North Dakota Takes First Steps Towards State Bitcoin Reserve

Dogecoin, the leading meme coin, has experienced a significant 23% drop in value over the past week, reaching a low of $0.267. Despite a brief rebound to $0.35, the coin has lost momentum since its peak in December.

Michael Saylor proposes a Bitcoin reserve to generate up to $81 trillion for the US Treasury, aiming to bolster the dollar, tackle national debt, and unlock economic value. Senator Lummis suggests buying 200,000 Bitcoin annually to build a strategic reserve, funded through profits on Federal Reserve bank deposits and gold holdings.

Plans to stockpile Bitcoin at a national level in the U.S. Treasury are being pursued by Donald Trump and his political allies. Three states, including Texas, Pennsylvania, and Ohio, are considering establishing strategic Bitcoin reserves to enhance financial security and keep pace with economic changes.

Tether has announced a $775 million investment in Rumble, a video platform positioning itself as an anti-censorship alternative to YouTube. The deal includes an initial cash investment of $250 million and will result in Tether owning 103.3 million shares of Rumble common stock.

Luigi Mangione, the alleged murderer of UnitedHealth Group CEO Brian Thompson, is now housed at the Metropolitan Detention Center in Brooklyn, where crypto crook Sam Bankman-Fried is serving a 25-year sentence. The jail also holds high-profile inmates like music producer Sean “Diddy” Combs, facing racketeering conspiracy and sex trafficking charges.

Ragnarok Landverse, a blockchain-enhanced MMORPG in the classic Ragnarok Online franchise, will launch on Ethereum sidechain gaming network Ronin in early 2025. The game, already soft-launched on BNB Chain, has generated $15 million in NFT sales and attracted over 400,000 players.

Metaplanet, a Japanese investment firm, plans to issue 5 billion yen in bonds to buy more Bitcoin, following the model of American company MicroStrategy. Despite recent shareholder pushback, the company aims to raise a total of nearly $61 million for its Bitcoin strategy.

Dogecoin has hit a low of $0.267, the lowest since November, with a 19% drop in the last 24 hours. Other meme coins like Shiba Inu and Pepe are also experiencing significant daily dips.

According to Coinglass data, crypto liquidations have reached $1.4 billion in the last 24 hours, with leveraged traders facing losses due to Bitcoin's price drop and altcoins' harsh declines. Ethereum, XRP, and Dogecoin saw significant drops, contributing to what some believe is the largest liquidation event in crypto history.

Record-high net outflows of $671.9 million were reported by Bitcoin spot exchange-traded funds (ETFs), with Grayscale Bitcoin Trust (GBTC) losing the most capital at $208.6 million. Wintermute noted that the crypto market mirrored declines in equities and bonds, leading to a downturn in Bitcoin's price.