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Terraform Labs co-founder Do Kwon appeared before a New York magistrate on Jan. 2, less than a week after being extradited to the United States to face criminal charges for his role in the Terra ecosystem collapse.
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This price action drew considerable backlash from investors on social media, who characterized the launch as a classic pump-and-dump scheme after the price of the memecoin collapsed.
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The Hawk Tuah memecoin launched on Dec. 4 with a market capitalization of roughly $16.6 million. The price of the coin surged after launch, and within three hours, the meemcoin’s market cap grew to $491 million. It would then quickly drop to approximately $41.7 million.
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Quintenz previously served as a Republican-appointed commissioner at the CFTC, advocating for financial innovation within the digital asset industry, and he currently pushes for regulatory clarity as head of policy at a16z.
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CEO of Global Macro Investor Raoul Pal recently forecasted a $110,000 local top for Bitcoin that he predicts will occur before the end of January 2025. Pal also predicted that the price of Bitcoin would peak sometime during the end of 2025.
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Despite the rising prices of Bitcoin futures, Bitcoin dominance is falling. On November 30, 2024, Bitcoin dominance fell to 56.1%. This signals that Bitcoin investors are taking profits and rotating into altcoins and the potential start of altcoin season.
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On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) reached $100,200 for the second time within seven days — prompting analysts to speculate that the spot price could soon rise to that level.
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Analysts are patiently eyeing a $100,000 Bitcoin price point, which is an important psychological level. However, the race to $100K is proving easier said than done, with the price of Bitcoin crossing $99,000 on November 22, only to retrace back down to the $96,000-$98,000 range.
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The price performance of the decentralized, supply-capped asset is on schedule with other halving years, in which the price of Bitcoin begins to climb approximately six months after the halving event.
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These included 2013, with a staggering 459% gain, 2017 at 54%, and 2020, where Bitcoin recorded a 42% gain during the month.
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According to data from ICO Analytics, Bitcoin also experienced a 37% gain in November 2024. The ICO Analytics data measured monthly Bitcoin performance between 2011-2024 and revealed only three other years where Bitcoin experienced higher percentage gains for November.
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A break below the 20-EMA will signal that the bulls are losing their grip. The pair may then slide to the 50-SMA. The bulls are expected to aggressively defend the 50-SMA because a break below it could tilt the advantage in favor of the bears.
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The bears are trying to pull the price to the 20-EMA, which is an important near-term support to watch for. If the price rebounds off the 20-EMA with strength, it will signal buying on dips. That will improve the prospects of the resumption of the uptrend.
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This positive view will be invalidated in the near term if the price turns down and breaks below $194. The pair may then slump to the 20-day EMA ($183).
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Under the proposed legislation, the BTC reserve would complement existing financial assets up to a maximum of 5% of the country’s reserves through phased purchases. The country’s central bank would still manage the assets through public systems powered by blockchain and artificial intelligence technologies, with the support of a technical advisory committee formed by security experts.
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A sovereign reserve is a pool of assets held by a nation’s central bank typically used to back the country’s fiat currency, stabilize the economy, and support international trade. Brazil had $355 billion in reserves as of December 2023, primarily backed by assets tied to global fiat currencies, such as the US dollar.
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According to the legislation, the Bitcoin BTC$95,196 reserve could shield the country’s sovereign reserve from currency fluctuations and geopolitical risks while also serving as collateral for the country’s forthcoming central bank digital currency, dubbed Real Digital (Drex).
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The bill was introduced on Nov. 25 by Congressman Eros Biondini and seeks the creation of a Sovereign Strategic Bitcoin Reserve known as RESBit.
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A newly proposed bill in Brazil’s Congress plans to establish a sovereign federal Bitcoin Reserve, potentially reshaping the country’s approach to digital assets.
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Industry analyst Miles Deutscher said more traders from the last cycle are re-opening their crypto wallets for the first time in a while and re-investing in tokens they’re familiar with thers pointed to these utility tokens trading below fair value in a barbell market that has seen Bitcoin and memecoins outperform thus far
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