Microsoft may face potential shareholder lawsuits if it decides against investing in Bitcoin and the cryptocurrency’s value subsequently rises, according to a policy research center supporting a proposal for the tech giant to consider Bitcoin.
In December, Microsoft shareholders are set to vote on whether the company should evaluate investing in Bitcoin, a proposal put forth by the National Center for Public Policy Research (NCPPR). Ethan Peck, deputy director of the NCPPR’s Free Enterprise Project, suggested that the proposal could legally pressure Microsoft. “So should Microsoft publicly and explicitly determine in this assessment (undoubtedly based on shaky and biased morale) that it’s not in the best interest of Microsoft shareholders to purchase any Bitcoin, and then Bitcoin proceeds to increase in value (as it likely will), then there may be grounds for shareholders to sue the Company,” Peck stated.
Microsoft’s board has recommended that shareholders vote against the proposal, asserting that it already reviews a “wide range of investable assets,” including Bitcoin.
Peck indicated that even if the proposal is voted down, it has sparked an “important dialogue” with Microsoft and might lay the groundwork for a stronger proposal in 2025. “Whether or not this proposal passes, what Bitcoiners have done over the past week in forcing Microsoft to pay attention to this has been a massively important step toward the desired outcome of the proposal, at Microsoft and other large companies,” he added.
The NCPPR, which identifies itself as a “non-partisan, free-market, independent conservative think tank,” cited MicroStrategy’s Bitcoin investment success as an example in its pitch to Microsoft, noting that MicroStrategy’s Bitcoin strategy has outperformed Microsoft by over 300% this year.
Bitcoin is currently trading at $67,035, down 8.8% from $73,562 six days ago when it nearly reached a new all-time high.
Bitcoin recently surpassed a historic high of over 100,000 Canadian dollars. Dean Skurka, President and CEO of digital financial services firm WonderFi, believes that interest rate cuts in Canada and the U.S., along with the 2024 U.S. Presidential election, could drive Bitcoin’s price even higher over the next 6-24 months.
In an interview with Cointelegraph, Skurka explained that the Bank of Canada’s recent 50 basis point rate cut, along with the U.S. Federal Reserve’s ongoing rate reduction program initiated in September 2024, may attract both retail and institutional investors to the market or prompt them to increase their holdings.
Skurka told Cointelegraph that these rate cuts indicate a larger global shift in monetary policy. “As the rest of the world continues to enter into lower interest rate environments as well, that is going to create a really compelling opportunity for the digital asset ecosystem to expand and recapture that retail excitement.”
He clarified that the “signal of cuts and the idea that rates are not going higher” could create short-term optimism among investors. Typically, the full impact of rate reductions is felt within 6-18 months after cuts are announced.
In addition, Skurka highlighted the 2024 U.S. Presidential election as another key factor for Bitcoin’s price. He noted that the crypto industry anticipates a Trump presidency would be favorable for crypto, while a potential Harris win could trigger short-term market volatility.
However, Skurka argued that Bitcoin’s long-term price trajectory will rise regardless of the election outcome, expecting that U.S. regulatory policies may shift positively due to pressure from crypto advocacy groups. “The net result of all these lobbying efforts should be a more positive and friendly environment on the other side of the election, regardless of who wins.”
With these catalysts, combined with significant Bitcoin ETF inflows, Skurka envisions a “very positive setup” for Bitcoin’s growth over the next several years.
Bitcoin (BTC) rebounded from below $69,000 on Nov. 1 as unexpected U.S. jobs data introduced volatility to the U.S. dollar.
Data from Cointelegraph Markets Pro and TradingView showed BTC’s price recovery after October’s nonfarm payroll report. The report revealed a much lower-than-expected addition of 12,000 jobs versus an anticipated 106,000. Revisions for September and August were also significantly reduced by 31,000 and 81,000 jobs, respectively, while the unemployment rate met expectations at 4.1%.
“This marks the lowest number of U.S. jobs added since July 2021. All signs continue to point toward a weaker labor market,” commented The Kobeissi Letter on X. Kobeissi also anticipated a potential 0.25% rate cut by the Federal Reserve at its Nov. 7 meeting, a sentiment supported by CME Group’s FedWatch Tool.
The U.S. Dollar Index (DXY) reacted with a drop to 103.6 following the report before recovering slightly. “There we go!” crypto trader and analyst Michaël van de Poppe remarked on X, noting that this was the worst NFP result since January 2021. Observing a softening labor market, van de Poppe predicted that “the reversal is around the corner.”
Bitcoin showed an “extremely bullish” performance following a volatile October monthly close, bouncing back from previous lows. At the time of writing, BTC/USD was up around 1.6% for the day, surpassing $71,000 and resulting in short liquidations.
The rebound has generated renewed optimism among crypto traders, with Bitcoin’s price movement showing resilience amid shifting economic data.
The Blockchain Association (BA), an advocacy group for cryptocurrency and blockchain, reported that since Gary Gensler became chair, the U.S. Securities and Exchange Commission (SEC) has cost companies at least $426 million in litigation over digital assets.
According to an Oct. 31 update on BA’s “regulation by enforcement” page, the SEC brought 104 cases against the crypto industry between 2021 and 2023. The BA claims that self-reported data from its member companies—a “small slice of the industry”—indicates that crypto firms spent $426 million on “defensive litigation” against the SEC.
“The industry – and the American voter – is ready for change and a fair shot,” stated the BA. “The time of law-fare against our industry must end. That begins with a change of leadership at the SEC.”
Many crypto advocates and U.S. lawmakers have criticized Gensler for what they see as a “regulation by enforcement” approach, targeting major firms like Binance, Ripple, and Coinbase since he assumed office in 2021.
The BA further claimed on X that Gensler’s “anti-innovation crypto crusade” has led to “an immeasurable loss of jobs, innovation, and U.S. tech investment.” Both the BA and its CEO, Kristin Smith, urged crypto users to support a leadership change at the SEC.
In its posts, the BA didn’t specify which political candidates it would endorse in 2024 to bring about a “change of leadership” at the SEC. However, Republican candidate Donald Trump has promised to fire Gensler “on day one” if elected. Reports suggest Democratic Vice President Kamala Harris is also considering alternative candidates for the SEC chair position.
“Crypto is an up-for-grabs election issue with the power to sway voters: no party currently ‘owns’ the issue, but voters say they are more likely to support and back candidates who support innovations in the digital asset space,” noted the BA. “Crypto Voters make up 18% of the electorate and are even more winnable on this issue.”
Early voting is underway across the U.S., with Election Day set for Nov. 5. Many polls show Harris leading in the popular vote, though the Electoral College race remains tight between her and Trump.
Bitcoin (BTC) slipped toward $71,000 during the Wall Street open on Oct. 31, as new U.S. macroeconomic data failed to stimulate an upward move in BTC’s price.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retracing, down about 1.6% on the day.
The September release of the Personal Consumption Expenditures (PCE) index largely aligned with expectations, delivering no major surprises. Despite this, crypto markets showed little reaction.
“Both core PCE and CPI inflation remain elevated and stubborn,” observed trading resource The Kobeissi Letter on X. “The ‘Fed pivot’ is being delayed again.” The reference here is to potential future rate cuts, with the next Fed decision set for Nov. 7.
Data from CME Group’s FedWatch Tool showed no shift in market expectations, with a 96% likelihood of a 0.25% rate cut next week.
Continuing his analysis, trader and analyst Michaël van de Poppe suggested that nonfarm payrolls data on Nov. 1 might bring more volatility. “Big nothing burger on the data, so all eyes are on tomorrow,” he told followers on X, adding that “we’re waiting for the official unemployment rate data to see whether we can get volatility on $BTC & $ETH.”
Trading resource Material Indicators observed that Bitcoin whales had been reducing their BTC holdings over the past 24 hours, contrasting with previous accumulation seen earlier in the week.
“Large amount of longs being unwound,” popular crypto analyst Daan Crypto Trades shared on X, noting that “Over $500M+ in Open interest already gone on a price move of just -2%.”
The market continues to monitor U.S. economic indicators, which may drive volatility in BTC’s price as the monthly close approaches and investors look to adjust their portfolios ahead of November’s critical data points.
Bitcoin has hit an all-time high against the euro, marking a significant milestone as the latest BTC price rally accelerates.
On Oct. 29, BTC/EUR reached a record-breaking 67,987 euros on Binance, according to data from Cointelegraph Markets Pro and TradingView.
While Bitcoin neared new highs in U.S. dollars this week, the euro saw an earlier breakout due to shifts in dollar strength. BTC/EUR’s peak follows nearly eight months of consolidation, surpassing its previous high set in March.
Commenting on the development, analyst Tuur Demeester noted, “The 350 million citizens of the eurozone just experienced a new all-time high for Bitcoin.”
The euro joins a range of major global currencies reaching historic lows against Bitcoin. The Australian and Canadian dollars are also at all-time lows in BTC terms, as are the Turkish lira and others.
The eurozone’s recent stance on Bitcoin has often been critical, with the European Central Bank (ECB) frequently voicing concerns. As Cointelegraph previously reported, the ECB’s latest paper faced backlash from the crypto community, which questioned its validity.
Demeester highlighted this sentiment, stating, “This new paper is a true declaration of war: the ECB claims that early bitcoin adopters steal economic value from latecomers.” He speculated that this reasoning could lead to “harsh taxes or bans” on Bitcoin.
Beyond its euro milestone, Bitcoin is still on the journey to reach new all-time highs in U.S. dollar terms and remains below its peak relative to gold. Veteran trader Peter Brandt, sharing a BTC versus XAU/USD chart, outlined the road ahead for Bitcoin bulls: “This is the heavy weight division in the battle against fiat depreciation Bitcoin.” He added, “$BTC remains below Mar ’24 high and double highs in 2021. Bitcoin has made no progress in 42 months.”
Crypto research firm 10x Research has forecasted a potential surge in Bitcoin’s market price to $100,000 by January 2025, driven by current market trends and major global events.
10x Research’s price target relies on its predictive model, which has recently issued two buy signals, the latest on Oct. 14. The firm noted an impressive 86.7% accuracy rate in its model’s last 15 signals. Explaining their optimism, the researchers stated: “When Bitcoin sets a new six-month high for the first time in 6 months like it did recently, we typically see a median return of 40% over the next 3 months.”
Based on this metric, a 40% rise from Bitcoin’s current price of around $73,000 would place it above $101,000 by Jan. 27, 2025.
Another factor behind this prediction is the “Bitcoin black hole effect,” where increasing Bitcoin dominance absorbs value from altcoins. Additionally, institutional interest is reinforcing Bitcoin’s bull run. Firms like BlackRock view Bitcoin as a stable long-term asset, similar to digital gold. “Gold has always been seen as a safe haven asset, so if Bitcoin is the new digital gold, it makes sense that institutions would be interested,” the report noted.
October alone saw $4.1 billion invested in spot Bitcoin exchange-traded funds (ETFs), reflecting a growing interest from investors who view BTC as a long-term hold.
Furthermore, 10x Research anticipates a bullish impact on Bitcoin should Donald Trump win the 2024 U.S. presidential election, a prediction they believe would stimulate crypto markets. New accounting standards allowing firms to report Bitcoin holdings at current market value may encourage further business adoption of crypto.
While 10x Research is optimistic about short-term gains for Ether, its report strikes a cautious tone for the asset’s long-term outlook, citing low yields over recent years and the need for technological innovation to shift Ethereum’s current trajectory.
Bitcoin has hit an all-time high against the euro, marking a significant milestone as the latest BTC price rally accelerates.
On Oct. 29, BTC/EUR reached a record-breaking 67,987 euros on Binance, according to data from Cointelegraph Markets Pro and TradingView.
While Bitcoin neared new highs in U.S. dollars this week, the euro saw an earlier breakout due to shifts in dollar strength. BTC/EUR’s peak follows nearly eight months of consolidation, surpassing its previous high set in March.
Commenting on the development, analyst Tuur Demeester noted, “The 350 million citizens of the eurozone just experienced a new all-time high for Bitcoin.”
The euro joins a range of major global currencies reaching historic lows against Bitcoin. The Australian and Canadian dollars are also at all-time lows in BTC terms, as are the Turkish lira and others.
The eurozone’s recent stance on Bitcoin has often been critical, with the European Central Bank (ECB) frequently voicing concerns. As Cointelegraph previously reported, the ECB’s latest paper faced backlash from the crypto community, which questioned its validity.
Demeester highlighted this sentiment, stating, “This new paper is a true declaration of war: the ECB claims that early bitcoin adopters steal economic value from latecomers.” He speculated that this reasoning could lead to “harsh taxes or bans” on Bitcoin.
Beyond its euro milestone, Bitcoin is still on the journey to reach new all-time highs in U.S. dollar terms and remains below its peak relative to gold. Veteran trader Peter Brandt, sharing a BTC versus XAU/USD chart, outlined the road ahead for Bitcoin bulls: “This is the heavy weight division in the battle against fiat depreciation Bitcoin.” He added, “$BTC remains below Mar ’24 high and double highs in 2021. Bitcoin has made no progress in 42 months.”
BlackRock’s spot Bitcoin exchange-traded fund (ETF) has exceeded $30 billion in holdings, underscoring the growing demand for Bitcoin among institutional investors.
The world’s largest asset manager reached this milestone less than 10 months after launching its Bitcoin ETF, which began trading on Jan. 10. Currently, BlackRock holds over 417,000 Bitcoin, valued at around $30.4 billion based on today’s market price.
Bitcoin ETF inflows have accelerated as the U.S. presidential election on Nov. 5 approaches. On Oct. 29, Bitcoin ETFs saw cumulative net inflows of $870 million, marking the second-highest daily inflow since March 12, when ETFs recorded over $1 billion in BTC inflows, according to data from Farside Investors.
Analyst Eric Balchunas from Bloomberg noted that BlackRock’s $30 billion achievement marks an “all-time record” for ETFs. He highlighted in an Oct. 30 post on X:
“It hit this milestone in just 293 days, an all-time record. The old record was $JEPI, which did it in 1,272 days. $GLD took 1,790 days. Unreal.”
The consistent growth in ETF inflows may support Bitcoin’s price trajectory toward an all-time high. By Feb. 15, just a month after launch, U.S.-based spot Bitcoin ETFs accounted for about 75% of new Bitcoin investment, pushing its price past $50,000.
Bitcoin ETFs are on the cusp of a significant benchmark, potentially exceeding 1 million BTC in cumulative holdings within the next 24 hours — equivalent to over $71.7 billion. Balchunas observed that ETFs currently hold around 996,000 BTC, suggesting there’s “a good chance to pass 1 million today.”
Bitcoin surged past $72,000 after the Wall Street open on Oct. 29, with bulls pushing towards final resistance levels ahead of all-time highs.
Data from Cointelegraph Markets Pro and TradingView showed nearly a 4% gain for BTC/USD on the day. After steady consolidation during the Asia trading session, Bitcoin’s upward momentum returned as buy-side pressure continued to target sell-side liquidity.
Commenting on the price action, Keith Alan, co-founder of Material Indicators, observed that buyers were setting up for a “critical move.” He noted, “A move above $72k may send bears into hibernation, but be prepared for a retest of support before going after an ATH.”
Material Indicators tracked bid liquidity moving higher on exchange order books, creating a support base just below the $70,000 level. Monitoring resource CoinGlass identified liquidity clustering around $70,500.
Trader and analyst Michaël van de Poppe shared an optimistic forecast, saying, “Bitcoin is going to make a new ATH this week as it’s Unemployment week,” in reference to upcoming U.S. unemployment data.
Another prominent trader, Josh Rager, agreed, predicting, “Imo eventually expect a break of ATH, then a pullback, then higher,” indicating confidence in BTC returning to price discovery.
Meanwhile, QCP Capital shared insights with its Telegram subscribers, citing several macroeconomic and geopolitical catalysts that could bolster Bitcoin’s upward trajectory. They highlighted factors such as the upcoming U.S. presidential election, the popularity of spot Bitcoin ETFs, and strong equities market performance.
QCP also noted that “implied volatility for the election expiry has climbed to 64% and is likely to rise further,” and that perpetual open interest across exchanges is at a yearly high, which they see as signaling “strong positioning for potential upside.”
Bitcoin appears set for a new chapter, as traders anticipate a mix of macroeconomic events that could drive further gains in the near term.