December 2024 - CryptoCurrencyWire

FridayDec 27, 2024 8:00 am

Banks and Governments Want in as Bitcoin’s Value Soars

Bitcoin has emerged as one of the highest-performing assets in recent history. Over the last decade, its value has skyrocketed by approximately 1,000 times, significantly outpacing traditional investments like real estate and stocks. Recently, Bitcoin surged to a new record high of $107,000, fueled partly by the crypto-friendly stance of U.S. President-elect Donald Trump. The Republican leader has expressed plans to establish a strategic Bitcoin reserve, further boosting the crypto’s momentum. Bitcoin’s foundation lies in blockchain technology, a digital ledger that records transactions across a distributed network. This innovation enables individuals to conduct financial transactions without relying on banks or…

ThursdayDec 26, 2024 8:00 am

Hackers from North Korea Executed Crypto Heists Worth $1.3bn This Year

Crypto theft has reached an alarming $2.2 billion this year, with over half of that amount attributed to hackers from North Korea, according to a recent Chainanalysis report. Cybercriminals linked to North Korea were responsible for $1.3 billion worth of stolen digital assets across 47 separate incidents. This figure more than doubles the amount stolen by the same groups last year, accounting for 61% of the total crypto thefts in 2024. Despite the increase, the amount remains lower than what was reported in 2021 and 2022. Last year, North Korean hackers stole around $660 million through 20 different attacks. Most…

FridayDec 20, 2024 8:00 am

India Calls for the Creation of Global Crypto Regulations

The Indian government recently revealed to the Lok Sabha (lower house of Parliament) that there is no set timeline for introducing comprehensive regulatory guidelines for digital assets. The statement follows questions from two Members of Parliament regarding the actions to establish a structured framework for regulating these assets and an expected timeline for implementing such policies. In its response, the government highlighted ongoing consultations with both industry stakeholders and international organizations. The discussions conducted informally and formally underscore the belief that effective regulation of virtual digital assets (VDAs) requires global cooperation. The government emphasized that without a coordinated international effort,…

ThursdayDec 19, 2024 8:00 am

Strategies to Thrive in Europe’s Evolving Crypto Tax Environment

In 2023, the Italian government imposed a 26% capital gains tax on crypto, aligning digital assets with traditional investments such as stocks. Recently, it suggested raising this rate to 42%, further solidifying cryptocurrencies within established financial regulations. Similarly, France introduced a proposed amendment in November to tax unrealized capital gains, further categorizing crypto as wealth on par with equity or other financial holdings. The concept of taxing unrealized gains, which primarily targets high-net-worth businesses and individuals, has gained momentum in Europe. According to Nexo’s finance director Martin Manolov, such measures signal the growing recognition of cryptocurrencies’ role in today’s financial…

TuesdayDec 17, 2024 8:00 am

VanEck Foresees a Crypto Correction in Q1 Next Year, Followed by Major Bull Run

The crypto market is expected to reach a “medium-term peak” at the start of 2025, according to VanEck’s projection, and then soar to all-time highs by year-end. Bitcoin may hit $180,000 at the current cycle's peak, while Ethereum may surpass $6,000, according to a blog post published on December 13 by Matthew Sigel, VanEck’s head of digital asset research. In addition to Bitcoin and Ethereum, other cryptocurrencies like Sui and Solana could also experience significant price growth, with projections of surpassing $10 and $500, respectively. However, before hitting these peaks, the market could undergo a correction period. VanEck anticipates a…

FridayDec 13, 2024 7:00 am

An Analysis of the Tech Bosses That Poured Money into the Recent US Elections

Silicon Valley contributed a staggering $394.1 million to the 2024 U.S. presidential election, based on Federal Election Commission (FEC) data analysis. Much of this came from Elon Musk, who reportedly donated $243 million to Trump’s campaign. The involvement of the tech sector in shaping U.S. elections is more pronounced than ever, with crypto advocates emerging as particularly influential players. Their contributions aimed to resist regulatory measures, channeling significant funds into presidential and congressional campaigns. Major contributors came from renowned tech companies, including Netflix, Google, LinkedIn, and WhatsApp, as well as wealthy venture capitalists with significant stakes in the tech industry.…

ThursdayDec 12, 2024 7:00 am

How Much Longer Can the Current Crypto Boom Last

Donald Trump recently announced his intention to nominate crypto supporter Paul Atkins as the SEC chair, causing Bitcoin’s value to surge beyond $100,000 and sparking celebration among crypto enthusiasts. The excitement in the market brought back memories of the dot-com era, a time of wild optimism and inevitable crashes. The parallels were hard to miss: soaring prices, lofty predictions, and a mix of excitement and unease among seasoned market watchers. Crypto investors, entrepreneurs, and major pro-crypto contributors had ample reasons to be thrilled. Donors had funneled hundreds of millions of dollars into supporting politicians sympathetic to their cause, including backing…

TuesdayDec 10, 2024 8:00 am

Bitcoin Crosses the $100,000 Mark as Optimism After Trump’s Election Continues

Bitcoin surpassed the historical $100,000 on Thursday, marking a significant milestone that even skeptics recognize as a pivotal moment for digital assets. The surge reflects growing confidence in cryptocurrencies, buoyed by the prospect of a favorable regulatory environment under the incoming U.S. administration. Bitcoin surged to an unprecedented high of $103,649 before settling at $98,803, representing a 0.95% increase for the day. The crypto market’s total valuation has reached a record $3.8 trillion this year, nearly doubling its value. For context, Apple, one of the world’s most valuable companies, is currently valued at approximately $3.7 trillion. Bitcoin’s journey from the…

FridayDec 06, 2024 8:00 am

Analyst Singles Out MicroStrategy, Galaxy Digital as Strong Buys

The Bitcoin price is nearing a historic $100,000, propelled by a remarkable rally following the U.S. elections. This has sparked interest in identifying promising investment opportunities in the crypto space for 2025. According to Mark Plamer, an analyst at Benchmark, Galaxy Digital and MicroStrategy Inc. (NASDAQ: MSTR) are two long-standing favorites among cryptocurrency fans. Palmer estimates MicroStrategy’s fair value at $650, representing a potential 68% increase from its current price. For Galaxy Digital, he projects at least a 16% rise, targeting $29 based on his analysis. MicroStrategy, initially established as a software firm by Michael Saylor, has evolved into a…

ThursdayDec 05, 2024 8:00 am

Expert Group Warns People to Beware of Crypto Scams During the Ongoing Bull Market

Bitcoin’s recent surge beyond $90,000 and its approach toward the $100,000 mark has sparked widespread attention. Unfortunately, this rising interest also draws the attention of cybercriminals who see an opportunity to exploit the excitement of crypto investments. As Identity Theft Resource Center’s CEO, Eva Velasquez explains, scammers thrive on creating urgency and confusion, preying on those eager to invest or transact using Bitcoin. Their goal is to capitalize on people’s fear of missing out (FOMO) and trick them into parting with their money. The problem is further intensified by the abundance of legitimate strategies for making money with Bitcoin shared…