Top Crypto Stories This Week: From Crypto Wildfire Bets to Trudeau Exit Bets
We're just over one week into 2025 and the world is already on fire, which is sadly literally the case in Los Angeles. Just across the border from the California wildfires, Canada is experiencing its own uprooting as Justin Trudeau announced his resignation earlier this week. Meanwhile in Singapore, regulators may have made their first block of the year. Happy new year everyone.
As flames continue to blaze, rapidly sweeping across LA County, crypto degens are having a blast profiting from what is being described as the region's most destructive fire ever.
Featuring as a top trending category on Polymarket's homepage, "Wildfire" now features 19 betting pools. "How many acres will Palisades wildfire burn by Friday?" is the most popular pool, garnering over $166,000 in bets. 77% have placed their money on 20-25K acres.
Other bets include the date that the fires will be contained, whether the fires will reach Hollywood, and if Gavin Newsom will still be Governor afterwards. Some are even betting on whether arsonists will be arrested in connection with the fires, with 79% betting on yes.
Meanwhile, over on Solana memecoin generator website Pump.fun, a slew of wildfire-themed memecoins have been generated.
At the time of writing, 50 memecoins are live under the buzzword "wildfire." The strongest memecoin with a market cap of $9.6K is titled "California On Fire (WILDFIRE)." A slightly more distasteful memecoin is titled "hollywoodfire (Burntpedos)" with the caption "Burn it all."
Someway north of California, the Canadian parliament has been suspended until March 24, and with the political landscape shifting, the succession race is intensifying. The next federal election was originally scheduled for October, but it will now take place sooner.
For those unfamiliar, Trudeau’s tenure included several actions that were hostile to Bitcoin, notably invoking the Emergencies Act during the 2022 Freedom Convoy protests to freeze bank accounts and target Bitcoin wallets, sparking criticism for undermining financial freedom.
Additionally, his government imposed stringent regulations on cryptocurrency exchanges, including mandatory registration, trading caps, and enforcement actions against platforms like Binance.
Here in Singapore, Polymarket was found to have been blocked as part of an intensified crackdown on unlicensed gambling platforms. The Singapore Police Force, the agency in charge of blocking illegal websites, declined to comment on the matter when contacted by Blockhead.
When users attempt to access the site from Singapore, they are greeted with a stark warning citing Section 20 of the Gambling Control Act 2022, which imposes steep penalties for gambling with unlicensed operators.
Over in the markets, neither Bitcoin nor Ethereum is having a great time. The world's leading cryptocurrency is down over 4.30% while its younger cousin is down more than 10%.
Risk appetites have cooled from last week's 74, "Greed," to 50, "Netural." 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 fear not, as BRN analyst Valentin Fournier explains, "Technical indicators point to a potential market bottom, as both cryptocurrencies have reached the lower Bollinger Band and the oversold region of the stochastic RSI."
"While a “sell the news” dip could occur in the next 10 days if expectations fall short, the recent correction presents attractive entry points for both BTC and ETH. We recommend maintaining a strong position and continue to favor Bitcoin over Ethereum," he advises.
Yesterday, #Bitcoin experienced reduced trading volume as the US markets were closed. While price movements were relatively subdued, higher trading volumes often correlate with upward price momentum.
— BRN (Blockhead Research Network) (@thebrn_co) January 10, 2025
Top Stories (In No Particular Order)
Polymarket Degens Distastefully Bet on California Wildfires, Create Memecoins on Pump.fun
While California residents are franticly seeking refuge from the raging fires sweeping across Los Angeles, crypto degens on Polymarket and Pump.fun are betting on the latest "trend" - the Palisades wildfires.
At least five people have been killed and more than 17,000 acres of land destroyed in what is being described as the most destructive fire ever in LA county.
But this hasn't stopped degens from wanting to make a buck or two.
Polymarket Blocked in Singapore: Prediction Market Faces Fresh Scrutiny
Polymarket, a cryptocurrency-based prediction market that allows users to bet on world events using USDC on the Polygon blockchain, has been blocked in Singapore as part of an intensified crackdown on unlicensed gambling platforms.
When users attempt to access the site from Singapore, they are greeted with a stark warning citing Section 20 of the Gambling Control Act 2022, which imposes steep penalties for gambling with unlicensed operators.
Trudeau Resigns: Can Canadian Crypto Industry Learn From US Election Playbook?
Canadian Prime Minister Justin Trudeau resigned on Monday after nine years at the helm, as his caucus support dwindled following the exit of the finance minister. The Canadian parliament has been suspended until March 24, and with the political landscape shifting, the succession race is intensifying. The next federal election was originally scheduled for October, but it will now take place sooner.
FTX Claimants Begin "Payment Details" Stage, Convenience Class Distributions Scheduled for Q1 2025
The Joint Official Liquidators (JOLs) of FTX Digital Markets. have opened the "Payment Details" stage, marking a pivotal step in the distribution of funds to claimants. Individual customers are now set to receive their distributions via BitGo, offering some closure after the collapse of the exchange in late 2022.
The Convenience Class, comprising customers and creditors with claims under $50,000 or those who opted into the class by reducing their claim values, will receive a single distribution representing their full adjudicated claim value, according to an email sent by the JOLs yesterday.
South Korea Set to Allow Institutional Crypto Trading
South Korea is planning to remove its ban on institutional crypto trading, potentially at some point this year.
According to local media, the nation's financial regulator, the Financial Services Commission (FSC), has announced plans to gradually permit institutional access to local crypto exchanges, beginning with non-profit organizations.
Do Kwon's Fraud Trial Set for 2026 in New York
Terraform Labs cofounder Do Kwon is set to stand trial early next year in the US on criminal charges.
Do Kwon faces criminal fraud charges related to the $40 billion collapse of the TerraUSD stablecoin (LUNA) in 2022.
US District Judge Paul Engelmayer has scheduled Do Kwon's trial date for 26 January 2026 in New York with proceedings expected to last between four to eight weeks.
Bybit Faces Regulatory Action in Malaysia Over Unregistered Operations
Malaysia’s Securities Commission (SC) has launched enforcement measures against crypto exchange Bybit and its CEO, Ben Zhou, for operating without the necessary registration.
Gelephu Mindfulness City to Hold Bitcoin in Strategic Reserves, Leads Bhutan’s Digital Asset Push
In a landmark announcement on Wednesday, Bhutan’s Gelephu Mindfulness City (GMC), a newly established Special Administrative Region (SAR), revealed plans to officially hold Bitcoin and other digital assets as part of its strategic reserves.
This move positions GMC among the world’s first jurisdictions to take such a step, reinforcing its ambitions to become a global hub for blockchain innovation and economic resilience.
Winklevoss Twins’ Gemini to Pay $5 Million in Settlement Over CFTC Bitcoin Futures Allegations
The Gemini Trust Company, the Manhattan-based crypto exchange founded by the Winklevoss twins in 2014, will pay a $5 million civil penalty to settle a lawsuit filed by the Commodity Futures Trading Commission (CFTC), Bloomberg reported.
The settlement, disclosed in court documents on Monday, resolves allegations that Gemini made “false or misleading statements” during its efforts to gain approval for a Bitcoin futures contract.
From $60K to $1M: Bitcoin's Wildest 2025 Price Predictions
Welcome to 2025, a year full of possibilities and potential in the world of crypto. And as 2025 kicks off, crypto "experts" are back with their price predictions—because who doesn’t love a good guessing game? While we're all still reeling off the euphoria from Bitcoin hitting $100K, we can't help to wonder where the leading crypto is headed in 2025.
To help scratch that itch, Blockhead has very kindly collated this year's hottest Bitcoin price predictions, as wild as they might be.
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