Coindesk

A trader on decentralized derivatives platform Hyperliquid used 50x leverage to open a $200 million long position on bitcoin (BTC) on Sunday, netting a gain of around $6.8 million after U.S. President Donald Trump spurred a market-wide rally by announcing the nation's crypto reserve.The trader used $4 million worth of collateral to place a trade that at one point was just a $50 swing away from being liquidated. The entry was at $85,908 with liquidation price of $84,752. BTC instead rose by more than 11% from $85,000 to $97,255 after a reference to the reserve was made on social media platform Truth Social. However, the trader perhaps backed the wrong horse as ADA and XRP experienced gains of 47% and...

Bitcoin mining firm Hut 8 took $331 million in net income in 2024, according to the company’s latest financial report. The firm benefited significantly from the rise in bitcoin’s price over the year.Hut 8 finished the year with a reserve of 10,171 bitcoin (BTC), worth approximately $905 million at the time of writing. The vast majority of this reserve has been pledged as collateral to purchase more ASIC mining machines.The miner saw a sharp reduction in energy costs, with fourth-quarter costs per megawatt-hour dropping by 30% from the previous year to $31.63. While Hut 8 managed roughly 1,020 MW at the end of December, it has more than 12,300 MW in the pipeline.The company deepened its relationship with Bitmain, one...

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.The CoinDesk 20 is currently trading at 3109.04, up 14.5% (+393.25) since 4 p.m. ET on Friday.Nineteen of 20 assets are trading higher.Leaders: ADA (+58.8%) and XRP (+25.5%).Laggards: LTC (-8.5%) and APT (+0.6%).The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.Source link

Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR)Strategy (MSTR) on Monday morning confirmed it did not purchase additional bitcoin (BTC) in the week ended Sunday, keeping its total holdings at 499,096 BTC.Led by Michael Saylor, the company has notably been making sizable bitcoin purchases nearly every week for the past few months. Strategy — amid major slumps in the price of bitcoin and its stock price — however, did not raise any additional capital with which to buy BTC last week.The company's current stack was acquired for approximately $33.1 billion, or an average price of $66,357 per token. After the rally in bitcoin to the $93,000 level over the weekend, Strategy has an unrealized profit exceeding $13...

U.S. president Donald Trump stormed the crypto world on Sunday night with the announcement of a crypto strategic reserve plan that includes XRP, Cardano’s ADA and Solana’s SOL — later adding bitcoin (BTC) and ether (ETH) to the mix.Trump has been discussing the idea of a strategic crypto reserve since his 2024 presidential campaign. Soon after taking office in January, he signed an executive order directing a working group to evaluate the formation of a strategic crypto reserve, but the order did not explicitly mandate that the U.S. establish one outright.The order said the digital assets working group should "evaluate the potential creation and maintenance of a national digital asset stockpile." Trump said on Sunday that the group should "move...