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Caught in the awkward period between Xmas and New Year's Eve, we find ourselves in a Bermuda triangle of content - a few things have happened but as most of the industry is suffering from Xmas hangovers and prepping for New Years Eve parties, there hasn't been too much sector activity over this festive period.
Nonetheless, as the kindred spirits that we are, we sympathise with your need for crypto updates irrespective of the distractions surrounding us. For this week, we guided you through talking about crypto with your normie families over Christmas lunch and revisited the world of crypto crime.
As joyous as the Xmas period can be, forcing relatives and loved ones around one table doesn't always prove to be a smart idea. To help you out, we unwrapped how to demystify crypto for your family, melt away frosty opinions, and keep the conversation merry and bright, by answering the most anticipated questions from normies.
From answering why Bitcoin hit $100K and explaining what Elon Musk's agenda might be, we hope our guide gave you some assistance in batting away these painfully facepalm questions. Do let us know how you got on!
Pro tip: you can also use this guide for New Years Eve interrogations.
We also took a look at how North Korean hackers had resurfaced to target Hyperliquid, although Hyperliquid is living in full denial. Despite $476K in suspicious ETH transactions, triggering $60M in user withdrawals, Hyperliquid claims Lazarus GroupNonetheless didn't touch their platform. On-chain data says otherwise.
But rest assured crypto fearful, the US and South Korea are partnering together to combat crypto crime, with a special focus on North Korean threats. The US Department of Homeland Security and the South Korean government are collaborating on advanced technologies to prevent cyberattacks on crypto platforms, enhance infrastructure security, and improve tracking of stolen digital assets. Watch out Lazarus!
Over in the markets, Bitcoin attempted another breakout above $100,000 yesterday, but fell to $95,000 afterward. The decline did not trigger significant liquidations, highlighting the subdued investor activity during the winter break. It currently sits around the $97,000 mark. Meanwhile, Ethereum has been trading in a narrow range between $3,200–$3,400.
ETF inflows surged, with Bitcoin ETFs recording $418 million and Ethereum ETFs seeing $89 millon, ending a four-day streak of outflows.
"This demonstrates robust institutional support at lower levels, unseen before the presidential election, bolstering the medium- to long-term outlook," BRN analyst Valentin Fournier said.
Risk appetites remain unchanged from last week's 74, "Greed," with investors awaiting the next breakout. 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.
"Core PCE data released last Friday came in cooler than expected, with a 0.1% MoM increase (vs. 0.2% expected) and 2.8% YoY (vs. 2.9% expected). These figures suggest inflation has stopped rising and is gradually moving toward the Fed’s 2% target," Fournier added.
Top Stories (In No Particular Order)
How to Talk About Crypto With Your Normie Family This Xmas
Merry Christmas you filthy animals. 2024 has been a phenomenal year for crypto and many of you will be having a very merry Christmas because of it. Despite recently slipping below the $100K mark, Bitcoin powering through the six-figure milestone is enough of a Christmas present for even the jolliest among you.
Blockhead
Hyperliquid Denies Lazarus Group Hack Amid $60M Withdrawals
Decentralized exchange Hyperliquid has denied being hacked by North Korea's Lazarus Group
On-chain data seems to show significant Ethereum transactions linked to North Korean-affiliated wallets but the platform has insisted there has been no exploit.
Blockhead
South Korea Partners US in Fight Against Crypto Crime, North Korean Hackers
South Korea has partnered with the US to combat crypto crime, cyberattacks, and hacks from online fiends such as North Korean hackers.
According to local media, the US Department of Homeland Security and the South Korean government are collaborating on advanced technologies to prevent cyberattacks on crypto platforms, enhance infrastructure security, and improve tracking of stolen digital assets.
Blockhead
Trump Announces "Crypto Council" Executive Director
President-elect Donald Trump has unveiled that Bo Hines will serve as the executive director of the Presidential Council of Advisers for Digital Assets.
Informally known as the "Crypto Council," the body aims to solidify America’s dominance in the blockchain sector, as pledged by Trump who described the sector as being a "cornerstone of our nation’s technological advancement.”
Blockhead
Who's to Blame for the Hawk Tuah Memecoin Disaster?
Hailey "Hawk Tuah" Welch didn't establish her name through the most orthodox or reputable of ways, but her memecoin controversy has since overshadowed her initial "fame," at least in crypto circles.
But in an industry plagued with pump and dumps, fraud, and scams, all fuelled by hype, is Welch truly a rugpull mastermind or is the meme-celeb also a victim of a nefarious industry?
Blockhead
Singapore Charities Embrace Web3 to Revolutionize Philanthropy
In a major shift toward integrating technology into social impact, six prominent Singaporean charities—CARE Singapore, Cycling Without Age Singapore, Dementia Singapore, Limitless, MINDS, and The Salvation Army Singapore—have entered into a partnership with Crypto.com to integrate digital assets into their fundraising and operations, according to an announcement.
Blockhead
Blockcast
In this episode, host Takatoshi Shibayama speaks to Kain Warwick, founder of Infinex, and a renowned figure in the DeFi space, known for his work on the Synthetix protocol.
Warwick argues that the current crypto landscape, dominated by centralized exchanges, is unsustainable and hinders innovation. He outlines Infinex's vision to create a decentralized platform that rivals the convenience and accessibility of centralized exchanges while offering superior functionality and empowering users with true self-custody.
Blockhead
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
Consensus (Hong Kong, 18-20 February)
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 BLOCKDESK20 at checkout for a 20% discount on tickets here.
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