Crypto world cheers BTC @$100K

Hola folks!

Welcome back! The past week was remarkable for crypto investors as Bitcoin crossed the $100K mark. The price surge pushed Bitcoin’s market cap beyond $2 trillion. 

The broader crypto market also gained momentum as memecoins joined the party, with the memecoin market cap surging to $140 billion representing 11% of the total crypto market cap. 

Today’s newsletter highlights major developments in the crypto market last week. Read on to learn more about what made the cryptos move and how they are likely to react in the coming week.

The past week has been nothing short of historic for Bitcoin and the broader cryptocurrency market. Bitcoin shattered the long-dreamed $100,000 mark, propelling its market cap beyond $2 trillion—a milestone many once deemed impossible. 

However, the rally faced stiff resistance at $100K, triggering a sharp sell-off on Thursday that briefly dragged BTC to $90K levels before recovering. On-chain data revealed a bearish undertone as long-term holders offloaded 828,783 BTC in the last 30 days. Yet, institutional appetite remained insatiable, with spot BTC ETFs seeing record inflows of $2.73 billion, marking the largest single-week accumulation in history.

Meanwhile, the crypto ecosystem saw transformative developments beyond Bitcoin. Amazon shareholders pushed for a minimum 5% BTC allocation in the company’s treasury as a hedge against inflation, reflecting a growing corporate interest in digital assets. 

Argentina also made waves by approving foreign crypto ETFs, enabling broader investment in Bitcoin and Ethereum through local financial markets—yet another signal of global crypto adoption.

On the geopolitical front, governments continued flexing their crypto muscles. The US solidified its position as the largest Bitcoin holder with nearly 200,000 BTC, valued at $20 billion. China followed closely, with 194,775 BTC from the infamous Plustoken scam. Other notable holders included the UK, Bhutan, and El Salvador, reflecting diverse strategies from seizure-driven accumulation to proactive mining and strategic purchases. 

As the US Treasury acknowledged Bitcoin as "Digital Gold" in its latest fiscal report, it’s clear that crypto has entrenched itself deeper into the global financial landscape—setting the stage for a captivating end to the year.

The past week saw BTC making remarkable price moves as it confidently breached the revered $100K mark. ETH also saw notable gains as it nears the $4k mark. 

While the benchmark cryptos gained, it was the memecoin sector that shined. The memecoin sector, often dismissed as speculative, surged to a staggering $140 billion market cap, now representing over 11% of the crypto economy.

Weekly price movement: 

• BTC $99,507 ⏫ 4.33%  

• ETH $3,909 ⏫ 7.93% 

• PEPE $0.00002603 ⏫ 26.80%

• JASMY $0.04706  ⏫ 53.69%

(All data here as of 2.15 pm, 9 December 2024)

Before we conclude, here’s a quick look at some important news from around the crypto world.

• Amazon’s shareholders are urging the company to take a page from MicroStrategy’s playbook by diversifying its reserves into bitcoin (BTC) to beat inflation and boost shareholder value. Read more here.

• The combined 12 US spot Bitcoin exchange-traded funds have surpassed the 1.1 million BTC estimated to be held by the crypto’s pseudonymous creator Satoshi Nakamoto for the first time. Read more here. 

That’s it for now. Thanks for sticking around.

See you later, folks! 👋

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