Crypto Weekly Roundup: Bitcoin Hits $100k, Hawk Tuah Meltdown, & More

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As a seasoned crypto investor with over a decade of experience navigating this volatile yet exciting landscape, I can confidently say that this week has been nothing short of thrilling. The surge of Bitcoin to $100,000 and beyond, coupled with the U.S government’s transfer of seized BTC worth billions, is a testament to the increasing recognition and acceptance of digital assets by traditional institutions.

This past week left an indelible mark in the annals of crypto history. As an investor, I witnessed Bitcoin break through the $100,000 barrier and reach a staggering $2 trillion market capitalization. Furthermore, it was thrilling to learn that the U.S. government transferred a massive $1.9 billion in seized Bitcoins to Coinbase Prime, adding another layer of legitimacy to our dynamic industry.

Developments in regulation featured key appointments favoring cryptocurrency under President Trump, as well as tax revisions in the Czech Republic. Notable corporate actions included Grayscale’s submission for a Solana ETF and Binance‘s expansion into Decentralized Finance (DeFi).

Bitcoin

At present, Bitcoin’s price is hovering around $95,000, and it may soon burst out of a temporary triangle formation, potentially heading either upwards or downwards. Simultaneously, Michael Saylor’s MicroStrategy has recently invested another $1.5 billion in Bitcoin. Additionally, U.S. Spot Bitcoin ETFs contributed approximately $4.22 billion worth of Bitcoin on Monday.

Initially peaking above $98,000 on Monday, the Bitcoin price dropped down to approximately $93,600 by Tuesday. Nevertheless, the optimistic investors intervened, causing the price to rebound and reach around $96,700.

As a proud crypto investor, I was ecstatic when Bitcoin surpassed the significant milestone of $100,000 on December 5, propelling its market cap beyond the impressive figure of $2 trillion.

Based on reports from blockchain company Arkham Intelligence, it appears that the U.S. authorities have transferred approximately 1.9 billion dollars’ worth of confiscated Bitcoin to Coinbase Prime.

Altcoins

In the dynamic and ever-shifting world of cryptocurrencies, I find myself drawn to a novel Ethereum DeFi coin that’s making waves. This innovative digital asset boasts a sophisticated hybrid trading platform, offering a harmonious fusion of decentralized and centralized exchange functionalities.

An innovative Ethereum token named Yeti Ouro (YETIO) is garnering interest, as financial experts speculate that it may mirror Bitcoin’s steep upward trend over the next few years.

Using groundbreaking advancements such as Proof of Intelligence (PoI) and the Artificial Intelligence Virtual Machine (AIVM, for short), the Lightchain Protocol AI is diligently merging the realms of blockchain and artificial intelligence.

22-year-old social media star Haliey Welch, who gained fame from her viral “Hawk Tuah” TikTok video, is currently under fire following the significant drop (91%) in value for her memecoin $HAWK after its launch. This comes amid accusations of insider trading and inefficient management.

Business

In light of Solana’s robust market expansion, Grayscale Investments has applied to the Securities and Exchange Commission (SEC) for transformation of its Solana Trust into a direct ETF listed on the New York Stock Exchange Arca. This move suggests that they are eager to participate in the competitive race within the Solana market.

Web3

In a major development, Chainlink, Sonic, and Fortlake Asset Management have joined forces to convert Fortlake’s Sigma Opportunities Fund into digital tokens, signifying a substantial step towards transferring conventional financial assets onto the blockchain platform.

Binance is taking a daring step towards decentralized finance (DeFi) by introducing its On-Chain Yields initiative, which will be officially launched on December 9.

Camino Network is teaming up with digital money provider Monerium to boost on-the-blockchain transactions within the travel sector. This collaboration will integrate Monerium and its widely used EURe (on-chain euro) into the Camino Network, enabling users to carry out transactions for travel companies more efficiently.

The EOS blockchain is making strides in attracting institutional involvement through its collaboration with Ceffu, which is the custodial division of Binance.

Regulation

In simpler terms, the Czech Republic is developing laws to make it easier to pay taxes related to cryptocurrencies, and they plan to exempt Bitcoin from capital gains tax if it has been held for more than three years, beginning in 2025.

The newly elected President, Donald Trump, has chosen David Sacks, a former Chief Operating Officer of PayPal, to serve as the White House Advisor on Artificial Intelligence (AI) and Cryptocurrency. This appointment marks a substantial move in revising American policy regarding cryptocurrencies.

The newly elected President, Trump, has chosen Paul Atkins as the new head of the Securities and Exchange Commission (SEC), signaling a possible move towards more transparent and potentially favorable regulations for cryptocurrencies. This stands in stark contrast to Gary Gensler’s term marked by aggressive enforcement.

Alex Mashinsky, the original creator and ex-CEO of the defunct cryptocurrency lending service Celsius Network, admitted guilt for committing two instances of fraud.

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2024-12-08 14:39