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Crypto Market Turmoil: Liquidity Tightening and Fed Policy Spark Major Sell-Off
The cryptocurrency market has experienced a sharp downturn since December 18, 2024, with Bitcoin and Ethereum suffering steep declines. The sell-off began immediately after the Federal Reserve’s Federal Open Market Committee (FOMC) meeting, where cautious remarks from Fed Chair Jerome Powell rattled markets. Analysts, including Jamie Coutts of Real Vision, attribute the crash to tightening liquidity and macroeconomic pressures.

The Fed’s Mixed Signals
The Federal Reserve’s decision to lower the federal funds rate by 0.25 percentage points initially seemed like a positive development. However, accompanying statements revealed a more cautious outlook. Powell noted that while inflation has eased, it remains above the Fed's 2% target. He emphasized that the current policy rate of 4.25%-4.5% is “meaningfully restrictive” and signaled that future rate cuts would proceed slowly unless inflation shows further progress.

Powell also highlighted the economy's strength, which, coupled with projections of only two additional rate cuts in 2025, dashed hopes for a more aggressive easing cycle. This stance spooked markets, signaling that liquidity conditions would remain tighter for longer than anticipated.

Crypto Markets React Swiftly
Within minutes of Powell’s press conference, Bitcoin began its decline, triggering a broader sell-off across cryptocurrencies. By December 20, Bitcoin had dropped 7.2% in the past 24 hours, with Ethereum falling 10.7%. Over the week, Bitcoin and Ethereum recorded losses exceeding 5% and 16%, respectively. Altcoins like Solana and Dogecoin faced even sharper declines, with weekly losses of over 16% and 26%.

Liquidity Crunch Drives the Crash
Jamie Coutts, Real Vision’s Chief Crypto Analyst, explained the downturn as a result of tightening global liquidity. In his December 20 analysis, Coutts noted that central bank balance sheets have been shrinking, and bond market volatility has been rising—both of which have been reducing liquidity for the past two months. Risk assets like cryptocurrencies, which depend heavily on abundant liquidity, have struggled to maintain demand in such an environment.
Historically, Bitcoin has been highly sensitive to changes in liquidity conditions. The Fed’s cautious messaging compounded existing concerns, accelerating outflows from crypto markets. Coutts described this as a delayed reaction to a broader liquidity tightening trend that began earlier this year.

Global Liquidity Metrics Paint a Grim Picture
Coutts also pointed to broader liquidity indicators, including the U.S. Dollar Index (DXY) and global money supply (M2), to explain the crypto market’s struggles. A stronger dollar and reduced money supply tighten financial conditions, leaving less room for speculative assets like crypto to thrive. While global M2 may be stabilizing, Coutts warned that Bitcoin’s historical lag behind liquidity trends could mean further declines are ahead.

The Fed’s Balancing Act
Powell’s remarks underscored the Fed's delicate balancing act: reducing monetary restraint too quickly could reverse progress on inflation, while acting too slowly could unnecessarily weaken economic activity. This uncertainty has fueled volatility across markets, particularly in risk-sensitive assets like cryptocurrencies.

Outlook for Crypto Markets
Coutts believes the ongoing liquidity crunch, driven by shrinking central bank balance sheets and tighter global financial conditions, will continue to challenge the crypto market. As liquidity remains constrained, speculative assets like Bitcoin and Ethereum are likely to face ongoing pressure, potentially extending the current downturn.
In summary, the cryptocurrency market’s recent crash is a direct consequence of tightening global liquidity, compounded by the Federal Reserve's cautious stance and Powell's remarks about maintaining restrictive policies. The road ahead may remain rocky as the market adjusts to these challenging conditions.

#ChristmasMarketAnalysis
#BtcNews #BTC
$BTC $ETH

Bitcoin Struggles Below $98k as Fed Signals Weigh on Sentiment
Bitcoin (BTC) declined by 0.63% on Saturday, December 21, reversing Friday’s modest 0.43% gain to close at $97,505. This marked the second consecutive session where BTC failed to breach the $100k level, as cautious sentiment dominated the market.

Source :Coinmarketcap
ETF Inflows Provide Support Despite Concerns
The U.S. Bitcoin spot ETF market maintained its third consecutive week of inflows, totaling $457 million in the week ending December 20. However, daily outflows later in the week, combined with the Federal Reserve's recent rate cut and projections signaling fewer-than-expected rate reductions in 2025, dampened demand for BTC.

Key ETF Performance Insights
- **iShares Bitcoin Trust (IBIT):** Led the market with $1,447 million in net inflows.
- **Fidelity Wise Origin Bitcoin Fund (FBTC):** Recorded net outflows of $293 million.
- **Grayscale Bitcoin Trust (GBTC):** Reported $248 million in outflows.
- **Additional Funds:** The Grayscale Bitcoin Mini Trust and ARK 21Shares Bitcoin ETF also experienced significant outflows.

While BlackRock's IBIT remains a key player in stabilizing the ETF market, its first daily outflows since November 6 raised concerns about sustained investor interest. The Fed's rate cut decision, coupled with cautious forward guidance, further pressured demand for risk assets, including cryptocurrencies.

Spot ETFs May Shape BTC’s Future Growth
On Friday, the SEC approved two hybrid crypto-spot ETFs: the Hashdex Nasdaq Crypto Index US ETF and the Franklin Crypto Index ETF. Both funds feature an 80-20 weighting between Bitcoin and Ethereum.

Nate Geraci’s Commentary
ETF Store President Nate Geraci emphasized the significance of the move, stating:
“SEC has *approved* both the Hashdex Nasdaq Crypto Index US ETF & Franklin Crypto Index ETF… Will initially hold both BTC & ETH.”
Geraci also noted that these hybrid products could attract strong demand due to their diversification benefits, which advisors often favor in emerging asset classes.

The success of these ETFs could play a critical role in driving BTC and ETH prices higher. Meanwhile, BlackRock’s IBIT continues to anchor the market, but future price trends may hinge on broader adoption and diversification strategies.

BTC’s Short-Term Outlook
BTC’s short-term prospects remain tied to ETF flows, U.S. economic indicators, and regulatory developments. A significant rebound in ETF inflows or favorable economic data may help BTC retest $100k, while bearish trends could push prices toward $90k or lower.

#BTCNextMove #Btcoutlook #BtcNews
$BTC $ETH

Bitcoin, the original cryptocurrency, saw its price drop to $95,234 on Friday at 9 a.m. in London, following a record high of just over $108,000 earlier in the week. The selloff also weighed heavily on smaller cryptocurrencies such as Ether and Dogecoin.

Source: Coinmarketcap
Adding to the bearish sentiment, US exchange-traded funds (ETFs) focused on Bitcoin experienced a record outflow of $680 million on Thursday. This marked the end of a 15-day streak of continuous inflows, according to Bloomberg data, highlighting a shift in market sentiment.
Strahinja Savic, head of data and analytics at FRNT Financial, described such corrections as “pretty typical” during crypto bull markets. Meanwhile, QCP Capital attributed the downturn to the market’s “overly bullish” positioning, which set the stage for a pullback.

Broader market trends also played a role. The Federal Reserve’s more hawkish stance on monetary policy, announced on Wednesday, impacted risk assets across the board. Despite the recent dip, Bitcoin remains nearly 50% higher since pro-crypto Donald Trump’s win in the U.S. presidential election on November 5.

Edward Chin of Parataxis suggested the selloff could be attributed to “year-end profit-taking,” rather than any fundamental change in the market.
The Fed’s revised outlook, with fewer rate cuts expected in 2025, has prompted some investors to reduce exposure and secure profits.
Chris Weston, head of research at Pepperstone Group, cautioned against short-term optimism, writing, “Technically, caution is warranted. While a price collapse is unlikely in the near term, the momentum has faded, and buyers have lost control of the market.”
#MarketPullback #BTCNextMove
$BTC $ETH $DOGE

Trump’s Proposal for a U.S. Bitcoin Stockpile: What You Need to Know

Bitcoin prices have surged in 2024, partly due to President-elect Donald Trump's proposals for a crypto-friendly administration. Among his plans is the idea of building a U.S. bitcoin stockpile, which he believes could become a "permanent national asset" to benefit all Americans and establish the country as a leader in the cryptocurrency space.
During a July conference, Trump stated that holding onto the country's bitcoin reserves would help make the U.S. a dominant force in global cryptocurrency. Some advocates are urging the new administration to take this further by creating a bitcoin strategic reserve to help the U.S. reduce its national debt.

How a Bitcoin Stockpile Would Work

The U.S. government already owns nearly $20 billion worth of bitcoin, mainly obtained through legal seizures, according to crypto tracking firm Arkham Intelligence. While federal officials occasionally sell some of these holdings, Trump has suggested halting future sales to establish a "core" stockpile of bitcoin.
During a July speech, Trump emphasized the importance of never selling bitcoin: “For too long, our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin.”
Bitcoin's value has risen by more than 100% this year. By keeping its bitcoin reserves intact, the U.S. could contribute to maintaining high prices, benefiting current investors.

"If you constrain supply in the overall, real-time market, then it does help to not suppress the price," said Seoyoung Kim, author of *DeFi For Dummies* and associate professor of finance at Santa Clara University.
Some are pushing for more than just maintaining the current crypto holdings. They advocate for a bitcoin reserve, similar to the U.S.'s gold and oil reserves, arguing that this could help reduce the $36 trillion national debt.
Republican Senator Cynthia Lummis from Wyoming introduced a bill proposing the U.S. acquire 1 million bitcoins, about 5% of all outstanding bitcoins, to hold for at least 20 years. The plan would fund the acquisition by revaluing $11 billion in gold certificates held by the Federal Reserve.
Lummis argued that a bitcoin reserve could not only help reduce national debt but also strengthen the U.S. dollar. “While there may be short-term volatility, over the long term a bitcoin reserve like this will serve as an important and stable store of value,” Lummis wrote in a *Wall Street Journal* op-ed.

Trump has also suggested that a bitcoin reserve would allow the U.S. to compete globally in cryptocurrency. "We don't want China or anybody else — and not just China, but others are embracing it — and we want to be the head,” Trump told CNBC in December.
Other countries with significant bitcoin holdings include China ($18.5 billion), the United Kingdom ($6 billion), Ukraine ($4.5 billion), Bhutan ($1 billion), and El Salvador ($582 million), according to BitcoinTreasuries.

Do We Need a Bitcoin Strategic Reserve?
Despite the enthusiasm for a bitcoin stockpile, some experts argue that the U.S. doesn't need such a reserve to remain competitive. Michele Neitz, a visiting professor at the University of San Francisco, said, “I would rather see regulatory clarity around all digital assets moving forward. To me, that benefits the U.S. economy even more than possibly holding a volatile asset in reserve.”

Risks of a Federal Bitcoin Reserve
Creating a stockpile of bitcoin may be simple for the president to enact, as the government would just stop selling its holdings. However, funding a strategic reserve would likely require Congressional approval, and analysts believe this is unlikely.
Owen Lau, a senior analyst at Oppenheimer & Co., explained, “I just have not heard enough support for creating something like that. Taking the idea further to actively buy and sell bitcoin would be quite risky and harder to justify to the public.”
Concerns about the risks of holding bitcoin include vulnerabilities to cyberattacks and the potential for a significant decline in bitcoin's price. Bitcoin has experienced large price swings in the past, such as a 70% drop between November 2021 and November 2022.
“If bitcoin goes up, you benefit from it. If bitcoin goes down, the taxpayer will lose value on that trade,” Lau said.

A Barclays analysis suggested that funding a bitcoin reserve would likely require issuing new Treasury debt, which could face strong opposition from the Federal Reserve. When asked about the proposal, Federal Reserve Chair Jerome Powell stated, “We’re not allowed to own bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change. That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed.”

Conclusion

While Trump’s bitcoin reserve plan has generated considerable interest, it remains unclear whether it will gain the necessary support in Congress. The proposal has sparked debate about the potential benefits and risks of the U.S. government holding a strategic bitcoin reserve, with some advocating for regulatory clarity over stockpiling the volatile asset. Ultimately, the future of this plan will depend on both political and economic factors.
#BTCNextMove #BTCNEWS #BTC
$BTC

Binance's BNB Faces Short-Term Correction Amid Legal Troubles in Australia
The cryptocurrency market is experiencing a short-term pullback following a sustained bull run since early November. Among the affected altcoins is Binance's native token, BNB, which has dropped 1.5% in the past 24 hours but remains up 1.64% over the week.

Legal Challenges in Australia

BNB's performance comes despite escalating legal troubles for Binance in Australia. The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance Australia, alleging the misclassification of over 500 retail investors as wholesale clients. This misclassification reportedly deprived these clients of essential protections under Australian financial regulations, potentially exposing them to significant risks.
The alleged violations occurred between 2022 and 2023 and affected 83% of Binance Australia's client base. ASIC's claims include:
Failing to provide a product disclosure statement to retail clients.Neglecting to establish a target market determination for crypto derivatives.Lacking a compliant internal dispute resolution system.Failing to ensure the effective provision of financial services.

Although Binance compensated affected clients with $13 million in 2023, ASIC is pursuing penalties, declarations, and adverse publicity orders through the courts.

BNB's Market Position
Despite these challenges, Binance's BNB remains a significant player in the crypto market. Ranked sixth by market capitalization, the digital asset currently sits at $717, with a total valuation of $103 billion. BNB trails Solana, which has a slightly higher market cap and is trading at $216.

Source: Coinmarketcap
Regulatory Pressures and Global Scrutiny
ASIC's lawsuit is part of its broader push for tighter oversight of the digital asset industry. Earlier this month, the regulator issued a consultation paper aimed at clarifying the application of existing financial product definitions to cryptocurrencies.

Globally, Binance faces increasing scrutiny. In November 2023, the company exited the U.S. market after agreeing to a $4.3 billion settlement with the Department of Justice. Binance CEO Richard Teng recently indicated that discussions about re-entering the U.S. market are premature, with the company focusing on global expansion instead.

Market Outlook for BNB
From a technical perspective, BNB remains in an upward trend despite the legal headwinds. TradingView’s Relative Strength Index (RSI) for BNB is currently at 56, indicating the token is below the overbought zone. While the price could retrace to a key trend line, strong fundamentals and continued positive sentiment in the crypto market could push BNB toward the $1,000 mark in the long term.

The outcome of Binance's legal and regulatory battles will likely play a significant role in shaping its future trajectory.

#MarketCorrectionBuyOrHODL? #MarketCorrectionBuyOrHODL
$BNB

Bitcoin’s Dominance Soars in 2024: Spot ETFs and Institutional Adoption Drive Growth

The year 2024 has proven transformative for digital assets, with Bitcoin (BTC) experiencing a surge in institutional adoption. This evolution has been driven by two key factors: the integration of Bitcoin into public balance sheets as a treasury asset and the growing success of U.S. spot-listed exchange-traded funds (ETFs), which have collectively secured over 1 million BTC.
Bitcoin ETFs Outpace Gold in AUM
A report from K33 Research highlights that U.S.-listed Bitcoin ETFs have surpassed Gold ETFs in total assets under management (AUM), including leveraged and futures-based products. As of December 17, Bitcoin ETFs boast an AUM of $129.25 billion, narrowly exceeding the $128.88 billion held by Gold ETFs.
When focusing exclusively on spot-based ETFs, Gold still holds a slight lead. According to Bloomberg Senior ETF Analyst Eric Balchunas, U.S. spot Bitcoin ETFs manage $120 billion in AUM, compared to $125 billion for spot Gold ETFs.

Institutional Activity at the CME

The Chicago Mercantile Exchange (CME), a key platform for institutional Bitcoin trading, continues to see robust activity. Futures open interest has reached new highs, with contracts totaling 212,635 BTC.
The basis trade premium — a measure of market confidence — has climbed to 16.4%, the highest level since November 2023. The premium for January contracts is particularly notable, widening to 1.5% over December contracts. This marks the largest next-month premium recorded since late 2023.
The December CME contract remains the most valuable, with open interest equivalent to 113,480 BTC. Analysts anticipate a significant December roll, potentially amplified by upcoming banking holidays, which could further boost the January premium.
Consistent Inflows into Bitcoin ETFs

Since November 27, U.S. spot-listed Bitcoin ETFs have recorded daily net inflows, accumulating $6.5 billion by mid-December, according to Farside data. A substantial portion of these inflows is linked to cash-and-carry trades, benefiting from the widening basis trade premium and growing open interest on CME contracts.
The Road Ahead

With strong institutional interest and the continued rise of Bitcoin ETFs, the digital asset market is poised for further growth. The developments in 2024 underscore Bitcoin’s increasing appeal as both a treasury asset and a financial instrument, solidifying its position in the broader investment landscape.
#btcupdates2024 #BtcNews #btc $BTC

Federal Reserve Chair Rules Out Bitcoin on Fed's Balance Sheet, Markets React
Federal Reserve Chair Jerome Powell has unequivocally ruled out the possibility of the central bank holding Bitcoin, citing legal constraints under the Federal Reserve Act. During a press conference on December 19, Powell clarified that the Fed is not seeking legislative changes to enable cryptocurrency ownership.

“We’re not allowed to own Bitcoin,” Powell stated. “The Federal Reserve Act defines what we can hold, and we’re not pursuing a change in the law. That’s a matter for Congress, but it’s not something the Fed is considering.”
Powell’s comments, coupled with a more cautious tone from the Federal Reserve, prompted a sharp decline in Bitcoin’s value. The cryptocurrency fell 5.9% to $100,605, retreating from its record high of $108,000 set on December 18. The broader cryptocurrency market also experienced a downturn, with its total capitalization falling by 7.6% to $3.67 trillion. Ethereum, XRP, and Solana recorded losses ranging from 4% to 11%.

Source:Coinmarketcap
Market and Policy Impacts
On the same day, the Federal Reserve announced a quarter-point interest rate cut, bringing the target range to 4.25%–4.5%. Powell emphasized that the Fed’s monetary policy is now “significantly less restrictive” after reducing rates by a full percentage point from their peak. He noted that future rate adjustments in 2025 would depend on inflation trends and labor market data.
Equity markets also reacted negatively, with the S&P 500 and Nasdaq Composite both dropping 0.4%, while the Dow Jones Industrial Average fell by approximately 100 points, extending its losing streak to 10 days.
Despite the declines, analysts from blockchain platform Santiment highlighted Bitcoin’s relative resilience. “BTC remaining above $100K despite the correction could be seen as a sign of underlying strength. We anticipate stabilization over the next 24-48 hours,” the firm noted.
Trump Advocates for Bitcoin Strategic Reserve

President-elect Donald Trump, meanwhile, reiterated his support for Bitcoin as a strategic asset. During a December 12 address, Trump proposed creating a U.S. Bitcoin reserve to ensure the nation’s leadership in the global cryptocurrency space.
“We’re going to do something incredible with crypto. We don’t want China or others to get ahead of us,” Trump said.
The U.S. government currently holds over 212,000 BTC, valued at $22.3 billion, from law enforcement seizures. While Trump’s vision for a Bitcoin reserve remains undefined, there is growing speculation that an executive order could establish Bitcoin as a reserve asset after his inauguration on January 20, 2025.
Analysts believe these developments signal a significant shift in the U.S. government’s approach to cryptocurrency, even as the Federal Reserve maintains its cautious stance.
#btc #BitcoinReserve #CryptoNewss #TrumpSupportsCrypto #TrumpCrypto
$BTC

PENGU Token Launch: $6 Investment Yields $87K
Yesterday, Binance launched the PENGU token, sparking immense demand through a significant airdrop and spot trading pairs, including USD, BNB, FDUSD, and TRY. The token’s popularity was fueled by the success of the Pudgy Penguin NFT collection, which laid the foundation for strong investor interest.
According to Arkham Intelligence, one trader managed to buy $6 worth of PENGU tokens before the main liquidity pool was launched on Solana. By pairing the token with $1,100 worth of SOL on Raydium, the trader capitalized on early demand, leading to a price surge of 800%. This enabled the $6 investment to skyrocket to $87K in value.

"This guy bought $6 of PENGU and turned it into $87,000... Multiple users trying to snipe PENGU’s launch swapped into his pool and bought…," reported Arkham Intelligence via Twitter.
Price Volatility Post-Airdrop
After its initial surge, the PENGU token faced a 30% decline due to a mass sell-off by early holders and volatility from the Binance airdrop. Despite these fluctuations, the token achieved an all-time high of $0.04989 before settling at $0.03336 with a market capitalization of $2.08 billion, as reported by CoinMarketCap.

Source:Coinmarketcap
The token remains up by 567% in the last 24 hours, indicating strong market interest despite the correction. Experts predict that once the current consolidation phase ends, PENGU may resume its bullish trend, supported by exchange listings and robust market demand.
Why PENGU Matters
PENGU serves as the native token of the Pudgy Penguin NFT ecosystem, which features a collection of 8,888 penguin-themed NFTs. The recent token launch and airdrop were pivotal in attracting widespread attention, leading to both massive gains for early adopters and notable trading opportunities for others.

One standout success story is the trader who turned $6 into $87K by leveraging early market dynamics. While some traders made significant profits, others exited prematurely, missing out on the full potential of their investments.
The Road Ahead for PENGU
Despite its recent price correction, PENGU shows signs of long-term growth. Its integration within the Pudgy Penguin ecosystem and continued demand in the crypto market suggest that the token could re-enter a bullish phase in the coming days. Investors should keep a close watch as the consolidation period winds down and market stability improves.

Whether you’re an NFT enthusiast or a crypto trader, PENGU offers intriguing possibilities in the ever-evolving digital asset landscape.
#PENGUOpening $PENGU

ChatGPT can ma

The surging value of Bitcoin has drawn the attention of luxury brands and retailers, prompting many to consider accepting cryptocurrencies as payment. This move aims to tap into new wealth pools and strengthen relationships with crypto-savvy consumers.
Previously, only a few high-end labels, such as LVMH's Hublot and Tag Heuer, as well as Kering's Gucci and Balenciaga, had experimented with cryptocurrency payment options. However, the landscape is shifting as interest in digital currencies grows.
Source: Coinmarketcap
Recently, Printemps, a prestigious French luxury department store, partnered with Binance, the world’s largest cryptocurrency exchange, and French fintech company Lyzi. Together, they introduced cryptocurrency payments, including Bitcoin and Ethereum, in Printemps stores across France. This milestone makes Printemps the first European department store to adopt such a system, sparking curiosity among other luxury brands.
“This has generated significant interest,” said David Princay, president of Binance France, who noted that discussions with additional luxury brands are underway.
Meanwhile, other high-end names are following suit. S.T. Dupont, known for its luxury pens and lighters, plans to accept crypto payments in two Parisian locations by the holiday season. Virgin Voyages, a cruise line, now offers a $120,000 annual sailing pass payable in Bitcoin.
Despite this growing adoption, regulators remain cautious, warning of cryptocurrency risks, including high volatility and limited real-world use. Such challenges have historically hindered widespread acceptance of digital currencies as a payment method.
However, market dynamics are changing. Support from U.S. President-elect Donald Trump, who is expected to introduce crypto-friendly policies, has contributed to Bitcoin's record-breaking rally. Analysts from S&P Global note that advancements in blockchain technology could help stabilize cryptocurrencies, making them more predictable for practical use.

A Fresh Image for Luxury Brands
Luxury companies, seeking innovative ways to connect with younger and tech-savvy audiences, are increasingly embracing cryptocurrency. For example, luxury conglomerate Kering’s digital strategy emphasizes a “test and learn” approach. Gucci has been accepting payments in 10 different cryptocurrencies in the U.S. since 2022.
Offering crypto payments allows brands to modernize their image and appeal to a younger demographic, said Andrew O’Neill, digital assets lead at S&P Global Ratings. “It helps brands shed a ‘stuffy’ reputation and resonate with millennials and Gen Z,” he explained.
Still, the use of cryptocurrencies in luxury retail is largely symbolic. Retailers typically convert crypto payments into traditional currencies to mitigate volatility risks. Yet, for crypto investors experiencing significant gains, splurging on luxury goods like designer handbags and watches is an attractive way to diversify their wealth.
Printemps, meanwhile, is expanding its crypto payment services. The retailer plans to open a store in New York City’s Wall Street district by March, enabling American customers to shop with digital currencies.

A New Frontier
The luxury sector’s embrace of cryptocurrencies marks a shift in its efforts to attract wealthier and younger clientele. By adopting innovative technologies and payment options, high-end brands hope to revitalize their appeal during challenging times for the industry.
Although the market remains niche, some luxury consumers, like Eunice Wong, are already making significant purchases using crypto. Known as “Eunicorn” in the crypto community, Wong is a prominent investor and influencer. Recently, she purchased several high-end watches, including an Audemars Piguet Royal Oak, using Bitcoin. Despite luxury brands’ efforts to engage with customers like her, Wong prefers bypassing traditional retail processes. “If I will buy, I'll buy on the secondary market, not through them,” she said. “I want it now.”
As Bitcoin continues to climb—reaching $107,000 recently—it’s clear that the intersection of luxury and digital assets is becoming more than just a trend.
#Bitcoin110KNext?
$BTC

The Pudgy Penguins NFT project’s highly anticipated token launch has had an underwhelming start, with its native token, PENGU, plummeting over 50% in the initial hours of trading following the Dec. 17 airdrop.

Source:CoinGecko
Approximately half of the total supply of nearly 89 billion PENGU tokens has been distributed to the community, with 26% allocated to NFT holders, as per the project’s website.
The token initially launched with a market capitalization of approximately $2.8 billion but has since fallen below $2 billion, according to CoinGecko data. PENGU trades on the Solana blockchain.
Although the Pudgy Penguins team has not disclosed a clear utility for the token, Bybit suggests that it is expected to serve a role in project governance.
#PENGUOpening
$PENGU

A trader lost nearly $10,000 while trying to capitalize on the Pudgy Penguins (PENGU) token airdrop. The PENGU token surged to a $3 billion market cap shortly after launch, but the trader mistakenly purchased tokens from a manipulated low-liquidity pool at an inflated $14 trillion valuation. Their $10,000 investment dwindled to under $3 within minutes.

This error stemmed from a glitch in the Jupiter decentralized exchange and the trader's failure to verify the contract address. They later acquired 62,585 PENGU coins worth about $2,000, mitigating some losses.

Pudgy Penguins has been a top NFT project, with NFTs trading as high as $60,000 each. The PENGU token launch is part of its broader roadmap, which includes activating features on Ethereum and launching a new layer-2 Abstract Chain network. The token has a total supply of 88.88 billion and was airdropped to seven million eligible addresses.
#PENGUOpening
$PENGU