bitcoinist.com

Recent reports revealed that South Korea is set to ease its restrictions on institutional crypto investment. Secretary-General of South Korea’s Financial Services Commission (FSC) announced the watchdog’s plan to review its restrictions amid the ongoing changes in South Korea’s regulatory approach.

FSC Planning To Ease Restrictions

On Wednesday, Yonhap News Agency reported that FSC’s Secretary-General Kwon Dae-young announced legal entities will be allowed to invest in cryptocurrencies starting this year. Kwon stated that the regulatory agency plans to relax its restrictions on institutional crypto trading and investment to “strengthen collaboration between financial institutions and fintechs.”

According to the report, the FSC is set to consider a proposal to allow the issuance of real-name accounts to corporations, which is currently restricted. Real-name accounts are required for virtual asset investments, as only the accounts that have completed this verification under the Specified Financial Transaction Information Act are allowed to invest in digital assets.

Nonetheless, financial authorities have limited institutional crypto trading by guiding banks not to issue these accounts to corporations, despite the absence of any legal barrier or official ban.

In the “Major Work Plan for 2025,” the FSC revealed this change would be gradually implemented, with the financial regulator working on a “detailed plan” to allow non-profit corporations first through its Virtual Asset Committee, and slowly expand.

Moreover, the South Korean watchdog plans to promote the second phase of the Virtual Asset User Protection Act, which includes regulations on the distribution of digital assets.

The FSC’s Secretary-General explained that the regulator needs “to discuss how to create listing standards, how to deal with stablecoins, and how to create rules for the behavior of virtual asset exchanges,” adding that the government will align with global crypto regulations.

Additionally, the report notes that the FSC plans to introduce a “screening system for the eligibility of major shareholders of virtual asset operators through amendments to the Special Financial Transactions Act.”

The regulator will also work on improving self-regulation by implementing criteria for reviewing memecoins and other cryptocurrencies to protect investors, and it will introduce forensic equipment to investigate unlawful trading behavior.

South Korea’s Changing Crypto Landscape

Over the last few years, South Korea has attempted to shift to a more regulated and stable environment for investors. Kora Exchange’s Chairman, Jeong Eun-bo, has called for a change in lawmakers’ and financial institutions’ view of crypto assets.

Jeong suggested that the country’s regulator consider incorporating virtual assets into institutional finance to revitalize the market, “create added value,” and compete with other countries.

It is worth noting that the FSC’s stance on virtual assets has been criticized for seemingly challenging the market’s development and international competitiveness.

Nonetheless, the ongoing shift has seen the creation of the Virtual Asset Committee to advise and discuss industry-related policies. Moreover, the FSC announced that this group would soon review the long-standing ban on crypto-based investment products.

As reported by Bitcoinist, Jeong announced the Korea Exchange’s plan to explore crypto exchange-traded funds (ETFs) in 2025 after the country’s capital markets faced substantial challenges in 2024.

Additionally, the country has postponed the crypto taxation policy by two years. The policy, previously set to be introduced in January 2025, will collect 20% capital gains tax from investors trading digital assets. Following the delay, the tax policy is expected to be implemented in 2027.

Bitcoin’s sentiment has taken a sharp turn, moving from bullish optimism above the $100K mark to growing fear as the price hovers around $95K. The much-anticipated clean breakout after reclaiming the $100K level has failed to materialize, leaving investors questioning the strength of the current bull trend.

Top analyst Axel Adler shared insightful data on X, revealing a notable shift in the market’s realized profit metrics. The average daily realized profit has dropped from $136M to $93M, signaling a cooling phase. Despite this decline, the current realized profit levels remain comparable to the peaks of the 2021 cycle, highlighting the ongoing strength and activity within the market.

This data underscores the duality of the current situation: while Bitcoin still shows signs of resilience, the failure to sustain momentum above the $100K mark has introduced uncertainty into the market. Analysts and investors are now closely watching the $95K level, a critical support zone that could determine whether Bitcoin regains its bullish trajectory or faces a deeper correction. The coming days will be crucial as the market seeks clarity and direction in this pivotal phase.

Bitcoin Metrics Set A Market Picture

Bitcoin’s current phase is a consolidation, a typical behavior after breaking significant psychological and technical levels. Since Bitcoin first crossed the $100K mark on December 5, the price reached an all-time high of around $108K before consistently consolidating below the $100K threshold. This period of sideways action has introduced mixed sentiments, with bulls eager for another leg up and bears eyeing potential corrections.

Analyst Axel Adler shared critical insights on X, highlighting a drop in the average volume of realized profit from $136M/day to $93M/day. Despite this decrease, Adler points out that these figures remain comparable to the peak of the 2021 cycle, showcasing robust market activity. Historical data reinforces this perspective, as September 2021 and 2024 both saw mini-bullish rallies begin when average daily realized profits were approximately $15M—a fraction of the current levels.

It’s important to note that Adler’s analysis relies on 30-day moving averages, which smooth out short-term fluctuations but also mean that actual realized profits are significantly higher. For instance, on November 21, 2024, one month after the rally began at $98K, daily investor profits soared to $443M.

These metrics suggest that while Bitcoin is consolidating, underlying market activity remains strong, laying the foundation for a potential bullish continuation. If BTC holds key levels, another surge to test or surpass recent highs could be on the horizon.

BTC Technical View: Key Levels To Hold

Bitcoin is trading at $95,400 after losing key levels, including the psychological $100K mark, the 4-hour 200 MA at $98,290, and the EMA at $96,480. This series of breaks indicates short-term bearish price action, raising concerns among investors about the potential for further downside.

However, despite this aggressive selling pressure, some analysts suggest that this could be a move to generate liquidity before another push higher. This kind of volatility is not uncommon during consolidations near critical levels, especially after a significant rally like the one Bitcoin experienced in December.

The $95K mark now serves as a pivotal support zone for bulls. If BTC manages to hold this level in the coming hours, it could signal the end of this bearish phase and set the stage for a quick recovery. Reclaiming the $96,480 EMA would be an encouraging first step, while a move above the $98,290 4-hour 200 MA would confirm a return to bullish momentum.

Market participants are closely monitoring these levels, as a sustained hold above $95K could reignite confidence and set Bitcoin back on its upward trajectory. However, failing to maintain this support could lead to deeper corrections in the short term.

Featured image from Dall-E, chart from TradingView

In a recent interview with Bloomberg Crypto, Ripple President Monica Long expressed strong optimism about the imminent approval of a spot XRP exchange-traded fund (ETF) in the United States. Long also provided insights into the expansion of Ripple’s new RLUSD stablecoin, which she believes will see major adoption in the coming months.

Ripple’s RLUSD Set For Broader Distribution

Currently, RLUSD is listed on Bitso, MoonPay, and CoinMina, with additional listings in progress on platforms like Bullish and MercadoBitcoin. Asked about availability on larger US-based exchanges such as Coinbase, Long stated: “We are continuing to expand distribution and availability of Ripple dollars on other exchanges. So I think you can expect to see more availability, more announcements coming soon.”

When pressed for a timeline, she emphasized: “Imminently.” Long highlighted the growing role stablecoins play in both trading and payments, describing them as “the way to on-ramp and off-ramp” in crypto. According to Long: “If we look at the crypto landscape overall, it has certainly been growing in the past couple quarters. We think this year is going to be a big year for crypto overall. And so demand for stablecoins, we think, will grow along with that. […] Ripple US dollar will have a premium role.”

Since launching on Ethereum and the XRP Ledger in December, RLUSD has reached a market capitalization of around $53 million. Ripple has integrated Chainlink services into RLUSD to enhance its utility in decentralized finance (DeFi) protocols, further supporting Long’s vision for widespread adoption.

XRP ETF: “Very Soon”

In addition to RLUSD, Long addressed the prospect of an ETF, predicting a relatively short runway for regulatory approval: “I think we will see one very soon. I think that we will see more, you know, various crypto spot ETFs this year coming out of the US. And I think XRP is likely to be next in line after Bitcoin and ETH.”

She noted that various asset managers—including Canary Capital, WisdomTree, 21Shares, and others—have already filed for XRP ETFs. Pointing to a more favorable regulatory environment, Long added: “There’s already been a number of different companies like Canary and others who have filed. And so we think especially with the administration change and that the approvals of those filings will accelerate.”

In October, Bitwise filed a registration statement (Form S-1) with the U.S. Securities and Exchange Commission (SEC) for an XRP ETF. Since then, multiple firms have submitted applications, but the SEC has yet to make a decision.

Long revealed that Ripple’s payments business doubled last year, indicating strong institutional and corporate demand for its solutions. She also cited an “especially big” close to 2024 for Ripple’s US business, noting that the company signed more local deals in the last six weeks of that year than in the previous six months.

Speculation has mounted that the Trump administration’s crypto-friendly posture could speed up approvals of crypto ETFs. XRP prices have surged over 350% since Trump’s election victory, outperforming many other major cryptocurrencies during the same period.

At press time, XRP traded at $2.31.

Bitcoin has faced severe selling pressure after briefly reclaiming the $100K mark, only to lose it in under three days. The swift reversal has left investors on edge as BTC now struggles to find stability around the $95K level. This critical support zone is pivotal in determining whether BTC can recover or face a deeper correction in the coming days.

Top analyst Axel Adler recently shared valuable insights on X, highlighting a concerning trend in Bitcoin’s network activity. According to Adler, the average weekly change in the number of active addresses on the Bitcoin network has dropped to extremely low values since crossing the $101K level. This metric, often a key indicator of market engagement, suggests waning momentum and a potential cooling in demand.

With uncertainty dominating the market, all eyes are on Bitcoin’s ability to hold the $95K level and attract renewed buying pressure. Analysts warn that failing to establish support here could lead to further declines. However, if BTC manages to regain strength, the next push above $100K could mark a turning point in this volatile phase. The coming days will be critical in shaping BTC’s trajectory for the near term.

Bitcoin Enters A Crucial Moment 

Bitcoin is navigating a critical phase after losing the $100K mark and dipping below the $98K level. This unexpected downturn has sparked concerns among investors and analysts, who are closely monitoring the $92K support level—a pivotal zone that could determine whether BTC reclaims its bullish momentum or extends its correction.

CryptoQuant analyst Axel Adler recently shared insightful data on X, shedding light on the market’s current state. Adler highlighted that the average weekly change in the number of active addresses on the BTC network has dropped to extremely low values since crossing the $101K level.

While this might seem bearish at first glance, Adler noted that this trend aligns with a bullish pattern when adjusted for volatility in the futures market. Historically, similar patterns have preceded significant rebounds, making the next few days critical for Bitcoin’s trajectory.

The crypto community remains cautiously optimistic, as the broader market sentiment suggests the potential for a bullish run in the coming weeks. However, BTC must first establish a solid foundation above the $92K level to regain investor confidence. A successful rebound could pave the way for another attempt to break the psychological $100K mark, but failure to hold key support could signal further declines.

Testing Crucial Demand 

Bitcoin is currently trading at $95,000 after experiencing a sharp 7% decline from the recent high of $102,300. This level is crucial for bulls to maintain strength and preserve the broader bullish structure that has defined Bitcoin’s price action in recent weeks. Holding above this zone is vital for setting the stage for a potential recovery and another attempt to reclaim the $100K mark.

However, the market remains on edge as the $92K level emerges as the final line of defense. Losing this critical support could signal a significant shift in market sentiment, opening the door to a deeper correction toward the $85K level. Such a move would likely amplify bearish pressure, further testing investor confidence during this uncertain phase.

Analysts emphasize that the current consolidation is a pivotal moment for BTC. If bulls manage to stabilize the price at $95K and regain momentum, the path to recovery could begin. Conversely, failure to hold the $92K mark would heighten the likelihood of prolonged consolidation or even a sharper downturn. The next few days will be decisive, with trading volumes and market sentiment playing key roles in determining Bitcoin’s direction.

Featured image from Dall-E, chart from TradingView

The rapid advancements in quantum computing which sparked growing concerns within the cryptocurrency sector late last year, particularly regarding Bitcoin’s long-term resilience seem to have once again resurfaced.

CryptoQuant, an on-chain data analytics platform, recently highlighted these risks in a series of posts on X titled “Quantum Computing is a Growing Risk for Bitcoin”.

The discussion focused on two critical aspects: Bitcoin mining security and private key vulnerabilities, both of which could face significant challenges as quantum technologies progress.

Quantum Threats to Bitcoin Mining and Network Security

Bitcoin’s proof-of-work (PoW) system relies on computational power to validate transactions and secure the network. The SHA-256 hash function, integral to Bitcoin mining, currently ensures strong security by, preventing malicious actors from tampering with the blockchain.

However, CryptoQuant warns that quantum algorithms, specifically leveraging advanced algorithms such as Grover’s, could substantially “accelerate hash-solving processes.”

If quantum computers become capable of outperforming classical mining hardware, it could tilt the balance of power in mining, enabling quantum-equipped miners to dominate block validation. This dominance would not only disrupt network consensus but also potentially compromise Bitcoin’s decentralized structure.

CryptoQuant emphasizes the importance of maintaining a significant share of non-quantum computing hash power in the network. A healthy and diverse mining ecosystem would mitigate the risks posed by any entity gaining disproportionate control via quantum technology.

While quantum supremacy in mining remains speculative at this stage, the ongoing developments in the field warrant close monitoring by stakeholders, including miners and developers.

Private Key Security: Vulnerabilities And Adaptations

Beyond mining, quantum computing also presents risks to BTC’s private key security. The Bitcoin network uses cryptographic systems to secure wallets and transactions, with public and private keys forming the basis of ownership.

According to CryptoQuant, Shor’s Algorithm could theoretically allow quantum computers to deduce private keys from public keys, thereby compromising wallet security.

Particularly vulnerable are Pay-to-Public-Key (P2PK) addresses, where the public key directly serves as the wallet address. In contrast, Pay-to-Public-Key-Hash (P2PKH) addresses provide an additional layer of security by hashing public keys.

Private Key Security & Quantum Risks

Another major concern is Shor’s Algorithm, which could, in theory, allow quantum computers to find private keys from public keys. ‘Pay to public key’ (P2PK) addresses are most vulnerable to quantum attacks, as the public key serves directly… pic.twitter.com/q2NBvbwGLe

— CryptoQuant.com (@cryptoquant_com) January 7, 2025

However, when BTC from these addresses is transferred, the public key is exposed, increasing susceptibility to quantum attacks. CryptoQuant also observed a notable increase in P2PKH address usage, rising by 14% in recent months.

While the exact cause of this shift remains unclear, it suggests heightened awareness and caution among Bitcoin holders regarding quantum vulnerabilities.

Featured image created with DALL-E, Chart from TradingView

Investors’ optimism and confidence in Bitcoin are rising rapidly after the flagship asset’s latest price surge to previous resistance. This growing sentiment of investors is particularly seen among Bitcoin long-term holders, solidifying its position as the leading digital asset for long-term investments.

Long-Term Bitcoin Holder Supply Inches Higher

With the market demonstrating a healthy trend, Axel Adler Jr., an on-chain expert and author, has identified a shift in Bitcoin’s long-term holders’ behaviour. The expert reported that the holders’ supply has slightly increased, reflecting renewed confidence among seasoned investors despite recent market fluctuations.

This modest growth implies that investors who have held BTC for an extended period are gradually accumulating the asset, signaling rising belief in BTC’s future potential. If the trend continues, as seen in previous scenarios, such developments can trigger a price surge for BTC.

Axel Adler cited the rise following a thorough investigation of the Short-term Holder Vs. Long-term Holder Supply metric. The trend frequently coincides with periods when the market is consolidating, which might pave the way for the subsequent significant price movement.

According to Axel Adler, the Long-Term Holder supply exhibited a minor increase in comparison to the Short-Term Holder supply after the peak sell-off at the $100,000 level. Adler highlighted that the advancement indicates that BTC bought about 155 days ago has now entered the LTH cohort. Should this growth be maintained in the next week, it can be regarded that long-term holders’ sales at recent levels have ended.

Total BTC Supply In Profit See Notable Growth

The rise in long-term holders’ supply comes as the amount of Bitcoin supply in profit increases sharply. Data from Adler shows that over 90% of the overall BTC supply is currently in profit, signaling growing optimism in the crypto market.

As the market gains traction, this growth underscores the substantial profits for long-term holders and the strength of Bitcoin’s recent price increase. Furthermore, the development could spark extended bullish momentum or a potential profit-taking phase.

In the absence of a “black swan” event in the ongoing cycle, Alder highlighted that the market could mirror the 2017 bull cycle. Specifically, this will be defined by a bullish trend with few reversals to the metric level of 80%.

If not for China’s mining restriction, which halted the bull trend, the expert believes the 2021 cycle would have followed a similar path. Thus far, investors and traders are closely watching the trend’s influence on prices since the metric is crucial in determining BTC’s next trajectory.

Currently, BTC has witnessed a sharp pullback after a significant rally to about $102,000, triggering uncertainty within the community about its bull run. Despite the decline, many investors are maintaining a positive sentiment, as indicated by a nearly 31% rise in its trading volume in the past day.

As noted by Lookonchain, a Solana trader has turned heads with profits of almost $20 million each from $ai16z and $Fartcoin, and with an 89.07% win rate over the past 30 days. As shown by on-chain data, these profits have been made through a strategy of buying very early into low market cap cryptocurrencies. Interestingly, on-chain movements in the past 24 hours show that the trader is now making more moves into other low market cap cryptocurrencies.

Solana Trader Makes 6,400x And 1,490x Returns On $ai16z And $Fartcoin

The crypto industry is home to millions of cryptocurrencies, and thousands more are created each day. Identifying the most promising cryptocurrencies to invest in out of the multitude is a daunting task for crypto investors. 

However, a few investors shoot up from time to time with crazy returns and make crypto investments look very easy. Such is the case of this Solana smart trader, who has made quite a return on crypto investments in the past few months. The most notable of these investments are $ai16z and $Fartcoin. 

The Solana trader’s success with $ai16z stands out as one of the most impressive returns in recent months. On October 25, 2024, he identified the token early and purchased 9.16 million $ai16z for just 18 SOL, roughly $3,000. Since then, the value of $ai16z has grown massively, and he has sold a portion of his holdings (1.32 million tokens) for $1.71 million, but he continues to hold 7.85 million $ai16z valued at $17.26 million. His total profit from this trade has reached $19 million, translating to a 6,400x return on his initial investment.

Another significant win for the trader came from $Fartcoin, where he invested $12,200 to acquire 17.31 million $Fartcoin at a market cap of $83,000. At the time of writing, $Fartcoin has a market cap of $1.02 billion, meaning the initial investment has yielded a total profit of more than $18 million. He has since sold 6.71 million tokens for $5.41 million while still holding 10.6 million $Fartcoin worth $12.83 million.

What’s Next? Low-Cap Tokens And A Major Bet On $OPAIUM

As noted by Lookonchain, the trader’s latest moves involve a series of small bets on low-cap tokens such as $eef, $DEAL, $GG, $SXBT, $FARTOLOGY, and $TBOO, which are relatively high-risk, high-reward opportunities. However, the most substantial recent investment is in $OPAIUM, where he has allocated 400 SOL, approximately $86,000.

Given the impressive track record of the Solana trader, these low marketcap cryptocurrencies are some to keep an eye on, especially $OPAIUM.

Recent price movement points to a notable upside momentum for Dogecoin in the upcoming days as the general crypto market gains traction. However, certain indicators show that the dog-themed meme coin’s next upward move might be tied to Bitcoin’s price dynamics.

Will Bitcoin’s Price Action Unlock Dogecoin’s Next Surge?

As Bitcoin continues to be a dominant force in the crypto market, its price trajectory might act as a catalyst for broader market trends. Meanwhile, crypto expert and trader Kevin has pointed out that Dogecoin’s potential for a bullish breakout may heavily depend on Bitcoin’s next key price movement.

Given that DOGE is currently stabilizing close to crucial levels, a strong move by Bitcoin could bolster the meme coin’s upward momentum, leading to a surge. With the market experiencing a notable rise in inflow, DOGE may attract the necessary momentum for a price surge, targeting key resistance levels such as the $0.40 mark.

Delving into Dogecoin’s recent price action, Kevin highlighted that Dogecoin and the macro 0.5 Fibonacci extension are engaged in a fierce battle. While the Fibonacci extension marks a significant resistance, the expert noted that it is the key to revisiting the macro golden pocket.

Meanwhile, Kevin contends DOGE’s success in this situation will be entirely dependent on Bitcoin’s capacity to emerge from its macro golden pocket. The development may kickstart the much-anticipated rally for the meme coin to a new all-time high.

It is worth noting that Dogecoin’s macro golden pocket is positioned at the $0.49 level. Kevin claims that the level marks a critical resistance point that must be cleared before DOGE can continue its journey toward a new all-time high.

The $0.49 point is the first crucial resistance zone out of the few levels pointed out by Kevin that DOGE must break for a bullish breakout. After conquering the $0.49 macro golden pocket, the expert highlighted that the next resistance sits at $0.53, a level that represents a critical Fibonacci extension point of 0.703.

Following a breakout from the $0,53 mark, Kevin has underlined another critical resistance at $0.59, which he labels the “final boss,” marked by another key Fibonacci extension level at 0.786. Should the Dogecoin break the $0.59 level, Kevin is confident the next rally could push the meme coin to a new all-time high.

Key Chart Pattern Emerging For DOGE

After a strong upward move at the start of the week, DOGE’s price has declined immensely, especially in the last 24 hours. While this drop threatens Dogecoin’s uptrend, it might be short-lived as a bullish formation is developing on the 1D chart.

Looking at the 1d chart, Trader Tardigrade, a crypto expert, has cited an emerging Cup with Handle formation, a technical pattern that often precedes an upswing. Once the pattern fully develops and DOGE breaks out on the upside, it might trigger a bullish wave for the meme coin to higher levels.

The Shiba Inu and Dogecoin prices have suffered double-digit losses today, having started the week on a positive note. This price drop has occurred thanks to macroeconomic factors, which present a bearish outlook for these coins. 

Why The Shiba Inu And Dogecoin Prices Crashed Today

CoinMarketCap data shows that the Shiba Inu and Dogecoin prices have crashed over 10% today. This development came following the release of the JOLTS job openings and ISM Services PMI data. The JOLTS job openings came in stronger than expected, rising to 8.09 million for November 2024. 

The ISM Services PMI also came in stronger than expected, rising to 54.1% in December, marking the sixth month of expansion. While these figures suggest the US economy is healthy, they present a bearish outlook for risk assets like cryptocurrencies, which is why the Shiba Inu and Dogecoin prices crashed. 

With such economic figures, the US Federal Reserve could feel less motivated to cut interest rates and instead keep them steady. The CME FedWatch data shows that the probability of the Fed keeping rates unchanged at its next FOMC meeting rose to 95.2% following the release of these economic data. 

The likelihood of the Fed keeping interest rates steady has sparked a bearish sentiment among investors, which led to a wave of sell-offs in the crypto market, with Shiba Inu and Dogecoin also caught in the mix. It is worth mentioning that the Bitcoin price also dropped from around $101,000 to as low as $96,000 following the release of these economic figures. 

As such, the Shiba Inu and Dogecoin prices were bound to drop, given their strong positive price correlations to the flagship crypto. These meme coins are still at risk of further sell-offs if the Bitcoin price suffers more pullbacks. 

Some Positives For The Meme Coins

Despite the recent crash, there are still some positives for the Shiba Inu and Dogecoin prices. On the fundamentals side, Donald Trump’s inauguration is fast approaching, with the US president-elect set to take office on January 20. This presents a bullish outlook for the foremost meme coins, given Trump’s pro-crypto stance. 

Trump recently stated that the interest rates are too high amid the growing inflation. This suggests that the incoming president might pressure the Fed to cut rates, which is undoubtedly bullish for the Shiba Inu and Dogecoin prices. Meanwhile, Musk’s Department of Government Efficiency (D.O.G.E) will finally come to life, which is particularly bullish for Dogecoin. 

From a technical analysis perspective, crypto analyst Master Kenobi provided a bullish outlook for the Dogecoin price, predicting it would reach a new high once Trump takes office. The Shiba Inu price is also expected to follow suit, given the strong price correlation between these meme coins. 

In a striking revelation on the latest episode of the Coin Stories podcast, host Nathalie Brunell interviewed The Digital Chamber founder & CEO Perianne Boring, who disclosed an unvarnished and previously unknown response from members of the United States Federal Reserve. According to Boring, when she discussed the idea of a US Strategic Bitcoin Reserve during a meeting with officials at the Board of Governors of the Federal Reserve System, one official declared it “the dumbest idea” ever.

Boring recounted the tense atmosphere in the Fed boardroom from last week. “When I brought this up I’d never seen a reaction like quite the one I saw at that boardroom table. You know the folks in the room at the FED were cussing, saying this is the dumbest idea they’ve ever heard. There’s nothing strategic about Bitcoin,” she recounted.

She added that they were nearly got “kicked out of the room because [the Board of Governors of the Federal Reserve] thought this was such a bad idea and how dare we even like to breathe this idea in the building of the Federal Reserve,” adding that Trump campaign promise to establish a national stockpile of Bitcoins “will not be without controversy” and “will not be without push backs.”

Brunell asked whether this opposition stemmed from a “knowledge and education gap” or an entrenched interest in preserving the status quo. Boring responded that it might be both, as the Fed currently has a monopoly on money issuance. Yet, she argued that incorporating BTC might actually preserve that by potentially backing the US dollar or Treasury bonds with BTC.

“I think for one, the Federal Reserve has a monopoly on money today and you know it’s in the Fed’s individual interest to protect that Monopoly although I actually think Bitcoin can preserve that by adding Bitcoin to the US balance sheet or backing the US dollar with Bitcoin or issuing bonds US Treasury bonds that are backed by Bitcoin,” Boring reasoned.

Will This Stop Trump’s Bitcoin Stockpile Plans?

Brunell pointed to recent statements by Trump and his family – in particular Eric Trump’s speech at the Bitcoin conference in Abu Dhabi – which show that the President-eclect could follow through with his words, and might even pay off some part of the national debt with a “crypto credit card” or even abolishing the capital gains tax on BTC.

Asked about Trump’s potential avenues to make good on his pro-Bitcoin rhetoric, Boring explained: “So there’s a couple different ways to achieve [this]. So what candidate Trump promised to [create] is a strategic Bitcoin stockpile.”

Trump’s campaign promise involves taking the 208,000 BTC currently in US government possession—largely controlled by agencies like the US Marshals Service or the Department of Justice—and transferring it to the Treasury’s balance sheet. This plan is intended to “move [Bitcoin] to a place where it can’t be sold or moved around for other purposes […] out of law enforcement hands [and] into the Treasury.”

Shortly after Trump unveiled the idea at the Bitcoin conference in Nashville, Senator Cynthia Lummis introduced the Bitcoin Act, which proposes an even larger Strategic Bitcoin Reserve—including the purchase of an additional 1 million BTC. Meanwhile, Robert F. Kennedy Jr. has suggested an even bolder move—4 million BTC—prompting Boring to observe: “It gets very, very bullish very, very quickly.”

In describing the legal mechanics, Boring noted that “there are significant executive authorities that the President of the United States has” to execute at least the first part of the plan—namely, consolidating the existing government-owned BTC under a new reserve. She explained that though a congressional act may generally be required to authorize large expenditures like buying additional Bitcoin, there are broad pockets of funding that the executive branch might tap into. “I think if there’s a will there’s a way,” said Boring. “President-elect Trump did promise this to our community and I don’t think anything is stopping him.”

Asked if she believed the US would own more Bitcoin in a year, Boring declined to give a direct prediction, but emphasized that the “authorities are there” and that the project mostly needs firm leadership: “This really starts with leadership […] you need someone at the highest levels that […] is willing to execute on a bold mission.”

At press time, BTC traded at $95,722.

On Tuesday, US-based crypto exchange Coinbase, achieved a significant legal victory in its ongoing dispute with the Securities and Exchange Commission (SEC). 

Judge Katherine Polk Failla of the Southern District of New York has granted Coinbase a “rare interlocutory appeal,” allowing the company to challenge the SEC’s claims that it operates as an “unregistered exchange and broker-dealer,” as well as engages in the illegal sale of unregistered securities through its staking program.

Judge Offers Coinbase A Strategic Opportunity To Contest Claims

This ruling comes as a critical moment for Coinbase, which has been under scrutiny from the SEC regarding its compliance with federal securities laws. 

Judge Failla’s decision not only allows Coinbase to appeal but also halts the district court proceedings while the appeal is considered. 

This pause provides Coinbase with a strategic opportunity to contest the SEC’s assertions at the Second Circuit Court of Appeals.

The implications of this ruling are profound. According to Paul Grewal, Coinbase’s Chief Legal Officer, the court’s decision represents a significant win against the SEC’s aggressive regulatory posture. 

Grewal also expressed in a social media post on X (formerly Twitter), appreciation for the court’s “careful consideration,” likening the decision to a referee stopping play to review a controversial call.

The court documents highlight that this ruling presents a “clear and controlling question of law” concerning whether transactions involving crypto assets, like those intermediated by Coinbase, qualify as “investment contracts” under the Securities Act. 

This interpretation of the Howey test—a standard used to determine whether certain transactions qualify as investment contracts—could reshape the regulatory landscape for crypto assets.

Implications For Cryptocurrency Regulation At Stake

Judge Failla emphasized the need for clarity on how the Howey test applies to cryptocurrencies, noting that there is substantial ground for differing opinions on this matter. 

The resolution of such questions is vital not only for Coinbase but for the entire cryptocurrency ecosystem, as it could set precedents affecting future regulatory actions and compliance requirements across the industry. 

The SEC’s enforcement actions against cryptocurrency firms have intensified over the past years under President Biden’s administration. However, this case may serve as a pivotal moment in the ongoing dialogue about the appropriate regulatory framework for digital assets.

As Coinbase prepares to present its case to the Second Circuit, the broader implications of this legal battle extend beyond the company itself. 

Should the court find in favor of Coinbase, it could signal a shift in how regulatory bodies approach cryptocurrencies and their classification under existing securities laws.

Featured image from Shutterstock, chart from TradingView.com

The altcoin market is heating up following Bitcoin’s recent price resurgence to $102K. Recent indicators from CoinMarketCap suggest we’re back on our way to the type of heady altcoin rally we enjoyed in early December 2024.

Meme coins, in particular, continue to garner loads of attention from investors, with the meme sector seeing a 30.67% bump in trading volume over the past seven days.

This surge in activity signals a growing bullish sentiment in the altcoin space, with new and upcoming meme coins and utility tokens poised to deliver significant returns to investors.

However, with so many alt- and meme coins available, finding the gems worth your time can be difficult. To get you off to an easier start, here are some of the best altcoins right now, according to recent market trends and fundamental analysis.

1. Wall Street Pepe ($WEPE) – New Pepe Presale Nearing $44M, Ready for a 578.58x Boom

$WEPE has recently become one of the most successful new meme coin projects around. The presale has already surpassed $43.8M, and the project boasts thousands of followers on X and Telegram, signaling good community sentiment and growing popularity.

Wall Street Pepe’s unique roadmap helped generate a lot of buzz thanks to the project’s plans to provide access to the Frog Army trading group, exclusive to $WEPE holders.

Here, degen investors can discuss the best trading strategies and get hot top meme coin picks and trading signals to maximize their gains – a novel way to add long-term utility to the project.

The meme coin’s rapid growth during presale also shows the meme coin buzz is still ongoing. Over the past year, the OG $PEPE surged 1,585.92%, while new Pepe coins like Kekius Maximus saw a 578.58x bump in early January.

If $WEPE follows this trend soon after the presale ends, early investors could expect solid returns in early 2025.

2. Flockerz ($FLOCK) – Vote-to-Earn Crypto Project Eyeing $10M in Presale

$FLOCK is a new ERC-20 token with its own upcoming decentralized autonomous organization (DAO). In presale for 14 more days, the token has already seen a significant price bump to $0.0066351 after raising $9.1M from early investors.

Moreover, Flockerz already boasts a significant following on social media platforms like X and Telegram thanks to its attractive roadmap and 298% staking rewards.

According to the project’s whitepaper, the upcoming phase 3 will include exchange listing, ongoing marketing efforts, and the introduction of The Flock’s Vote-to-Earn mechanism. This innovative feature rewards Flockerz for voting on key project developments and token burns.

With 30% of its tokenomics going towards marketing and listing on CEX and DEX, $FLOCK is well-positioned to gain traction immediately after its presale ends. This would create a liquidity surge and deliver a potential 10x to 15x return to early investors.

Beyond its utility as a Vote-to-Earn token, $FLOCK is also likely to gain traction thanks to its listing on Best Wallet’s ‘Upcoming Tokens’ feature, a trusted predictor of successful projects.

This hints at potential gains similar to $PEPU’s 757.2% surge or $SLAP’s staggering 4366.6% increase after similar endorsements.

3. Best Wallet Token ($BEST) – Proprietary Token of The Fastest-Growing Hot Wallet in 2025

$BEST is an upcoming token with serious long-term utility – always a good indicator of solid potential growth.

Its parent project, Best Wallet, is one of the most expansive offers of all Web3 wallets today — an in-app DEX aggregator of 50+ exchanges with the best exchange rates and the lowest fees, plus plans to support 60+ blockchains in the near future.

Best Wallet users holding $BEST also enjoy exclusive perks like early access to trusted presales, reduced transaction fees, higher APY rewards, and governance rights within the project’s ecosystem.

With Best Wallet reporting 50% month-on-month user growth, the $BEST token is positioned for widespread future adoption and could deliver significant returns to early investors.

As evidence in this regard, the presale raised $160k within the first 24 hours after launch and currently sits at $6.7M two months in. Currently selling for $0.023525, $BEST’s price is set to increase again on January 9th.

Following these recent trends, popular crypto influencer ClayBro believes $BEST could see 10x growth on launch.

4. ai16z ($AI16Z) – AI-Powered Meme Coin Surging Following Whale Activity

$AI16Z is the best-performing AI meme coin in early 2025, being the first in this category to reach the $2B market cap milestone. The AI meme coin market is currently worth $5.3B, with $AI16Z taking up 37% of the chunk.

In line with recent crypto market trends, AI meme tokens, especially $AI16Z, could play a big part in the upcoming 2025 altcoin bull run. There’s already been whale activity in the emerging AI meme coin sector, with one whale spending $10M on over 13M ai16z tokens.

Other Solana-based AI meme coins, like Fartcoin ($FARTCOIN), also saw huge market activity, recording a 1676.75% 1Y increase.

As $AI16Z was first listed in October 2024 — and it currently boasts a one-year increase of 447.87% — there’s still room for 10x–20x returns as ai16z leads the new rally.

The developers behind $AI16Z are already working to expand the token’s ecosystem and drive future utility and growth. Plans to launch a new Layer-1 network to support the project’s venture capital DAO could further secure ai16z’s stability in 2025.

Potential for Major Altcoin Returns in 2025

The altcoin market is heating up following Bitcoin’s recent resurgence, showing promise for an upcoming bull run. Considering the recent spike in meme coin market activity (including a 30% increase in trading volume over the past week), interest in altcoins remains high in Q1 2025.

Newcomers like $WEPE, $FLOCK, and $AI16Z have the potential for significant investor returns thanks to their strong presales, innovative roadmaps, and community backing. However, as always, it’s essential to DYOR and understand the risks involved before investing.

These tokens are poised to capitalize on current trends, but market volatility remains a factor. These predictions are based on sentiment and fundamental analysis and don’t serve as financial advice.

Phoenix Group, a crypto company based in the UAE, is pushing hard to get into the US market. In a recent news release, the company said that its newest 50MW Bitcoin mining facility in North Dakota was now fully operational.

News sources say that this new mining plant can boost the company’s current hash rate by up to 2.7 exahashes. The new crypto mining center has cutting-edge technologies and a better layout to make it work better and faster.

The North Dakota project is Phoenix Group’s second crypto-mining facility in the country. The group’s first was a 25MW crypto mining facility in South Carolina. Phoenix Group’s second mining facility was finished in record time, reflecting the company’s leadership in the industry, particularly in designing and managing highly efficient digital asset infrastructure.

Securing the blockchain, one hash at a time. Phoenix Group proudly energizes its cutting-edge 50MW mining facility in North Dakota. Completed in under 5 months, this engineering marvel adds 2.7 exahashes to our capacity. As Munaf Ali, CEO of Phoenix Group, states, “This is a… pic.twitter.com/5FGLtgIGsB

— Phoenix Group (@phoenixgroupuae) January 6, 2025

Phoenix Group Adds A Canadian Facility

Currently registered on the Abu Dhabi Securities Exchange, Phoenix Group is among the leading crypto miners worldwide. It boasts a presence in the US, UAE, and Canada and is building the region’s biggest Web 3.0 ecosystem.

One of its latest projects was launching its 20-megawatt crypto mining facility in Canada. With the site’s completion, it added 700PH and has the lowest electricity price at 0.039 USD within the Phoenix Group’s fleet, with over 97% uptime.

The construction of another mining facility in North Dakota reinforces the company’s commitment to crypto and blockchain technology. According to Reza Nedjatian, the company’s CEO for Global Mining Operations, their new Dakota project is a major step in its expansion plans. He said the United States is a key market for their operations.

North Dakota Site Brings Competitive Edge

A major turning point for the business will be the construction of its new North Dakota crypto mining facility. Launching the second US site is part of Phoenix Group’s plan to increase their global Bitcoin mining capability and increase their visibility, claims Munaf Ali, CEO of the company.

In a very competitive market for crypto-mining, Ali said that finishing the job in record time shows how accurate, fast, and creative they are.

Phoenix Group Expansion

Since its first mining activities in the UAE in 2017, the Phoenix Group has been expanding its activities and other related projects. After becoming the first Bitmain dealer in the area in 2019, the company went public in 2023.

In August 2024, Phoenix Group and Tether worked together to make a stablecoin based on the UAE dirham.

Featured image from Getty Images, chart from TradingView

In recent weeks, the Solaxy ($SOLX) presale has become one of the most talked-about events among crypto investors, and for a good reason. With global events like Donald Trump’s pro-crypto stance and Bitcoin’s ongoing rally driving the bull run, $SOLX is the next crypto to present an exciting investment opportunity.

$SOLX is the native token of Solaxy, the first-ever Layer-2 blockchain for Solana. It’s already 2025’s biggest presale listing yet, having raised over $9.2M so far.

In the coming months, this coin is set to redefine blockchain technology and emerge as a key player in the DeFi ecosystem.

The First Solana Layer-2 Blockchain

Although Solana is one of the fastest and most efficient blockchains, it has struggled with scalability and failed transactions.

Solaxy, however, addresses these pain points with its Layer-2 solution while taking advantage of Solana’s speed and low fees.

Thanks to the innovative roll-up architecture, Solaxy solves the core issues that have been hindering Solana’s growth. These include:

• Congestion: Solaxy ensures smooth transaction flows even when network activity remains high.
• Failed transactions: This coin prevents failed transactions even during peak hours.
• Scalability: It can seamlessly handle a greater number of transactions, allowing the network to scale with increased demand.

$SOLX operates across both Solana and Ethereum, which creates a bridge between two leading crypto ecosystems. Interestingly, Ethereum has established itself as the preferred network for DeFi and NFTs.

This unique feature significantly expands Solaxy’s potential user base to ensure more liquidity.

Thus, $SOLX emerges as an attractive prospect for investors looking to capitalize on the best features of both networks.

Solaxy offers developers the tools needed to build scalable decentralized applications (dApps) on Solana’s infrastructure.

The modular approach of the platform ensures that developers can create customized solutions without compromising on speed or performance.

Since $SOLX can be used on both ecosystems, it means greater liquidity and easier access to DeFi platforms for investors and traders. 

Early Access to a Revolutionary Token Through the $SOLX Presale

Early participants in the $SOLX presale can buy tokens at a discounted price before their public listing. Each token is currently available at $0.001594, with a price increase coming in the next 22 hours.

When investing in $SOLX, investors receive several benefits:

• Buy $SOLX at the lowest possible price before the token is publicly listed.
• Stake $SOLX tokens and earn rewards while contributing to the network’s development.
• Gain exposure to the fast transaction speeds of Solana along with Ethereum’s liquidity.

In addition to the above, it’s also worth noting that experts are predicting $SOLX to be the next crypto to 100x.

The Role of Solaxy in the Bullish Crypto Market

The appointment of Paul Atkins as the new SEC chairman and Bitcoin’s surge has ushered in a new era in the crypto market. Atkins has been an advocate for innovation and a supporter of the crypto community.

Naturally, his leadership can make the crypto landscape more favorable. The ongoing crypto market rally further strengthens the growth trajectory of $SOLX.

Solaxy’s innovative approach, combined with the positive market conditions, makes $SOLX one of the best meme coins to watch in 2025. 

At the same time, do note that the crypto market is volatile, meaning you should back any investments you make with your own research and due diligence.

Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty were spotted dining with President-elect Donald Trump at Mar-a-Lago on January 7, 2025. The news broke via both Garlinghouse and Alderoty’s posts on X, featuring a photograph with Trump that quickly went viral.

What Did Ripple’s Execs Discuss With Trump?

Garlinghouse stated, “Great dinner last night with Donald Trump & Stuart Alderoty. Strong start to 2025!” while Alderoty, adding a personal flair, wrote, “…and to top it off, the beef bourguignon was really good.” Neither executive elaborated on specific topics covered during the dinner, leaving the crypto community to speculate on whether regulatory matters—or the still-unresolved legal battle with the US Securities and Exchange Commission—were on the agenda.

Trump, set to be inaugurated later this month, chose Paul Atkins in December to lead the SEC. In light of the ongoing Ripple-SEC case, many analysts are waiting to see whether Atkins and Trump’s administration might alter the agency’s appellate strategy. As reported by Bitcoinist yesterday, the SEC’s grounds for appeal are due by January 15, just days before Inauguration Day. While some in the XRP community believe a withdrawal of appeals could be in the cards under new leadership, no official statements have been released.

Despite the lack of concrete information about the discussion, crypto proponents have largely welcomed the meeting. Charles Hoskinson, founder of Cardano, congratulated Garlinghouse directly, posting, “Nicely done Brad.” The sentiment was echoed by other influencers.

Moon Lambo (@MoonLamboio) wrote via X “If anyone thought Trump wasn’t serious about making crypto great again, you can put those fears TO BED!!! $XRP.” Pro-XRP lawyer bill Morgan commented “Love that” and Joey Swoll (@TheJoeySwoll) added: “Make crypto great again! LOCK IN! #XRPARMY”

However, not everyone responded uncritically. ĐΛRKHØRSΞ (@DarkhorseDNME4) questioned the meeting’s cost, writing, “So for the record… you know ‘have met’ with Donald Trump where as before Stuart said you had and you hadn’t.. how much did that cost? I heard dinners with Trump are upwards of $100k per seat.”

Still, the overall mood among XRP holders appears bullish. Commentators are optimistic that the dinner signals friendlier policy measures under the forthcoming Trump administration.

Others point to a tweet Garlinghouse shared on January 5—just days before the Mar-a-Lago meeting—highlighting what he described as the “Trump bull market.” In that tweet, Garlinghouse wrote, “2025 is here and the Trump bull market is real. For Ripple, this is even more personal after Gensler’s SEC effectively froze our business opportunities here at home for years. The optimism is obvious and very deserved.”

Garlinghouse also disclosed tangible signs of momentum. “75% of Ripple’s open roles are now US-based, while over the last 4 years, the vast majority of hires were outside the US,” he revealed. Furthermore, he disclosed that Ripple has “signed more US deals in the last six weeks of 2024 (since the election) than the previous six MONTHS.”

He credited these developments to the “Trump effect,” contending that the President-elect, along with allies such as Scott Bessent, David Sacks, and Paul Atkins, has already been “jumpstarting innovation and job growth” before even taking office.

At press time, XRP traded at $2.28.

New cryptocurrency projects can take advantage of a growing market entering 2025.

But is this the best the market can be? Or is the crypto market set for even bigger things to come? 

A recent report from Fidelity, the investment giant, highlighted that the crypto world is just now entering the stage of broad adoption.

They draw the comparison between digital assets now – including crypto – and the heady growth of the internet with mobile phones, wireless technology, and the internet’s general integration into every aspect of modern life.

In other words, Fidelity doesn’t think the crypto market has capped at all; instead, it’s just now entering an era of explosive growth, big gains, and rapidly developing technology.

And there’s one new cryptocurrency project with the potential to soar above the rest and draw huge numbers of investors to its innovative voting and earning mechanisms. 

New Cryptocurrency Project $FLOCK Brings Vote-to-Earn To a Broader Audience

Flockerz ($FLOCK) pioneers a new protocol mechanism – Vote-to-Earn, or V2E. 

Any $FLOCK token holders gain the opportunity to vote on community proposals in the Flock DAO (decentralized autonomous organization).

The V2E mechanism better aligns meme coin communities with long-term goals, opening the door for bigger gains and broader adoption.

Currently in the presale stage, Flockerz has already raised almost $9.2M. There are under two weeks left before the presale ends, meaning the best time for investors to get in on the project is now.

Flockerz is also part of the upcoming crypto highlight from Best Wallet, the world’s leading Web3 wallet, which identifies key new cryptocurrency projects and provides access to them directly within the app itself. 

Crypto: Still In The Early Stages

The Fidelity report maintains that crypto is still early in its lifecycle. The technology isn’t brand new anymore but is mature enough that new use cases can emerge even while adoption grows.

And even while the sector grows beyond its original humble beginnings, certain elements remain the same.

As the Fidelity report notes, ‘the core principles of decentralization, modularization, and data privacy remain central to its ongoing development.’

Flockerz offers a case in point: the V2E mechanism is exactly the sort of decentralized governance model (combined with an earning mechanism) founded on core crypto principles while pushing meme coin development forward.

It’s part of a growing trend for meme coins to pioneer new use cases or innovative approaches to utility, such as the upcoming Meme Index project, which incorporates traditional stock market indexes with meme coins. 

That’s big news for the meme coin sector, which is building on big gains in 2024 as it seeks to become a major force in the crypto economy.

$FLOCK to 13x?

With the broader market, including Ethereum and Bitcoin, looking for even bigger growth in 2025, and with Flockerz flying high on a $9.2M presale, could $FLOCK increase by 100%? Or could it go even higher? 

Some analysts have identified Flockerz as having the potential to go 13x, returning big gains for early investors. 

And on a related point, Fidelity identified a continued ‘risk-on’ attitude towards tech and crypto from investors. That’s a good sign for $FLOCK and other new cryptocurrency projects.

There’s never been a more exciting time in the crypto world, and there’s a growing number of promising crypto projects.

But as always, be careful to do your own research. Crypto investments are risky, as Fidelity points out, and any investor should be careful not to invest more than they can afford to lose.

That said, keep an eye on the feathered friends of $FLOCK. 

On-chain data shows the Bitcoin netflow on Binance has turned negative recently. Here’s what this could mean for the asset’s price.

14-Day SMA Bitcoin Binance Netflow Has Plunged Recently

In a CryptoQuant Quicktake post, an analyst has discussed about the trend in the 14-day simple moving average (SMA) of the Bitcoin Exchange Netflow for the Binance platform.

The “Exchange Netflow” here refers to an indicator that keeps track of the net amount of the cryptocurrency that’s entering into or exiting out of the wallets associated with a given centralized exchange.

When the value of this metric is positive, it means the investors are depositing a net number of coins to these platforms. As one of the main reasons why holders would transfer to exchanges is for selling-related purposes, this kind of trend can lead to a bearish outcome for the asset.

On the other hand, the indicator being negative implies there are more outflows taking place on the exchange than inflows. Such a trend can be a sign that the investors are accumulating, which can be bullish for the coin’s price.

Now, here is a chart that shows the trend in the Bitcoin Exchange Netflow for Binance, as well as its 14-day SMA, over the last few months:

As displayed in the above graph, the Bitcoin Exchange Netflow for Binance has seen a sharp negative spike during the past day, which implies the investors have withdrawn a large number of tokens from the platform.

During the second half of last month, the indicator mostly stayed inside the positive territory, which resulted in the 14-day SMA attaining a value greater than zero.

In the chart, the quant has highlighted the instances of the 14-day SMA showing this trend in the last few months. It would appear that the pattern has generally led to short-term declines for the asset in this period. The latest inflows into the platform, too, were accompanied by a drawdown in the Bitcoin price.

After the latest sharp negative spike has appeared in the daily version of the Binance Exchange Netflow, though, its 14-day SMA value has also dipped back into the red zone.

While a surge into the positive territory precedes a short-term decline for the asset, a plunge into the negative region usually leads to bullish price action. Thus, Bitcoin may currently be well-set in terms of this indicator.

In total, the users of the exchange have taken a net amount of 5,407 BTC off into self-custody during the latest negative spike in the Binance Exchange Netflow.

BTC Price

Bitcoin has retraced its latest recovery during the last 24 hours as its price has slipped under the $98,000 level.

Bitcoin (BTC) crossed the psychologically significant $100,000 price level yesterday, fuelling optimism among bulls that the digital asset could continue its upward momentum and achieve new all-time highs (ATH) in the coming weeks.

Head-And-Shoulder Pattern Bound To Fail?

With Bitcoin reclaiming a key price level, speculation about its future price trajectory has intensified. Analysts are closely monitoring bearish chart patterns for potential invalidation, which could signal a continuation of the bullish trend.

One such bearish formation is the head-and-shoulders pattern on the daily chart, which garnered significant attention throughout December. This pattern was seen as a possible signal that Bitcoin might experience a sharp correction to the mid-$70,000 range.

For the uninitiated, a head and shoulders pattern is a bearish chart formation that indicates a possible reversal from an uptrend to a downtrend. It features three peaks with the middle peak as the highest, known as the “head,” flanked by two lower peaks called “shoulders,” and a neckline acting as a critical support level. A break below this neckline confirms the bearish trend.

However, with Bitcoin surpassing $100,000, the probability of the head-and-shoulders pattern materializing has diminished. According to crypto analyst Aksel Kibar, current market trends suggest the bearish scenario may fail to unfold. Kibar explained:

BTCUSD On daily scale formed a similar head-and-shoulders top. Price is now challenging the high of the possible right shoulder. Breach can result in a pattern negation and should be considered bullish. Head-and-shoulders failure price target stands at 116K.

Kibar also noted that even if the head-and-shoulders pattern plays out and Bitcoin drops to $73,800, it might still not disrupt the broader bullish trend. Such a retracement would likely serve as a pullback to test the previous ATH around $73,000 as a new support level.

It is worth noting that since surpassing its March 2024 ATH, Bitcoin has not experienced a major pullback, aside from a flash crash to $90,500 on December 4. Typically, bull markets are characterized by steep price declines followed by rapid recoveries, setting the stage for the next leg upward.

Bitcoin Price Projections For 2025

Price forecasts for Bitcoin in 2025 remain overwhelmingly bullish. For instance, crypto analyst Jason A. Williams predicts that BTC could reach $131,500 by the first quarter of 2025.

Similarly, Standard Chartered analyst Geoff Kendrick envisions Bitcoin climbing to $200,000 by the end of 2025, driven by factors such as strategic Bitcoin reserves and increasing institutional interest.

However, crypto entrepreneur Arthur Hayes has issued a cautionary note, suggesting that the wider crypto market might face a “harrowing dump” around President-elect Donald Trump’s inauguration on January 20. At press time, BTC trades at $100,099, down 0.7% in the past 24 hours.

A UK judge has ordered the seizure of $4.3 million in Bitcoin (BTC) from a British crime lord known as “Don Car-Leone.” The ruling comes after the fugitive failed to prove the crypto holdings weren’t related to criminal activities.

Fugitive Crime Boss Claims Bitcoin Fortune Is Lawful

UK High Court judge Mr. Justice Timothy Mould recently granted the Crown Prosecution Service (CPS) the right to seize £3.5 million worth of Bitcoin, around $4.3 million, from convicted crime boss Alexander Surin, also known as “Don Car-Leone.”

According to The Telegraph’s report, Surin fled to Dubai after being convicted in France in 2015 for drug trafficking. After his conviction, the National Crime Agency (NCO) seized his high-end car fleet, money, and several properties in London.

At the time, he and his wife accepted that the £4.5 million seized assets, worth around $5.6 million, were acquired with money from criminal activities. Moreover, Surin, who seemingly earned the nickname from his luxury car fleet, holds millions in Bitcoin in a Coinbase Kenya account.

However, he claims his Bitcoin holdings were earned lawfully by trading gold bullion in Dubai. The fugitive argued that the Bitcoin was made through two sales with a trader operating out of “small rooms in shops or buildings” at Dubai’s gold souk.

Surin added that the trader allegedly doesn’t have a website or bookkeeping record to prove the sales, as he conducts his business “based on trust and reputation.”

Judge Orders Seizure Of BTC Holdings

CPS’ representative, Martin Evans KC, told the High Court that “compelling evidence” suggested the money was made through illicit activity. Evans cited two large transfers into Surin’s Coinbase Kenya account proceeded from Christian Hargreaves, who was convicted and sentenced to 17 years for “conspiracy to supply class A drugs.”

According to the report, The CPS told the court that apart from two fake invoices, Surin didn’t provide records that explained how he became so wealthy after having previous assets seized.

Moreover, Evans argued that Surin and Hargreaves being British created the “sufficient connection to England and Wales” required to launch proceeds of crime action to seize the Bitcoin sitting in the Coinbase Kenya account.

Through email, Surin responded to the CPS’s claims, stating there was “no evidence to show my involvement in any criminality to suggest that the bitcoin were the proceeds of crime.”

However, Mr. Justice Mould dismissed his claims and ruled that Surin’s Bitcoin holdings were laundered money from illegal drug trafficking, granting the CPS the right to seize the crypto assets:

The evidence advanced by the (CPS), that in each case those transactions were made by Hargreaves with the knowledge of the defendant with a view to laundering money derived from illegal drug trafficking, is compelling. (Surin’s) alternative explanation, that each was a legitimate gold bullion sale to Panache Jewels LLC, lacks any credibility in the face of the (CPS’s) evidence.