Bitcoin Soars as Elon Musk Reaffirms Its Role as ’Energy Money’
In a recent tweet, Elon Musk reignited his support for Bitcoin, calling it "energy money" and highlighting its superiority over fiat currencies due to its proof-of-work mechanism. Musk emphasized that while fiat currencies can be artificially issued, energy cannot be faked, reinforcing Bitcoin's inherent value. This marks his strongest pro-Bitcoin stance since Tesla's $1.5 billion BTC purchase in 2021. Following his comments, Bitcoin surged to $112,000, showcasing the market's bullish response to Musk's endorsement. The cryptocurrency community sees this as a significant validation of Bitcoin's long-term potential, especially as a hedge against inflationary fiat systems. With Musk's influence and Bitcoin's growing adoption, the digital asset continues to solidify its position as a cornerstone of the future financial landscape.
Elon Musk Reaffirms Bitcoin as 'Energy Money,' Sparks Market Rally
Elon Musk has reignited his advocacy for Bitcoin, labeling it "energy money" in a stark contrast to fiat currencies. His Tuesday tweet emphasized Bitcoin's proof-of-work mechanism as inherently valuable, stating: "You can issue fake fiat currency... but it is impossible to fake energy." The endorsement marks Musk's strongest pro-Bitcoin stance since Tesla's $1.5 billion BTC purchase in 2021.
Bitcoin surged to $112,000 following Musk's comments, recovering from a $102,000 low during October's $19 billion liquidation event. The Tesla CEO's crypto pronouncements remain market-moving—his January 2021 Twitter bio update triggered a 10% price spike, while Tesla's brief BTC acceptance announcement drove previous all-time highs.
U.S. Seizes Record $12B in Bitcoin Linked to Global 'Pig Butchering' Scam
The United States has executed the largest cryptocurrency seizure in history, targeting 127,000 Bitcoin (BTC) worth approximately $12 billion tied to an international fraud and human trafficking network. The operation, led by the Department of Justice and U.S. Treasury in collaboration with UK authorities, dismantled Cambodia-based Prince Holding Group—a front for a sophisticated transnational scam.
Chinese-born businessman Chen Zhi, also known as Vincent, allegedly built a criminal empire under the guise of legitimate real estate and hospitality ventures. Court filings reveal workers were lured to Cambodia under false pretenses, then coerced into participating in large-scale crypto fraud. The DOJ described the operation as one of Asia's most elaborate financial crime networks, with proceeds laundered through shell companies and crypto exchanges.
DOJ Confirms $49.9M Tax Settlement with Bitcoin Pioneer Roger Ver
The U.S. Department of Justice has finalized a deferred-prosecution agreement with early bitcoin investor Roger Ver, requiring him to pay $49.9 million in taxes, penalties, and interest. The settlement resolves one of crypto's most high-profile tax evasion cases, signaling a shift toward compliance-focused enforcement.
Known as 'Bitcoin Jesus' for his evangelical advocacy of cryptocurrency, Ver faced allegations of concealing pre-2014 Bitcoin holdings through offshore entities after renouncing U.S. citizenship. The deal allows criminal charges to be dismissed upon full payment, marking a strategic win for regulators seeking to recover unpaid liabilities from digital asset pioneers.
This resolution sets a potential precedent for how authorities may handle legacy crypto tax cases, prioritizing financial restitution over punitive measures. The DOJ emphasized the agreement 'returns substantial value to taxpayers while ensuring accountability' in its October 14 statement.
Bitcoin Tests Critical Support After $14B Open Interest Drop
Bitcoin faces a pivotal moment as it hovers NEAR $110,000, struggling to reclaim the $116,000 resistance level. The market remains on edge following Friday's violent deleveraging event, which saw $14 billion in open interest vanish—only $1 billion of which stemmed from long liquidations. Analyst Axel Adler characterizes this as a controlled reset rather than a cascade, noting spot volumes surged to $44 billion while futures hit $128 billion.
The cryptocurrency now battles to maintain support above key moving averages. A failure to hold current levels could trigger a deeper correction toward $105,000–$107,000, potentially creating a final shakeout before recovery. Market participants appear to have manually reduced risk rather than facing forced liquidations, suggesting measured deleveraging amid elevated volatility.
Mara Holdings Stock Surges 10% on Analyst Price Target Hike
Mara Holdings (MARA) stock jumped 10% on Tuesday, significantly outperforming the broader market's 0.3% gain. The rally followed Compass Point analyst Michael Donovan nearly doubling his price target to $30 from $18, though he maintained a neutral rating.
The cryptocurrency miner's shares benefited from renewed investor interest in Bitcoin-related equities as the digital asset shows signs of resurgence. Mara's diversification into data center services and AI infrastructure has further bolstered market confidence in its growth potential.
While Donovan's rationale for the target increase remains unclear, the MOVE underscores Mara's position as a favored play among crypto investors. The company's operational expansion coincides with Bitcoin's price recovery and increased mining activity across the sector.
Russia Loses Millions Annually to Illegal Crypto Mining Operations
Russia faces significant financial losses due to illegal and quasi-legal cryptocurrency mining activities, with annual budget shortfalls reaching billions of rubles. Underground miners evade high electricity costs and taxes, exacerbating energy shortages and fiscal strain.
Government efforts to regulate industrial mining have met mixed success. While large-scale operators like BitRiver and Intelion comply with reporting requirements, smaller miners continue operating in the shadows. The Federal Tax Service now mandates disclosure of operations, earnings, and power consumption from licensed miners.
Energy infrastructure struggles to support both legitimate users and clandestine mining operations. Regional power grids experience strain as unauthorized facilities siphon electricity, driving up costs for consumers and businesses alike.
