● Microsoft shareholders vote against incorporating Bitcoin into the company's balance sheet
According to Caixin, Microsoft's major shareholders voted against incorporating Bitcoin into the company's balance sheet, believing it does not align with the long-term interests of shareholders.
At the company annual meeting on Tuesday, MicroStrategy Chairman Michael Saylor gave a three-minute speech trying to persuade Microsoft shareholders to support the proposal. His company has invested billions of dollars in Bitcoin, achieving substantial returns.
Experts believe there is no guarantee that investing in cryptocurrencies will increase portfolio returns. Microsoft Vice President and Deputy General Counsel Keith Dolliver stated during the live streaming of the shareholder meeting that the proposal was therefore rejected.
● JPMorgan raises target prices for four Bitcoin mining companies
According to Cointelegraph, JPMorgan analysts raised the target prices for four Bitcoin mining companies, reflecting the value of miners' power assets and Bitcoin holdings.
The report pointed out that the stocks of MARA Holdings, CleanSpark, Riot Platforms, and IREN are close to or exceed the revised target prices. Analysts stated that they included the value of the companies' land and power assets as well as the HODL premium in their valuation framework.
MicroStrategy's Bitcoin inventory is worth approximately 40 billion dollars, leading major Bitcoin miners such as Marathon, Riot, and CleanSpark. The corporate treasury holds over 53 billion dollars in Bitcoin in total.
Bitcoin miners face the challenge of a halving event in the second quarter of 2024, leading to a decline in profit margins. Companies like Riot and CleanSpark are increasing their hash power and power supply by acquiring other miners.
● MARA acquires 11,774 BTC, total holdings reach 40,435 BTC
According to Odaily Planet Daily, Nasdaq-listed Bitcoin mining company MARA announced that it used the proceeds from the issuance of zero-interest convertible notes to purchase 11,774 BTC, worth approximately 1.1 billion dollars. As of December 9, 2024, MARA holds 40,435 BTC. Based on the spot BTC price of 96,500 dollars, this is currently worth 3.9 billion dollars. MARA has achieved a QTD return of 12.3% and a YTD return of 47.6% on BTC.
According to ChainCatcher, Google announced the launch of its first quantum chip Willow, raising concerns about the potential decryption of private keys to steal user funds.
Bernstein analyst Gautam Chhugani wrote in the report that a 105-qubit chip is far from the millions of qubits needed for an actual attack on Bitcoin's Elliptic Curve Digital Signature Algorithm (ECDSA) and Secure Hash Algorithm (SHA-256).
Analysts stated: "Should Bitcoin contributors start preparing for a quantum future? Yes, but any actual threat to Bitcoin seems to be decades away."
It is reported that ECDSA is a cryptographic algorithm used to protect private keys and enable digital signatures for Bitcoin transactions. SHA-256 ensures the integrity of the Bitcoin ledger by hashing transaction data and plays a critical role in mining through Bitcoin's proof-of-work mechanism.
● CME CF New York Reference Rate now covers six cryptocurrencies including Polkadot (DOT)
According to PANews, CME CF has launched a New York Reference Rate for Polkadot (DOTUSD_NY Reference Rate), calculating standardized prices that align with the Eastern US market hours daily. This move provides a transparent and reliable pricing reference for DOT for institutions, traders, and analysts, marking an important step in integrating Polkadot into traditional financial markets.
CME Group announced that this reference rate lays the groundwork for the future launch of financial products linked to DOT.
Currently, the CME CF New York Reference Rate covers six cryptocurrencies: Bitcoin, Ethereum, Solana, Chainlink, Polygon, and Polkadot.
● South Korean National Assembly approves delay of cryptocurrency tax until 2027
According to Wu Say, the South Korean National Assembly has approved the delay of cryptocurrency tax collection. South Korea originally planned to impose a 20% tax on cryptocurrency earnings, with a local tax of 22%, set to take effect on January 1, 2022. Due to strong opposition from investors and the industry, the plan has been postponed twice to January 1, 2025. The latest news indicates that cryptocurrency tax collection may be postponed again until 2027.
● Cloudflare Annual Report: Binance ranks number 1 among cryptocurrency service providers
According to Cloudflare's 2024 annual report, based on its DNS traffic data, Binance ranks 6th globally among financial service providers and 1st globally among cryptocurrency service providers.
● US stock market awaits key inflation data, CPI and PPI expected to influence interest rate decisions
According to Blockworks, the US stock market performed sluggishly on Tuesday as traders awaited key inflation data. The November Consumer Price Index (CPI) will be released on Wednesday, followed by the Producer Price Index (PPI) on Thursday.
Analysts expect the November CPI annual rate to be 2.7%, the core CPI annual rate to be 3.3%, and the month-on-month rate to be 0.3%. Housing costs will be a focus, with the October housing index rising 0.4% month-on-month. Last week's employment report showed that 227,000 new jobs were added in November, exceeding the expected 202,000, but the unemployment rate rose to 4.2%.
The market expects the Federal Reserve to reduce interest rates by 25 basis points next week, but the future direction of policy remains uncertain.
