Bitcoin stolen from U.S. govt.

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Microsoft to decide on Bitcoin investment proposal at December shareholders' meeting

Key points:

• Microsoft shareholders will vote on a Bitcoin investment assessment in December.

• The NCPPR supports the proposal, citing MicroStrategy's successful Bitcoin strategy.

News - Microsoft shareholders will vote in December on a proposal to publicly assess the potential of adding Bitcoin to the company's balance sheet.

The proposal, put forward by the National Center for Public Policy Research (NCPPR), highlights MicroStrategy's successful Bitcoin investment strategy and argues that Bitcoin could serve as a hedge against inflation and corporate bond yields.

Microsoft board looks less interested - While the NCPPR believes that institutional and corporate adoption of Bitcoin is becoming more commonplace, Microsoft's board recommends voting against the proposal, stating that they already evaluate a wide range of investable assets.

While a Microsoft investment in Bitcoin seems unlikely, the company previously accepted Bitcoin payments at its online Xbox store. The firm's focus remains on artificial intelligence technology rather than blockchain.

The vote on the Bitcoin investment proposal will take place at Microsoft's shareholder meeting on 10 December.

South Korea to tighten oversight on cross-border crypto transactions

Key points:

• South Korea plans to increase regulation of cross-border cryptocurrency transactions.

• A new reporting requirement will be imposed on businesses handling such transactions.

News - South Korea plans to implement stricter regulations on cross-border crypto transactions to combat tax evasion and foreign exchange crimes. The country's finance minister, Choi Sang-Mok, announced the new measures at a G20 meeting in Washington.

What to expect? Under the proposed regulations, businesses handling cross-border crypto transfers will be required to pre-register with authorities and report transaction details to the Bank of Korea on a monthly basis.

The government aims to address the "blind spot" in current tax and customs enforcement, as criminals have been exploiting the lack of oversight to conceal illicit proceeds and conduct illegal transactions.

What’s more? The government is expected to finalize the legal framework for the new regulations by the first half of 2025, with the reporting mandates set to take effect in the second quarter of that year.

The country recently introduced the Virtual Asset Protection Act, which requires virtual asset service providers to maintain stricter rules to safeguard user assets.

$20 Million in seized Bitfinex funds hacked from U.S. government wallet

Key points:

• A hacker compromised a wallet likely controlled by the U.S. government.

• The wallet contained funds seized from the 2016 Bitfinex hack.

News - A hacker has successfully drained a wallet believed to be controlled by the U.S. government, stealing $20 million in cryptocurrency. The funds were seized from the couple who hacked the Bitfinex exchange in 2016.

The attacker, whose identity remains unknown, has begun converting the stolen funds into Ethereum and laundering them through addresses likely associated with a money-laundering service.

This incident highlights the ongoing security risks associated with cryptocurrency wallets, even those controlled by governments.

More details - Ilya Lichtenstein and Heather Morgan, the couple responsible for the 2016 Bitfinex hack, pleaded guilty to charges of money laundering and conspiracy to defraud the U.S. government. In exchange for reduced sentences, Lichtenstein admitted to both hacking the exchange and laundering the stolen funds.

The U.S. government had seized the stolen cryptocurrency in 2022, making it the largest digital asset seizure by the Department of Justice at the time.

Toncoin sees surge in whale activity despite ongoing price struggles

Key points:

• Toncoin has seen a significant increase in whale activity.

• Whales have been accumulating TON, as evidenced by their netflow surge.

News - Toncoin, a cryptocurrency linked to Telegram, has seen a significant increase in whale activity in recent weeks. Whales have been accumulating TON tokens, and the number of large transactions involving the altcoin has also risen sharply.

However, despite this surge in whale activity, Toncoin's price has remained relatively stagnant.

The prevailing bearish sentiment, coupled with increased selling pressure from short-term holders, has limited the altcoin's price appreciation.

The decline in holding time among short-term holders indicates that they are becoming more risk-averse and are selling their TON tokens at the first sign of trouble. This has contributed to the downward pressure on the price.

While the increased whale activity could be a positive sign for Toncoin's long-term prospects, the short-term outlook remains uncertain.

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• Assessing if Cardano’s $0.37 price wall will hold up under pressure

• Stellar – Why XLM buyers should wait before opening a long position

• Optimism’s short-term targets – Is the $1.96 level next to fall for OP’s price?

Interesting facts

• Before Hall Finney advanced the Proof-of-Work (PoW) concept as the consensus mechanism behind Bitcoin, the original idea was to prevent spammers from using a high computational power to send a high amount of email to many users at once. This was also the first use case of PoW.

• The EOS blockchain holds the record for the highest amount of money raised in an Initial Coin Offering. Between 2017 and 2018, EOS, founded by Hong Kong-based company Block.one, raised a staggering $4.1 billion by selling over 1 billion EOS tokens. In June 2018, the firm launched the EOS blockchain.

• Several global crypto adoption reports identify India as the country with the most crypto users. According to the reports, the country has over 90 million people holding one cryptocurrency or another. Other nations like China, the United States, the Philippines, Vietnam, and Nigeria also fall into the top 10.

Top 3 coins of the day

Cardano (ADA)

Key points:

• At press time, ADA was trading at $0.3431.

• It was down by 0.99% over the past week.

What you should know - The chart showcases a descending triangle pattern, indicating bearish momentum. The resistance trendline slopes downward, while the support trendline rises, highlighting a squeeze in price movement. ADA is currently trading near the lower boundary at $0.3430, suggesting a potential test of the support level around $0.3200. Volumes are declining, pointing to reduced trading activity, which often precedes a significant breakout. The Awesome Oscillator displays a slightly negative reading, indicating growing bearish momentum. If ADA fails to hold the current support, a downside breakout could accelerate selling pressure, targeting the $0.2800 zone. However, if ADA manages to break above the descending resistance, a rally toward $0.3800 could be initiated.

Uniswap (UNI)

Key points:

• At press time, RSI was close to overbought territory.

• UNI’s value has increased by 9% in the last week.

What you should know - The chart for Uniswap indicates the formation of a cup pattern, suggesting a potential bullish reversal. Currently trading at $8.065, UNI is testing the resistance zone near $8.40, a breakout above which could confirm the pattern and set up a rally toward the $9.50-$10.00 range. Bollinger Bands are expanding, signaling increased volatility, while the price remains above the middle band, indicating upward momentum. The RSI, at 59.44, suggests that UNI has room for further gains before reaching overbought territory. Volume is relatively steady, indicating sustained interest among traders. However, if UNI fails to break the $8.40 resistance, a pullback toward the $7.50 support is possible.

Internet Computer (ICP)

Key points:

• On a broader timeframe, ICP appeared to be moving sideways.

• MACD indicator gave mixed signals on the daily chart.

What you should know - ICP has been exhibiting range-bound movement between $7.50 and $9.50, as shown in the chart. Currently trading at $8.409, ICP appears to be consolidating with no clear breakout in sight. This sideways action suggests indecision among traders, as neither bulls nor bears have gained significant control. The MACD is close to the zero line, indicating weak momentum, but a potential bullish crossover could occur if buying pressure increases. The trading volume is relatively low, aligning with the consolidation phase. If ICP breaks above the $9.50 resistance, it could target the next resistance at $11.00. Conversely, a break below the $7.50 support could trigger further downside toward $6.00.