FOREX NEWS & BLOG

Red Bull Racing is facing significant changes ahead of the
2025 Formula One season. One of the most notable developments is the end of its
partnership with Bybit, a cryptocurrency exchange. The sponsorship deal, valued
at $150 million over three years, concluded unexpectedly, leaving a gap in Red
Bull’s sponsorship portfolio, according to SI’s online report.

Bybit ‘Doubles Down’ on Crypto Ecosystem Support

“Partnering with Red Bull Racing has been an incredible
journey. It has elevated Bybit’s global presence and aligned us with champions
who embody the same spirit of excellence and innovation we pursue,” commented
Helen Liu, Chief Operating Officer at Bybit.

“As we move forward and review our sponsorship
strategy, we are doubling down on our commitment to the crypto ecosystem by
supporting impactful initiatives that accelerate blockchain adoption, support
builders and foster a vibrant Web3 community,” she added.

In terms of Red Bull’s driver lineup, Max Verstappen has secured
his fourth Formula One driver’s championship in 2024, further solidifying his
position as one of the sport’s top drivers. Verstappen has also shown interest
in changing the team’s livery, preferring a departure from the matte finish
used in recent years. In Red Bull’s ‘Talking Bull’ podcast, he acknowledged
Sergio Perez’s role in the team, despite the performance gap that ultimately
led to Perez’s departure.

ByBit had been a prominent sponsor of the Red Bull F1 team over the past three seasons, but opted against a renewal for F1 2025… #F1 https://t.co/11ch1OIYQp

— PlanetF1 (@Planet_F1) January 2, 2025

Perez, who joined Red Bull in 2021, had a disappointing 2024
season, finishing 285 points behind Verstappen. As a result, Red Bull decided
to cut his contract short. Liam Lawson, who previously raced for Red Bull’s
sister team, will replace Perez for the 2025 season. Lawson’s previous
experience within the Red Bull family brings fresh energy to the team.

Bybit Ends Operations in Malaysia

Meanwhile, Bybit
has ceased its operations in Malaysia following an order from the
Securities Commission Malaysia (SC). The SC flagged Bybit for operating without
local registration and held CEO Ben Zhou accountable for ensuring compliance,
as reported by Finance Magnates.

The SC had previously added Bybit to its “Investor Alert”
list in 2021 for operating a digital asset exchange without registration,
alongside other unregistered platforms, including some crypto exchanges and
CFDs brokers.

The order, communicated to Bybit on December 11, 2024,
required the exchange to disable its website and mobile apps in Malaysia within
14 business days. Bybit was also instructed to stop all advertising and close
its Telegram support group for Malaysian users. The SC cited concerns over
compliance with local regulations and investor protection.

This article was written by Tareq Sikder at www.financemagnates.com.

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Publicly
listed Wall Street Bitcoin (BTC) miner Bitfarms (NASDAQ: BITF) ended 2024 with
increased mining hashrate and USD revenues, despite a 41% drop in production
compared to the previous year.

Bitfarms Doubles Hashrate,
Signals Major U.S. Market Push

The Bitcoin
mining operator reported a 97% year-over-year increase in hashrate to 12.8 EH/s
and a 40% improvement in efficiency to 21 watts per terahash. Despite these
gains, the company mined 211 Bitcoin in December, down from 446 in the same
month last year, reflecting increased network difficulty and competitive
pressures in the mining sector.

The
result was among the weaker ones throughout the year, with total production
in 2024 amounting to 2,914 BTC, compared to 4,928 BTC in 2023. However, the
average Bitcoin price in 2024, at nearly $66,000, significantly increased the
value of mined Bitcoins compared to 2023, when the average price was just under
$29,000. As a result, revenue from last year’s mining reached $192 million, up
by $50 million.

However,
the company is exploring ways to diversify, recognizing that cryptocurrency
mining is becoming increasingly challenging.

“We’re
executing a strategic pivot from an international Bitcoin miner to a North
American energy and compute company,” said CEO Ben Gagnon. “While we
didn’t hit all our original growth targets, 2024 was transformative for our
operations and positioning.”

The
company’s pending acquisition of Stronghold Digital Mining, expected to
close in Q1 2025, represents the largest merger between public Bitcoin mining
companies to date. This deal will significantly expand Bitfarms’ presence in
the U.S. PJM power market and increase its potential capacity to 1.6 gigawatts,
with approximately 66% located in the United States.

Chief
Financial Officer Jeff Lucas highlighted the company’s strong liquidity
position of $145 million at year-end, including $60 million in cash. The firm’s
Synthetic HODL program, launched in October 2023, generated approximately $18
million in trading profits with a 135% return in U.S. dollar terms before being
closed out in December.

Bitfarms
maintains a healthy Bitcoin treasury of 934 BTC, valued at $87.8 million based
on the December 31 price of $94,000. The company sold 147 BTC in December as
part of its regular treasury management, generating $14.3 million in proceeds.

This article was written by Damian Chmiel at www.financemagnates.com.

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Binance deepened its presence in Brazil after securing
regulatory approval to acquire Sim;paul, a locally licensed broker-dealer. This
step represents Binance’s 21st global regulatory authorization amid a growing
acceptance of cryptocurrency in Latin America’s largest economy.

Broker-Dealer in Brazil

With this approval, Binance is now one of the
cryptocurrency exchanges licensed as a broker-dealer in Brazil, a country
reportedly ranked 10th in the global crypto adoption index by Chainalysis.

The Central Bank of Brazil’s nod to Binance‘s
acquisition of Sim;paul marks a critical step in aligning the crypto giant with
the country’s evolving regulatory landscape. Sim;paul’s existing licenses to distribute securities
and issue electronic money will allow Binance to expand its offerings while
adhering to local financial regulations.

Commenting about the deal, Richard Teng, Binance’s
CEO, said: “Brazil represents a key market with burgeoning crypto
adoption. This approval not only demonstrates our commitment to compliance and
security but also highlights our dedication to empowering local users with
reliable and innovative digital-asset platforms.”

#Binance reaches 21st global regulatory milestone after the Central Bank of Brazil approved the acquisition of a licensed broker-dealer institution in the most populous Latin American country. This achievement underscores our dedication to compliance and regulatory excellence… pic.twitter.com/qx0GPyBjrD

— Binance (@binance) January 2, 2025

Why Brazil Matters to Binance

Beyond its presence in Brazil, Binance’s approval adds
to a string of regulatory advancements worldwide, including key markets
like Argentina, India, Kazakhstan, and Indonesia. The company also boasts licenses in countries like
Dubai, France, Japan, and El Salvador, underscoring its position as a global
leader in cryptocurrency regulation.

“This milestone enhances our ability to deliver
secure financial solutions and drive digital asset adoption in Brazil. It
reflects our relentless focus on compliance and creating unparalleled value for
our users,” said Guilherme Nazar, the Head of Latin America for Binance.

To meet increasing regulatory demands, Binance
reportedly plans to expand its compliance workforce by 34% in 2024, adding to
the more than 1,000 current compliance staff and contractors.

This article was written by Jared Kirui at www.financemagnates.com.

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Crypto hacks and scams took a surprising downturn in
December 2024, marking the lowest monthly losses of the year. After months of
escalating attacks, which peaked in October, December’s losses dropped to $29
million, according to a recent report by two blockchain security firms.

However, the month was not without its notable
incidents, including major exploits of GemPad and LastPass users, Cointelegraph
reported. Blockchain security firms CertiK and PeckShield reported December as
the least costly month for crypto exploits in 2024.

December’s Decline in Crypto Losses

CertiK’s analysis revealed $28.6 million in losses for the month, a sharp drop from November’s $63.8 million and October’s staggering
$115.8 million. Exploits accounted for the bulk of these losses, with attackers
seizing $26.7 million.

#CertiKStatsAlert 🚨Combining all the incidents in December we’ve confirmed ~$28.6m lost to exploits, hacks and scams.December’s losses are the lowest monthly losses we recorded in 2024.Exit scams: ~$0.2mFlash loans: ~$1.7mExploits: ~$26.7mMore details below 👇 pic.twitter.com/gkQ06y4ndz

— CertiK Alert (@CertiKAlert) December 31, 2024

PeckShield’s data highlighted a similar trend,
recording $24.7 million in hack-related losses, a 71% reduction from the
previous month. Both firms noted significant incidents that contributed to
December’s figures.

GemPad, a decentralized finance (DeFi) platform, faced
the most severe exploit of the month. Hackers exploited a vulnerability in the
platform’s smart contracts, draining $2.1 million in assets.

Meanwhile, DeFi project FEG suffered a $1 million loss
due to an error in its cross-chain message verification process. This flaw
allowed attackers to withdraw tokens without proper validation.

#PeckShieldAlert December 2024 saw 25+ hacks in the crypto space, resulting in ~$24.7 million in losses—a 71% decrease compared to last month. #Top5 Hacks: –#LastPass: $12.38 million –#Yeifinance: $2.2 million –#GemPad: $2.2 million –#MEMECoin Drainer: A victim was drained… pic.twitter.com/p1Y8vjLMfp

— PeckShieldAlert (@PeckShieldAlert) January 1, 2025

Broader Trends in Crypto Security

Another major incident involved LastPass users, whose
crypto holdings were targeted following a December 2022 data breach. According
to blockchain investigator Zachxbt, hackers drained $12.3 million from
compromised accounts in mid-December 2024.

Despite December’s improvement, 2024 witnessed a
significant uptick in overall crypto theft. Cyvers’ Web3 Security Report
revealed $2.3 billion stolen across 165 incidents, a 40% increase from the
$1.69 billion lost in 2023. However, this figure still represents progress
compared to the $3.78 billion stolen in 2022.

This article was written by Jared Kirui at www.financemagnates.com.

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The
cryptocurrency market kicks off 2025 with Dogecoin (DOGE) price maintaining
strong momentum, trading at $0.34 as it solidifies its position as the
seventh-largest cryptocurrency by market capitalization. With a market cap
exceeding $50 billion and substantial daily trading volumes, DOGE continues to
capture investors’ attention.

Check why
the Dogecoin price is rising today and explore the most up-to-date DOGE
predictions for 2025.

Dogecoin News: Market
Performance and Current Status

The
meme-inspired cryptocurrency demonstrates remarkable resilience, maintaining
price levels above $0.30 despite minor fluctuations. Trading volume remains
robust at $3.2 billion in the last 24 hours, indicating sustained market
interest.

Key
Performance Metrics:

• Current Price: $0.34
• Market Cap: $50.2 billion
• 24h Trading Volume: $3 billion
• Year High: $0.48
• Year Low: $0.07

On
Thursday, January 2, 2025, Dogecoin is up 5.4% on Binance, crossing the 50 EMA
for the first time since mid-December, which currently serves as a dynamic
resistance zone.

Buyers’
dominance is also evident in other cryptocurrencies. Bitcoin is up 3.6%,
reaching $96,660, while XRP leads the gains with a 15.5% surge, testing $2.40.
Meanwhile, Solana strengthens by 10%, climbing to $208.50.

This trend
is also reflected in the liquidation of leveraged positions over the past 24
hours. Out of $181 million in liquidations, $132 million are shorts, including
$8 million in short positions on DOGE.

Why Is Dogecoin Price Up Today?
Whale Activity and Institutional Interest

A
significant development driving DOGE’s current momentum is the unprecedented
whale activity observed at the start of 2025. Large investors moved an
astounding $258 million worth of DOGE in a single day, with transactions
including 466.8 million DOGE followed by another 350 million DOGE transfers.

🚨 🚨 🚨 🚨 🚨 350,000,000 #DOGE (109,962,192 USD) transferred from unknown wallet to unknown wallethttps://t.co/vQaVIVC7oB

— Whale Alert (@whale_alert) December 30, 2024

🚨 🚨 🚨 🚨 🚨 🚨 466,890,148 #DOGE (149,137,073 USD) transferred from unknown wallet to unknown wallethttps://t.co/j5ByZXTJ60

— Whale Alert (@whale_alert) December 30, 2024

The surge in whale transactions, showing a 41% increase in just 24 hours,
suggests strong institutional confidence in DOGE’s future potential.

DOGE Technical Analysis
and Price Chart Indicators

The
technical outlook for Dogecoin remains predominantly bullish, with several key
indicators supporting continued upward momentum. The cryptocurrency maintains
its position above both the 50-day exponential moving average.

Current Technical Indicators:

• Fear & Greed Index: 72
  (Greed)
• Price Volatility: 11.78%
• Main Support Level: $0.30
• Main Resistance Level: $0.34

Dogecoin’s
price is currently trading within a tight consolidation range between $0.30 and
$0.34, which serve as key support and resistance levels as outlined above. The
$0.30 level provides strong support for the bulls, and a drop below it could
signal a return of bearish dominance, potentially leading to a steeper decline
toward $0.20 (local highs from mid-November).

In my
opinion, a bullish scenario is more likely to prevail, with DOGE gradually
challenging successive resistance levels:

• $0.36: The lows from late November and early
  December.
• $0.439: Local highs from November, retested again in
  December.
• $0.48: Last year’s peaks, which were tested twice
  over the past six weeks.

Dogecoin Price Predictions
and Market Outlook for 2025

Market
analysts project varied scenarios for DOGE’s performance throughout 2025. While
some predictions remain conservative, others suggest significant potential for
growth.

For
example, the Changelly portal presents rather conservative projections for the
DOGE price at the beginning and end of this year, placing them noticeably below
last year’s peaks near the $0.50 level.

Dogecoin
price predictions. Source: Changelly.com

However, it
is not difficult to find opinions suggesting that Dogecoin’s
price could reach $1 or even approach $5. Finance Magnates discussed
such forecasts in late November when Trader Tardigrade identified
the $5 level as a long-term target based on Gaussian Channel Analysis.

Following
last year’s rally between November and December, some analysts believe Dogecoin
could climb to $10. One such opinion comes from crypto analyst Dima James
Potts, who argues that Bitcoin is currently in its third growth cycle.

“If
history repeats, I believe we’ll see a similar scenario where Dogecoin reaches
the same line it did in the previous two cycles before the end of January 2025
(the 4th purple candle),” Potts commented, referencing a chart he shared on X.

What level
does this line correspond to? It aligns with a price of over $10 per DOGE token.

Market Catalysts

The
sustained bullish momentum in DOGE can be attributed to several key factors:

• Growing
  Adoption: The
  cryptocurrency continues to gain traction as a payment method, with an
  expanding ecosystem of merchants and services accepting DOGE.
• Technical
  Strength: DOGE
  maintains its position above critical support levels, with the potential to
  challenge the $0.34 resistance zone.
• Community
  Engagement: The
  vibrant Dogecoin community continues to drive social media engagement and
  adoption, contributing to sustained market interest

Risk Considerations for
Dogecoin

Despite the
positive outlook, investors should consider several risk factors:

• Price volatility remains significant at 12%
• Resistance at $0.34 poses a significant hurdle
• Market sentiment can shift
  rapidly

Future Prediction and Outlook

While
short-term projections suggest possible consolidation around current levels,
long-term analysts maintain optimistic views. Some experts project potential
gains of up to 6,770% if DOGE follows its ascending parallel channel pattern.

#Dogecoin $DOGE could rally by another 6,770% if it continues to follow the ascending parallel channel pattern! pic.twitter.com/Js9mYGwevK

— Ali (@ali_charts) December 30, 2024

The
convergence of institutional interest, technical strength, and community
support positions Dogecoin for potential continued growth in 2025. However,
investors should maintain a balanced approach, considering both the
opportunities and risks inherent in cryptocurrency investments.

Dogecoin News and Price,
FAQ

Why is the Dogecoin price
going up?

Dogecoin’s
current price surge to $0.34 is driven by multiple factors. The cryptocurrency
has seen unprecedented whale activity, with transactions totaling over $258
million in a single day. The technical indicators show strong bullish momentum,
supported by the formation of golden cross patterns and maintaining position
above critical support levels. Additionally, increased institutional interest
and growing adoption as a payment method have contributed to sustained market
confidence.

Will Dogecoin ever hit $1?

While
reaching $1 remains a significant milestone, current market analysis suggests
it’s possible but not guaranteed in the immediate future. Technical analysts
project varied scenarios, with some predicting potential price targets of
$0.50, $1.00, and $1.50. The cryptocurrency’s ascending parallel channel
pattern suggests potential for significant growth, though most conservative
estimates place DOGE between $0.85–$1.00 by the end of 2025.

Why is DOGE pumping now?

The current
DOGE pump is attributed to several key factors. Trading volume has reached $3.2
billion in 24 hours, indicating robust market interest. The Fear & Greed
Index stands at 72, showing strong market confidence. Whale activity has shown
a notable increase, with large investors moving substantial amounts of DOGE.
The cryptocurrency maintains its position as the seventh-largest by market
capitalization, with a total value exceeding $50 billion.

How high can DOGE go
realistically?

Based on
current market analysis and expert predictions, DOGE shows potential for
significant growth while maintaining realistic expectations. Short-term
projections suggest possible consolidation around current levels, with
resistance at $0.35. Long-term analysts maintain optimistic views, with some
projecting gains of up to 6,770% if DOGE follows its ascending parallel channel
pattern.

This article was written by Damian Chmiel at www.financemagnates.com.

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