Global Hive Buzz

MicroStrategy Bolsters Bitcoin Holdings with $593 Million Investment

MicroStrategy, a major corporate player in the Bitcoin (BTC) space, has expanded its holdings of the leading cryptocurrency, as revealed by founder Michael Saylor and a filing submitted to the Securities and Exchange Commission (SEC) on November 29.

The company acquired an additional 16,130 BTC at an average cost of $36,785 per Bitcoin, reinforcing MicroStrategy's commitment to Bitcoin. This latest purchase brings the total number of Bitcoins held by MicroStrategy to an impressive 174,530, obtained at an average price of $30,252.

The recent surge in BTC prices has been influenced by developments and speculations surrounding Bitcoin ETF applications submitted by notable Wall Street entities, including BlackRock. Traditional financial institutions and crypto-focused entities like Grayscale and Hashdex are vying for approval of Bitcoin ETFs, a move that experts believe could usher in billions of dollars into the crypto market.

Bitcoin Surges to $38,800, Marking a Milestone Unseen Since May 2022

Bitcoin experienced a notable surge to $38,800 during the European morning hours on Friday, reaching a level not witnessed since May 2022.

Over the past 24 hours, the cryptocurrency gained nearly 3%, aligning with a general uptick in global stock markets. In premarket trading, futures of U.S. indices S&P500 and Dow Jones increased by 0.17%, and the European index Stoxx 600 rose by 0.52% since Friday's opening.

The cryptocurrency market has seen robust growth, particularly in large-cap tokens, driven by compelling narratives in artificial intelligence, layer 1 blockchains, and gaming. Tokens like Solana's SOL and Avalanche's AVAX have witnessed their prices more than double in the last two months. However, some analysts caution that Bitcoin's growth could be more subdued as December progresses.

Alex Kuptsikevich, FxPro senior market analyst, highlighted the historical performance of Bitcoin in December, noting its relatively neutral nature. Over the past 12 years, December has shown a 30.8% average gain and a 12.8% average decline, making it a month with mixed outcomes.

Hacker Issues Ultimatum to Kyber Network Following $46 Million Breach

Kyber Network, a decentralized exchange (DEX) protocol, is under pressure to respond to a hacker's ultimatum by December 10 after suffering a $46 million theft from its liquidity pools.

The hacker demands complete executive control over Kyber, temporary full authority over the governance mechanism (KyberDAO), access to all sensitive company information and assets, and the surrender of all on-chain and off-chain assets.

The hacker argues that complying with these terms would benefit all parties involved, including employees, investors, and liquidity providers (LPs). A December 10 deadline has been set for Kyber to agree to the terms, with a warning that any government intervention related to Kyber transactions would nullify the agreement.

This development follows Kyber Network's partial recovery of $4.67 million from the $46 million stolen on November 22 and 23. The recovery involved negotiations with the operators of the front-run bots responsible for diverting funds from KyberSwap pools on the Polygon and Avalanche networks.

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