investigating Upbit for failing to verify 500,000–600,000 accounts properly.
• Upbit could face billions in fines for KYC violations under South Korea’s laws.
• The exchange’s license renewal is delayed as the FIU scrutinizes possible illegal activity.

South Korea’s Financial Intelligence Unit (FIU) is probing cryptocurrency exchange Upbit for what may become one of the largest Know Your Customer (KYC) scandals in the history of the industry.

The investigation centres on up to 600,000 accounts that allegedly failed to undergo proper verification procedures.

These breaches were uncovered during a routine review of Upbit’s business license renewal, which has now become anything but routine.

Accounts without proper identification documents

The FIU’s extensive review, which began in late August, uncovered serious flaws in the exchange’s account verification system. Authorities found that many accounts were opened with unclear or improperly submitted identification documents.

In some cases, critical details such as names and registration numbers were impossible to verify.

South Korea mandates strict KYC checks to prevent criminal activity, including money laundering, within the crypto market. Without proper identity verification, these accounts could have easily been exploited for illicit purposes.

Upbit risks penalties of up to billions of won

If the allegations are confirmed, Upbit, one of the 23 South Korean Exchanges that came together for self-regulation in 2023, could face massive penalties.

Under South Korea’s Special Financial Transaction Information Act, each violation could result in fines of up to 100 million won (approximately $75,000).

With potentially 500,000 to 600,000 affected accounts according to local sources familiar with the issue, the total fines could soar into the billions of won, marking a significant blow to the exchange and the broader crypto industry.

The fallout from these violations has already delayed Upbit’s license renewal process indefinitely. Typically a routine procedure for crypto exchanges every three years, the review is now mired in uncertainty as the FIU meticulously examines each flagged account for possible illegal activity.

In the meantime, Upbit has remained tight-lipped about the investigation, citing legal restrictions on sharing details. However, the company’s vague statements have only fueled concerns about the severity of the breaches and whether they could be linked to money laundering.

As the investigation continues, the crypto world watches closely, awaiting the potential consequences of what could become a landmark case in KYC and anti-money laundering enforcement.

The post FIU investing Upbit for what could be the largest KYC scandals in crypto history appeared first on CoinJournal.

• Plaintiffs have dropped their appeal in the Dogecoin lawsuit against Elon Musk.
• Judge Hellerstein in August ruled Musk’s public statements weren’t grounds for fraud claims.
• Both parties have withdrawn motions for sanctions.

Investors who had sued Elon Musk and his company Tesla for manipulating the cryptocurrency Dogecoin (DOGE) have withdrawn their appeal.

This marks the conclusion of a case that originally sought $258 billion in damages and centred on allegations of fraud and insider trading.

The Dogecoin lawsuit was dismissed in August

The lawsuit, filed by Dogecoin investors, claimed that Musk had used his influential public platform to artificially inflate the price of Dogecoin for personal gain. The investors pointed to his tweets, public appearances, and even an appearance on NBC’s “Saturday Night Live” as evidence of a pattern of market manipulation.

The investors argued that these activities were timed to boost Dogecoin’s value, allowing Musk to profit at their expense.

However, on August 29, US District Judge Alvin Hellerstein dismissed the case, stating that reasonable investors could not establish claims of securities fraud based solely on Musk’s public statements.

The judge reasoned that comments such as Musk’s assertion that Dogecoin was the “future currency of Earth” or could be “floated to the moon” by SpaceX were not credible grounds for claims of insider trading or fraud.

Following the dismissal, the investors filed an appeal and sought sanctions against Musk’s legal team, accusing them of misconduct. In response, Musk and Tesla filed their own motion to sanction the investors’ lawyers for pursuing what they labelled as a “frivolous” and constantly shifting lawsuit.

Appeal withdrawn, awaiting court approval

This week, both parties agreed to withdraw their respective motions and filed a stipulation to dismiss the case in Manhattan federal court. The withdrawal also included the investors’ request to drop sanctions against Musk’s lawyers.

The final resolution of the case now awaits formal approval by Judge Hellerstein.

This lawsuit’s end comes as Musk continues to wield considerable influence over the cryptocurrency world, which has seen volatility sparked by Donald Trump’s reelection as the 47^th US president.

Musk, who acquired Twitter in 2022 and rebranded it as X, has often been at the centre of both support and controversy surrounding cryptocurrencies, notably Dogecoin.

The post Investors withdraw appeal in Dogecoin lawsuit against Elon Musk appeared first on CoinJournal.