<h2>December’s Record-Breaking&nbsp;<a href="https://coin360.com/glossary/accumulation">Accumulation</a> Bolsters Crypto Holdings</h2>MicroStrategy has once again demonstrated its unwavering commitment to&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>,&nbsp;<a href="https://assets.contentstack.io/v3/assets/bltb564490bc5201f31/blt81002dc8fb7c8644/6756dfe8d8a11dc3c8ba968b/form-8-k_12-09-2024.pdf">revealing</a> a staggering $2.1 billion purchase of 21,550&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> during the first week of December 2024. The company paid an average of $98,783 per coin, capitalizing on Bitcoin’s recent surge to all-time highs above $100,000.&nbsp;This acquisition propels the firm’s total holdings to 423,650 BTC, acquired at an aggregate cost of $25.6 billion, averaging $60,324 per Bitcoin. With Bitcoin's current market value exceeding $42 billion, MicroStrategy now boasts an unrealized profit exceeding $17 billion—solidifying its position as one of the largest institutional holders of the cryptocurrency.<figure class="image"><img alt="tweet_1866106687699964016_20241210_020344_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1866106687699964016_20241210_020344_via_10015_io_11zon_2693513411.jpg"><figcaption>Source: Michael Saylor/ X</figcaption></figure>Since November 11, 2024, MicroStrategy has been buying Bitcoin weekly, adding 171,430 BTC to its treasury at a cost of $15.6 billion. Executive Chairman Michael Saylor reiterated his commitment to this strategy, emphasizing his willingness to buy Bitcoin even if prices reach $1 million per coin. Saylor continues to champion Bitcoin as a hedge against inflation and a superior store of value compared to gold, framing it as a cornerstone of the company’s long-term financial vision.The firm’s Bitcoin acquisition journey began in August 2020, with an initial $250 million investment to purchase 20,000 BTC. Since then, MicroStrategy has&nbsp;<a href="https://coin360.com/news/bitcoin-treasury-expansion-2024">leveraged</a> debt financing and convertible notes to fund its buying spree, gradually transforming into a “Bitcoin Treasury” model. This bold pivot has proven fruitful; MicroStrategy’s stock price has surged by more than 2,500% since its first Bitcoin purchase, outperforming most U.S. public companies. Investors increasingly view the company as a proxy for Bitcoin, using its shares to gain indirect exposure to the cryptocurrency.Bitcoin’s climb to unprecedented highs has bolstered MicroStrategy’s confidence. Between November 11 and December 8, Bitcoin’s price rose nearly 22%, climbing from below $81,000 to its current value. This rally has also boosted the company’s quarterly Bitcoin yield to 43.2% and its year-to-date yield to 68.7%, reflecting robust returns amid the bull market. However, the company’s strategy remains tied to Bitcoin’s performance, leaving investors vulnerable to the asset’s inherent volatility.<figure class="image"><img alt="chart.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_fe133b05e8.png"></figure>Saylor has consistently highlighted Bitcoin’s transformative potential, forecasting that its price could hit $13 million per coin by 2045. He has also advocated for its adoption as a U.S. strategic reserve asset, proposing that such a move could significantly enhance the country’s economic positioning. Despite these optimistic projections, critics caution that MicroStrategy’s heavy reliance on Bitcoin exposes the firm to significant risks, particularly during market downturns.As MicroStrategy cements its position as a Bitcoin juggernaut, its bold strategy continues to inspire both awe and skepticism. With total spending on Bitcoin since 2020 reaching $25.6 billion, the company’s fortunes remain intricately linked to the trajectory of the world’s leading cryptocurrency.This article has been refined and enhanced by ChatGPT.

Faceless robot plants Bitcoin seeds_11zon.webp

MicroStrategy Doubles Down on Bitcoin with $2.1 Billion Purchase

<h2>Proposal Highlights Performance Metrics and Inflation Risks</h2>A bold&nbsp;<a href="https://x.com/TimKotzman/status/1865832907597807992">proposal</a> from shareholders, backed by the National Center for Public Policy Research (NCPPR), has urged Amazon to allocate at least 5% of its treasury assets to&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>. The initiative, scheduled for review at the company’s April 2025 shareholder meeting, aims to hedge against inflation and diversify financial holdings. Proponents argue Bitcoin's performance metrics, inflation resistance, and adoption by leading corporations make it an essential addition to Amazon’s strategy.Bitcoin’s outperformance of traditional asset classes like corporate bonds forms the cornerstone of the proposal. Over the past year, Bitcoin’s value surged by 131%, surpassing corporate bonds by 126%. In the last five years, its price skyrocketed by 1,246%, cementing its reputation as a hedge against economic instability.&nbsp;The proposal criticized reliance on the Consumer Price Index (CPI), suggesting the true inflation rate may be double the reported figure of 4.95%, threatening Amazon’s $88 billion in cash and short-term equivalents. Shareholders warned that these reserves face “significant erosion due to currency debasement.”<figure class="image"><img alt="The shareholder proposal to Amazon.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/The_shareholder_proposal_to_Amazon_ef32f64ef9.webp"><figcaption>The proposal. Sources: Tim Kotzman, Dennis Porter</figcaption></figure>Drawing comparisons with successful corporate Bitcoin strategies, the proposal cited MicroStrategy’s example, which achieved a 537% stock performance gain since adopting Bitcoin as a treasury asset. MicroStrategy, now holding over $40 billion in Bitcoin, has reportedly profited by $17 billion.&nbsp;Tesla and other firms, including Marathon Digital Holdings and Genius Group, were highlighted as additional adopters benefiting from strategic Bitcoin allocations. Marathon secured $1 billion through a convertible note offering for Bitcoin investments, while Genius Group converted its treasury assets to Bitcoin at an average price of $90,932 per coin.Institutional support further strengthens the case for Bitcoin’s inclusion in Amazon’s treasury strategy. BlackRock and Fidelity, Amazon’s second and fourth largest institutional shareholders, already offer Bitcoin ETFs, signaling growing acceptance of digital assets. The proposal also noted the U.S. government’s exploration of a Bitcoin strategic reserve by 2025 as a critical step toward mainstream adoption.Amazon’s response remains uncertain, but the board of directors will review the proposal to decide on its inclusion in the April 2025 proxy statement. The outcome will hinge on the support of institutional shareholders such as Vanguard Group, State Street, and JPMorgan. Advocates caution that avoiding Bitcoin investments could expose Amazon to shareholder litigation, given the potential financial gains at stake.&nbsp;While Amazon has historically explored blockchain technology for supply chain optimization, the company’s stance on Bitcoin remains unclear as the debate heats up.This article has been refined and enhanced by ChatGPT.

Robot reaches for glowing Bitcoin in pastel green sky

Robot reaches for glowing Bitcoin in pastel green sky_11zon.webp

Amazon Shareholders Demand 5% Asset Allocation to Bitcoin

<h2>IMF Negotiations Reshape Bitcoin Law</h2>El Salvador is navigating a crucial turning point as it seeks a $1.3 billion loan from the International Monetary Fund (IMF). Central to these negotiations is a&nbsp;<a href="https://ctmain.slack.com/archives/C051Z8HCML2/p1733746621229469?thread_ts=1733746569.357809&amp;cid=C051Z8HCML2">proposed amendment</a> to the country's landmark&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> Law, which currently mandates businesses to accept Bitcoin as legal tender.&nbsp;The IMF’s condition to make Bitcoin acceptance voluntary reflects long-standing concerns over financial stability, a stance the institution has maintained since El Salvador adopted Bitcoin as legal tender in 2021. If successful, this deal could pave the way for an additional $2 billion in funding from the World Bank and the Inter-American Development Bank, underscoring the high stakes involved in this policy shift.El Salvador’s Bitcoin strategy has seen mixed outcomes. By November 2024, the government had amassed 5,942&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>, translating to over $300 million in unrealized gains as Bitcoin surged past $100,000. This windfall, while significant, comes amid international scrutiny and pressure to balance crypto adoption with broader economic stability. The loan negotiations highlight a potential pivot in President Nayib Bukele’s approach, as the administration adapts to international demands without abandoning its pioneering Bitcoin experiment.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>A Broader Wave of Bitcoin Adoption</h2>The global implications of El Salvador’s Bitcoin policy ripple far beyond its borders. Analysts at 21Shares project a growing trend of sovereign Bitcoin adoption, with Argentina poised to follow in El Salvador’s footsteps. Economic crises, such as the 2023 collapse of Silicon Valley Bank and geopolitical events like U.S. sanctions on Russia, have amplified Bitcoin’s role as a hedge against traditional financial instability. Dr. Matthew Ferranti and other experts argue that Bitcoin’s decentralized nature and immunity to geopolitical risks position it as a viable alternative to gold in central bank reserves.<div class="raw-html-embed"><blockquote class="twitter-tweet">Are you ready for the crypto market in 2025? Explore 12 must-know predictions in the latest State of Crypto: 2025 Market Outlook – Available now!<a href="https://t.co/rWnOo2GsTO">https://t.co/rWnOo2GsTO</a><a href="https://twitter.com/hashtag/StateOfCrypto?src=hash&amp;ref_src=twsrc%5Etfw">#StateOfCrypto</a> <a href="https://twitter.com/hashtag/MarketOutlook2025?src=hash&amp;ref_src=twsrc%5Etfw">#MarketOutlook2025</a> <a href="https://twitter.com/hashtag/CryptoIndustry?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoIndustry</a> <a href="https://t.co/5x94JIdeSC">pic.twitter.com/5x94JIdeSC</a>— 21Shares (@21Shares) <a href="https://twitter.com/21Shares/status/1866030255087231424?ref_src=twsrc%5Etfw">December 9, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Looking ahead, institutional interest in crypto markets is set to soar. The approval of spot Bitcoin ETFs in the U.S. is expected to elevate these funds to the ranks of the world’s top 25 ETFs, driving an explosion in assets under management to an estimated $150 billion by 2025. Additionally,&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>’s ecosystem is projected to experience significant growth, with&nbsp;<a href="https://coin360.com/glossary/layer-2">Layer 2</a> scaling solutions boosting network adoption and&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a> deepening their integration into traditional financial systems.Critics remain vocal about Bitcoin’s volatility and utility as a reserve asset. Figures like former U.S. Treasury Secretary Lawrence Summers have dismissed the concept as impractical, while Florida explores its own Bitcoin reserve initiative, set to debut in 2025. As these debates unfold, Bitcoin’s total value locked (<a href="https://coin360.com/glossary/understanding-tvl-defi">TVL</a>) is projected to exceed $10 billion by 2025, driven by macroeconomic trends and advancements in blockchain technology.El Salvador’s evolving Bitcoin policy serves as a microcosm of the broader global shift toward cryptocurrency adoption. Whether as a tool for economic diversification or a hedge against geopolitical risks, Bitcoin is redefining the financial landscape, with nations like Argentina poised to lead the next wave of adoption.This article has been refined and enhanced by ChatGPT.

Robot running along blockchain bridge above a pastel globe

Robot running along blockchain bridge above a pastel globe_11zon (1).webp

El Salvador to Revise Bitcoin Policy for $1.3B IMF Loan

<h2>Enhanced Flexibility and Cost Efficiency for Validators and Stakers</h2><a href="https://coin360.com/coin/eigenlayer-eigen">EigenLayer</a>,&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>’s leading restaking protocol, has announced the launch of its highly anticipated Rewards v2 upgrade, scheduled for January 2025. The overhaul aims to introduce greater flexibility and efficiency for both protocols and validators, cementing EigenLayer’s role in optimizing Ethereum’s staking ecosystem.&nbsp;Detailed in a December 6&nbsp;<a href="https://www.blog.eigenlayer.xyz/coming-soon-rewards-v2/">blog post</a>, this upgrade is the first proposal under the platform's newly established EigenLayer Governance Process, marking a significant milestone for its community-driven development approach.The Rewards v2 upgrade introduces a suite of enhancements designed to improve the functionality of EigenLayer’s reward system. A notable feature is the addition of operator-oriented rewards, enabling Application Validator Sets (AVSs) to distribute rewards based on performance metrics or custom criteria. This innovation, coupled with the introduction of variable operator fees, grants operators the autonomy to adjust their fee structures, promoting economic flexibility and attracting diverse participants to the platform.Another pivotal improvement is the support for batch reward claiming, which allows stakers and operators to consolidate multiple reward claims into a single transaction. This upgrade significantly reduces gas costs, addressing one of the most pressing concerns for Ethereum users. The streamlined process not only boosts efficiency but also enhances the platform’s appeal to both existing and prospective participants.EigenLayer has positioned itself as the first restaking protocol on Ethereum, empowering&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> stakers to maximize their assets' utility. By permitting additional slashing conditions through its smart contracts, the platform incentivizes participants with increased revenue opportunities tied to service provision. The revamped Rewards v2 system strengthens this value proposition, allowing third-party protocols utilizing EigenLayer to directly align rewards with validator performance.Operators, who act as validators within EigenLayer’s framework, will benefit from the newfound flexibility in setting fees. This dynamic approach aims to foster broader economic engagement and adaptability in a rapidly evolving staking landscape. With the integration of these enhancements, EigenLayer continues to refine its ecosystem, providing a robust infrastructure for Ethereum stakers and validators alike.This article has been refined and enhanced by ChatGPT.

Cubic robot adjusting pastel [fees] dials amid Ethereum nodes

Cubic robot adjusting pastel [fees] dials amid Ethereum nodes_11zon.webp

EigenLayer's January Upgrade Set to Transform Rewards System

<h2>Coinbase Exec Unveils Operation Chokepoint 2.0 Allegations</h2><a href="https://coin360.com/review/coinbase">Coinbase</a>’s chief legal officer Paul Grewal has published previously undisclosed letters from the Federal Deposit Insurance Corporation (FDIC), revealing what he claims to be evidence of a concerted regulatory effort to discourage banks from engaging with the cryptocurrency sector.&nbsp;Dubbed “<a href="https://downloads.ctfassets.net/c5bd0wqjc7v0/6y0GZ2y2LzOZi1gUnCTtxh/55bf6ae9665ca12b9fe7bdfb3ebe746b/-26-1-_Exhibit_A_-_Redacted_Pause_Letters.pdf">pause letters</a>,” these communications, obtained via Freedom of Information Act (FOIA) requests, were issued throughout 2022 and urged banks to suspend or avoid crypto-related services. Grewal contends these actions, which he calls "Operation Chokepoint 2.0," are indicative of politically motivated regulatory measures against the crypto industry.<div class="raw-html-embed"><blockquote class="twitter-tweet">Re: the letters that show Operation Chokepoint 2.0 wasn't just some crypto conspiracy theory. <a href="https://twitter.com/FDICgov?ref_src=twsrc%5Etfw">@FDICgov</a> is still hiding behind way overbroad redactions. And they still haven't produced more than a fraction of them. But we finally got the pause letters: <a href="https://t.co/Me41BXpbdF">https://t.co/Me41BXpbdF</a>…— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1865036008989106594?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The letters, dated as early as March 2022, raised alarms within the crypto community for their extensive redactions and pointed language discouraging banks from pursuing crypto activities. The FDIC cited its lack of clarity on regulatory requirements, stating that no determinations had been made regarding the filings necessary for such operations. This ambiguity was coupled with demands for detailed information about banks’ crypto offerings to ensure their compliance with safety and soundness standards.&nbsp;Legal analyses of these services were also scrutinized under Part 362 of FDIC Rules and Regulations, which govern insured state banks. The heavily redacted nature of the documents has fueled further criticism, with some industry experts questioning the transparency of the FDIC’s oversight.<figure class="image"><img alt="fdic letter.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/fdic_letter_c9874b204c.webp"><figcaption>Source: FDIC</figcaption></figure>Critics argue that the letters represent a deliberate attempt to stifle innovation in the crypto space. Caitlin Long, CEO of Custodia Bank, characterized the communications not as temporary pauses but as indefinite directives aimed at shutting down lawful crypto operations. She described the language as “cease and desist letters cloaked in legalese,” designed to block the industry's development under the guise of regulatory prudence. Long also pointed to the Federal Reserve’s involvement, as it was copied on many of the letters, suggesting a broader, coordinated effort among U.S. regulators.Grewal’s disclosure adds weight to claims that the FDIC and other agencies have targeted the crypto sector through unofficial policies. He emphasized that the letters were not a conspiracy theory but concrete evidence of deliberate action, citing a broader trend of regulatory hostility. The FOIA request, filed by Coinbase in October, also sought clarification on an alleged 15% deposit cap imposed on banks serving crypto clients, further underscoring concerns of systemic discrimination.The implications of these findings are profound, as they highlight the challenges faced by crypto firms attempting to integrate with the traditional financial system. Critics warn that such measures risk driving innovation offshore, leaving the U.S. at a competitive disadvantage in the rapidly evolving blockchain and digital currency space. As the debate intensifies, Grewal has called on the incoming U.S. administration to reverse these policies, advocating for a more balanced approach to crypto regulation.This article has been refined and enhanced by ChatGPT.

Robot leaps, breaking a translucent Pause wall amid pastel tokens

Robot leaps, breaking a translucent Pause wall amid pastel tokens_11zon (1).webp

FDIC’s Crypto Pause Letters Spark Industry Outrage

Bitcoin has woken up from its slumber and has been taking down multiple LTF resistance levels since yesterday. Having recently surpassed $20,500, the market leader is currently trading at just under $21,000. Meanwhile, DXY has been trending lower, down 1.3% for the day with the next support at 106. Equities have also been doing well with a 1.8% gain for the day and targeting 4,000 for the next week.

Overall, the market conditions look encouraging for bulls, but it is early to call anything definitively.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_34_e3e099bdc4.png" alt="Coin360 (34).png" />

<h2 id="top-altcoin-gainers-and-losers">Top altcoin gainers and losers</h2>

<h3 id="gainers">Gainers</h3>

<ul>
<li><a href="https://coin360.com/coin/lido-steth-steth" target="_blank">Lido stETH STETH</a> (+16.11% )</li>
<li><a href="https://coin360.com/coin/ethereum-eth" target="_blank">Ethereum ETH</a> (+15.51%)</li>
<li><a href="https://coin360.com/coin/convex-finance-cvx" target="_blank">Convex Finance CVX</a> (+14.37%)</li>
</ul>

<h3 id="losers">Losers</h3>

<ul>
<li><a href="https://coin360.com/coin/klaytn-klay" target="_blank">Klaytn KLAY</a> (-3.87%)</li>
<li><a href="https://coin360.com/coin/chain-xcn" target="_blank">Chain XCN</a> (-3.42%)</li>
<li><a href="https://coin360.com/coin/aptos-apt" target="_blank">Aptos APT</a> (-3.00%)</li>
</ul>

<h2 id="btc-technical-analysis">BTC Technical Analysis</h2>

Bitcoin Technical Analysis

<a href="https://coin360.com/coin/bitcoin-btc" target="_blank">Bitcoin price</a> has rallied harder than equities, gaining 4.7% for the day. Bulls may still be wary of this rally — unsure whether it&rsquo;s the start of another bull run or another exit rally. The Nov. 2 FOMC will likely shed more light on the future dynamics. As far as price action is concerned, BTC has to overcome the range between $21,000 and $21,500 before bulls can start looking at higher resistance levels. If we fall once again to sub $20,000, bears may start jumping back into action, after having been liquidated en masse by the latest move.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/26_TH_OCT_a95fd50834.png" alt="26TH OCT.png" />

<h2 id="eth-technical-analysis">ETH Technical Analysis</h2>

The <a href="https://coin360.com/coin/ethereum-eth" target="_blank">price of ETH</a>  broke out of its symmetrical triangle — as highlighted in our previous updates — and reached its target of $1,530. Currently, it's trading at $1,550. It already fulfilled the imbalance of buyers and sellers between $1,400 and $1,490 and its next target could be $1,700 which is a pivot point and major support from the May 2021 crash.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth26_d54d46ce34.png" alt="eth26.png" />

<h2 id="coin360-daily-digest">Coin360 Daily Digest</h2>

Here&rsquo;s a rundown of the major crypto market news from today.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dailydigestoct26_9cf22231f2.jpg" alt="dailydigestoct26.jpg" />

For more daily updates and news, follow us on <a href="https://twitter.com/COIN360com" target="_blank">Twitter</a>.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

BTC price tests $21K as markets rally ahead of next week's FOMC

Top altcoin gainers and losers

Gainers

Losers

BTC Technical Analysis

ETH Technical Analysis

Coin360 Daily Digest

Latest News @Coin360

MicroStrategy Doubles Down on Bitcoin with $2.1 Billion Purchase

Amazon Shareholders Demand 5% Asset Allocation to Bitcoin

El Salvador to Revise Bitcoin Policy for $1.3B IMF Loan

EigenLayer's January Upgrade Set to Transform Rewards System

FDIC’s Crypto Pause Letters Spark Industry Outrage