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The Crypto Minute
Your Weekly Guide to Surviving the Crypto Rollercoaster.
CoinBrain
December 23, 2024 • Reading Time: 10 minutes
Welcome to a new issue of Crypto Minute by CoinBrain! The market is waking up to reality with a major hangover 😬 While the Fed is cautious, whales are enjoying the discounts 🐳
⤵️ Today’s Agenda:
Powell’s hawkish tone has crypto enthusiasts swapping their party hats for thinking caps.
Bitcoin slips and slides to $95K from its ATH, while ETFs are in the red with record outflows. Somebody call the recovery crew! 🛟
Whales go on a shopping spree, scooping up $LINK and other DeFi bluechips like they’re on sale at a Black Friday event. 🛍️
Pudgy Penguins collect hype on Solana with the launch of $PENGU token.
And more…
📊 Market Snapshot
| $95,400BTC-9.1% | $3,302ETH-16.75% | $3.28TCrypto Market Cap-11.3% | 54 (Neutral)Fear & Greed Index-26 from last week |
📅 Crypto Events You don’t want to Miss
Wednesday, Nov 13th - 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:
Monday, Dec 23: US CB Consumer Confidence
📈 Consumer confidence is a key metric indicating how optimistic or pessimistic consumers are about their finances and the economy. A rise here could strengthen the USD 💵, possibly pressuring Bitcoin and crypto markets 📉 due to stronger fiat demand.Tuesday, Dec 24: US Core Durable Goods Orders
🛠️ Core durable goods data reflect business investment in physical goods. Higher-than-expected figures can signal economic strength 💪 and potential dollar strength—watch out for crypto market volatility ⚡!Thursday, Dec 26: US Unemployment Claims (2:30 PM)
📊 Weekly unemployment claims offer a quick glimpse into the job market's health. A surprising increase or decrease can impact risk-on assets like crypto, as it influences market sentiment about broader economic stability 🌍Friday, Dec 27: Bitcoin Futures Expiration (5:00 PM)
🔥 A big one! Futures expirations often bring notable volatility to Bitcoin prices as traders settle positions. Keep your eyes on the charts 📉📈—big price movements could be brewing.
🐋Smart Money Tracker
Tuesday, Dec 17th: The Ethereum Foundation is offloading ETH! On this day they sold 100 $ETH. Over this year they sold a total of 4,466 $ETH ($12.62M).
Not a great thing to hear but I guess they have to finance their operation somehow 🙄
Wednesday, Dec 18th: Whales are trading $PENGU heavy! On this day a hasty whale suffered a loss of over $1.6M by panic-selling $PENGU on $0.028 📉
But you know the whales - they just jump onto the next memecoin and win the losses back. The only question is which one 🤔
Wednesday, Dec 18th: This guy had less than $1K yesterday, and now his assets are worth ~$3.95M!
He spent just $712 to buy 48.02M $UFD (Unicorn Fart Dust), which is now worth $3.95M—an insane 5,546x return!
Thursday, Dec 19th: This trader turned $90 into $3.25M in just 2 days on $UFD (seems to be a very hot coin 🔥). They made an insane 36,067x return!
Friday, Dec 20th: Trump’s World Liberty Financial is accumulating $ETH again after the market drop. On this day they spent 2.5M $USDC to buy 759 $ETH.
So far World Liberty has bought a total of 9,587 $ETH ($35M) 😌
Saturday, Dec 21st: Arthur Hayes deposited 7M $ENA ($8.47M) to Binance on this day.
Arthur Hayes previously accumulated 16.79M $ENA ($11.21M) at $0.67 between Nov 26 and Nov 28, making a profit of $7.7M at the current price.
Monday, Dec 23rd: The El Salvador government is ramping up its $BTC accumulation!
Over the past week, El Salvador purchased 29 $BTC($2.84M), bringing its total holdings to 5,995 $BTC($562M).
Source: Lookonchain
📰 News Recap (Nov 4 to 11)
🤝 Trump's DeFi Platform Teams Up with Ethena Labs. World Liberty Financial, the DeFi platform backed by President-elect Donald Trump, is partnering with Ethena Labs to implement their yield-bearing token sUSDe as collateral on the WLFI protocol. The collaboration follows WLFI's $600,000 purchase of ENA tokens and recent appointment of Tron founder Justin Sun as advisor.
🐧 Pudgy Penguins Makes a Splash with New Token Launch! The popular penguin NFT project is launching their $PENGU token on Solana, giving the 7 million eligible fans just 88 days to claim their slice. Airdrop will be available to the NFT owners or those who bought the Pudgy Penguin plushie at Walmart.
Pudgy Ecosystem:
Holders of Pudgy Penguins, Lil Pudgys, Rogs, & SBTs will be able to claim tomorrow starting at 8am EST.
Holders will have 88 days to claim, and all unclaimed supply will be functionally locked/burned forever after the 88th day. PLEASE do not rush to claim &… x.com/i/web/status/1…
— Luca Netz 🐧✳️ (@LucaNetz)
10:39 PM • Dec 16, 2024
🦅 “Hawk Tuah Girl” breaks the silence. Haliey Welch, known as "Hawk Tuah Girl," has finally broken her two-week silence following a spicy securities lawsuit over her $HAWK memecoin.
Source: @boldleonidas
Now, twelve angry investors, claiming $151,000 in losses, are taking Welch and platform OverHere Limited to court, alleging the token was an unregistered security. Welch has promised to cooperate fully with legal teams to "uncover the truth".
🌍️ Story of the Week
🎢 Bitcoin is Getting the Holiday Jitters! Bitcoin ETFs just witnessed their biggest single-day exodus since launch, with a $672 million heading for the exits on December 19.
This financial plot twist came hot on the heels of Fed Chair Jerome Powell playing party pooper at the latest policy meeting, where his cautious outlook on future rate cuts sent investors scrambling to rethink their positions.
The sell-off was a full-blown reality check that knocked Bitcoin down from its lofty perch above $108,000 to a humbler $95,000 📉
Bitcoin around 100K support
Leading the retreat was Fidelity's FBTC, which saw $208 million wave goodbye, while Grayscale and ARK's funds weren't far behind in the great December dash for the doors.
Even Ethereum got caught in the crossfire, with its ETFs watching $60 million disappear.
But here's the kicker: this market drama is also about the growing tension between Trump's bold promises of a national Bitcoin reserve and Powell's "not gonna happen" stance.
As former BitMEX CEO Arthur Hayes warns, we might be in for an even wilder ride come January's inauguration, when the market faces what he calls a "vicious sell-off" as Trump's crypto dreams collide with political reality.
🔒 Major Token Unlocks of the Week
$MGP - 0.60% of the total supply will enter circulation on Dec 25, 2024.
$SOPH - 21.87% of the total supply will enter circulation on Dec 25, 2024.
$ID - 3.09% of the total supply will enter circulation on Dec 26, 2024.
$ZETA - 5.50% of the total supply will enter circulation on Dec 28, 2024.
$INFRA - 3.27% of the total supply will enter circulation on Dec 29, 2024.
Sophiaverse ($SOPH) token unlock this week is truly extraordinary. You don’t usually see projects releasing 20% of their supply into the wild - this could spark some serious price drop, stay tuned!
More details here.
🗞️ From our Blog
💡 1 Minute Learning: MEV Bots
MEV bots—short for Maximal Extractable Value bots—are automated programs designed to squeeze out profits by exploiting how transactions are processed on blockchains.
⚙️ Here’s the deal: Blockchains process transactions in blocks, and MEV bots manipulate the order of these transactions for profit.
For example, they might front-run a large trade by placing their own order just before it to profit from the price change (a tactic known as sandwiching). Or they may use arbitrage to profit from price discrepancies across decentralized exchanges.
Pro tip: Tools like Flashbots and private transaction relays can help minimize MEV impacts when using DeFi platforms. Stay vigilant when trading on-chain! 🔍
And that’s a wrap! 🎉 Enjoyed this newsletter? Forward it to a friend, and let them know they can subscribe here.
Got any ideas or feedback? We’d love to hear from you! Drop us an email at [email protected].
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.