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The Crypto Minute
Your Weekly Guide to Surviving the Crypto Rollercoaster.
CoinBrain
December 09, 2024 • Reading Time: 8 minutes
Welcome to a new issue of Crypto Minute by CoinBrain! Buckle up, my degens 🫡 because this week looks like it was scripted by a Hollywood screenwriter with a taste for financial chaos. Let’s dive in!
⤵️ Today’s Agenda:
We got Bitcoin breaking the legendary landmark of $100K - the event of the century 🔥
South Korea's martial law sparks crypto trading madness
Short-lived fame of the $HAWK memecoin is turning into hate against the Hawk Tuah girl 🦅
MtGox transferring billions worth of $BTC to an unknown address 🤔
And more…
📊 Market Snapshot
| $99,700BTC+4.4%% | $3,900ETH+8.0% | $3.61TCrypto Market Cap+3.7% | 83 (Extreme Greed)Fear & Greed Index+3 from last week |
📅 Crypto Events You don’t want to Miss
Wednesday, Dec 11th - On this date, we expect the consumer price index (CPI) to be announced (both monthly and yearly). This impacts the future of interest rate decisions. Here’s how it works:
lower CPI ➡️ stable inflation ➡️ No need to increase interest rates
When interest rates stay low, the markets (including crypto) can expand.
Thursday, Dec 12th - US PPI (Producer Price Index) will be announced
The PPI is like an early warning system for inflation. It shows how much producers are charging for their goods before those prices reach consumers. When PPI rises ⬆️, it's like seeing storm clouds gathering in the economic sky – potential inflation is brewing!
🐋Smart Money Tracker
Dec 3rd: This trader withdrew 375.65B $PEPE ($241.5K at that time) from Gemini on Sept 20, 2023, and sold 19.55B $PEPE for $244K between Feb 17 and Sept 26 this year.
On this day they deposited the remaining 356.1B $PEPE into Kraken, taking $7.28M in profit.
Dec 4th: During this day, 4 whales withdrew 185,510 $SOL worth $42.46M from Binance. This definitely says something about $SOL longevity 📈
Dec 5th: Shortly after $BTC broke the resistance of $100K, the MtGox wallet transferred 24,052 $BTC to a new wallet. These are some major moves worth over $2.43B 🤯
Dec 5th: Insane profit multiple of 100,000x! This lucky trader spent approx. $70,4 to buy $PEPE early on. Their $PEPE holdings would be currently worth $57.3M 🤑 if they didn’t sell early for $7.06M - an impressive figure nonetheless! I think we can learn a lot about patience from this case 🙏
Dec 6th: Marathon Digital is acquiring massive amounts of $BTC. On this day they have acquired 1,300 $BTC ($130.66M). Previously they have annonouced $850M convertible note gains will be used to acquire more bitcoin.
Source: Lookonchain
📰 News Recap (Dec 3 to 9)
🪖 South Korea's martial law shakes crypto markets. South Korean President Yoon Suk Yeol dropped a bombshell by declaring martial law on December 3rd, sending shockwaves through the economy. The stock market took a nosedive, but crypto traders? They saw an opportunity. South Korean exchanges witnessed a jaw-dropping $34 billion in trading volume in just 24 hours!
🐧 Pudgy Penguins take over NFTs. Move over, Bored Apes! The internet's new favorite NFT project is rising to the top. Pudgy Penguins announced their $PENGU token, set to launch on Solana before the year's end, with a whopping 88 billion tokens up for grabs and a floor price that's been giving BAYC a run for its money.
Introducing $PENGU, the official coin of Pudgy Penguins.
Launching in 2024. Learn more below.
— Pudgy Penguins (@pudgypenguins)
1:58 AM • Dec 6, 2024
📈 Bitcoin Breaks the $100K legendary barrier. Bitcoin has shattered the $100,000 price ceiling, riding a wave of political optimism sparked by President-elect Trump's pro-crypto stance. The surge comes on the heels of Trump's strategic moves, including plans to nominate Paul Atkins, a known crypto advocate, as SEC chair and proposing a national Bitcoin reserve. Institutional investors are taking notice, with substantial inflows into Bitcoin ETFs.
🌍️ Story of the Week
From Hawk Tuah to Hawk Nah? When Hailey Welch, the internet-famous "Hawk Tuah Girl," decided to dive into the crypto world with her very own memecoin, few could have predicted the rollercoaster that would ensue.
Launched on December 4th, 2024, the $HAWK token burst onto the scene with the same explosive energy as Welch's now-legendary viral laugh. Within hours of its debut, the coin skyrocketed to an insane $490 million market cap 🚀
But the fairy tale was short-lived. Just as quickly as $HAWK had risen, it came crashing down, losing a staggering 91% of its value in a matter of hours. The crypto community erupted with accusations of insider trading, pointing to the suspicious concentration of tokens in a small number of wallets.
Welch fought back, adamantly denying any wrongdoing and claiming that her team hadn't sold a single token. She insisted that the high transaction fees were a deliberate strategy to deter "snipers" – those quick-trigger traders looking to exploit new token launches for quick profits.
For every investor dreaming of turning a meme into millions, the $HAWK coin served as a stark reminder: in the crypto world, a moment of internet fame is no guarantee of financial success.
🔒 Major Token Unlocks of the Week
$DIMO - 2.50% of the total supply will enter circulation on Dec 12, 2024.
$GFAL - 1.06% of the total supply will enter circulation on Dec 13, 2024.
$UBXS - 1.21% of the total supply will enter circulation on Dec 15, 2024.
$IGU - 3.43% of the total supply will enter circulation on Dec 16, 2024.
$0KN - 3.00% of the total supply will enter circulation on Dec 16, 2024.
Our traditional weekly token unlock forecast is bringing a fresh batch of projects just in time. This week keep your eyes on $DIMO, $GFAL, $UBSX, $IGU and $0KN.
All details here.
🗞️ From our Blog
💡 1 Minute Learning: Crypto Sniping
Ever heard of crypto sniping? 🎯 It's the digital equivalent of a high-speed heist, but with tokens instead of cash. Imagine a trading strategy where ultra-fast traders use advanced bots (often Telegram-based) to buy new tokens milliseconds after they launch, often before regular investors can even click "buy".
These digital sharp-shooters exploit tiny windows of opportunity, sometimes using inside information and/or algorithms to front-run new token releases ⏱️
Sniping is both an art and a controversial tactic. While some see it as a sophisticated trading technique, others view it as a predatory practice that undermines fair market access 🤔
And that’s a wrap! 🎉 Enjoyed this newsletter? Forward it to a friend, and let them know they can subscribe here.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and not investment advice or a solicitation to buy or sell any assets or make financial decisions. Always do your own research and stay safe out there.