Bitcoin Magazine CEO David Bailey to Helm New Publicly Traded BTC Treasury Company

Bitcoin and major altcoins initially surged on Monday but later dipped as the U.S. and China announced a reduction in tariffs, impacting investor sentiment. The easing of trade tensions led to Bitcoin briefly hitting $105,500, a response to the tariff truce between the two countries.

Coinbase considered allocating 80% of its balance sheet to Bitcoin but decided against it due to fears of potential harm to the company. The CEO highlighted the risk of Bitcoin's volatility affecting the company's growth during its early stages.

Strategy, led by Michael Saylor, purchased 13,390 BTC for over $1.34 billion, increasing its total holdings to 568,840 BTC worth $59 billion. The company, formerly MicroStrategy, is the largest corporate holder of Bitcoin, with an average purchase price of $69,287 per coin.

The number of electricity thefts in Malaysia surged by 300% from 2018 to end-2024, primarily driven by illegal crypto mining activities. Joint operations involving Tenaga Nasional Berhad, the Energy Commission, and the police led to the detection of these cases.

Frank DeGods, also known as Rohun Vora, has stepped down as CEO of the NFT project DeGods, citing a potential hindrance caused by the focus on his personal brand. Vora denies any illegal activities and dismisses accusations of being "on the run" or under investigation.

Meme coins like Moo Deng, Dogecoin, and Shiba Inu have surged in value, with MOODENG gaining 533% and Dogecoin rising 42% in the past week. The wider crypto market has also seen gains, with Bitcoin surpassing $100,000 and Ethereum passing $2,500.

Bitcoin ETFs led the way in attracting funds to crypto last week, with $867 million of the $882 million in net deposits going to these funds. Despite Ethereum's 40% price increase, institutional investors showed little interest in Ethereum ETFs, with only $1.5 million in inflows.

Predictions from global bank Citi suggest stablecoins, currently at $240 billion, could reach $1.6 trillion by 2030 with regulatory support. Stablecoins are expanding beyond crypto trading to payments and remittances, potentially replacing some currency holdings.

TNB has reported a significant increase in electricity theft related to illegal crypto mining in Malaysia, with cases rising from 610 in 2018 to 2,397 in 2024. The company attributes this surge to miners tapping subsidized electricity, leading to financial losses and grid instability.