A meeting between Crypto.com CEO Kris Marszalek and President-elect Donald Trump took place recently on December 16th, 2024. The meeting centered on discussions about policies influencing the crypto industry, with several ideas such as the implementation of a national Bitcoin (BTC) reserve being on the agenda. 

Collaboration Is Key

The meeting also aligned with Crypto.com deciding to withdraw its lawsuit against the U.S. Securities and Exchange Commission (SEC). The exchange formally dropped its legal challenge on the same day, filing to dismiss the case with prejudice in the U.S. District Court for the Eastern District of Texas.

Previously, Marszalek had announced plans to pursue legal action after receiving a Wells notice by the SEC in October. However, a spokesperson for Crypto.com explained that the withdrawal of the lawsuit reflects a renewed intention to collaborate with the new Trump administration on setting up a viable regulatory framework for the crypto industry.

The Times Are Changing

Since his election victory on November 5th, Trump has made many changes including appointing pro-crypto figures such as former PayPal COO David Sacks and former SEC commissioner Paul Atkins, whom Trump personally selected as his pick to replace Gary Gensler as the new U.S. SEC Chair.

Elsewhere, Ohio recently introduced a Bitcoin reserve bill, following similar initiatives in Texas and Pennsylvania. Meanwhile, SEC Commissioner Caroline Crenshaw is currently dealing with various controversies linked to her views on crypto regulation and other political shifts.

The U.S. Federal Reserve is convening for its last meeting of 2024 today, with key announcements anticipated following the session. It is widely expected that the Federal Reserve will announce a 25 basis points reduction in interest rates.

Inflation Metrics Show Rising Pressures

According to Kalshi, there is currently a 96% likelihood that the Fed will reduce rates by 25bps at the meeting. This would mark the third rate cut of 2024, bringing the total reductions to 100bps. Thus far, the Fed has already implemented two rate cuts this year.

Meanwhile, inflation has been picking up in recent months, further complicating efforts by the Fed to stabilize the economy. At the beginning of the year, the U.S. Consumer Price Index (CPI) stood at 308.417 points. By April, it had increased to 313.55 points. In October, the CPI reached its highest level for the year at 315.66 points, before slightly decreasing to 315.49 points in November.

In January 2024, the U.S. Producer Price Index (PPI) was at 142.683 points. By June, it rose to 144.834 points and has steadily increased since then, reaching a yearly peak of 146.493 points in November. Meanwhile, the U.S. Personal Consumption Expenditure (PCE) Price Index began the year at 122.115 points. It hit a peak of 123.234 points in April, and after a period of steady increases, it reached 124.266 points in October, its highest level for the year.

Challenges For The Labour Market

A significant factor prompting the consideration of rate cuts is the ongoing challenges in the U.S. job market. Although there were early signs of improvement, the job market has recently begun showing signs of weakness.

In fact, the U.S. Initial Jobless Claims (IJC) Index stood at 224K on November 30th. By the first week of December, it had risen to 242K, a level not seen in the previous eight weeks. Finally, the Continuing Jobless Claims (CJC) Index also saw a rise, increasing to 1.89 million by November 30th.

Bitcoin (BTC) has surpassed the $107,000 threshold, achieving a new all-time high (ATH) after it previously recorded another ATH price at $106,000 yesterday. As of right now, the price has decreased a bit and is currently resting just above $106,600. 

Still Bullish

The price surge has been gaining pace for several months, with the recent rally breaking previous resistance levels. Although Bitcoin faced a dip below $95K just last week, the bulls have nevertheless managed to push BTC above its previous ATH.

Still, it was the $100,000 milestone which proved to be the main test, with Bitcoin hitting this level multiple times in the past week, including on December 9th, 11th, and 13th. Many believe that Russia announcing their plans to implement a Bitcoin reserve strategy of their own is what caused this sudden surge to $107K.

Mixed Bag For Altcoins

Bitcoin may continue to rise but altcoins remain a mixed bag. For instance, ETH, TRON, XRP, and BNB are all in the green, but other mainstays like DOGE, ADA, SOL, AVAX, LINK, and TON are all in the red within a 24 hour period.

The global market capitalization is now $3,911,818,417,060, and the daily trading volume for the entire crypto market is now $295,351,502,587. As of today, Bitcoin has a market capitalization of $2,108,251,640,960, reflecting a nearly 10% increase on a weekly basis.

A number of AI tokens have been experiencing notable price increases lately. Among these, Virtuals Protocol (VIRTUAL) stands out, with a remarkable 90.6% gain over the past week, reaching a price of $2.89.

Growing Investor Confidence

Besides VIRTUAL, AI agents like FET (Artificial Superintelligence Alliance), currently priced at $1.71, and AI16Z (AI16Z) at $0.7475 have also seen gains, with FET increasing by 3.1% over the last 24 hours, and AI16Z climbing by 9.4% in the same period.

The overall positive trend reflects growing investor confidence in AI-related projects. Other tokens within the AI space are also showing solid growth, such as PAAL (PAAL), which has seen a 6.5% increase in the past 24 hours, and AGIX (SingularityNET), up by 3.2%. 

SUI On The Rise And Future Outlook

SUI Agents (SUIAI), built on the Sui blockchain, offers a platform for launching and trading AI agents. Its price is currently at $0.183, having seen a significant 14.9% increase in the past 24 hours. With SUI Agents, users can design personas, configure behaviors, and share public profiles. The platform also utilizes the SUIAI token for premium customization, tokenized agent pairing, liquidity, and funding projects like IDOs.

The broader AI token market is seeing increased volume and attention, with many of these projects experiencing robust 7-day growth. For instance, Spectral (SPEC) has seen an impressive 7.3% rise over the last 24 hours, priced at $12.93, while Oraichain (ORAI) continues to make strides with a 6.3% increase, currently valued at $10.46.

Shiba Inu (SHIB) recently unveiled an exclusive airdrop for its newly introduced meme coin, Shifu (SHIFU), aiming to reward its dedicated community members. Currently, SHIB is trading at a price of $0.00002695, according to CoinGecko.

Key Details

As per an official post via the Shiba Inu X (Twitter) account, users who hold 100,000 SHIB tokens and 100 Bubble (BUBBLE) tokens, which is the native cryptocurrency of the Imaginary Ones ecosystem through which Shiba Inu launched Shifu, will qualify for about 22% of the total supply.

Furthermore, 4% of the supply is reserved for holders of Shib Games, Doge Killer (LEASH), Bone ShibaSwap (BONE), and Shiboshi and Sheboshi NFTs. Another 4% is allocated to participants of the Imaginary Ones Carnival and NFTs.

An Intriguing Partnership

SHIFU marks the latest addition to the growing Shiba Inu ecosystem, with Shytoshi Kusama, the head of the project, partnering with Kaal Dhairya and the Imaginary Ones team to bring the new meme coin to life.

Imaginary Ones aims to combine digital art, gaming, and NFTs to create an immersive ecosystem. In order to further facilitate the growth of both Imaginary Ones and Shiba Inu, the teams initiated the airdrop as part of a collaborative promotional strategy.

CyberKongz, a reputable NFT platform, recently received a Wells notice by the U.S. Securities and Exchange Commission (SEC). On December 16th, CyberKongz revealed that the SEC does not believe the platform has the proper registration required to issue ERC-20 tokens. CyberKongz has been given 30 days to respond to the notice.

The Wrath Of The SEC

The concerns by the SEC are believed to center on the sale of Genesis Kongz NFTs in April 2021. However, CyberKongz clarified that this was a contract migration and not a primary sale. The platform emphasized that it has operated primarily on a self-funded basis, without raising capital, and has a small treasury, despite enduring scrutiny for over two years.

CyberKongz speculated that the actions taken by the regulatory agency may be part of a broader effort to slow the growth of the Web3 space. The team is hopeful that the situation will improve under newly elected U.S. President Donald Trump, and it remains committed to advocating for NFT projects across all platforms.

Showing Resilience
Despite receiving the Wells notice, the CyberKongz NFT market has shown resilience. According to CoinGecko, the floor price for CyberKongz NFTs rose by over 19% in the last 24 hours, reaching an average of 8.59 ETH, or approximately $26,900.

This marks the second notable Wells notice served to a gaming and NFT firm in recent months, following a similar notice to Australian-based Immutable on November 1st. CyberKongz has also received backing by Axie Infinity co-founder Jihoz Zirlin, who believes the persecution of Web3 innovators will eventually end under the new Trump administration.

Bitcoin (BTC) has shattered the $106,000 mark, hitting a new all-time high (ATH) and continuing its upward trend. Although the price has dipped slightly to $104K, it has already recovered to touch $105K.

A Safe Haven

BTC has been steadily climbing for months. Although it had struggled last week when it dipped below $95K, the bulls managed to propel it to a new ATH. The $100,000 mark was the true test for Bitcoin, as there were multiple times when it reached this point in the last 7 days including on December 9th, 11th, and 13th. 

This rally also comes at a time when traditional financial markets are facing challenges, such as inflation and geopolitical instability. Bitcoin, often viewed as a safe haven asset in uncertain times, has drawn in both retail and institutional investors like BlackRock, Grayscale, and MicroStrategy.

The surge has also been linked to recent political developments, mainly Donald Trump once again becoming United States President and immediately replacing SEC Commissioner Gary Gensler with Paul Atkins. 

Alts Mostly In The Green

As Bitcoin continues to rise, many altcoins are also increasing. Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Dogecoin (DOGE), and Cardano (ADA) are all in the green, as is most of the market. However, some such as Ripple (XRP), Chainlink (LINK), Stellar (XLM), and Hedera (HBAR) are among the few in the red.

The global market capitalization is now $3.88 trillion, up 0.61% in the last 24 hours and 133.05% in the previous year. As of today, Bitcoin has a market capitalization of $2.08 trillion, reflecting a 53.56% domination. Meanwhile, stablecoins have a cumulative market cap of $208 billion, accounting for 5.36% of the total cryptocurrency market capitalization.

A man posing as an Uber driver in Scottsdale, Arizona, has been arrested for allegedly stealing a total of $300,000 worth of cryptocurrency by scamming two unsuspecting passengers. The incidents reportedly occurred in March and October of this year.

How The Scam Unfolded

According to a December 12th report by Fox10 Phoenix, the Scottsdale Police Department identified the suspect as Nuruhussein Hussein. Authorities claim Hussein targeted victims outside the upscale W Hotel in Scottsdale, pretending to be the Uber driver they had ordered. To make his deception convincing, Hussein allegedly greeted the victims by their names, though investigators have not disclosed how he obtained this information.

Once inside the car, Hussein allegedly asked the passenger if he could use their phone, claiming his own was broken. In one case, he offered to troubleshoot the Uber app after the passenger questioned why it appeared their ride had not officially started.

Police say Hussein exploited the phones to transfer funds through their Coinbase accounts. He allegedly conducted crypto transfers between phones and then moved the stolen assets to cold storage wallets, ensuring they were untraceable.

Intimidation And Arrest

When one of the victims grew suspicious and demanded their phone back, Hussein reportedly threatened them, warning them to relax or something bad would happen to them. The Scottsdale Police Department, in collaboration with U.S. Secret Service agents, arrested Hussein on December 11th. He faces charges of theft, fraud, and money laundering.

Prosecutors successfully argued for a $200,000 secured cash bond, along with electronic monitoring if Hussein posts bail. His next court appearance is scheduled for December 18th, and investigations into the case are ongoing.

Offline Crypto Thefts On The Rise

The case highlights a concerning trend of offline crypto-related thefts. According to data provided by GitHub, there have been at least 19 such incidents across various countries in 2024 alone, compared to 17 in 2023 and 32 in 2021.

These crimes often involve direct confrontations or innovative schemes targeting crypto holders. A notable historical case occurred in 2014, when an unknown individual reportedly attempted to extort 1,000 BTC via Hal Finney, a pioneer in the crypto space. More recently, on December 3rd, a group of thieves in Melbourne, Australia, made headlines by ramming a vehicle through a shopping center to steal a Bitcoin ATM. The machine was later discovered in a park, pried open and set on fire.

A cryptocurrency trader has reportedly transformed a modest $27 investment in the Pepe meme coin into an astonishing $52 million profit. On December 14th, Lookonchain revealed that the anonymous trader, who had held onto the Pepe tokens for 600 days, transferred a massive 2.1 trillion PEPE tokens, worth around $52 million, to a new address. This move resulted in a monumental 1.9 million times return on their initial investment.

Meme Coins Soar

Despite their lack of intrinsic utility, meme coins like Pepe have generated massive profits for investors, with one individual turning $3,000 into $46 million earlier this year by trading Pepe, yielding a remarkable 15,700% return.

The meme coin market has shown impressive performance in 2024, with Pepe surging over 1,600% year-to-date, making it the second-best performer among the top 100 cryptocurrencies. It is only surpassed by the Solana-based meme token Dogwifhat, which is up 1,400%. However, the governance token Mantra (OM) has outperformed all meme coins, soaring over 16,600% this year.

Risky Business

While technical analysis often falls short when applied to meme coins, some traders believe there is still significant upside for Pepe. Some even speculate that Pepe could mirror the success of Dogecoin, positioning it as a dominant force in the current bull run.

Meme coins have quickly become a form of rebellion for disillusioned investors who feel that the opportunities their parents enjoyed are no longer available. However, it is important to note that trading meme coins remains highly volatile. During the $1.7 billion crypto market liquidation on December 10th, some of the top meme coins experienced significant declines, demonstrating the risks involved in such investments.

President-elect Donald Trump has confirmed plans to establish a U.S. Bitcoin (BTC) reserve. Speaking at the New York Stock Exchange, Trump emphasized the need for the United States to stay ahead of nations like China and Russia, with the latter also reportedly considering implementing a Bitcoin reserve strategy of their own.

The plan aligns with the Bitcoin Act proposed by Senator Cynthia Lummis, which calls for the U.S. Treasury and Federal Reserve to purchase 1 million BTC over five years, at an estimated cost of $100 billion. Current U.S. holdings of 200,000 confiscated BTC, valued at $20 billion, could serve as the foundation for this reserve.

Russia Enters The Race

Like the U.S., Russia is also considering a Bitcoin reserve strategy, with President Vladimir Putin praising the flagship cryptocurrency for its performance and viewing it as a way to counter economic restrictions, raising the specter of a crypto cold war. After enduring economic sanctions and seeing foreign currency reserves frozen, Putin believes Bitcoin could provide a means to bypass the global financial system dominated by the U.S. dollar.

Bitcoin Price Projections Soar

The growing adoption of Bitcoin by governments worldwide has fueled predictions of unprecedented price growth. Perianne Boring, founder of The Digital Chamber, forecasts Bitcoin could exceed $800,000 by 2025, while the stock-to-flow model of PlanB suggests peaks near $1 million.

Institutional players like BlackRock add further weight to this potential upward trajectory, recommending a 1-2% portfolio allocation. BlackRock estimates that even a 2% global reserve allocation to Bitcoin could push its price to $900,000. Despite the excitement, critics warn of heightened volatility and a possible correction soon.

Juicyway raised $3M in Pre-Seed Funding with help by P1 Ventures. Juicyway is a financial technology platform that specializes in streamlining global payments and cross-border financial operations for businesses and individuals. 

DexCheck AI secured an undisclosed amount with support by ChainGPT Labs. DexCheck is revolutionizing crypto trading through its unique, AI-boosted analytics platform. It offers real-time insights into crypto and NFT markets, making blockchain analysis intuitive and accessible even for beginners.

Yei Finance obtained $2M in Seed Funding with assistance by Manifold. Yei Finance is a decentralized, non-custodial money market protocol built on the Sei network. It enables users to deposit assets for passive income or borrow through overcollateralized or flash loans, adhering to strict risk parameters. 

Moonray PBC raised $1.75M in Undisclosed Funding with help by Animoca Brands. Moonray provides a unique gaming experience that allows players to venture into an intergalactic world.

Spectral Labs secured an undisclosed amount with support by STIX. Spectral focuses on creating an Agent Economy for Web3 as well as a Machine Intelligence Network to generate autonomous onchain agents.

Inveniam raised an undisclosed amount with assistance by G42. Inveniam is designed to streamline data management for private market assets by leveraging blockchain technology to enhance trust, liquidity, and interoperability.

SolStone acquired $2M in Pre-Seed Funding. SolStone is a bot for trading on Solana that has MEV protection and various trading features.

Uranium Digital obtained $1.70M in Pre-Seed Funding with help by Portal Ventures. Uranium Digital is transforming uranium trading through the first digital platform for instant spot trading, derivatives, physical settlement, and issuance.

Privasea AB raised an undisclosed amount in Strategic Funding with support by Lunar Labs Capital. Privasea is a decentralized AI network that leverages Fully Homomorphic Encryption Machine Learning (FHEML) for secure data circulation.

Superform Labs secured $3m IN Strategic Funding with help by VanEck. Superform is a DeFi protocol comprising non-upgradeable, non-custodial smart contracts that serve as a central repository for yield and a user router. It facilitates efficient discovery, execution, and management of yield across multiple blockchains.

Bitcoin (BTC) saw its price firmly stay above the significant $100,000 level, even surpassing $102,000 earlier this week. While most altcoins are showing slight declines, XRP and BNB have emerged as the top gainers. The market capitalization of BTC has also gone well past $2 trillion, with its dominance over altcoins slightly decreasing to 52.5%.

Seeking A New All-Time High
The beginning of the business week was challenging for Bitcoin, as its price dropped to around $94,400 on several occasions. However, it rebounded after reaching that support level the second time, climbing to $98,000 by Wednesday.

The upward momentum continued, with Bitcoin reclaiming the six-digit range by Thursday. Besides a few brief dips below that threshold, Bitcoin has largely remained above it. Moreover, the price surged to over $102,500 earlier today, marking a nine-day high. Though it has retraced slightly and is now just under $102,000, it remains up by 1.5% on the day.

XRP And BNB On The Rise
Most large-cap altcoins are experiencing modest gains today. Ethereum (ETH) has climbed back to $3,900 after a small 1% increase. Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB) have seen similar rises.

BNB has risen by 3% and is now trading above $725. XRP has notably outperformed the larger-cap coins, surging by 6%. It briefly reached $2.5 earlier today but has pulled back slightly. Other notable gainers include Chainlink, Stellar, and TRON. The total market capitalization of all cryptocurrencies remains above $3.8 trillion, following a 1% increase in the last 24 hours.

Other Markets

Federal Reserve Chairman Jerome Powell is facing pivotal policy decisions with all eyes on the upcoming Jackson Hole meeting, while global central banks wrap up a year of easing marked by significant rate cuts.

Meanwhile, in China, major cities like Shanghai are easing rules for homebuyers, with the housing regulator reporting signs of stabilization in the market. At the same time, U.S. heirs are set to inherit a staggering $105 trillion, with investors in Asia focusing on the strong dollar and political risks related to Donald Trump as they prepare for 2025.

In environmental news, the Enbridge pipeline continues its cleanup efforts after an oil spill in Wisconsin. Zambia, dealing with its financial challenges, paid $82 million to China as part of a debt restructuring deal. The 2019 St. Petersburg International Economic Forum saw the Russian billionaire forecast a reasonable exchange rate of 100-110 rubles to the dollar.

Lastly, as Trump returns to Washington, vital U.S. economic data faces threats, with federal agencies struggling under the pressure of shrinking budgets.