- News on the Blockchain
- Posts
- MicroStrategy Expands Bitcoin Holdings to 439,000 BTC Amid Stock Surge and Nasdaq 100 Inclusion
MicroStrategy Expands Bitcoin Holdings to 439,000 BTC Amid Stock Surge and Nasdaq 100 Inclusion
News on the Blockchain
December 17, 2024
In partnership with
FROM OUR FRIENDS @ CBDistillery
A Knockout Night of Sleep, Powered by Plants
THC & CBD to relax and fall asleep
CBN to keep you asleep through the night
Save 25% with code SLP25
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 766
Market Cap: $3.75T (+1.98%)
24h Volume: $204.28B (+25.04%)
Bitcoin Dominance: 56.6%
Ethereum Dominance: 12.9%
ETH Gas Price: 7.57 Gwei
Fear & Greed Index: 81/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $107,198.99 | +2.47% | $2.12T | $80.59B |
Ethereum (ETH) | $4,011.55 | +1.78% | $483.20B | $43.23B |
Tether (USDT) | $0.9999 | +0.05% | $140.45B | $168.04B |
BNB (BNB) | $718.76 | +1.20% | $103.51B | $2.20B |
Solana (SOL) | $218.56 | -0.24% | $104.75B | $4.95B |
💹 Market Highlights:
Total DeFi Volume: $14.09B (6.9% of total 24h volume)
Stablecoins Volume: $188.65B (92.35% of total 24h volume)
Coin with Highest % Change: FartGuy/SOL 🚀 +774%
📈 Preview On Today’s News:
- India Advances Comprehensive Cryptocurrency Regulations
- Ripple Labs to Launch RLUSD Stablecoin on December 17, Strengthening XRP's Market Position
- MicroStrategy Expands Bitcoin Holdings to 439,000 BTC Amid Stock Surge and Nasdaq 100 Inclusion
Keep reading below for more!
Today’s News:
1)
India Advances Comprehensive Cryptocurrency Regulations
India’s Parliament is actively developing a comprehensive regulatory framework for Virtual Digital Assets (VDAs) to balance innovation with investor protection. Recent discussions highlight the government’s commitment to establishing robust regulations, including anti-money laundering measures under the Prevention of Money Laundering Act (PMLA) since March 2023, and taxation guidelines classifying VDAs as capital assets under the Income Tax Act of 1961. India’s leadership in the G20 has been pivotal in shaping global crypto governance, and the government plans to release a discussion paper to further refine its regulatory approach through stakeholder feedback. Addressing the borderless challenges of VDAs, India aims to ensure financial stability and foster blockchain innovation through both domestic efforts and international cooperation.
Regulatory Developments: India is crafting a comprehensive VDA framework focusing on AML compliance, capital gains taxation, and international regulatory cooperation to ensure global consistency.
Global Leadership and Future Plans: Leveraging its G20 presidency, India seeks to influence global crypto governance and intends to release a discussion paper to gather stakeholder input for refining its regulatory landscape.
2)
Ripple Labs to Launch RLUSD Stablecoin on December 17, Strengthening XRP's Market Position
Ripple Labs has announced the launch of its RLUSD stablecoin on December 17, 2024, across multiple cryptocurrency exchanges, positioning itself to compete in the rapidly expanding stablecoin market currently led by Tether and Circle. To support the rollout, Ripple is incorporating two high-profile former central bankers into its stablecoin advisory board and has engaged an independent auditing firm to provide monthly attestations of RLUSD's reserve assets, which are fully backed by U.S. dollar deposits, government bonds, and cash equivalents. This development has generated significant excitement, leading to an increase in Ripple’s native cryptocurrency, XRP, which has risen to become the fifth largest cryptocurrency by market capitalization following Ripple’s favorable outcome in its legal battle with the SEC. Initially, RLUSD will be available on platforms including Uphold, MoonPay, Archax, and CoinMENA, with further listings expected in the ensuing weeks. Ripple CEO Brad Garlinghouse highlighted the company's adherence to the NYDFS limited purpose trust company charter, anticipating that clearer U.S. regulations will drive greater adoption of stablecoins like RLUSD.
RLUSD Launch and Strategic Support: Ripple Labs is set to launch its RLUSD stablecoin on December 17, 2024, across several crypto exchanges, bolstered by the addition of two former central bankers to its advisory board and monthly reserve asset audits by an independent firm.
Market Impact and XRP Growth: The introduction of RLUSD aims to challenge leading stablecoins like Tether’s USDT and Circle’s USDC, contributing to XRP's rise as the fifth largest cryptocurrency by market cap following Ripple’s successful resolution with the SEC.
3)
MicroStrategy Expands Bitcoin Holdings to 439,000 BTC Amid Stock Surge and Nasdaq 100 Inclusion
MicroStrategy has significantly increased its Bitcoin holdings by purchasing an additional 15,350 BTC for $1.5 billion between December 9 and 15, bringing its total to 439,000 BTC valued at over $45 billion. This latest acquisition, financed through the sale of nearly 3.9 million Class A shares, follows a prior purchase of 21,550 BTC a week earlier and contributes to a total investment of $27.1 billion in Bitcoin at an average price of $61,725 per coin. The company's market capitalization has reached $92 billion, with its stock appreciating more than 490% this year. Additionally, MicroStrategy's inclusion in the Nasdaq 100 Index on December 23 is expected to enhance liquidity and attract significant institutional investment. Executive Chairman Michael Saylor remains bullish on Bitcoin, advocating for continued acquisitions, while analysts predict further equity issuance to support ongoing investments. Upcoming changes to digital asset accounting rules in 2025 may further bolster MicroStrategy’s financial standing and prospects for inclusion in the S&P 500 Index.
Major Bitcoin Acquisition and Financial Strategy: MicroStrategy purchased 15,350 BTC for $1.5 billion, increasing total holdings to 439,000 BTC and spending $27.1 billion overall, funded by selling nearly 3.9 million Class A shares.
Stock Surge and Nasdaq 100 Inclusion: The company’s market cap has soared to $92 billion with a 490% stock increase this year, and its upcoming inclusion in the Nasdaq 100 Index is expected to improve liquidity and attract significant institutional investment.
