Here’s what happened in the world of cryptocurrencies today – TradingView News

Today in the cryptocurrency space, Bitcoin mining company Hut 8 announced a $100 million purchase of BTC, increasing its holdings to over $1 billion. Bitcoin holders and pundits disagreed on whether the fixed supply of 21 million BTC was truly guaranteed, and reported… South Korean prosecutors have reportedly recommended a six-month prison sentence for a lawmaker who allegedly refused to disclose his cryptocurrency holdings.

Hut surpasses $8 billion in Bitcoin holdings

Hut 8, one of the largest Bitcoin mining companies in North America, announced the purchase of $100 million worth of Bitcoin, increasing its holdings to more than $1 billion.

The company announced on December 19 that it had acquired 990 Bitcoin Bitcoin against the dollar For approximately $100 million at an average cost of $101,710 per coin, according to a press release.

The purchase is in line with Hut 8’s strategy of combining low-cost Bitcoin production with opportunistic market purchases to maximize returns and create BTC as a reserve asset.

Hut 8’s Bitcoin reserve expansion continues a growing trend among institutions as the option of including Bitcoin as a strategic financial portfolio asset becomes more attractive, especially as the United States prepares for a pro-cryptocurrency administration under President-elect Donald Trump.

Hut 8 CEO Asher Guinot said the company’s strategic BTC reserve is a “key component” of its treasury strategy and aligns with its capital and operating strategies.

“As we scale operations and expand our cost advantage in bitcoin production, we expect the flywheel effect to enable us to grow our holdings organically at a significant discount to market prices,” Hut 8 CEO said.

BlackRock has raised controversy with 21 million bitcoins, saying there is “no guarantee” it won’t change hands

The debate over whether or not Bitcoin’s 21 million supply cap is actually fixed has resurfaced after BlackRock posted a three-minute Bitcoin explainer video, which added a disclaimer that there is no guarantee it won’t change.

In a December 17 video, BlackRock explained that Bitcoin has a fixed supply of 21 million, adding that “the crypto base controls supply and purchasing power and helps avoid potential abuse to print more and more coins.”

However, it also added a disclaimer that reads: “There is no guarantee that the maximum Bitcoin supply of 21 million will not change.”

The video has since been reposted by MicroStrategy CEO and Bitcoin founder Michael Saylor, leading some critics to suggest that Bitcoin… Bitcoin against the dollar Not that rare in theory after all.

However, Super Testnet, the Bitcoin developer behind BitVM, says any change in Bitcoin’s maximum supply would effectively mean that the new token is not “official” Bitcoin.

South Korean lawmaker could face jail time for failing to report cryptocurrency holdings

A South Korean lawmaker could face six months in prison over his refusal to report $4 million worth of cryptocurrency sales.

According to local media reports, prosecutors are seeking a six-month prison sentence for National Assembly member Kim Nam Kook, who allegedly reported 1.2 billion KRW worth of digital assets in 2021, despite owning 9.9 billion worth of cryptocurrencies. He also allegedly hid approximately 990 million won in digital assets in 2022.

Prosecutors said Kim “falsely obstructed the National Assembly Ethics Committee’s review of the National Assembly member’s assets” by not declaring the full value of his cryptocurrency holdings.

When the allegations surfaced in 2023, Kim resigned from the Democratic Party.

South Korea has faced political turmoil in recent weeks, with President Yeon Suk-yul declaring martial law on December 3. This announcement led to the collapse of the price of Bitcoin on local stock exchanges.