Coindesk

MicroStrategy's (MSTR) bitcoin (BTC) treasury model is unparalleled and the company is expected to attract billions of dollars of investment into the world's largest cryptocurrency, broker Bernstein said in a research report Monday.Bernstein raised its MicroStrategy price target to $600 from $290 while maintaining its outperform rating on the stock. Rival broker Canaccord raised its price target to $510 from $300 and reiterated its buy rating.The shares were trading over 6% higher at around $448 in early trading.Bernstein said it expects MicroStrategy to own 4% of the world's bitcoin supply by 2033. It currently has 1.7%.The company founded by Michael Saylor said last month that it planned to buy a further $42 billion of bitcoin over the next three years."We...

The wild 2000s era of internet shock videos is making a return in crypto.Some issuers of memecoins on Solana's runaway hit Pump.fun are streaming videos ranging from extreme dark humor to dark behavior, all to pump their tokens to a few million dollars in market capitalization.There are streams and images of children tied up, a man locked up in his toilet continuously, killing of hens, fetish videos, and softcore porn. Live streaming on the platform was a feature added last week.Some tokens even have images of a human slashing forearms or playing with fire (though these are quickly taken down). One person was allegedly firing a gun outside their window every time his token zoomed higher. This sort of...

DOGE, XRP and XLM are the most traded cryptocurrencies on Upbit since Donald Trump's election victory. The latest activity points to a pivot toward metaverse tokens. If you think the Terra/Luna crash of 2022 left lasting scars on the South Korean crypto community, you are wrong. With the bitcoin (BTC) bull market in full swing, Koreans are again diving in head first and snapping up smaller cryptocurrencies.Trading volume on South Korea's largest exchange, Upbit, which accounts for over 70% of the country's total activity, has skyrocketed 11-fold to $14.3 billion since the Nov. 5 U.S. presidential election that saw pro-crypto candidate Donald Trump emerge victorious, according to data source Coingecko.Driving this exceptional volume growth are XRP, dogecoin (DOGE) and other...

Sky Mavis, the web3 gaming firm behind Axie Infinity, laid off 21% of its workforce last week.The web3 firm’s co-founder and CEO Trung Nguyen said on X on Saturday that the layoffs were not related to the company’s budget or financial health.“Instead, it is a strategic move that allows for a sharper focus and positioning Sky Mavis for hypergrowth in 2025 and beyond,” he said.According to Nguyen, the move came despite the year being “one of valuable growth and evolution”. Going forward the company will focus on its core products rather than trying to build products for all users, he said. The web3 creator will concentrate on its Ronin Wallet and Waypoint, Mavis Marketplace, Axie Infinity, Web3 game publishing, and...

Bitcoin pared last week’s gains Sunday with a price drop from $98,500 to as low as $95,500 in late U.S. hours, before recovering, in a move that sent the broader crypto market tumbling. BTC dropped more than 3.5% at peak, with a technical and sentimental pullback starting on profit-taking, as expected, from near the $100,000 mark late Friday. XRP and dogecoin (DOGE) fell more than 5% to lead losses among majors. Solana’s SOL, ether (ETH), Cardano’s ADA and BNB fell between 2-5%, before recovering in early Asian hours Monday.Overall market capitalization fell 2.4%. The broad-based CoinDesk 20 (CD20), a broad-based liquid index tracking top tokens, is down 1.48% in the past 24 hours. Markets largely recovered in early Asian hours Monday, bringing down...