Top Crypto Stories This Week: From Razzlekhan Reemergence to Pudgy Penguins Resurgence
The crypto industry is one of the fastest moving sectors in tech and finance. But every now and then, forgotten memories resurface, reminding us of slower, and often more awkward times.
Not to say that there's anything awkward about Pudgy Penguins and the whole NFT saga but 2024 signalled the industry's ability to shake off its degen persona and evolve to a more suited and booted TradFi outfit. 2024's shift from NFTs to ETFs was a remarkable transformation and a masterclass in reputation rebuilding.
However, just like P Diddy, some ghosts are too difficult to shake off for too long. OK maybe not quite like P Diddy. But as we close 2024, it seems like blue chip NFTs are once again sneaking into relevancy. While the world was watching Bitcoin slip from its $100K milestone, this week saw Pudgy Penguins overtaking the leading cryptocurrency's price, clearing the $100K mark for the first time.
Comprising 8,888 unique NFTs, the Pudgy Penguins collection has surged more than 200% over the last 30 days, following the team’s announcement of their upcoming ecosystem token, $PENGU.
If Pudgy Penguins aren't a big enough blast from the past, Netflix viewers were treated to a throwback to the Razzlekhan story. Focusing on Bitfinex's $72 million hack and the subsequent arrest of unassuming wanna-be rapper, Razzlekhan, Biggest Heist Ever uncovers how the most unlikely of suspects walked away with $4.5 billion of stolen Bitcoin.
The industry is rammed full of bizarre stories but the tale of this wannabe rapper and her hacker husband who tried to launder $4.5 billion worth of Bitcoin with gift cards ranks in the highest echelons of crypto ridiculousness.
As briefly mentioned, Bitcoin hasn't had the best of weeks, despite recently hitting an all-time high. Struggling to stay above $100K, Bitcoin finishes the week 1.20% down while Ethereum has slipped 2.80%.
Risk appetites have intensified from last week's 72, "Greed" to 76, "Extreme 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.
But don't let this extreme greed put you off crypto. As BRN suggests, "We maintain our recommendation to hold a substantial allocation in crypto assets, balancing BTC and ETH in proportion to their market caps."
Yesterday, a Texas lawmaker introduced a bill proposing the creation of a statewide #Bitcoin reserve. Donald Trump reinforced this sentiment, asserting that the US must strive for a leadership role in the cryptocurrency sector.
— BRN (Blockhead Research Network) (@thebrn_co) December 13, 2024
Top Stories (In No Particular Order)
Pudgy Penguins Just Overtook Bitcoin, Crossing $100K Too
Forget Bitcoin, the Pudgy Penguins NFT collection is the latest crypto asset to cross the $100,000 mark.
The project saw its floor price surpass $100,000 for the first time by achieving a new all-time high of 27 ETH (approximately $104,600).
Everything We Learned From Netflix's Bitfinex "Biggest Heist Ever" Documentary
Forget Netflix and chill, we're more into Netflix and crypto. Fortunately for us, the world's leading streaming service has delivered yet another intriguing documentary on the world's leading cryptocurrency.
From Trust No One: The Hunt For The Bitcoin King to Bitconned to Crypto Boy, Netflix has broadcasted its fair share of crypto-themed content but its latest documentary might be its most bizarre.
Trump’s Push for Strategic Bitcoin Reserve Gains Traction in Texas and Beyond
Efforts to establish a U.S. strategic Bitcoin reserve, a concept championed by President-elect Donald Trump, are gaining momentum at both state and federal levels, with Texas leading the charge.
Pump.fun Comes Under More Scrutiny as Chainalysis Expands Coverage
Solana memecoin platform Pump.fun has been added to blockchain data firm Chainalysis' coverage in an attempt to enhance compliance and security within the ecosystem.
"Today Chainalysis extended our Solana coverage to include every Solana token in KYT and Reactor," director of product Matthew Wilson said on LinkedIn.
Australia Hits Kraken's Crypto Exchange Operator With $5.1M Fine for Unlawful Credit
Kraken’s Australian operator, Bit Trade, has been issued a fine of A$8 million (US$5.1 million).
On Thursday, the Australian Securities and Investments Commission (ASIC) announced that the Federal Court had ordered Bit Trade to pay the penalty for unlawfully issuing a credit facility through the company’s margin trading product to over 1,100 customers without adequate compliance measures.
Trump's World Liberty Financial Buys Millions in ETH, LINK, AAVE
Donald Trump's World Liberty Financial (WLFI) has gone on a crypto spending spree, acquiring millions of dollars worth of Ethereum (ETH), Chainlink (LINK), and Aave (AAVE).
In just a few hours, the project recorded transactions amounting to millions of USDC, used to purchase these tokens. According to on-chain data from Etherscan on December 12, WLFI acquired over 2,631 ETH at a price of $3,801 per ETH, totalling around 10 million USDC.
Microsoft Shareholders Reject Michael Saylor's Advice on Buying Bitcoin
Microsoft shareholders have voted against the firm buying Bitcoin, despite encouragement from MicroStrategy's Michael Saylor.
The National Center for Public Policy Research (NCPR) had pushed Microsoft to allocate 1% to 5% of its profits to Bitcoin purchases to boost shareholder value.
Brad Garlinghouse Slams ’60 Minutes’ Edit for Omitting XRP Legal Victory
Brad Garlinghouse made his debut on CBS's 60 Minutes but his appearance has been shrouded in controversy after the disgruntled Ripple CEO revealed the show omitted certain important information.
Dating back to a 2020 lawsuit, the SEC had accused Ripple of conducting an unregistered securities offering worth $1.3 billion by selling XRP. In 2023, the judge in the Southern District of New York ruled that XRP is “not necessarily a security on its face.”
Is SEC's Solana ETF Rejection Gary Gensler's Anti-Crypto Swansong?
The US Securities and Exchange Commission (SEC) is reportedly rejecting two Solana ETF applications, potentially marking Chair Gary Gensler's final jab at the crypto industry.
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 meme coin 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.
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