Bitcoin demand shocks on the horizon, Ripple stablecoin, and other highlights: Hodler’s Digest, Dec. 8 – 14

Hey there! Lots of exciting things happening in the crypto world this week. Let’s dive in.

JPMorgan analysts raised price targets for four Bitcoin mining stocks based on their electrical power assets and BTC holdings. The companies seeing upgrades are MARA Holdings, CleanSpark, Riot Platforms, and Iren. These stocks are currently trading near or above their revised price targets. The analysts mentioned giving miners credit for holding Bitcoin on their balance sheets, similar to MicroStrategy.

In other news, Ripple’s RLUSD stablecoin got approved by the New York Department of Financial Services. Ripple CEO Brad Garlinghouse shared that plans to list RLUSD on exchanges and partners are in the works after the approval. The stablecoin was launched as competition for Tether’s USDt and USDC, and Ripple executives are optimistic about its potential success.

Looking ahead, Bitwise predicts that at least five crypto unicorns, including Circle and Kraken, will go public in 2025. They attribute this prediction to growing investor demand, institutional adoption, and a favorable macro environment.

Riot Platforms is looking to raise $500 million to buy more Bitcoin amidst the price surge. They plan to offer senior convertible notes to institutional investors as part of this fundraising effort. The goal is to acquire additional Bitcoin and for general corporate purposes.

Binance CEO Richard Teng recently commented on the possibility of re-entering the US market. He stated that it’s too early to discuss this move, as the exchange is currently focused on its global deployment and attracting institutions and high-net-worth individuals.

And to wrap things up, the current crypto landscape shows Bitcoin at $101,296, Ether at $3,900, and XRP at $2.43. The total market cap sits at $3.63 trillion. The biggest altcoin gainers of the week include Bitget Token, Virtual Protocol, and Aave, while the biggest losers include Celestia and Worldcoin.

Exciting times ahead in the world of cryptocurrency! Stay tuned for more updates.