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MicroStrategy's Bitcoin purchases have exceeded 2021 bull market levels, acquiring 27,200 BTC on Nov. 10, 51,780 BTC on Nov. 17, and a record 55,500 BTC on Nov. 24, with prices reaching approximately $97,000 per coin. The company will join the Nasdaq 100 index on Dec. 23, 2024, enhancing stock investors' exposure to Bitcoin. Co-founder Michael Saylor has expressed intentions to continue purchasing Bitcoin at peak prices, potentially investing billions daily as the asset matures.
MicroStrategy has appointed former Binance.US CEO Brian Brooks, along with Jane Dietze and Gregg Winiarski, to its board of directors, expanding the board to nine members. This announcement follows MicroStrategy's inclusion in the Nasdaq-100 Index, effective December 23. Brooks, who previously served as acting Comptroller of the Currency, is noted for his significant connections in the banking and crypto sectors.
SatLayer has partnered with the Sui blockchain to enhance Bitcoin's role in decentralized finance (DeFi) through innovative restaking solutions. This collaboration aims to merge Bitcoin's security with Sui's high transaction speeds, enabling developers to create decentralized applications without traditional financial intermediaries. Additionally, SatLayer's integration with Babylon further strengthens the security of Proof-of-Stake networks, showcasing a growing interest in utilizing Bitcoin within the DeFi ecosystem.
Mike Novogratz, CEO of Galaxy Digital, predicts that Bitcoin's market cap could surpass gold's within five to eight years, driven by record momentum and rising institutional adoption. Currently, Bitcoin's market cap stands at $2.13 trillion, about 14% of gold's $17.8 trillion value. This shift is underscored by Bitcoin ETFs now exceeding gold ETFs in total assets under management, reflecting a significant change in investor sentiment towards Bitcoin as a legitimate asset class.
Avalanche has launched the Avalanche9000 upgrade on its mainnet, significantly reducing Layer-1 deployment costs by 99.9% and enhancing developer capabilities. With a current price of approximately $49.49, AVAX shows potential for growth, having peaked at $65.39 in March, supported by recent funding and advancements in the crypto gaming sector. The interconnectedness of its multi-chain network positions Avalanche favorably for future developments and innovation.
This week, Bitcoin and other cryptocurrencies are poised for significant developments, particularly with the Federal Reserve's anticipated interest rate decision on December 18. Fantom is set to launch its Sonic L1 mainnet, promising enhanced transaction speeds and reduced costs, while Avalanche's major upgrade, Avalanche9000, goes live today, transforming its subnet functionality. Stacks will introduce sBTC on December 17, facilitating Bitcoin's integration into DeFi, and LayerZero will hold a governance vote on December 20 regarding a fee switch for cross-chain messages, potentially impacting token economics.
Avalanche (AVAX) has successfully raised $250 million in a locked token sale, with participation from over 40 companies, including Galaxy Digital and Morgan Creek Digital. The funds will support the upcoming Avalanche9000 upgrade, set to reduce layer-1 deployment costs by 99.9% and transaction costs on the C-Chain by 25 times, enhancing network usage across various sectors. AVAX is currently trading at $52.51, reflecting a 9.4% increase in the last 24 hours.
Galaxy Digital has appointed Tony Paquette, a former Point72 executive, as its new CFO, succeeding Alex Loffe, who will transition to a senior advisory role in January 2025. This leadership change comes amid the company's financial challenges, including a reported net loss of $54 million, and a shifting regulatory landscape for cryptocurrency in the US. Despite these hurdles, Galaxy Digital remains optimistic about future growth, especially with the anticipated pro-crypto policies from the incoming Trump administration.
Avalanche has successfully raised $250 million in a token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 investment firms participating. This funding comes as the blockchain project prepares for the mainnet launch of its Avalanche9000 upgrade, aimed at significantly reducing transaction costs and enhancing scalability across various sectors, including asset tokenization and gaming. The initiative also includes a $40 million grant program to boost developer engagement on the platform.
Avalanche9000 has secured $250 million from major investors to enhance blockchain scalability and cost-efficiency, positioning Avalanche as a leader in innovation. Following this funding, AVAX's price surged to $52.07, reflecting growing market optimism and predictions of further gains as adoption increases. The mainnet launch is set for December 16, with a potential rise in AVAX's value toward $70 as institutional support grows.
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