### J.P. Morgan Upgrades Bitcoin Miners

In a significant shift reflecting the **growing strength of the cryptocurrency market**, J.P. Morgan has upgraded three prominent Bitcoin mining companies: **CleanSpark**, **Cipher Mining**, and **MARA Holdings**. This upgrade comes as Bitcoin continues to show resilience and promise in the face of market fluctuations.

#### The Impact of Upgrades

The upgrades from J.P. Morgan are seen as a **positive indicator** for investors and may lead to increased interest in these mining companies. With Bitcoin's recent rally, the potential for profit in mining operations has become more favorable, prompting analysts to reassess the value of these stocks.

#### Market Sentiment

The overall sentiment in the market appears to be **bullish**, with many investors optimistic about the future of Bitcoin and its associated industries. As major financial institutions like J.P. Morgan recognize the potential of Bitcoin miners, it signals a growing acceptance of cryptocurrency in the traditional financial landscape.

![Bitcoin Mining](https://example.com/bitcoin-mining.jpg)

J.P. Morgan upgrades CleanSpark, Cipher Mining, and MARA Holdings amidst a strong crypto market rally.

J.P. Morgan Boosts Bitcoin Miners: MARA, CleanSpark, and Cipher Shine Amid Crypto Rally

### The Rise of Canadian Payment Processors for Russian Cybercrime

A **financial firm registered in Canada** has become the primary payment processor for numerous **Russian cryptocurrency exchanges** and websites promoting cybercrime services targeted at Russian-speaking customers. An investigation has uncovered that the Vancouver address associated with this company is home to numerous foreign currency dealers and money transfer businesses, none of which are actually located there.

![Canada](https://krebsonsecurity.com/wp-content/uploads/2024/12/happycanada.png)

### Insights from Richard Sanders

**Richard Sanders**, a blockchain analyst, has spent significant time in Ukraine, studying how Russian crypto exchanges launder money for narcotics networks. Recently, he has focused on how popular cybercrime services receive payments and convert **cryptocurrency revenues** into cash. His research targeted **122 services** that include:
- Abuse-friendly hosting providers like anonvm[.]wtf
- Sites selling aged email and social media accounts like verif[.]work
- Anonymity providers such as crazyrdp[.]com
- Anonymous SMS services like anonsim[.]net

### The Role of Cryptomus

All services tested by Sanders are reportedly processing transactions through **Cryptomus**, a cryptocurrency payments platform based in Vancouver. It is associated with **Xeltox Enterprises Ltd.**, a registered money service business with **FINTRAC**. At least **56 cryptocurrency exchanges** are utilizing Cryptomus for transactions, facilitating anonymous exchanges of cryptocurrency for cash in accounts at sanctioned Russian banks.

### Sanctions Evasion Tactics

In response to sanctions against Russia, major exchanges like **Binance** have restricted transactions involving Russian banks. However, Russian exchanges have shifted to Cryptomus, which offers a layer of obfuscation by generating new wallets for each transaction, thus complicating tracking efforts. The ease of transactions has increased as these platforms bypass **Know Your Customer** regulations.

![Matryoshka Dolls](https://krebsonsecurity.com/wp-content/uploads/2024/12/matrydolls.png)

### Phantom Addresses and Regulatory Issues

The address for Cryptomus has been linked to numerous money services businesses, raising concerns about the legitimacy of these operations. Investigations reveal that many MSBs are clustered at the same address in Canada, which undermines the registration requirements designed to combat money laundering.

### The Future of Cryptocurrency in Russia

Recent legislation in Russia has legalized cryptocurrency mining and international payments, indicating a significant shift in the country's approach to cryptocurrency. This move may enhance Russia's ability to evade sanctions and engage in trade outside the U.S.-led financial system. According to **Chainalysis**, Cryptomus is reportedly used for laundering money and purchasing services across various illegal activities.

![Central Reserve Authority](https://krebsonsecurity.com/wp-content/uploads/2024/12/crasadr-com.png)

### The Mystery of Xeltox Enterprises

The actual presence of **Cryptomus** and **Xeltox Enterprises** in Canada remains questionable, with investigations revealing possible links to questionable entities in jurisdictions known for lax regulatory oversight. As of early 2024, Canada continues to serve as an attractive location for cryptocurrency businesses, raising alarms about potential abuses of the system.


A financial firm registered in Canada has emerged as the payment processor for dozens of Russian cryptocurrency exchanges and websites hawking cybercrime services aimed at Russian-speaking customers, new research finds. Meanwhile, an investigation into the Vancouver street address used by…

Revealed: How Russian Cybercriminals Turn Cryptocurrency into Cash Through Canadian Firms

### MicroStrategy's Nasdaq 100 Ambitions

Michael Saylor’s **MicroStrategy Inc.** meets all criteria for joining the **Nasdaq 100 Index**, which could spark significant purchases from **$451 billion** worth of exchange-traded funds globally that track this benchmark.

### Market Speculation

Despite this, market analysts are considering the possibility of MicroStrategy being excluded in the index’s upcoming reshuffle. The primary concern? MicroStrategy has transformed into a **leveraged bet on Bitcoin**, raising questions about its place among the **top 100 stocks** on the Nasdaq.

### Analyst Insights

Analyst Lance Vitanza from **TD Cowen** argues that any substantial company should be reflected in the index, stating, "The idea of an index is it’s supposed to really represent faithfully the body of stocks that are in the universe." MicroStrategy, co-founded by Saylor, has seen its shares skyrocket over **500%** this year as it aggressively pursues a strategy of acquiring and holding Bitcoin.

### Bitcoin Holdings and Financial Health

Currently, MicroStrategy holds over **$40 billion** in Bitcoin, despite reporting a **net loss of $340 million** in Q3. Its impressive **$98 billion market cap** positions it as roughly the **40th largest stock** in the Nasdaq 100, heavily influenced by its Bitcoin strategy.

### The Inclusion Debate

Vitanza points out that the Nasdaq might consider the small scale of MicroStrategy's operating business as a reason to exclude it. However, excluding a company with such a large market cap could be seen as counterintuitive.

### Unique Classification

MicroStrategy identifies itself as a "**Bitcoin Treasury Company**," which benefits its inclusion prospects since financial companies are not eligible for the Nasdaq 100. Nevertheless, due to its revenue stream from software, it is classified as a **technology company**. Analysts suggest that future classifications could change, potentially impacting its eligibility for the index.

![MicroStrategy Bitcoin](https://example.com/image.jpg)  
*Image Caption: MicroStrategy's Bitcoin holdings have significantly influenced its market valuation.*

(Bloomberg) -- Michael Saylor’s MicroStrategy Inc. checks all the boxes for inclusion in the Nasdaq 100 Index, a development that would trigger purchases of the shares by the $451 billion worth of exchange-traded funds around the world that directly track the benchmark.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersAmerican Institute of Architects CEO ResignsCloud Computing Tax Threatens Chicago’s Silicon Valley DreamSan Francisco, Paris Named Best Cities for Urb

Is MicroStrategy Set to Join the Nasdaq 100? The Bitcoin Bet Behind the Buzz

## Nvidia's Legal Battle Continues

Nvidia must face an **investor lawsuit** alleging it misled shareholders about the **impact of the cryptocurrency market** on its sales, following the **Supreme Court's dismissal** of the company’s appeal. The court stated it had "improvidently granted" Nvidia’s petition, meaning it will continue in the lower courts.

During oral arguments, some justices expressed skepticism about whether the case was more factual than legal, as reported by **Reuters**.

## Background of the Case

The lawsuit originates from a pair of **2018 investor lawsuits** claiming Nvidia falsely portrayed how closely its revenue growth was tied to cryptocurrency performance. Investors argue that Nvidia and its executives made materially false statements, downplaying the cryptocurrency market's volatility and exaggerating the company's adaptability.

An **appeals court** previously allowed some parts of this consolidated case to progress.

In a separate matter in 2022, Nvidia settled with the **Securities and Exchange Commission** for **$5.5 million** over allegations that it obscured the link between its success and the volatile cryptocurrency market, without admitting any wrongdoing.

## Increased Scrutiny for Nvidia

Nvidia's legal challenges are intensifying as the company experiences significant business success. It is reportedly under **antitrust investigations** from both **Chinese authorities** and the **US Department of Justice**.

Nvidia spokesperson **John Rizzo** stated, "We would have preferred a decision on the merits affirming the trial court’s dismissal... We remain committed to supporting consistent standards in securities litigation to protect shareholders and ensure a strong economy."

The Supreme Court dismissed a petition from Nvidia seeking to end an investor lawsuit claiming it misled shareholders about how its success was tied to crypto.

Nvidia Faces Lawsuit Over Alleged Misleading Crypto Impact Claims: Supreme Court Decision Explained

### The Anti-Establishment Technology of Our Age

For years, **crypto skeptics** have questioned, *What is this for?* Meanwhile, supporters have struggled to provide a satisfactory answer. They argue that **blockchain**—the technology underpinning cryptocurrencies—is a **revolutionary invention**, a sophisticated mechanism for documenting ownership online and fostering digital communities. Alternatively, they propose it as a foundation for a new, **hyper-financialized internet** where human intermediaries are no longer necessary for transactions, even for **bizarre purchases** like a $3.4 million cartoon ape.

### The Nature of Cryptocurrencies

Then there are the currencies themselves: **Bitcoin**, **Ether**, and an endless array of **memecoins** and **start-up tokens**. These are largely **volatile**, speculative assets, traded by many, some of whom get **rich** or go **bankrupt**. They are also known for their roles in **money laundering**, funding startups, and facilitating elaborate **financial fraud**. While crypto has its **use cases**, it has long been criticized as a **technological solution in search of a problem**, especially for those who don’t wish to use it for illegal activities.

![People hold hands and surround a giant bitcoin](https://cdn.theatlantic.com/thumbor/yd6LN8-PtJ3EQYWwB7bWKQ1C6Vg=/0x0:2000x1125/960x540/media/img/mt/2024/12/bitcoin/original.jpg)

*Illustration by Matteo Giuseppe Pani / The Atlantic. Source: Getty.*

An anti-establishment technology for an anti-establishment age

Unveiling the True Purpose of Cryptocurrency in Today's World

### SEC Takes Action Against Fraudulent Brokers

The **U.S. Securities and Exchange Commission (SEC)** has charged three individuals for impersonating securities brokers in a **$2.9 million Bitcoin scam**. The defendants, Nigerian nationals, allegedly deceived at least 28 investors by creating fake platforms and instructing victims to purchase Bitcoin through legitimate brokerages, only to divert funds to their own blockchain addresses.

![Crypto Scammer](https://cryptoslate.com/wp-content/uploads/2024/12/crypto-scammer-768x403.jpg)

### Elaborate Deception Tactics

The defendants employed **voice-modification software** and artificial intelligence to craft convincing identities, establishing trust among potential investors. They created websites that mimicked established U.S. firms and used social media to promote their fraudulent trading services.

According to the SEC, the scammers encouraged victims to invest in trading apps that claimed to offer unique copy trading systems, but these were merely fronts to misappropriate funds. Despite showing fake monthly returns of up to 25%, no real investments were made, and attempts to withdraw funds led to demands for additional fees.

### Increased Risk of Impersonation Scams

The SEC notes that impersonation scams are becoming more sophisticated, utilizing **AI-driven content** and deepfake technology. They advise investors to conduct thorough identity verifications and remain vigilant when approached to invest via crypto.

### Ongoing Investigations and Legal Actions

The SEC is pursuing multiple violations of federal securities laws against the defendants and is seeking **permanent injunctions, disgorgement,** and civil penalties. This case highlights the growing intersection of traditional fraud methods with **decentralized financial networks** and digital asset platforms, prompting regulatory bodies to adapt their enforcement strategies accordingly.

Using voice-modification software and AI, the defendants crafted elaborate façades to deceive investors into fraudulent bitcoin purchases.

SEC Unveils $2.9 Million Bitcoin Scam: Three Charged for Fraudulent Broker Impersonation

Bitcoin has **bounced back above the $100,000 mark** on Wednesday, trading at **$100,500** per coin, following the release of U.S. inflation data that met expectations. This rally has also positively impacted several major altcoins.

### Bitcoin's Recent Performance
After dipping below **$95,000** on Tuesday, Bitcoin has seen a **5% increase** over the last 24 hours and a similar rise over the past week. The cryptocurrency recently reached an all-time high of **$103,679**.

### U.S. Inflation Data and Market Reactions
The **Bureau of Labor Statistics** reported that the core consumer price index (CPI), which excludes food and energy, rose by **0.3%** last month. This aligns with analysts' forecasts and suggests that inflation is under control, prompting speculation that the **Federal Reserve** may cut interest rates next month. Lower interest rates typically boost the cryptocurrency market as investors seek higher-risk assets.

### Altcoin Gains
In the altcoin arena, **XRP** has surged by **17%** to **$2.44**, recovering from a previous drop below $2.00. The price increase coincides with Ripple Labs announcing the upcoming launch of its **RLUSD stablecoin** after receiving regulatory approval.

**Dogecoin**, favored by Elon Musk, has increased by nearly **9%**, trading above **$0.415**, while **Shiba Inu** has jumped nearly **13%** to **$0.000029**. Additionally, **Solana** and **Cardano** have also seen significant gains, with Solana up more than **9%** at **$229** and Cardano rising **13%** to **$1.09**.

### Institutional Investment
A record **$3.85 billion** flowed into digital asset funds last week, driven by institutional interest, particularly in Bitcoin and Ethereum exchange-traded funds (ETFs). This inflow reflects traditional investors' growing appetite for cryptocurrency exposure as Bitcoin crosses the $100K threshold again.

*Edited by Andrew Hayward*

Bitcoin rose back above $100,000 per coin Wednesday after U.S. inflation data matched expectations, with other top coins also popping.

Bitcoin Surges Past $100K Again: What This Means for Altcoins and the Market

2024 is poised to be one of the most remarkable years for the stock market, with **Bitcoin** and **Nvidia** leading the charge. Both investments have outperformed major indices like the **S&P 500**, showcasing significant growth this year.

![S&P 500 Chart](https://media.ycharts.com/charts/45853865820d445de58a526c9ad8bdb0.png)

### Performance Overview
Bitcoin has seen a **29,000%** increase over the last decade, while Nvidia has grown by **26,610%**. Despite their differences, both assets are vying for investor attention and capital.

### Is Bitcoin a Buy for 2025?
Bitcoin experienced two major growth spurts in 2024, spurred by the approval of the first Bitcoin spot ETFs and the political climate under President-elect Trump, who has shown support for cryptocurrencies. Regulatory changes could further boost Bitcoin's credibility, with Fed Chair **Jerome Powell** likening it to gold.

![Bull Market](https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800468%2Fbull-market-rising-stock-charts-financial-newspaper-quotes-invest-getty.jpg&amp;op=resize&amp;w=700)

### Bitcoin's Volatility and Future
While Bitcoin may act as an **inflation hedge** in the future, it is currently viewed as a high-risk asset. The cryptocurrency is likely to experience volatility, heavily influenced by the broader market trends.

### Nvidia's Strong Position
Nvidia has transformed itself into a powerhouse in the AI sector, becoming the leading supplier of GPUs for data centers. Despite competition, Nvidia's growth remains robust, with a **94%** revenue increase in the last quarter.

### Which is the Better Investment?
Both Bitcoin and Nvidia appear to have promising futures, but Nvidia's solid business foundation and profitability give it an edge over Bitcoin, which is more susceptible to market sentiment. While Bitcoin could benefit from favorable regulatory changes, Nvidia's growth trajectory seems more sustainable.

In conclusion, while both assets offer unique opportunities, **Nvidia** is positioned as the stronger long-term investment compared to Bitcoin.

2024 is on track to be one of the best years in modern history for the stock market, and two of the most popular investments are a big reason why.

J.P. Morgan Boosts Bitcoin Miners: MARA, CleanSpark, and Cipher Shine Amid Crypto Rally

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J.P. Morgan Upgrades Bitcoin Miners

The Impact of Upgrades

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Other Latest News

Revealed: How Russian Cybercriminals Turn Cryptocurrency into Cash Through Canadian Firms

Is MicroStrategy Set to Join the Nasdaq 100? The Bitcoin Bet Behind the Buzz

Nvidia Faces Lawsuit Over Alleged Misleading Crypto Impact Claims: Supreme Court Decision Explained

Unveiling the True Purpose of Cryptocurrency in Today's World

SEC Unveils $2.9 Million Bitcoin Scam: Three Charged for Fraudulent Broker Impersonation

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Other Latest News

Revealed: How Russian Cybercriminals Turn Cryptocurrency into Cash Through Canadian Firms

Is MicroStrategy Set to Join the Nasdaq 100? The Bitcoin Bet Behind the Buzz

Nvidia Faces Lawsuit Over Alleged Misleading Crypto Impact Claims: Supreme Court Decision Explained

Unveiling the True Purpose of Cryptocurrency in Today's World

SEC Unveils $2.9 Million Bitcoin Scam: Three Charged for Fraudulent Broker Impersonation

Bitcoin Surges Past $100K Again: What This Means for Altcoins and the Market

Bitcoin vs. Nvidia: Which Investment Will Dominate in 2025?