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In a recent research report, Jefferies highlighted that U.S.-listed bitcoin miners contributed significantly to the global network, accounting for 25.3% in December. Despite this, the bank adjusted its price target for MARA Holdings (MARA) downwards to $20 from $24, while keeping its hold rating. The report also noted an improvement in mining profitability last month, driven by a 15% increase in the average price of bitcoin, which outstripped the 6.5% rise in network hashrate. This led to a 7.1% increase in average daily revenue per exahash, reaching $59,585. MARA was the top miner in terms of bitcoin production with 890 tokens, followed by CleanSpark with 668. MARA also maintained the largest installed hashrate in the sector at 53.2 exahashes per second, with CleanSpark coming in second at 39.1 EH/s.
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The cryptocurrency landscape in 2025 is set for a revival, with bitcoin potentially reaching $200,000 under a new administration, signaling a possible mass adoption. Andrew Chow, in his book "Cryptomania," discusses the impact of FTX's collapse and its relevance today. He highlights how Sam Bankman-Fried used Africa's financial instability to his advantage, promoting crypto under the guise of philanthropy while setting up schemes to funnel users into FTX. Despite the promise of crypto in regions with hyperinflation and oppressive financial systems, the trust in crypto has been severely damaged by events like the FTX collapse. However, the underlying blockchain technology continues to evolve, and there remains a committed community in Africa, supported by venture capital, looking to leverage crypto for financial innovation. The narrative around crypto is crucial, often driven by external political and economic climates rather than technological advancements. The crypto industry now celebrates a lighter regulatory touch promised by the Trump administration, but the long-term effects of such regulation remain to be seen.
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The recent surge in Treasury yields, with the 10-year yield approaching 4.7%, has shifted investor sentiment from calm to concern, primarily due to signs of reaccelerating inflation. This week's report from the Institute for Supply Management highlighted rising prices for services, prompting markets to adjust expectations for Federal Reserve rate cuts. The potential inflationary impact of incoming fiscal policies under President Trump adds to the uncertainty. Experts like Jurrien Timmer from Fidelity Investments express concerns that inflation might not be fully under control, potentially pushing rates higher if economic growth accelerates. Despite these worries, there's a consensus among Wall Street strategists, including Michael Arone from State Street Global Advisors, that stock market performance will be driven by earnings rather than fiscal policy or Fed actions. The S&P 500 has experienced a pullback, but the focus remains on earnings growth as a key determinant for market direction.
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James Howells, a 39-year-old from Newport, Wales, has been embroiled in a legal battle for over a decade to recover his Bitcoin hard drive, lost in a landfill in 2013, which now holds nearly $750 million in cryptocurrency. Despite offering to fund the excavation and share a significant portion of the recovered Bitcoin with the Newport City Council, his request was repeatedly denied. Recently, a judge dismissed Howells' lawsuit, stating that there were no reasonable grounds for his claim and that the council legally owned the hard drive. Howells expressed his disappointment, feeling that the judicial system had failed him by not allowing a full trial where he could present his case. The ruling has left him feeling defeated, highlighting the complexities and legal challenges surrounding lost digital assets.
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James Howells, a 39-year-old from Newport, Wales, has been embroiled in a legal battle for over a decade to recover his Bitcoin hard drive, lost in a landfill in 2013, which now holds nearly $750 million in cryptocurrency. Despite offering to fund the excavation and share a significant portion of the recovered Bitcoin with the Newport City Council, his request was repeatedly denied. Recently, a judge dismissed Howells' lawsuit, stating that there were no reasonable grounds for his claim and that the council legally owned the hard drive. Howells expressed his disappointment, feeling that the judicial system had failed him by not allowing a full trial where he could present his case. The ruling has left him feeling defeated, highlighting the complexities and legal challenges surrounding lost digital assets.
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Recent economic data and profit-taking have influenced a dip in Bitcoin's price, but onchain metrics suggest that this could be an opportune moment for investors to enter the market. The Spent Output Profit Ratio (SOPR) indicates that short-term holders are selling at a loss, a scenario that historically precedes price recoveries. Other indicators like the Market Value to Realized Value (MVRV) and the Puell Multiple also suggest that the market has not yet reached its peak, implying that the current correction might not signal the end of the bullish trend. Analyst Mac_D from CryptoQuant notes that as short-term investors face losses, it often presents a chance for accumulation by more strategic investors. This week, Bitcoin experienced a significant drop, falling from a high above $120,000 to around $90,000, influenced by rising U.S. treasury yields following a stronger-than-expected ISM report. Investors are now watching for the U.S. non-farm payrolls data, which could further impact Bitcoin's price due to its implications for interest rates and economic health.
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In a recent discussion with BTC Inc. CEO David Bailey, former President Donald Trump's growing interest in bitcoin was explored. Bailey highlighted Trump's unique perspective on cryptocurrency, shaped by his experiences with politicized banking, which has led him to appreciate the value of permissionless money. Trump's interest is not merely political; he sees bitcoin as a significant economic tool, particularly in the context of energy abundance, aligning with his vision of significantly increasing America's energy production. Bailey described Trump as both a learner and a strategic thinker, who recognizes bitcoin's appeal to younger demographics and its potential to be the "Dow Jones of the next generation." Furthermore, Trump's engagement with bitcoin miners at Mar-a-Lago and his discussions on how bitcoin could interact with the U.S. dollar illustrate his deep, intuitive understanding of the cryptocurrency's role in modern economics and geopolitics.
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The article discusses the current state of Dogecoin (DOGE) and other major cryptocurrencies. Dogecoin has seen a 28% drop in market cap since its peak a month ago, with sentiment at its lowest in the past year. However, this low sentiment could present an opportunity for contrarian investors if the crypto market trends upward. Large investors, or "whales," are showing renewed interest in DOGE, with significant transactions suggesting potential short-term price increases. Historically, January has been Dogecoin's best month, averaging an 85% return, and technical indicators suggest a bullish trend with a potential target of 50 cents. Meanwhile, sentiment for other cryptocurrencies varies: Bitcoin is neutral, Ether is bearish, XRP is bullish, and Solana shows semi-bullish trends. Cardano led a market recovery, and there's a notable interest in AI Agent tokens, with some rising significantly on Binance listings.
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Martin Shkreli, embroiled in a legal battle with PleasrDAO over a unique Wu-Tang Clan album, argued in court that members of the hip hop group should be involved in the lawsuit. Shkreli claimed that Wu-Tang member Robert Diggs (RZA) and producer Tarik Azzougarh (Cilvaringz) should be included as they maintain copyright interests in the album. PleasrDAO had sued Shkreli in June 2024, alleging he wrongfully retained and threatened to release digital copies of the album, causing significant harm. Shkreli's motion for dismissal was opposed by PleasrDAO, who argued that his interpretation of the lawsuit was incorrect. The dispute stems from Shkreli's purchase of the album, which he claims gave him 50% copyright, even after selling the physical box. PleasrDAO, having bought the album from the Justice Department in 2021, insists Shkreli relinquished all rights upon its sale. The court has ordered Shkreli to surrender all copies of the album, but PleasrDAO remains skeptical of his compliance.
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The US Department of Justice is preparing to auction off $6.5 billion in Bitcoin, which was seized from the Silk Road, following a court ruling on December 30. This decision comes amidst speculation that the outgoing Biden administration might be motivated to sell all government-held Bitcoin before Donald Trump's presidency, possibly for political reasons. Critics like Fox Business contributor Jason Williams argue that this move could be seen as a misuse of government responsibility, especially if the incoming administration ends up buying back the Bitcoin at higher prices. Despite the immediate market reaction with a 2.78% drop in Bitcoin's price, historical data suggests that government auctions have not significantly impacted Bitcoin's long-term price. Over the past year, despite selling off approximately 38,000 BTC, Bitcoin's price has surged by 375%, driven by demand for new Bitcoin ETFs and optimism about Trump's potential policies. The government's previous sales have resulted in a missed opportunity of nearly $17.9 billion in potential profits, highlighting the significant opportunity cost of early liquidation.
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Raoul Pal, CEO of Real Vision, has described the current state of the cryptocurrency market as being in the "Banana Zone," a term he coined for a period of significant upward price movement. He predicts that the market is heading towards a "Banana Singularity," where all cryptocurrencies will experience substantial gains, followed by a larger consolidation phase. This comes after a period of consolidation similar to the 2016/2017 cycle, which Pal believes won't last long. Despite a recent market correction, the total market capitalization has grown by 90% year-on-year, reaching an all-time high in December. Pal's predictions are supported by historical patterns and the correlation between global liquidity and cryptocurrency performance. However, opinions vary, with some like CoinMamba suggesting that the current sell-off might lead to an altseason merely by prices returning to levels from a week ago. Pal remains optimistic, forecasting that the core winners will eventually make much higher highs in what he calls the "concentration phase."
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Bitcoin has been oscillating between $90,000 and $100,000 since November 18, with market sentiment swinging between bullish and bearish based on its approach to these thresholds. The dynamics of derivatives, particularly futures and options, play a crucial role in these price movements, although they constitute only a minor part of Bitcoin's market capitalization. A key metric traders watch is the futures perpetual funding rate, which recently dipped into negative territory for the first time this year, signaling a brief bearish sentiment before Bitcoin rebounded above $94,000. This negative funding rate, while not always indicative of an immediate price recovery, can be used alongside other technical indicators to gauge market direction. Historically, negative funding rates have often preceded price bottoms, as seen during significant market events like the Silicon Valley Bank collapse in 2023. The interplay between market sentiment, funding rates, and price action continues to shape Bitcoin's volatile trading environment.
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In a recent research report by Jefferies, it was highlighted that U.S.-listed bitcoin miners contributed significantly to the global network, accounting for 25.3% in December. The report also noted an improvement in mining profitability due to a 15% increase in bitcoin's price, which outpaced the 6.5% rise in network hashrate. This led to an increase in average daily revenue for miners, reaching $59,585 per exahash, up 7.1% from November. Among the U.S.-listed companies, MARA Holdings was the top miner, producing 890 bitcoin tokens, followed by CleanSpark with 668. MARA also maintained the largest installed hashrate at 53.2 exahashes per second, showcasing its dominance in the sector. Despite these positive developments, Jefferies adjusted its price target for MARA Holdings to $20 from $24, maintaining a hold rating on the stock.
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Standard Chartered, a major global bank, has announced the launch of cryptocurrency services in Europe through a newly established entity in Luxembourg, following the acquisition of a digital asset license under the EU's Markets in Crypto-Assets (MiCA) Regulation. This move marks the bank's entry into the European crypto market, focusing initially on custody services for Bitcoin and Ether, with plans to include more digital assets by 2025. Laurent Marochini, previously with Société Générale, will lead this venture as CEO. The bank's strategy is part of a broader digital asset expansion, following its introduction of similar services in the UAE. Standard Chartered's approach emphasizes high-security standards and aims to support institutional clients in accessing the digital asset ecosystem, although trading services are not currently planned for the Luxembourg entity. This development is a significant step in Standard Chartered's long-term plan to integrate crypto services, which began with considerations for a crypto exchange in Europe back in 2021.
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Bitcoin (BTC) saw a sharp decline, wiping out its early-2025 gains as macroeconomic concerns and a global bond sell-off intensified the crypto market's downturn. The cryptocurrency hit a low of $92,600, marking a nearly 10% drop from its recent peak. This plunge led to the liquidation of nearly $1 billion in leveraged positions, predominantly affecting those betting on price increases. The broader market also felt the impact, with Cardano's ADA, Render's RNDR, and Aptos' APT leading the losses in the CoinDesk 20 Index. Crypto-related stocks like TeraWulf and Semler Scientific also experienced significant declines. Analysts have highlighted several potential headwinds for January, including a hawkish Federal Reserve, rising bond yields, and the possibility of a U.S. government shutdown. Despite these challenges, some market observers anticipate a recovery for Bitcoin, influenced by upcoming economic reports and the political climate surrounding Trump's inauguration.
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Gemini, a cryptocurrency exchange, has announced significant leadership changes and expansion plans for Europe in 2025. Mark Jennings, formerly with Kraken, has been appointed as the head of Europe, while Daniel Slutzkin, previously with U.K. broker Stake, will lead the U.K. operations. Additionally, Vijay Selvam has taken on the role of international general counsel, moving from Gemini's Asia-Pacific team to the U.K. to oversee the company's regulatory strategy in the region. This strategic move comes as the European Union approaches the deadline for implementing MiCA, a comprehensive regulatory framework for crypto services. Jennings highlighted the significance of this timing, emphasizing Gemini's commitment to Europe and the potential for sustainable growth in digital assets under the new regulatory environment. The expansion and leadership changes are part of Gemini's broader strategy to capitalize on the evolving regulatory landscape in Europe.
