### Cryptocurrency Wallet Drainers Steal $494 Million

In a shocking turn of events, **cryptocurrency wallet drainers** have reportedly stolen **$494 million** in 2024. This surge in thefts highlights the vulnerabilities within the cryptocurrency ecosystem, emphasizing the need for enhanced **security measures**.

As the **crypto market** continues to evolve, so do the tactics employed by malicious actors. Individuals and businesses must remain vigilant to safeguard their assets against such attacks. 

The scale of these thefts raises questions about the **security protocols** in place for cryptocurrency wallets. Users are urged to adopt more robust security practices to protect their holdings from potential breaches.

Stay informed and protect your investments in this increasingly dangerous landscape of digital currency.

Verifying you are human. This may take a few seconds.

Staggering $494 Million Lost in Cryptocurrency Wallet Drainers in 2024

### Bitcoin Mining Profitability on the Rise

According to a recent **JPMorgan** report, **Bitcoin (BTC)** miners have seen their daily revenue and gross profit increase for the **second consecutive month** in December, reaching levels not seen since **April**. This uptick in mining profitability comes as the price of Bitcoin continues to rally, outpacing the growth of the network's hashrate.

### Key Findings from the Report

- **Average Earnings**: Miners earned an average of **$57,100 per exahash per second (EH/s)** in daily block reward revenue last month, marking a **10% increase** from November.
- **Hashrate Growth**: The network hashrate rose by **6%** in December, averaging **779 EH/s**. In 2024, the hashrate has grown by **54%**, a slowdown compared to **2023's** impressive **103%** gain.
- **Mining Difficulty**: Mining difficulty rose by **7%** from the previous month and is now **27% higher** than before the reward halving event in April.

### Market Performance

Despite the increase in mining profitability, the total market cap of the **14 publicly listed bitcoin miners** tracked by JPMorgan fell by **23%** to **$28 billion** in December, following a **52% increase** in November. Notably, **TeraWulf (WULF)** was the only miner to outperform Bitcoin last year, achieving a **136% gain** compared to Bitcoin's **120% increase**.

For more information on the profitability trends of Bitcoin miners and the impact of market dynamics, check the full report.

The bitcoin network hashrate rose 54% in 2024, versus a 103% gain in 2023, the report said.

Bitcoin Miners Experience Profit Surge: What You Need to Know!

## Capital Flight from China Fuels Bitcoin's Rise

As we step into the new year, **Chinese assets** continue to decline sharply, potentially accelerating the **ongoing Bitcoin (BTC) bull run**. The **Chinese yuan (CNY)** hit a low of **3.22 per U.S. dollar**, marking its weakest point since **September 2023**, as noted by **TradingView**. This month alone, the yuan has dropped **0.4%**, extending a three-month trend of losses, despite the **People's Bank of China's (PBOC)** attempts to stabilize investor confidence amid looming **U.S. tariffs** under President-elect **Donald Trump**.

On the stock market front, the **CSI 300** index has plummeted to its lowest since September, while the **ChiNEXT Index**, which tracks high-growth SMEs, has fallen **8% since December 31**. Additionally, the yield on **10-year Chinese government bonds** has dropped to **1.6%**, a stark decline of **100 basis points** from a year ago, indicating deepening concerns over deflation.

These economic pressures are likely to trigger **capital flight** from China, with **Bitcoin** emerging as a prime alternative investment. According to the **LondonCryptoClub**, "China appears to be letting the currency slide and no longer defending it, which will accelerate capital outflows. Bitcoin will be an obvious destination for some of those flows."

Historically, during **China's devaluation in 2015**, Bitcoin's price surged more than **300%**. Currently, the PBOC is using its daily fix and liquidity measures rather than direct intervention, which could pose challenges for cryptocurrency stability.

On a related note, the PBOC has recently set the daily reference rate stronger than **7.20 per USD** to counteract bearish expectations for the yuan. At the same time, it has tightened liquidity in the offshore market, pushing the **offshore yuan's overnight interbank interest rate** to **8.1%**, the highest since June 2021.

However, BTC enthusiasts should remain vigilant for any significant interventions by the PBOC that could impact the dollar index and, consequently, the attractiveness of Bitcoin as a risk asset. The dollar index has already surged from **100 to 108** in just over three months, largely due to rising **Treasury yields**, which could dampen risk appetite for assets like Bitcoin.

Capital flight from China could find home in alternative assets like bitcoin. 

How China's Economic Turmoil Could Ignite a Bitcoin Bull Run

### This Crypto Fund Blew Past Bitcoin's 121% Price Gain in 2024

Bitcoin (BTC), the leading cryptocurrency by market value, surged **121% last year**, crossing the six-figure mark and outshining traditional assets. However, this performance falls short in comparison to **Pythagoras Investment Management’s Alpha Long Biased Strategy**, which pushed the envelope even further.

The fund, which combines a **BTC base position with two uncorrelated strategies**, achieved an impressive **return of 204% in 2024**, according to Pythagoras in an email to CoinDesk. This translates to a **3x gain**, significantly outperforming the **2x return** typical buy-and-hold Bitcoin investors would have realized. Notably, the fund charges an incentive fee only when it outperforms Bitcoin.

The fund's base position in Bitcoin provides **direct exposure** to long-term appreciation, while the two uncorrelated strategies – a **momentum market timing strategy** and a **long-short market selection strategy** – generate alpha.

The **momentum strategy** employs **machine learning** and pattern recognition to dynamically adjust and optimize exposure, allowing it to capture short-term market fluctuations. Meanwhile, the **long-short strategy** utilizes a proprietary **AI-based forecasting model** to create a dollar-neutral portfolio, investing in tokens expected to yield superior returns while shorting those anticipated to underperform.

Despite its stellar performance, the Alpha Long Biased Strategy was Pythagoras' smallest fund, with **assets under management (AUM) of $7 million**. It suffered a **2% drawdown in December**, as Bitcoin fell from record highs above **$108,000** to **$93,000**.

In contrast, Pythagoras' **Arbitrage strategy** delivered a **3% return** in December, ending the year with an **18% gain** and **$45 million** in AUM. The **Quant Long Short Fund** generated a **30% return** in 2024, while the **Absolute Return Strategy** gathered **$158 million** in client funds with a **41.7% return**. The combined AUM of the four funds grew to over **$230 million** from **$80 million** in 2023, driven by a bullish market.

### Bullish Outlook

Pythagoras expects the **bull market** to continue this year, driven by **positive regulatory developments** in the U.S. and **corporate demand** for Bitcoin. 

"The incoming Trump administration, with its proposal on creating a **national strategic Bitcoin reserve** and appointing individuals favorable to our industry, is expected to be a major catalyst. With over **290 members of Congress** who are pro-crypto, we anticipate that supportive legislation for the cryptocurrency industry will gain momentum," said **Mitchell Dong**, CEO of Pythagoras.

As the U.S. Congress explores the idea of a **national strategic Bitcoin reserve**, Pythagoras anticipates some countries may try to **front-run the U.S.** in accumulating Bitcoin, should this initiative materialize. Dong also mentioned the likelihood of more companies following **MicroStrategy's** lead in adopting BTC.

Pythagoras Alpha Long Biased Strategy combines a base position in BTC with two uncorrelated strategies to outperform buy and hold play. 

Discover How Pythagoras Crypto Fund Achieved a Whopping 204% Return in 2024, Outshining Bitcoin!

## Bitcoin's Remarkable Surge

The **macroeconomic factors** are significantly influencing Bitcoin's evolving status as an asset increasingly favored by **Wall Street**. A recent report from the **Washington Post** suggested that President **Trump's tariffs** might not be as extensive as previously believed, leading to a **decline in the dollar** and a subsequent **2% spike** in Bitcoin's price. However, Trump later refuted this report, causing Bitcoin to trim its gains during evening trading.

Despite this, Bitcoin has retained its **momentum** at the start of 2025, reclaiming the **$100,000 mark** on Monday. This resurgence is bolstered by rising inflows into Bitcoin **ETFs**, with a **CoinShares report** indicating over **$500 million** invested in Bitcoin ETFs during the first three trading days of the year.

## MicroStrategy's Continued Investment

**MicroStrategy** continues to expand its Bitcoin holdings, purchasing an additional **$100 million** in Bitcoin for the ninth consecutive week. This brings the company's total Bitcoin stash to nearly **$45 billion**. As Bitcoin prices rebound, MicroStrategy's stock is also rising, which could potentially lead to more share issuances to fund further Bitcoin acquisitions.

## Macroeconomic Environment and Its Impact

The **macroeconomic landscape** is expected to be a focal point for crypto markets as 2025 unfolds. The dollar's fluctuations, spurred by rumors of potential **rollback of Trump tariffs**, will likely inject volatility into global markets. Bitcoin's recent price movements illustrate this dynamic, with traders closely monitoring the **dollar index** for cues.

This week, the economic calendar includes the **release of FOMC minutes** and the **December jobs report**, both crucial for understanding the **Federal Reserve's** policy direction. While expectations for fewer rate cuts this year have already affected market sentiment, the key question remains regarding the Fed’s long-term plans for 2025. These macroeconomic developments will be vital in shaping the crypto market's trajectory in the upcoming months.

As we step into 2025, the interplay between macroeconomic factors and **crypto adoption** continues to steer market narratives. With increasing **institutional interest** and improving **regulatory clarity**, the crypto market is poised to leverage the shifting economic landscape.

The dollar finally rolled over to trigger a big surge in Bitcoin to continue its hot start to 2025.

Bitcoin Soars Over $102,000 as Dollar Dips Amid Trump Tariff Speculations

### Bitcoin Miners Face Tough Times

As **competition** for resources intensifies, US-listed Bitcoin mining companies are adopting a strategic approach to navigate the **profit squeeze**. With rising operational costs and fluctuating prices, miners are now **stockpiling coins** instead of quickly selling them to maximize profits.

### The Current Market Dynamics

The Bitcoin mining landscape is becoming increasingly competitive. Companies are tapping into **investors** for cash to sustain their operations while managing the effects of market volatility. The strategy of holding onto mined Bitcoin allows miners to potentially benefit from price increases in the future.

### Investment Strategies in Play

By securing additional funding, these mining firms aim to strengthen their positions in the market. This trend reflects a broader shift as miners prepare for a more challenging environment, focusing on long-term gains rather than immediate profits.

### Conclusion

The resilience of Bitcoin miners in the face of **profitability challenges** is a testament to their strategic foresight. As they stockpile Bitcoin, the industry watches closely to see how this will impact market trends and pricing in the coming months.

US-listed groups tap investors for cash as competition for resources intensifies

Why Bitcoin Miners Are Stockpiling Coins Amid Profit Challenges

### XRP Appeal Insights
**Deaton** elaborated on the appeal process, stating that the case would return to **Judge Torres** if the **SEC** won at the **Second Circuit**. Judge Torres would then apply the other **Howey factors** and rule against the SEC for failing to prove a common enterprise regarding secondary market sales.

Deaton also considered the possibility of Ripple losing at the Second Circuit, saying that Ripple would petition the **US Supreme Court** to hear its case. The Amicus Curiae attorney believes the Supreme Court would take the case considering the legal significance and the increasing importance of **digital assets**. He thinks the SEC could lose big in such a scenario, concluding:
> “Hence, my point: appealing the Ripple ruling is a fool’s errand and I think **Paul Atkins** will see it that way.”

### XRP Price Trends
On Monday, January 6, **XRP** gained **0.92%**, reversing Sunday’s **0.90%** loss to close at **$2.4207**. Significantly, XRP trailed the broader crypto market, which advanced by **2.76%**, taking the total market cap to **$3.510 trillion**. The ongoing threat of the SEC pursuing its appeal capped the gains.

XRP price trends now hinge on whether the SEC files its appeal-related opening brief. A court filing could push XRP below **$2**, with further declines to **$0.50** if Ripple loses at the Second Circuit. Conversely, withdrawal could drive XRP past its **2018 record high** of **$3.5505**.

### Bitcoin Hits $102k as ETF Inflows Boost Sentiment
Meanwhile, **Bitcoin (BTC)** enjoyed a breakout session on January 6, retaking the **$102k** handle. The **US BTC-spot ETF market** fueled BTC demand, with a likely second session of net inflows. According to **Farside Investors**:
- **Fidelity Wise Origin Bitcoin Fund (FBTC)** posted net inflows of **$370 million**.
- **ARK 21Shares Bitcoin ETF (ARKB)** reported net inflows of **$153 million**.

Excluding flow data for **BlackRock’s iShares Bitcoin Trust (IBIT)**, the US BTC-spot ETF market had net inflows of **$770 million** on January 6. Notably, seven issuers registered net inflows, underscoring improving market sentiment. US BTC-spot ETF market flows continue influencing the supply-demand balance, impacting BTC price trends.

### Federal Reserve and a Strategic Bitcoin Reserve
Speculation about a **Strategic Bitcoin Reserve (SBR)** added fuel to BTC’s momentum. On January 6, news hit the crypto wires of the US Federal Reserve’s **Michael Barr**’s plans to resign as **Vice Chair of Supervision** in February.

Founder and CEO of **Custodia Bank**, **Caitlin Long**, shared the news:
> “The Fed’s debanker-in-chief is out! Michael Barr, the last remaining Biden/Warren appointee who architected **Operation Choke Point 2.0** at a federal financial agency will resign as vice chair of supervision in February.”

Michael Barr’s resignation could increase the chances of BTC becoming a US strategic reserve asset. On January 2, **Anthony Scaramucci** highlighted the chances of an SBR, stating:
> “Let me tell you why I think it will happen ok. Trump wants it to happen and he’s got the **Senate Banking Committee**.”

BTC’s supply-demand balance could shift significantly toward demand dominance if the US government approves an SBR. **Deaton** recently said that BTC could reach **$1 million** a lot faster than people think if it becomes a strategic reserve asset.

### Bitcoin Price Outlook
On Monday, January 6, BTC rallied **3.98%**, following Sunday’s **0.24%** gain to close at **$102,228**. Significantly, BTC extended its winning streak to **seven sessions**.

BTC’s near-term trends will hinge on US SBR developments, BTC-spot ETF market flows, and US economic indicators. Upbeat US data could signal a more hawkish Fed rate path, potentially dragging BTC below **$95k**. Conversely, rising bets on a Q1 Fed rate cut could drive BTC to new highs. However, progress toward a US SBR could be crucial for BTC to break new ground.

SEC vs. Ripple heats up: XRP’s price hinges on appeal developments, with potential highs or deep losses ahead. Discover the latest insights.

XRP vs SEC: The Battle Heats Up as Bitcoin Surges Past $102k!

### What You Need to Know Today

**Back to back gains for S&P and Nasdaq**  
U.S. stocks **mostly rose on Monday**, with the **S&P 500** and **Nasdaq Composite** climbing two days in a row. **Nvidia**, a leader in the artificial intelligence sector, closed at a **record high**. The pan-European **Stoxx 600** index advanced **0.95%**, despite U.S. President-elect Donald Trump dismissing fears about tariffs.

**Foxconn shows AI is still hot**  
**Foxconn**, also known as **Hon Hai Precision Industry**, reported a **15% year-over-year growth** in its fourth-quarter revenue, marking the highest ever for that period. This surge suggests that **artificial intelligence** remains a hot investment, positively impacting stocks of **Nvidia** and other semiconductor firms.

**Partnership on charging network for EVs**  
Shares of **Volkswagen** and **Xpeng** rose after they announced a partnership to open their respective super-fast charging networks to each other's customers, signaling a collaborative future in electric vehicle infrastructure.

**Trudeau steps down**  
Canadian Prime Minister **Justin Trudeau** announced he would step down as leader of the ruling Liberal Party, but will remain in his prime minister role until a new leader is selected.

**Quality stocks against rising rates**  
The **10-year Treasury yield** continues to rise, pressuring stock valuations. Morgan Stanley's chief strategist advises investors to focus on **quality stocks** amid potential market tumult.

### Market Performance and Outlook
Semiconductor stocks jumped, driven by positive news around the AI sector. **Foxconn's** record revenue and **Microsoft's** substantial investment in AI infrastructure suggest continued strong interest in this field. **Nvidia** shares surged **3.4%**, closing at **$149.43**, while the **VanEck Semiconductor ETF** also rose over **3%**. The **Nasdaq Composite** was the clear winner, climbing **1.24%**, while the **S&P 500** rose **0.55%**. However, the **Dow Jones Industrial Average** dipped **0.06%**. Despite the positive market sentiment, analysts caution that true growth in AI will depend on companies' ability to leverage it for revenue growth, rather than simply inflating stock prices.

Semiconductor stocks jumped on Monday, lifted by buoyant news regarding the artificial intelligence sector. The S&P and Nasdaq posted two straight day of gains.

Staggering $494 Million Lost in Cryptocurrency Wallet Drainers in 2024

Summary:

Cryptocurrency Wallet Drainers Steal $494 Million

Comments

Subscribe our Newsletter

BitcoinToday.app

Other Latest News

Bitcoin Miners Experience Profit Surge: What You Need to Know!

How China's Economic Turmoil Could Ignite a Bitcoin Bull Run

Discover How Pythagoras Crypto Fund Achieved a Whopping 204% Return in 2024, Outshining Bitcoin!

Bitcoin Soars Over $102,000 as Dollar Dips Amid Trump Tariff Speculations

Why Bitcoin Miners Are Stockpiling Coins Amid Profit Challenges

XRP vs SEC: The Battle Heats Up as Bitcoin Surges Past $102k!

AI-Driven Stocks Surge: What You Need to Know About Nvidia and the Market's Optimism

Other Latest News

Bitcoin Miners Experience Profit Surge: What You Need to Know!

How China's Economic Turmoil Could Ignite a Bitcoin Bull Run

Discover How Pythagoras Crypto Fund Achieved a Whopping 204% Return in 2024, Outshining Bitcoin!

Bitcoin Soars Over $102,000 as Dollar Dips Amid Trump Tariff Speculations

Why Bitcoin Miners Are Stockpiling Coins Amid Profit Challenges

XRP vs SEC: The Battle Heats Up as Bitcoin Surges Past $102k!

AI-Driven Stocks Surge: What You Need to Know About Nvidia and the Market's Optimism