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Cryptocurrencies, particularly Bitcoin, are gaining traction as essential tools for international trade amid limited access to traditional payment systems and increasing sanctions. Russian lawmaker Anton Tkachev has proposed establishing a national Bitcoin reserve to mitigate geopolitical risks. Meanwhile, the DeFi sector faces threats, exemplified by a $50 million hack linked to North Korean hackers, prompting Radiant Capital to enhance security measures.
The cryptocurrency market is experiencing a dip, with Bitcoin falling to $98,800 and Dogecoin down 6% to $0.44. However, the new meme coin Flockerz is thriving, raising over $5 million in presale funding, thanks to its unique "Vote-to-Earn" system and high staking yields of 485% per year. This innovative approach is attracting attention from investors looking for utility in meme coins, even amid market volatility.
Amazon shareholders have proposed that the company hold at least 5% of its assets in Bitcoin to safeguard against inflation, following a significant rise in the cryptocurrency's value. Meanwhile, Microsoft is also facing a similar proposal, with its board recommending against it, despite potential profit boosts outlined by MicroStrategy's Michael Saylor. Amazon's strong financial performance continues, with a reported $158.9 billion in revenue for Q3 2024, reflecting an 11% year-over-year increase.
Bitcoin has struggled to maintain the $100,000 level, with long-term holders offloading significant amounts, while MicroStrategy continues to accumulate. The S&P 500 Index shows bearish patterns, and the US dollar Index faces resistance near key levels. Altcoins like Ethereum, XRP, and Solana are also experiencing critical support and resistance challenges, indicating a volatile market ahead.
Bitcoin has faced resistance near the $100,000 mark, with long-term holders offloading significant amounts, while MicroStrategy continues to accumulate. The S&P 500 Index shows a bearish wedge pattern, and the US Dollar Index is battling key support levels. Altcoins like Ethereum, XRP, and Solana are also experiencing critical price movements, with potential for both upward and downward trends depending on market dynamics.
Riot Platforms is raising up to $500 million through a private senior convertible notes offering to fund additional Bitcoin purchases and corporate needs, potentially acquiring about 5,877 BTC. Meanwhile, MicroStrategy has purchased $2.1 billion worth of Bitcoin, increasing its total holdings to 423,650 BTC. Riot also reached a settlement in its takeover bid for Bitfarms, while its stock has seen a significant rise over the past three months despite a recent dip.
Riot Platforms plans to raise $500 million through a private bond issue to acquire more Bitcoin as prices surge near all-time highs. The offering will include senior convertible notes, with funds aimed at Bitcoin purchases and general corporate purposes. Riot currently holds 10,427 BTC and has seen significant activity in the market, with other miners also raising substantial funds recently.
Shareholders are set to vote on a proposal at Amazon's Annual General Meeting in April 2025, advocating for a 5% investment of the company's balance sheet in Bitcoin. The National Center for Public Policy Research argues that this move could protect Amazon's assets from inflation, as the current economic climate necessitates a return of at least 10% annually to maintain value. While the likelihood of approval seems low, the proposal sparks a crucial discussion on Bitcoin investment among major tech firms.
MicroStrategy has purchased an additional 21,550 Bitcoin for $2.1 billion, marking its fifth consecutive weekly buy, bringing its total holdings to 423,650 BTC valued at nearly $42 billion. The firm has spent $15.6 billion on Bitcoin since November 11, 2024, as its stock has surged over 2,500% alongside Bitcoin's price increase. With a strategy focused on using debt to acquire Bitcoin, MicroStrategy has positioned itself as a significant player in the cryptocurrency market.
MicroStrategy has purchased 21,550 Bitcoin for $2.1 billion at an average price of $98,783 each, bringing its total holdings to 423,650 BTC valued at $25.6 billion. Co-founder Michael Saylor remains bullish, predicting he will buy Bitcoin even at $1 million per coin and urging the U.S. government to sell its gold reserves to invest in Bitcoin as a hedge against inflation.
Michael J. Saylor
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