Top Crypto Stories This Week: From Bitcoin's $100K to Hawk Tuah's Dump

We never thought we'd be mentioning Hawk Tuah and Bitcoin in the same sentence, let alone headline, but thanks to crypto, this bizarre opportunity has arisen (to be fair, we never thought we'd be mentioning Hawk Tuah in any sentence).

This week saw Bitcoin finally cross over the $100,000 mark to the fanfare of the crypto industry and the disgruntlement of crypto sceptics - we're looking at you, Peter Schiff.

Wednesday night (or Thursday morning depending on where you are) saw BTC hit the target. Appearing on Money FM's 'Money Matters: The Wealth Tracker' hours before Bitcoin crossed $100,000, BRN analyst Valentin Fournier told host Hongbin Jeong that there were a number of factors pushing Bitcoin towards $100,000.

From Bitcoin reserves to crypto miners to ETFs to Trump, Fournier explained a wide array of reasons that were powering the leading cryptocurrency. You'll have to listen to find out more:

But of course, sceptics will be sceptics and Schiff hasn't changed his tone. In a rather bitter response to Bitcoin hitting the milestone, Schiff tweeted, "It's ironic that #Bitcoin only hit $100k by buying off politicians and getting in bed with government."

"Without expected government intervention, this milestone never would have been hit. What couldn't be done in a free market was achieved through the cohesive power of the state."

If you're not convinced about Bitcoin by now, you'll probably never be convinced. One area where you shouldn't be ashamed to be unconvinced is celebrity-powered tokens.

Mr Beast already tried this one on us by allegedly profiting millions by selling tokens like SHOPX, STAK, and FINE at peaks post-promotion, at the expense of his followers.

Now, Hailey Welch AKA “Hawk Tuah” girl has found herself caught in a memecoin controversy for allegedly selling that thang in an orchestrated pump and dump.

Her memecoin $HAWK, which launched on the Solana blockchain on Wednesday, peaked at a market cap of $490 million before crashing 91% to $41.7 million within hours after its debut.

"$HAWK will onboard "normies" (non-crypto users)," a HAWK info deck reads. With community members reporting losses ranging from $43,000 to $1.3 million, $HAWK caused severely bruised Welch's fanbase and even more damage to the Web2-Web3 retail onboarding journey.

Nonetheless, this week has been an overall positive story for the markets. Surprisingly, Bitcoin is up less than 1.5% over the week, retreating slightly from its $100K mark. Ethereum has actually had a better week, up more than 5.16% this week.

Risk appetites have cooled from last week's, 78, "Extreme Greed" to 72, "Greed."

The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.

What's going on you might ask. Luckily BRN has the answers for you. "After breaking above $103,000, Bitcoin sharply retraced to $92,000 during U.S. trading hours," Fournier explained.

"This significant drop triggered over $500M in Bitcoin liquidations and a total of $893M across the crypto market within 24 hours, setting a yearly high for liquidations. Volatility is expected to remain elevated in the coming weeks."

Top Stories (In No Particular Order)

BRN Joins Money FM 89.3's 'Money Matters: The Wealth Tracker' to Discuss Crypto Markets

BRN analyst Valentin Fournier will speak live on Singapore radio station Money FM 89.3 to discuss the current state of the crypto market on Wednesday at 5:10 pm.

As part of the station's Money Matters segment, The Wealth Tracker, Fournier will speak to host Hongbin Jeong about the current dynamics and future outlook of Bitcoin and the cryptocurrency market.

'Hawk Tuah' Crypto Controversy is a Serious Retail Problem

Haliey Welch AKA “Hawk Tuah” girl has found herself caught in a memecoin controversy for allegedly selling that thang in an orchestrated pump and dump.

Her memecoin $HAWK, which launched on the Solana blockchain on Wednesday, peaked at a market cap of $490 million before crashing 91% to $41.7 million within hours after its debut.

Bitcoin (Finally) Hits $100K - BRN Explains Why

Bitcoin has finally hit the six-figure mark, surpassing the $100,000 hurdle, returning over 137% year-to-date.

The $100K figure, albeit somewhat arbitrary, reflects the market's overwhelming confidence in Bitcoin and cryptocurrency as an investment asset.

Trump Takes Credit for BTC Hitting $100K, Names David Sacks as AI, Crypto Czar

President-elect Donald Trump is capitalizing on Bitcoin's recent milestone while strengthening confidence in the crypto market with his new cabinet pick.

Shortly after Bitcoin hit the $100,000 mark on Thursday, Trump took to Truth Social to take credit for the achievement.

"CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!" Trump wrote in a post.

Australia Prepares Major Regulatory Overhaul for Digital Assets

The Australian Securities and Investments Commission (ASIC) is initiating a significant update to its guidance for digital asset regulation, signaling a major step toward integrating cryptocurrencies into the country’s financial regulatory framework.

USDC Becomes First Stablecoin to Meet Canada's New Listing Standards

Circle's USDC has become the first stablecoin to comply with Canada's Value-Referenced Crypto Asset (VRCA) requirements.

These standards, introduced by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA), are designed to enhance investor protection and regulatory oversight in the rapidly evolving digital asset market.

Ripple’s $RLUSD Stablecoin Launch Delayed

Ripple has delayed the launch of its stablecoin, RLUSD, citing regulatory commitments.

In a post on X, Ripple revealed it is still awaiting approval from the New York Department of Financial Services (NYDFS) and is working closely with the agency to secure the necessary clearance.

You've Heard of a Web3 Phone, Now There's a Web3 Laptop

While we're still trying to wrap our heads around the benefit of a Web3 phone, the industry will soon be graced with a "Web3 laptop."

European computer company, Metavisio, has announced plans to release the world's first Web3 laptop.

TRX Breaks Record High After 6 Years Amid 77% Price Surge, Broader Altcoin Boom

Tron (TRX), the native token of the blockchain platform founded by Justin Sun, has experienced a remarkable 77% surge in the last 24 hours, reaching an all-time high of $0.43.

dtcpay Abandons Bitcoin, Ethereum for Stablecoins

Singapore-based digital payment token provider, dtcpay, is shifting its focus to exclusively stablecoins.

Phasing out support for cryptocurrencies including Bitcoin and Ethereum by the end of 2024, dtcpay will only support stablecoins for all of its digital payment services from January 2025.

APAC's Digital Asset Adoption Nearly Three Times Global Average

A new report from Consensus reveals that digital asset adoption in Asia Pacific (APAC) is nearly three times the global average, with 22% of individuals in the region reporting ownership or usage of digital assets.

In stark contrast, the global average stands at just 7.8%, highlighting APAC as a critical hub in the global digital asset ecosystem.

Grayscale, NYSE Files With SEC to Convert Trust Into Solana ETF

Grayscale has joined the Solana exchange-traded fund (ETF) race by applying to convert its Solana Trust (GSOL) into an ETF.

Last week, Bitwise became the fourth asset manager to submit its regulatory filings for the product. Canary Capital filed for its Solana ETF in October while VanEck and 21Shares filed theirs in June. 

Crypto Shrugs Off South Korea's Martial Law Scare

As South Korea descended into martial law overnight, the crypto market took a brief dip but has since rebounded convincingly after the hasty decision was reversed just hours later.

Nike's RTFKT Shuts Down as NFT Market Sees Resurgence

Nike's digital studio RTFKT is shutting down by January 2025 but it's not all doom and gloom for NFTs.

The move comes as part of a broader restructuring under Nike's new CEO, Elliott Hill. RTFKT's Ethereum-based tokens will remain publicly accessible but the decision signals the end of Nike's foray into digital fashion.

Michael Saylor Educates Microsoft Board About Bitcoin

MicroStrategy's Michael Saylor has delivered a Bitcoin adoption strategy to Microsoft's board of directors.

Presenting at Microsoft's December 2024 shareholder meeting, Saylor proposed a transformative shift in Microsoft's treasury approach that would allocate $200 billion in capital distributions into Bitcoin holdings.

Elsewhere

Blockcast

In this episode, Takatoshi Shibayama sits down with Jason Choi, general partner at crypto prop shop ⁠Tangent⁠, for a candid exploration of crypto markets. Choi discusses memecoin supercycles, navigating macroeconomic headwinds, and the evolution of project evaluation from speculative hype to real-world traction. 

Previous episodes of Blockcast can be found on Podpage, with guests like Peter Hui (Moongate), Luca Prosperi (M^0), Charles Hoskinson (Cardano), Aneirin Flynn (Failsafe), and Yat Siu (Animoca Brands) on our most recent shows.

Events

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Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.

Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.

Use promo code BLOCKDESK15 at checkout for a 15% discount on tickets here.

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