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The Daily: US appeals court rules OFAC exceeded its authority in Tornado Cash sanctions, WalletConnect launches its first airdrop season and more

The Fifth Circuit Court of Appeals ruled on Tuesday that the Treasury Department’s Office of Foreign Assets Control (OFAC) ”overstepped its authority” by sanctioning crypto mixer Tornado Cash, reversing a lower district court decision. WalletConnect has launched its first airdrop season and eligibility checker, allocating 50 million of the total supply of 1 billion WCT tokens to over 160,000 users, including builders and contributors. A Brazilian lawmaker has introduced a bill to create the Strategic Sovereign Bitcoin Reserve, allocating up to 5% of the nation’s $372 billion financial assets to the cryptocurrency via a phased acquisition strategy. The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

theblock.co • 27/11/2024 - 18:43 PM

BITCOIN

Brazilian lawmaker proposes national bitcoin reserve to hedge economic risks

A Brazilian lawmaker has proposed a bill seeking to establish a bitcoin reserve for the country. The bill noted that a bitcoin reserve could potentially enhance the country’s economic resilience.

theblock.co • 27/11/2024 - 06:27 AM

BITCOIN

Long-term bitcoin holders sold over 728,000 BTC in the past 30 days: CryptoQuant

Long-term bitcoin holders have sold over 728,000 BTC in the past 30 days, according to data from CryptoQuant. According to the same data set, the sell-off represents a reversal of whales’ buying hundreds of thousands of bitcoin in October.

theblock.co • 26/11/2024 - 22:33 PM

BITCOIN

Pantera founder Dan Morehead says bitcoin could reach $740,000 by April 2028, if current trendline continues

Pantera founder Dan Morehead predicts that bitcoin could rally to $740,000 by 2028 if the current compounded rate of return continues. The Pantera Bitcoin Fund, the first of its kind, has notched a lifetime return of 131,165% since launching in 2013.

theblock.co • 26/11/2024 - 22:01 PM

Visionary or 'financial comedy'? Market participants weigh MicroStrategy's stock premium amid bitcoin buying spree

MicroStrategy, with a market cap of around $85 billion, currently holds 331,200 bitcoin worth about $30 billion. The stock’s 440% year-to-date surge has baffled some financial pundits, while others have cheered its corporate strategy.

theblock.co • 26/11/2024 - 19:12 PM

The Daily: MicroStrategy buys record $5.4 billion in bitcoin, Sky Mavis cuts 21% of its workforce and more

Business intelligence firm and corporate bitcoin holder MicroStrategy purchased another 55,500 BTC for $5.4 billion between Nov. 18 and Nov. 24, according to an 8-K filing with the SEC on Monday. Axie Infinity crypto game developer Sky Mavis is laying off 21% of its workforce, affecting about 50 of its 250 global team, amid a “shift in priorities,” according to CEO and co-founder Trung Nguyen. Solana’s decentralized exchanges surpassed $100 billion in monthly trading volume for the first time, generating a record $109.8 billion in November so far, doubling Ethereum’s $55 billion. The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

theblock.co • 25/11/2024 - 19:15 PM

Bitcoin ETFs lead $3.1 billion weekly inflow record into crypto investment products: CoinShares

Crypto investment products registered a record $3.13 billion worth of net inflows globally last week, led by the U.S. spot Bitcoin ETFs, according to CoinShares. The funds’ year-to-date net inflows have also reached a record $37 billion, while assets under management hit a new peak of $153 billion.

theblock.co • 25/11/2024 - 11:53 AM

The Daily: Solana hits new all-time high, XRP surges after Gensler announces SEC departure and more

Solana surged 11% on Thursday to reach a new all-time high above $263 by the end of the day amid a broader market rally fueled by Donald Trump’s election victory, sparking optimism about a more crypto-friendly U.S. administration. XRP has had one of the strongest crypto rallies over the past 24 hours, surging 32% to around $1.47 — reaching its highest price since May 2021. Ethereum futures open interest jumped 12% to a fresh high of $20.8 billion on Friday, signaling short-term bullish momentum in the derivatives market, according to analysts at CryptoQuant. The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

theblock.co • 22/11/2024 - 18:46 PM

US spot bitcoin ETFs top $30 billion in cumulative inflows as BTC nears $100,000

The cumulative net inflow total of spot bitcoin ETFs crossed the $30 billion mark for the first time. The funds raked in over $1 billion in a single day today for the third time. Bitcoin is now trading above $99,300.

theblock.co • 22/11/2024 - 07:43 AM

MicroStrategy completes its $3 billion debt offering to buy more bitcoin

MicroStrategy completed a $3 billion debt offering to buy more bitcoins, raising total funds and drawing investor interest despite a lack of yield due to attractive conversion rates.

theblock.co • 21/11/2024 - 22:22 PM

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