WHAT’S BREWING IN CRYPTO NEWS?
Are you in search of the best crypto casino? You’ve found it right here at Cafe Casino, where knowing all there is to know about the world of cryptocurrency is our jam.
To make sure you can stay up-to-date as well, we’re delivering key news stories for you to digest with your morning coffee. It’s the exhilarating world of crypto, one byte at a time.
Let’s see what’s brewing.
This Week: Bitcoin Shatters Records With $106K
December 19, 2024
Bitcoin closed out the year with fireworks, shattering records and hitting a jaw-dropping $106,533 before settling at just over $104,000. That’s a 65% surge in the fourth quarter alone, leaving the broader crypto market bursting with fireworks just in time for New Year’s.
So, what’s responsible for the great Bitcoin surge?
Big money played a significant role here. Wallets holding 100+ Bitcoin jumped nearly 10% since October, showing that institutional and high-net-worth investors are feeling more confident. This rally also got a boost from a mix of economic tailwinds like lower interest rates, a softer dollar, and whispers of broader adoption of digital assets globally. Even skeptics had to sit up and take notice.
Adding fuel to the fire, MicroStrategy’s inclusion in the Nasdaq-100 sparked a fresh wave of optimism, drawing even more eyes to Bitcoin as it plants its flag in the mainstream. And while there’s been chatter about a potential U.S. Bitcoin reserve, it’s the global embrace of crypto, from governments to retail traders, that’s truly propelled this historic run.
Critics warned of volatility, and they weren’t entirely wrong. The market saw $118 million in liquidations during the rally. But for Bitcoin believers, the recent dips are just speed bumps on a path to greater heights.
As Bitcoin’s total market cap sits comfortably in the trillions, the question isn’t whether the crypto king will continue its run but how high it can go. With 2025 just around the corner, bullish predictions are already stacking up. Could $150,000 be next? If this year proved anything, it’s that Bitcoin thrives on defying expectations, and the sky doesn’t seem like the limit anymore.
This Week: Czech Rep. Exempts Crypto Taxes
December 13, 2024
The Czech Republic just dropped some big news for crypto fans. Starting January 1, 2025, Bitcoin and other cryptocurrencies held for over three years won’t face capital gains tax. Parliament gave the green light to this new law on December 6, 2024. This is great news for anyone who plans on investing in crypto in the long term.
According to the new law, if your annual crypto spending stays under CZK 100,000 (around $4,000), you’re also off the hook for taxes on those transactions. That means residents will be able to make small, tax-free purchases through crypto, like grabbing a coffee or lunch.
Prime Minister Petr Fiala spilled the details online, explaining that the plan simplifies taxes and backs up modern tech. By making crypto more accessible, lawmakers can reward long-term investors and give the industry a much-needed boost.
The new rule also syncs up with the EU’s MiCA framework, which is designed to bring consistent crypto regulations across Europe. To craft this policy, the Czech Republic borrowed ideas from securities laws, which assures users with more clarity and stability.
Even crypto bought before 2025 can qualify for these benefits as long as you meet the requirements.
With this innovative new law, the Czech Republic now hangs out with Switzerland and the UAE in the crypto-friendly club. Lawmakers see this as a win for keeping businesses and brainpower in the country. Sure, some details still need ironing out, like how to prove ownership, but that hasn’t stopped experts from hyping the move.
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This Week: XRT Overtakes USDT and SOL With 375% Gain
December 5, 2024
Move over, Tether and Solana – XRP, the cryptocurrency powering Ripple’s ecosystem, has skyrocketed in value and claimed its position as the third-largest cryptocurrency by market capitalization. Trading at $2.46, XRP surged over 375% in a month and reached a market cap of $137.4 billion, surpassing Tether (USDT) and Solana (SOL).
This impressive rally is tied to several key factors. For starters, Ripple Labs is on the brink of getting approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin, set to launch on December 4. This could open doors to New York’s tightly regulated crypto market and give Ripple a seat at the table with stablecoin heavyweights like Tether and Circle’s USDC. The stablecoin is designed to work seamlessly within RippleNet, boosting XRP’s role in cross-border payments.
Investor optimism also stems from Ripple’s legal wins. Back in 2020, the SEC accused Ripple of selling unregistered securities, tanking XRP’s value. But in 2023, a court ruled that XRP isn’t a security in some contexts, sparking a rebound. Add to that the news of SEC Chair Gary Gensler’s planned resignation in early 2025, and you’ve got a recipe for renewed hope in a more crypto-friendly environment.
On top of all that, whispers of new partnerships, product launches, and even an XRP exchange-traded fund (ETF) are keeping the excitement alive. Asset manager 21Shares recently filed for an XRP ETF, and investors are optimistic it could get the green light under the SEC’s new leadership.
Sure, some analysts caution this rally might be “leverage-driven,” but for now, XRP’s upward momentum is hard to ignore. Between Ripple’s big plans for stablecoins, payments, and an evolving playbook in crypto regulation, this is merely the opening act in XRP’s comeback saga.
This Week: You Can Now Trade Crypto With Hong Kong’s Largest Digital Bank
November 29, 2024
ZA Bank, Hong Kong’s largest digital bank, is officially the first in Asia to let retail customers trade Bitcoin and Ethereum directly within its app. This service, launched in partnership with HashKey Exchange, simplifies the process by letting users trade cryptocurrencies in HKD or USD without hopping between platforms. ZA Bank already has over 800,000 users.
Zooming out to the big picture, crypto demand has been skyrocketing globally. There are over 560 million users and a market capitalization exceeding $3 trillion. As a subset of that, retail crypto trading is relatively new. It only began in Hong Kong in August 2023, and ZA Bank is one of only three licensed in Hong Kong. (By the way, “retail” crypto trading is a formal word for what you know simply as “crypto trading.”) That starkly contrasts with mainland China, where crypto trading is banned.
Before jumping into crypto trading, ZA Bank was already a trailblazer in digital banking. Users could open online accounts, manage HKD and USD transactions, and access services like loans and insurance without stepping into a branch. The bank also offered investments in funds and U.S. stocks, which has been a big hit for younger generations.
Hong Kong has a history of balancing innovation with regulatory oversight – in other words, they aim to be cutting-edge but follow the rules. ZA Bank has swung open the doors to easier crypto trading, and the SFC (Securities Futures Commission) of Hong Kong says that more crypto exchanges and digital asset firms might be approved by the year’s end.
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This Week: MicroStrategy’s Bitcoin Stash Tops Nike and IBM’s Cash
November 21, 2024
You’ve heard of Nike, IBM, and Johnson & Johnson. But have you heard of MicroStrategy? After this week’s major news, you most certainly will.
MicroStrategy, a Virginia-based business intelligence firm, now holds $26 billion in Bitcoin. That’s more than the cash reserves of giants like Nike, IBM, and Johnson & Johnson, equating to about 1.33% of Bitcoin’s entire supply. It is – to put it lightly – humongous.
Back in 2020, co-founder Michael Saylor invested in Bitcoin as a hedge against inflation when company revenues were flatlining. Since then, MicroStrategy has accumulated nearly 279,420 Bitcoins at an average price of $42,692 each.
To fund this massive crypto-buying spree, they issued stock and convertible debt. That means they raised money from investors by selling shares and taking loans to buy even more Bitcoin. Their strategy paid off big time. Bitcoin’s price has climbed roughly 700% since MicroStrategy’s initial purchase, and the company’s stock has skyrocketed by 2,500%.
Today, MicroStrategy’s Bitcoin holdings are worth more than what most corporations keep in cash. And they’re not stopping. Their ambitious “21/21 Plan” aims to raise $42 billion over the next three years to double their Bitcoin stash to around 580,000 BTC. If they pull it off, they’d control roughly 3% of Bitcoin’s total supply.
It’s a daring and forward-thinking strategy. Market analysts see it as a calculated way to capitalize on Bitcoin’s growth while boosting shareholder value. With Bitcoin flirting with $100,000 and MicroStrategy’s stock booming, the investment seems to be paying off.
This Week: Detroit Becomes Largest U.S. City to Accept Crypto for Taxes in 2025
November 14, 2024
Starting in mid-2025, Detroit will let residents pay taxes and other city fees with cryptocurrency, making it the largest U.S. city to jump on the crypto train. City officials confirmed that transactions would happen through a secure platform managed by PayPal, which will instantly convert crypto payments into U.S. dollars. So, while you’ll be able to pay with Bitcoin or other supported cryptocurrencies, Detroit itself won’t hold any crypto directly.
For Detroiters, it’s going to be super easy. You would just log onto the city’s payment site like you’re paying any other bill. When it’s time to pay, you’ll have the option to pick cryptocurrency alongside the usual credit card or bank transfer. Once you choose crypto, you’ll be redirected to PayPal, where you can pick from options like Bitcoin, Ethereum, or Litecoin. Confirm the amount, and PayPal will handle the rest by converting your payment into dollars.
Beyond payments, Detroit is actively seeking blockchain innovators to pitch ideas for civic projects that could boost transparency, efficiency, and data security. The city is calling on entrepreneurs to send in their proposals by December 15, 2024. In this way, they hope blockchain can spark some economic growth and bring fresh ideas to city services.
The city treasury has seen growing interest in crypto, particularly from young professionals, and this program could help retain this talent in Detroit.
Detroit joins a handful of states and cities – like Colorado, Utah, and Miami Lakes – that already accept crypto for government fees. This move fits in with the current political trend toward pro-crypto policies, which might bring even more blockchain technology into government operations – maybe even your city soon.
This Week: Huawei Users Can Now Access Digital Yuan Directly
November 6, 2024
Huawei’s HarmonyOS NEXT, the latest iteration of its operating system, has officially made the digital yuan a built-in feature. Now, anyone with a Huawei phone can use the digital yuan for payments without downloading an extra app, which is pretty groundbreaking for mobile payments in China. Instead of relying on third-party apps, users can make digital yuan transactions seamlessly through the OS itself, which keeps things simple.
HarmonyOS NEXT rolled out on October 22 and marks Huawei’s first fully self-made OS. Since it’s built exclusively for native HarmonyOS apps, Huawei has complete control over how the OS runs. This gives them room to fine-tune performance and improve security, which means fewer bugs and better speed.
Originally, HarmonyOS was used mainly in smart TVs and wearables, and it entered the smartphone market in 2021. However, its development dates back to 2019, when Huawei needed an independent platform following its shift away from Google services.
Now, with the latest iteration, HarmonyOS NEXT builds on that foundation by adding digital finance capabilities. It’s estimated that about one billion smartphone users can now make payments or manage digital yuan wallets at the OS level.
Lately, the digital yuan is gaining traction and popping up everywhere. Recently, it was accepted at Beijing’s Craft Beer Festival and the China Science Fiction Conference. Beijing alone has around 22.6 million digital yuan wallets. Even the International Air Transport Association (IATA) is joining the digital yuan movement as they plan to accept it as their 74th supported currency by year-end, so the Harmony OS NEXT integration couldn’t have come at a better time.
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