Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Pudgy Penguins, rising 478%.
- Bitcoin’s rise to record highs earlier this week is expected to allow miners to extend their November profitability into December, according to a research report by Jefferies. Bitcoin mining economics improved in November as the average price of bitcoin was 31% higher while the average network hash rate rose by almost 4%, writes Bloomberg.
- Executives in the digital asset industry are joining the ranks of tech CEOs making their trip to Mar-a-Lago to meet with President-elect Donald Trump before his impending return to the White House, according to Bloomberg. Kris Marszalek, the CEO of Crypto.com, met with President Trump at the Florida golf resort on Monday to discuss the crypto industry.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Aerodrome Finance, down 33%.
- Bitcoin fell for the first time in four days, reports Bloomberg, with speculative bets being pared across the financial markets after Federal Reserve officials suggested greater caution over how quickly they can continue reducing borrowing costs. Bitcoin fell as much as 5.3% to $100,000 after reaching $108,000 for the first time this year.
- The U.S. Treasury Department sanctioned two individuals and one entity for laundering cryptocurrencies for the North Korean Democratic People’s Republic of Korea. Two Chinese nationals helped the crypto money laundering as part of a more extensive illicit network headed by a sanctioned banking representative, writes Bloomberg.
Opportunities
- A Blackrock fund bought municipal debt issued earlier this year, writes Bloomberg, in a first-of-its-kind deal that relies exclusively on blockchain technology. Blackrock purchased the bonds through an actively managed ETF called the iShares Short Maturity Municipal Bond active ETF.
- MicroStrategy’s entry into the Nasdaq 100 opens up the largest corporate holder of Bitcoin to a new and untapped investor: the index tracking juggernauts. MicroStrategy’s Nasdaq admittance, scheduled for after the close of trading Friday, looks poised to prompt passive investors to buy roughly $2 billion of shares, according to Bloomberg.
- Hyperliquid, the decentralized perpetual trading platform and Layer 1 blockchain, has seen over $1 billion worth of USDC net inflows into the chain since the launch of its native token Hype, according to blockchain analytics firm Spot on Chain. The platform’s deposit bridge currently holds over $2.1 billion worth of USDC stablecoin, Bloomberg reports.
Threats
- North Korea-linked hackers stole more from cryptocurrency platforms this year than ever before, writes Bloomberg, showcasing the rising capabilities that researchers say threaten U.S. national security. Digital thieves linked to North Korea utilize advanced methods such as manipulating remote work opportunities and are responsible for more than half of the total $2.2 billion stolen from platforms in 2024.
- “Hawk Tuah” cryptocurrency sellers and promoters never registered the U.S.-marketed meme coin with the SEC and left investors out to dry during a 90% crash, a lawsuit filed on Thursday said. The investors said they lost more than $151,000 combined after investing in the cryptocurrency modeled after “Hawk Tuah Girl,” writes Bloomberg.
- More than 500 retail clients of Oztures Trading, trading as Binance Australia Derivatives, were denied important consumer protection after being misclassified as wholesale clients, according to Bloomberg. Many of these clients saw financial losses and Binance paid $13 million to these customers for their losses.
