🔔 MARKET MOVING NEWS! (07/01/25)
1️⃣ MicroStrategy Buys Another 1,070 Bitcoin For $101 Million 💸
Business intelligence firm MicroStrategy reportedly acquired an additional 1,070 BTC between Dec. 30 and Dec. 31 for approximately $101 million at an average price of $94,004 per BTC. This purchase follows the sale of a further 319,586 MicroStrategy shares during the same period for the same amount. The firm’s total holdings now stand at 447,470 BTC (currently worth over $44 billion). According to MicroStrategy’s co-founder and executive chairman Michael Saylor, the firm’s total BTC holdings were bought at an average price of $62,503 per BTC, at a total cost of around $27.97 billion, including fees and expenses.
2️⃣ Polymarket Users Bet On Canadian PM Resigning Before Official Announcement ❓
Canadian Prime Minister Justin Trudeau has announced that he will step down as leader of his political party and resign as prime minister once officials choose a successor. This announcement comes after many members of Parliament called for Trudeau to step down. As newspapers debate the timing of his resignation, bettors on the decentralised betting platform Polymarket predict that Canada's Prime Minister will resign by the end of the week. Polymarket also gave users the choice to bet on who could become Canada’s next prime minister after the next election, with 91% odds on Conservative Party leader Pierre Poilievre.
3️⃣ Winklevoss Twins' Gemini Will Pay $5 Million to Settle CFTC Bitcoin Futures Lawsuit 💰
According to court documents, the Gemini Trust Company (the firm behind the Gemini crypto exchange) has agreed to pay a $5 million civil penalty to settle a Commodity Futures Trading Commission suit that alleged it misled regulators. The proposed settlement helps Gemini avoid a trial that was set to begin on January 21. Gemini did not admit or deny wrongdoing in the settlement. The proposal now awaits approval by a judge before it can be formalised.
4️⃣ Federal Reserve Bank Regulator Michael Barr To Step Down ▶️
Michael Barr, the United States Federal Reserve’s vice chair for supervision, has announced that he will be resigning from his position on Feb. 28 or earlier if a successor is appointed. However, Barr will reportedly continue to stay on as a member of the Federal Reserve Board of Governors. Barr's announcement comes after speculation that president-elect Donald Trump could decide to replace him. Notably, Barr is infamous for his link to “Operation Chokepoint 2.0” — a purportedly concerted federal effort to de-bank crypto companies. Many crypto industry executives have viewed Barr as a key reason why many US banks have been hesitant to offer services to crypto firms.
5️⃣ US Prosecutors Estimate Over 1 Million Victims In Do Kwon’s Criminal Case 🔍
According to a Jan. 6 filing with the US District Court for the Southern District of New York, U.S. prosecutors estimate that the collapse of TerraUSD and Luna cryptocurrency potentially affected more than one million victims. Due to the number of potential victims, U.S. prosecutors have stated that it is “impracticable” to send individual notices to each victim informing them of their rights. Instead, prosecutors have requested the court to post a public notice of the proceedings online.
Acting US Attorney Daniel Gitner wrote,
While it is difficult to precisely quantify the number of Kwon’s victims … the Government estimates that the number of victims in this case exceeds hundreds of thousands of individuals and entities, and potentially totals more than one million.
6️⃣ FTX EU Acquired By Backpack Exchange ‼️
FTX EU, the European arm of the defunct FTX crypto exchange, has reportedly been acquired by Backpack Exchange - a crypto exchange and digital wallet platform founded by former FTX and Alameda Research employees. The acquisition comes after approval by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission. Backpack Exchange will reportedly take responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU users.
Backpack Exchange CEO Armani Ferrante stated,
Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.
7️⃣ Crypto Trading Firm GSR Receives Approval From The UK's Financial Conduct Authority ☄️
GSR Markets UK, a subsidiary of the global cryptocurrency trading firm GSR, has reportedly received regulatory approval from the United Kingdom’s Financial Conduct Authority (FCA) to operate as a licensed crypto asset business. This allows the firm to conduct, among other services, crypto asset trading for UK-based clients.