Gita Gopinath, the Deputy Managing Director of the International Monetary Fund (IMF), is sounding the alarm about the rising energy consumption and environmental impact of cryptocurrency mining and AI data centers, warning that the situation could significantly worsen in the next few years.

A Worrisome Scenario

In a recent post on X (formerly Twitter), Gopinath shared data by the IMF, forecasting that the combined energy use of cryptocurrency mining and data centers could climb to 3.5% of global electricity demand by 2027. To put that in perspective, that is roughly the current electricity consumption of Japan, the fifth-largest energy consumer worldwide.

In a more extreme scenario, the share could soar to nearly 6%. On the flip side, the best-case scenario shows a modest rise to just 2.2%. Even more concerning, while the carbon footprint of crypto mining is expected to decrease by 2027, thanks to reduced mining rewards through events like the halving, emissions by data centers are projected to skyrocket. They could contribute as much as 450 million tons of CO₂, or about 1.2% of global emissions.

Why This Matters

The warning by Gita comes at a time when the environmental impact of Bitcoin (BTC) mining is under increasing scrutiny. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin mining alone is responsible for more greenhouse gas emissions each year than countries like Greece or North Korea.

Yet, despite these environmental concerns, many countries are still keen to tap into the economic potential of the cryptocurrency sector. U.S. President-elect Donald Trump, for example, vowed to make America the global hub for Bitcoin mining during his campaign. And just this year, Russia officially legalized cryptocurrency mining, reflecting a broader global interest in the industry, even as its environmental costs rise.

KOKODI games raised $1.10M in a Private Token Sale with assistance by Merit Circle. KOKODI is an original gaming universe designed as a cross-media franchise with a deep understanding of its target audience.

Thetan Arena secured an undisclosed amount in Strategic Funding with support by Avalanche. Thetan Arena is an Esport P2E (Play-to-Earn) mobile game that is based on blockchain technology. Its mission is to create a game that connects crypto owners with gamers and streamers.

Heurist Ai obtained $2M in Pre-Seed Funding with help by Amber Group. Heurist is a decentralized AI-as-a-Service cloud, pooling compute resources via GPUs and data centers to deliver serverless, API-first AI services without requiring developers to manage hardware, promoting cost-effective, censorship-free AI integration.

Folks Finance raised $3.20M in Series A Funding with support by Borderless Capital. Folks Finance is a pioneering DeFi platform that offers cross-chain lending, borrowing, staking and trading options.

Attestant secured an undisclosed amount in M&A Funding with help by Bitwise. Attestant provides institutional-grade Ethereum (ETH) staking services.

Ennoventure, Inc. acquired $8.90M in Series A Funding with support by Tanglin Venture Partners. Ennoventure provides anti-counterfeit solutions by embedding invisible cryptographic signatures on product packaging.

Utopia Labs obtained an undisclosed amount via M&A Funding thanks to timely assistance by Coinbase. Utopia aims to become the modern system for managing payment requests as well as provide a plethora of services linked to DAOs.

Wyden secured $16.90M in Series B Funding with support by Truffle Capital. Wyden is a digital asset trading technology company for institutional investors. It covers the entire transaction lifecycle while supporting seamless integration of custodial, core banking and portfolio management systems.

Tranched raised $3.40M in Pre-Seed Funding with help by Speedinvest. Tranched is an on-chain lending platform that helps the real economy access financing in a transparent manner without the need for intermediaries.

EIDON AI obtained $3.50M in Seed Funding with assistance being provided by Framework Ventures. Eidon is a decentralized AI network where human-AI agents collaborate to capture real-world data, training the next generation of AI models.

After a brief pause below $90,000 and even $87,000, Bitcoin (BTC) has regained some momentum, rising by more than $4,000 in just one day and surpassing $91,000. Meanwhile, many altcoins have experienced even more remarkable gains, led by double-digit increases in XRP, ADA, PEPE, SUI, ICP, XLM, and others.

Back On Track

Bitcoin had an impressive week, climbing to nearly $94,000 by Wednesday, reaching a new high. Following this surge, a pullback was expected, which occurred on Friday as the price dropped below $90,000 and briefly dipped under $87,000. However, it quickly recovered and tested the $90,000 level by the end of the day. By Saturday morning, Bitcoin had reclaimed that level and surged even further, crossing $91,000, before once again dropping below that level.

On-chain data suggests the bull market is still ongoing, indicated by rising stablecoin inflows to exchanges and decreasing Bitcoin reserves on trading platforms. The rise above $91,000 has also brought the market capitalization of BTC back above $1.8 trillion, while its dominance over altcoins stands at just over 57%.

Double-Digit Gains For Altcoins

More volatile altcoins have posted even larger gains recently, with XRP and ADA leading the way, both soaring more than 20% in the past day. Other significant gainers include PEPE, NEAR, ICP, XLM, BONK, HBAR, KAS, WIF, and MANTRA.

In contrast, major altcoins like ETH, BNB, DOGE, and TON have seen more modest increases, ranging up to 3%. SOL has risen by 5%, while TRX is up by 6%. Overall, the total cryptocurrency market capitalization has surged by more than $100 billion, reaching $3.16 trillion.

Other Markets

Recent developments highlight key shifts in global markets and finance. The Fiesta Tableware Factory is outperforming manufacturing expectations, while retirement experts are advising a reevaluation of 401(k) plans ahead of 2025, suggesting opportunities for more strategic savings.

Meanwhile, Trump-related trade activity is influencing both the dollar and stock markets, with analysts warning that the declining S&P 500 profit outlook could signal a reversal of the stock rally. Amid this volatility, experts recommend adding Bitcoin and gold to portfolios for stability. In the UK, a slowdown in inflation could encourage the Bank of England to take a more cautious approach.

Elsewhere, concerns are rising over credit risk in Structured Real Estate Transactions (SRTs), and losses in Commercial Mortgage-Backed Securities (CMBS) are becoming more prominent. The collapse of commercial real estate is even affecting traditionally safe bonds. Scott Bessent and Howard Lutnick are making a final push for roles in the new Trump administration, particularly as potential Treasury Secretary picks.

Ethereum (ETH) has long reigned as the dominant force in the world of altcoins, holding the top spot with the highest total value locked (TVL) in DeFi protocols and an unrivaled developer ecosystem. Despite numerous challengers over the years, none have come close to dethroning it. But now, Cardano (ADA) is reigniting the debate, positioning itself as a serious contender for replacing Ethereum as the king of the altcoins.

A Bold Challenge

The latest indication of Cardano potentially closing the gap on Ethereum came in a recent Altcoin Daily poll, where nearly 27,000 crypto enthusiasts were asked which blockchain was most likely to surpass Ethereum. In a surprising twist, Cardano took the lead, claiming 46% of the vote. Solana (SOL) followed closely behind with 39%, while other projects like SUI and BNB barely registered.

Cardano influencer YOD₳ weighed in on the results, dismissing the low rankings of SUI and BNB. He pointed out that SUI lacks a strong community and that BNB is often seen as primarily an exchange network, not a fully decentralized blockchain.

On the other hand, both Cardano and Solana are seen as more established, trusted projects within the crypto ecosystem, making them the most likely candidates to challenge Ethereum.

The Growing Hype Around Cardano

Lately, Cardano has been riding a wave of optimism, fueled in part by speculation about new partnerships. One of the most buzzed-about rumors is a potential collaboration with Ripple to support the launch of the RLUSD stablecoin.

However, the excitement reached new heights when Cardano founder and IOHK CEO Charles Hoskinson posted a cryptic image on social media after visiting the SpaceX headquarters in California. This sparked a frenzy of theories, with some suggesting partnerships with Elon Musk, SpaceX, or even a blockchain-based U.S. voting system powered by Cardano.

Though these ideas remain speculative, they have added fuel to the fire, painting Cardano as a potential player in the larger world of real-world governance solutions. Some even speculate that Cardano could help create a federal blockchain-based voting and ID system, in collaboration with entities like X (formerly Twitter), Hyperledger, and Hedera, under the guidance of Musk and political figure Vivek Ramaswamy.

Eighteen U.S. states have come together to file a significant lawsuit against the SEC, challenging what they see as excessive federal control over cryptocurrency regulation. The lawsuit, spearheaded by Kentucky Attorney General Russell Coleman, includes AGs representing states like Florida, Texas, and Tennessee.

If successful, this lawsuit may result in significant changes for the U.S. crypto industry, potentially giving states like Oklahoma and Iowa more authority over crypto regulation. With key political players in power and a possible shift in leadership at the SEC, the outcome of this case could lead to clearer, more innovation-friendly crypto rules, reducing federal overreach and allowing states to play a bigger role in shaping the future of digital assets.

A Cruel And Unusual Approach

The aforementioned leaders argue that the approach adopted by the SEC concerning crypto rules is vague and infringes on numerous state rights. The core issue, they argue, is that the SEC wants to treat most cryptocurrencies as securities, which has led to enforcement actions against major crypto companies such as Coinbase and Ripple for failing to register their assets.

The states contend that these actions are not only overstepping the boundaries of what the SEC is actually allowed to do but also disregarding the intentions of Congress when it comes to crypto oversight. They believe such federal interference could stifle the growth of the rapidly developing digital assets industry. Instead, the AGs advocate for crypto regulations to remain at the state level, where they can be tailored to local needs and foster innovation.

Garnering Support

Unsurprisingly, the lawsuit has garnered significant political and industry support. Figures like Tennessee Senator Bill Hagerty have criticized the SEC as being anti-crypto, aligning the lawsuit with broader political promises to limit federal control over the sector. Industry advocates, along with AGs representing states like Indiana, Mississippi, and Missouri, argue that states are better equipped to craft sensible, effective crypto regulations.

The case also taps into a wider movement to shift regulatory authority by the federal government to the states. For example, John E. Deaton, a former U.S. Senate candidate, recalled his own legal battles against the SEC in 2021, which he believes were part of a broader effort by the SEC to expand its jurisdiction over digital assets.

President-elect Donald Trump has announced that Jay Clayton, former Chair of the United States Securities and Exchange Commission (SEC), would be appointed as the U.S. Attorney for the Southern District of New York (SDNY), leading the Department of Justice (DoJ) for the state.

Since stepping down as the SEC Chair in December 2020, Clayton has worked as an advisor to several cryptocurrency companies. He was involved in the 2017 SEC DAO Report, which claimed broad regulatory authority over the crypto industry, and is known for asserting that many initial coin offerings (ICOs) should be classified as securities, a stance also adopted by his successor, current SEC Chair Gary Gensler.

A Sensible Choice

Trump praised Clayton as a highly respected business leader, counsel, and public servant. Jay was also responsible for authorizing the lawsuit against Ripple Labs, which is still ongoing in federal appellate courts. A judge ruled last year that the sale of XRP tokens to retail investors did not violate securities laws. Clayton is now a senior policy advisor at law firm Sullivan & Cromwell and continues to hold various advisory roles.

Under current U.S. Attorney Damian Williams, the SDNY has handled several high-profile cases, including the prosecution of FTX founder Sam Bankman-Fried, who was convicted and sentenced to 25 years for fraud and conspiracy charges. Trump had previously nominated Clayton for the SDNY position to replace Geoffrey Berman as U.S. Attorney.

In With The New

In the week following his re-election, Trump has announced several other potential appointments, including Robert F. Kennedy Jr. as head of the Department of Health and Human Services, Representative Matt Gaetz for U.S. Attorney General, Senator Marco Rubio for Secretary of State, and former Representative Tulsi Gabbard as Director of National Intelligence.

Additionally, Trump proposed creating a new Department of Government Efficiency, with Elon Musk and Vivek Ramaswamy as co-heads, though this would require Congressional approval to become an official department.

Phantom, the company behind the widely used Solana wallet, recently issued a warning to iOS users after a new app update caused a significant issue for some. Certain users found themselves logged out of the Phantom app and unable to access their wallets after updating to the latest version.

Damage Control

The problem appears to be isolated to iOS users, and specifically impacts those who had not backed up their recovery phrase, also known as the seed phrase. A recovery phrase is crucial for wallet security, as it allows users to restore their wallets and access their funds in case of app issues or device loss.

For those affected by the recent bug, if the recovery phrase was not saved beforehand, it would be impossible to recover the wallet or its contents. Phantom clarified that there is no way for the company to help users recover lost funds in such cases, emphasizing the importance of backing up this critical information. They also urged affected users to contact their support team for further assistance, though recovery options would still be limited without the proper backups.

Not The First Time

This update issue marks the second significant technical problem that Phantom users have faced in the past month. Just weeks earlier, in late October, a glitch within the Phantom app and its browser extension caused a discrepancy in account balances, leaving users concerned about their funds. Phantom has not yet provided an explanation for the cause of the reset issue with the recent update, but they did remind users to always securely store their recovery phrases, as this is a fundamental security precaution for protecting their digital assets.

In light of these ongoing technical difficulties, Phantom has emphasized that maintaining a backup of recovery phrases is one of the most important steps users can take to ensure the security and recoverability of their wallets. Despite these challenges, the company is working to address the issues and provide further guidance to users who may be impacted.

Bitcoin (BTC) surpassed $93,000 for the first time in its history on Wednesday, triggering over $700 million in liquidations. According to Coinglass, a crypto exchange data aggregator, a total of $711.34 million in positions were liquidated within 24 hours, with short positions on Bitcoin accounting for the majority of the losses.

Solid Fundamentals

Binance saw the most liquidations, followed by OKX and Bybit. After peaking at around $93,400, Bitcoin corrected slightly and is currently trading at $92,462, reflecting a 5.5% increase over the past 24 hours and a 24% rise in the past week.

As Bitcoin enters a phase of price discovery, traders and analysts are predicting future price targets. Pseudonymous analyst Dave the Wave told his 147,000 followers on X (formerly Twitter) that Bitcoin is on track for significant rallies that could push it above $100,000 and potentially lead to a parabolic spike reaching as high as $130,000. He emphasized that while the numbers are becoming larger, the technicals remain solid, and a move past the six-figure mark could trigger a sharp rally.

No Time For Greed

In addition, Robert Kiyosaki, author of Rich Dad Poor Dad, shared plans to continue accumulating Bitcoin until it hits $100,000, cautioning against greed and advising followers not to be a pig after that point.

In a separate commentary, BitMEX founder Arthur Hayes speculated that a future administration under Donald Trump could initiate a large-scale quantitative easing (QE) program to support economic policies aimed at reshoring critical industries. Hayes suggested that such measures could drive the price of BTC to $1 million due to the resulting inflationary pressures on the dollar.

At Devcon in Bangkok, blockchain researcher Justin Drake introduced an exciting new vision for Ethereum (ETH) with the proposal of the Ethereum Beam Chain (EBC). This ambitious upgrade aims to consolidate some of the most critical advancements in the network, creating a more powerful and efficient Ethereum ecosystem.

The Beam Chain would unify native support for zero-knowledge (ZK) proofs and fast finality in a single upgrade, offering a streamlined solution to improve both scalability and transaction finality across the network.

Improving Efficiency

Drake framed the Beam Chain as a massive step forward, emphasizing that the current Beacon Chain, which launched five years ago, is now outdated. In the time since, the Ethereum ecosystem has made tremendous strides, particularly in understanding and mitigating Maximal Extractable Value (MEV) and in developing zero-knowledge technologies.

The Beacon Chain is now a bit behind, Drake said during his presentation at Devcon 2024, before adding that the specs were locked in five years ago, and since then, the team has made huge leaps, especially concerning the  ability to efficiently manage MEV.

He also highlighted the progress made in zero-knowledge technologies, with zk-SNARKs becoming more efficient and zkEVMs (zero-knowledge Ethereum Virtual Machines) now operational, delivering enhanced scalability and privacy for blockchain applications.

A Major Breakthrough

This proposal represents the first major technological leap since Ethereum transitioned to Proof-of-Stake (PoS), which took place over two years ago. The Merge was the last major event to spark excitement across the community. Since then, while there have been incremental improvements, the Beam Chain aims to bring these updates together in a comprehensive upgrade that sets the stage for Ethereum going forward.

The Beam Chain proposal suggests bundling major upgrades into one coordinated event every few years, alongside annual updates for smaller technical improvements. This approach promises a more cohesive, long-term strategy for the network, ensuring Ethereum stays at the forefront of blockchain innovation.

The Italian government is reportedly set to approve a more modest tax increase on cryptocurrency transactions, according to a Bloomberg report published on Tuesday, citing sources with direct knowledge of the matter. This move comes as part of ongoing negotiations over local tax policies, with an emphasis on how to handle the growing digital asset market.

Balance Is Key

Under the leadership of Prime Minister Giorgia Meloni, the proposal seeks to raise the tax rate on cryptocurrency trades to 28%, a modest increase compared to the current rate of 26%. This would reflect an attempt by the government to balance the need for higher tax revenues with the desire to remain competitive in the evolving digital economy.

This potential tax increase follows a proposal made last month by the Vice Minister of Economy, Maurizio Leo, who suggested a much steeper hike in the tax on Bitcoin-related gains, raising it to 42%. The proposal was part of discussions aiming to tighten tax regulations as part of broader fiscal reforms. However, the more moderate 28% rate now being considered is seen as a compromise between different political factions within the coalition government.

Some Pushback

In addition to the tax hike, the proposal includes an important amendment that would establish a permanent working group focused on the cryptocurrency sector. This group would bring together stakeholders from crypto companies, consumer associations, and regulatory bodies to work on educating the public about digital assets, risks, and best practices.

The goal is to foster a more informed investor base and ensure that digital asset investments are handled in a manner that protects consumers and supports market stability. Meanwhile, another coalition party, Forza Italia, has pushed back against the proposed tax increase. They have suggested scrapping the planned hike altogether and instead eliminating the current tax exemption for cryptocurrency gains of &euro2,000 ($2,120) or less.

By removing this exemption, Forza Italia argues that the government could simplify the tax system without imposing further burdens on crypto investors. Right now, the final decision remains in flux, as once the new tax rate is decided, it will be reviewed and refined by lawmakers before being formally approved and implemented.

The market cap of Bitcoin (BTC) has reached a significant new high, surpassing silver with a value of $1.736 trillion, positioning it as the 8th largest global asset, according to CoinMarketCap. This milestone comes as Bitcoin recently soared above $88,000, rising by 10% on the day, while silver dropped 2%, enabling Bitcoin to pull ahead.

A Remarkable Achievement

With this surge, Bitcoin now ranks behind only gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco. The Kobessi Letter, a prominent financial market commentary, highlighted this achievement, highlighting the fact that gold is still 10 times larger than Bitcoin is remarkable, as not only does this underscores the immense size of gold but also indicates the potential for Bitcoin and its long-term growth.

Still, although Bitcoin has already seen a remarkable year-to-date gain of over 100%, it would need to increase by a factor of 10 to reach the market capitalization of gold. The recent market movement has also been largely driven by institutional buying and the growing popularity of Bitcoin ETFs, as well as Donald Trump once again winning the United States Presidency.

$100K In Sight

Bloomberg Senior ETF Analyst Eric Balchunas observed that the BlackRock iShares Bitcoin Trust (IBIT) recorded $4.5 billion in trading volume today. Meanwhile, the broader Bitcoin industrial complex, which includes Bitcoin ETFs, MicroStrategy, and Coinbase, achieved a record trading volume of $38 billion.

Analysts believe that if this momentum continues, Bitcoin could indeed surpass the $100,000 mark by the end of 2024. Having recently reached an all-time high of $89,000, Bitcoin is now less than 14% away when it comes to reaching that illusive $100K target.

While some investors hesitate to acquire Bitcoin (BTC) as it reaches new record highs, MicroStrategy has reinforced its commitment to the flagship cryptocurrency. On November 11th, the business intelligence company announced that it had purchased 27,200 BTC for approximately $2.03 billion in cash.

These acquisitions took place between October 31st and November 10th, with an average purchase price of $74,463 per Bitcoin, including associated fees and expenses. MicroStrategy has been the most notable institutional name when it comes to buying Bitcoin over the years.

A Huge Investment

With this latest purchase, MicroStrategy now has a total Bitcoin holdings amount of 279,420 BTC, valued at almost $23 billion based on current market prices. To fund these acquisitions, MicroStrategy utilized proceeds via the sale of its own shares. The company had entered into sales agreements on August 1st and October 30th, and by November 10th, it had sold around 7.8 million shares, raising about $2 billion in the process.

MicroStrategy also reported that its Bitcoin yield, a key metric of its acquisition strategy, was 7.3% between October 1st and November 10th. Year-to-date, the yield stands at 26.4%. The announcement by MicroStrategy coincided with a significant increase in stock price, which surged 19.9% on November 8th.

Massive Returns

On November 10th, the Saylor Tracker revealed that the overall Bitcoin return on investment for MicroStrategy had already exceeded 100%. At that point, the total value of its Bitcoin holdings had managed to surpass $20.5 billion, even before including the recent purchase.

According to BitcoinTreasuries data, MicroStrategy has now acquired Bitcoin 42 times at an average price of $39,292 per coin. It remains the largest corporate holder of Bitcoin, followed by Marathon Digital and Riot Platforms, which hold Bitcoin valued at around $2.1 billion and $840 million, respectively.