Coindesk

As the co-founder and general partner at early stage venture capital fund Race Capital, Edith Yeung has had a front-row seat on the development of the crypto sector, particularly in Hong Kong, where she was born and raised. Most notably, she was a seed investor in Solana, investing $250,000 when SOL was valued at just $0.04, and also was an early investor in Lightning Network. Since 2017, Yeung has also authored the China Internet report, an influential annual survey of technology trends in China.Here, Yeung, who will be a speaker at Consensus Hong Kong, discusses Hong Kong’s ongoing development as a crypto hub, her take on China’s stance towards crypto, what she foresees for Solana and one big crypto prediction...

The bitcoin (BTC) mining industry was shaken up in the last months of 2024 by the sudden entrance of a new player: Cango (CANG), a Chinese firm that specializes in providing loans to automobile buyers.Based in Shanghai and valued at $363 million on the stock market, Cango is in the process of acquiring 50 exahashes per second (EH/s) worth of mining power, meaning that the auto lending platform will become one of the largest bitcoin miners in the world once its entire fleet goes online.“I guess it’s surprising for people in the industry because nobody has ever heard of Cango before,” Juliet Ye, the company’s senior director of communications, told CoinDesk in an interview. “But the history of Cango...

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 3594.2, up 1.8% (+64.6) since 4 p.m. ET on Thursday.19 of 20 assets are trading higher.Leaders: ADA (+12.0%) and ICP (+10.6%).Laggards: BTC (-1.0%) and ETH (+0.6%).The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.Source link

A crypto cult hoping to flip the entire U.S. stock market just moved closer to its bizarre goal, although with trillions of dollars more to go.SPX6900 (SPX) crossed a $1.1 billion capitalization earlier Friday to set a new record above $1.25, breaking a November high of 90 cents, amid renewed interest in memecoin cults on Crypto Twitter.That came as AI Agent projects virtuals (VIRTUALS), ai16z (AI16Z) and the broader category fell by 8% on average, amid criticism of their claimed AI models, as previously noted in a CoinDesk analysis.The Ethereum-based SPX6900 has a total supply of 930 million tokens, the holders of which have formed a viral cult that professes the project as one of their only ways to financial...

The bitcoin (BTC) price may have more than doubled last year, but investors who bought the largest cryptocurrency during 2024 saw, on average, only a fraction of that according to a measure known as the realized price.The realized price is the average value of all bitcoin calculated at the price at which the tokens last moved on-chain. While that value is around $41,000 for BTC since its inception in 2009, for coins bought last year it was around $65,901 by Dec. 31. With the market price closing around $93,000, 2024's buyers were, on average, looking at unrealized profit of around 40%.Monitoring the realized price is important to understanding individual participants' overall profit or loss and cost basis. It means bitcoin...