Web3🌑Buzz: Bitcoin Insights, Major Hacks, and Microsoft's Crypto Stance This Friday!

Happy Friday, crypto enthusiasts! As we dive into this week's Web3 Buzz, we’re uncovering the latest developments shaping the digital landscape. From Metaplanet's embrace of MicroStrategy's Bitcoin transparency metric to Microsoft's unexpected push for shareholders to reject a Bitcoin assessment, the news is as dynamic as ever. Meanwhile, the U.S. government faces a major setback with a $20 million hack of its crypto wallet. And let's not forget the ongoing debate about Bitcoin's ambitious year-end target of $100,000—current odds suggest less than 10% chance! Join us as we dissect these stories and their implications for the future of cryptocurrency.

1. Metaplanet adopts MicroStrategy's Bitcoin metric for transparency

Metaplanet, often called “Asia's MicroStrategy,” has adopted MicroStrategy's “BTC Yield” metric to assess how Bitcoin acquisitions impact shareholder value. This metric tracks changes in Bitcoin holdings per fully diluted share, offering transparency without measuring profitability or liquidity. Metaplanet's Bitcoin holdings surged from 41.7% BTC Yield in Q3 to over 116% in October, reflecting significant growth. So far, the company has accumulated 855 BTC valued at $56 million, with purchases averaging $61,663 per Bitcoin. While Bitcoin rose slightly to $67,800, Metaplanet’s stock fell 1.69%, underscoring the firm’s caution that share prices don’t always mirror Bitcoin value.

Metaplanet Adopts MicroStrategy’s Bitcoin Metric to Boost Shareholder Transparency - Decrypt

Metaplanet’s adoption of the metric aims to provide a precise method to evaluate whether its Bitcoin purchases enhance shareholder value.

DecryptVismaya V

2. Microsoft urges shareholders to reject Bitcoin assessment

Microsoft is urging shareholders to vote against a proposal to assess Bitcoin as an investment asset, arguing that the company has already evaluated Bitcoin and continues to monitor crypto trends. In a recent SEC filing, Microsoft’s board stated that further review is unnecessary, as Bitcoin has been considered alongside other cryptocurrencies in past assessments. The proposal, submitted by the National Center for Public Policy Research, references MicroStrategy’s Bitcoin strategy and growing corporate adoption of crypto. While Microsoft hasn’t confirmed future Bitcoin investments, it previously accepted Bitcoin for Xbox payments and may integrate crypto wallets into future Xbox consoles.

Microsoft asks shareholders to vote against an assessment of investing in Bitcoin in SEC filing

Microsoft suggests shareholders vote against a proposal to conduct an assessment of Bitcoin as an investment asset, due to the company already considering Bitcoin as an investment option

crypto.newsTrisha Husada

3. US gov crypto wallet hacked for $20M

In October, a suspected U.S. government cryptocurrency wallet was hacked, resulting in a $20 million loss, including funds from the 2016 Bitfinex breach. The stolen assets included $5.5M in USDC, $1.25M in Tether, and $446K in Ethereum. The hacker laundered the funds through various wallets and began converting stablecoins to Ethereum. The Bitfinex hack was originally carried out by Ilya Lichtenstein and Heather Morgan, who stole 120,000 Bitcoin in 2016. Both were arrested in 2022, with sentencing scheduled for November 2023. The recent wallet breach raises concerns about the security of crypto-related government holdings.

US Government’s Cryptocurrency Wallet Hacked For $20 Million

Hackers haven’t spared the cryptocurrency wallet of the United States government. Find out how many assets were stolen from this wallet

Watcher GuruSahana Kiran

4. Bitcoin’s $100K year-end goal? Less than 10% odds

Both retail and sophisticated investors are optimistic about Bitcoin potentially surpassing $100,000 by year-end, despite the options market indicating only a 9.58% probability of this happening. While some traders predict Bitcoin could reach around $80,000, they acknowledge the potential for volatility, with a 22% price swing expected by December. Current implied volatility for Bitcoin options is stable at 54%, suggesting limited short-term price fluctuations. The upcoming U.S. presidential election may also influence market dynamics, with significant volatility anticipated regardless of the outcome, reminiscent of high-stakes biotech stock events.

The Popular $100K Year-End Goal for Bitcoin Has Less Than 10% Probability in Options Market

Both retail and sophisticated investors expect bitcoin to trade at least above $100,000 by the end of the year.

CoinDeskOmkar Godbole

As we wrap up this week’s edition of Web3 Buzz, it’s clear that the cryptocurrency landscape continues to evolve rapidly. Stay tuned for more updates and insights as we navigate these changes together. Until next time, keep your digital wallets secure and your investment strategies sharp!

WEB3 AI ML