Sui surges to new all-time high amid Phantom wallet integration, strong on-chain metrics

<p><strong>Bitcoin's </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) historic run past the $100,000 mark Thursday made the two legendary pizzas, carved in cryptocurrency history as the first commodity to be purchased with the digital asset, worth over a billion dollars.</p>



<p><strong>What happened</strong>: Bitcoin <a href="https://www.benzinga.com/24/12/42331261/bitcoin-hits-historic-100000-milestone-michael-saylor-gets-ready-for-party">pushed above the long-awaited milestone</a>, sailing to an all-time high of $103,679.&nbsp;</p>



<p>The rally vindicated early believers and investors, who, despite skepticism, continued to bet big on the cryptocurrency.</p>



<p>While portfolios surged in value, the rise also brought happy memories of the "Bitcoin Pizzas."</p>



<p><strong>See Also</strong>: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331483/michael-saylors-bitcoin-strategy-drives-microstrategys-490-surge-hedge-fund-cio-says-its-an-extreme-example-of-volatility-monetization"><strong>Michael Saylor&#8217;s Bitcoin Strategy Drives MicroStrategy&#8217;s 490% Surge, Hedge Fund CIO Says It&#8217;s An &#8216;Extreme Example&#8217; Of Volatility Monetization</strong></a></p>



<p>About 14 years ago, a Florida-based software developer, <strong>Laszlo Hanyecz</strong>, unwittingly gave the cryptocurrency community a date to cherish <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38957524/happy-bitcoin-pizza-day-remembering-with-crypto-regret-the-day-when-2-pizzas-cost-10-000-b">when he paid 10,000 Bitcoins</a> to pay for two Pizzas.</p>



<p>At the peak value of $103,679, 10,000 BTCs would be worth $1.03 billion, making the two pizzas by far the most expensive ones.</p>



<p>With forecasts of <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42257250/financial-analyst-says-bitcoin-could-soar-to-250000">Bitcoin scaling new highs</a> in the years to come, who knows the two legendary pizzas might well reach tens, if not hundreds, of billions of dollars.</p>



<p><strong>Price Action</strong>: As of this writing, Bitcoin was trading at $97,678.87, pulling back 4.85% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.</p>



<p><strong>Read Next:</strong><em>&nbsp;</em></p>



<ul>
<li><a href="https://www.benzinga.com/24/12/42356727/peter-schiff-challenges-jim-cramers-bullish-bitcoin-take-says-such-statements-are-made-at-market-tops"><strong>Peter Schiff Questions Jim Cramer&#8217;s Bullish Bitcoin Take As It Slumps From $100K: These Are Statements &#8216;Made At Market Tops&#8217;</strong></a></li>
</ul>



<p><em>Photo via Shutterstock</em></p>    

Remember The Iconic 'Bitcoin Pizzas?' They Are Now Worth Nearly $1B As King Crypto Blasts Through $100K

<p><strong>Shytoshi Kusama</strong>, the pseudonymous lead of the&nbsp;<strong>Shiba Inu</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) ecosystem, on Thursday, distanced themselves from the controversial meme coin launched by influencer&nbsp;<strong>Haliey Welch</strong>&nbsp;of the &#8220;Hawk Tuah&#8221; fame. </p>



<p><strong>What Happened:</strong>&nbsp;Kusama came to X to clear the air over the alleged links to the HAWK coin, which was pumped and dumped shortly after its launch.</p>



<p>The mysterious personality disclosed that they were approached by Welch&#8217;s team months ago to promote the coin, but they declined the offer.</p>



<p>However, Kusama said they were fine with the project airdropping millions of their tokens to the SHIB community.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">For those who don&#39;t know me, I keep it real&#8230; so let&#39;s make sure this <a href="https://twitter.com/search?q=%24HAWK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$HAWK</a> bs is clear so there is no confusion:<br><br>A thread &#x1f9f5; tua make it clear.<a href="https://twitter.com/hashtag/SHIBARMY?src=hash&amp;ref_src=twsrc%5Etfw">#SHIBARMY</a> listen up:</p>&mdash; Shytoshi Kusama&#x2122; (@ShytoshiKusama) <a href="https://twitter.com/ShytoshiKusama/status/1864613232897409386?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>&#8220;Because Shib is decentralized, the post including Shib was going out regardless. So okay, you want to airdrop tokens; it won&#8217;t be the first or last, and we have methods in place to accept these properly (Leash, etc.) like we have done in the past,&#8221; Kusama added. </p>



<p>Even so, Kusama denied any partnership or agreement with the team at this time.</p>



<p>The Shiba Inu lead said that while they were preparing on their end for the airdrop, Welch&#8217;s team went ahead with the &#8220;instant launch.&#8221;</p>



<p>&#8220;Pump and obvious dumping; even denial of doing so! Which imho is shameful and just like like 90% of the crap on Solana. Do better,&#8221; Kusama slammed the creators.</p>



<p>They deemed the meme coin as &#8220;trash&#8221; and advised the community to stay away from the &#8220;terrible&#8221; launch.</p>



<p>The team behind the HAWK token didn&#8217;t immediately respond to Benzinga&#8217;s request for comment on the claims by Kusama.</p>



<p><strong>See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: &#8216;He Will Work On A Legal Framework&#8217;</a></strong></p>



<p><strong>Why It Matters:</strong> The cryptocurrency community was stunned by the sudden crash in the meme coin&#8217;s market value after the initial pump, with many accusing Welch of <a href="https://www.benzinga.com/general/entertainment/24/12/42333397/hawk-tuah-girl-accused-of-scamming-crypto-buyers-after-newly-launched-meme-coin-pumps-and-dumps-victims-contemplate-legal-action">defrauding them through insider trading</a>.</p>



<p>Welch has denied the allegations, saying that no free token was given to anyone from the team or&nbsp;influencers. </p>



<p>Fingers also started to point toward the Shiba Inu ecosystem, with a user named <strong>Lola</strong> accusing the team behind the official X account of promoting the pump-and-dump coin.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/Shibtoken?ref_src=twsrc%5Etfw">@Shibtoken</a> was promoting the pump and dump HAWK after the dump on SHIRO &#x1f447; 500M MC and dumped to 60MC  . For the love of your money and your sanity , please stop supporting them<br><br>This man doesnt represent <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw">#SHIB</a> . They are giving SHIB  bad name and it is intentional <a href="https://t.co/4e76ohyabF">pic.twitter.com/4e76ohyabF</a></p>&mdash; Lola (@CryptoLollla) <a href="https://twitter.com/CryptoLollla/status/1864544890127839275?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p><strong>Price Action</strong>: As of this writing, the <strong>Solana </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based coin was down 32.59% in the last 24 hours while its market capitalization plummeted to $27 million from $425 million immediately after launch,  <a href="https://dexscreener.com/solana/exygvxvrvujjryo65vyuhlaccxhwyztkqa7jxqit2tvr" target="_blank" rel="noreferrer noopener">according&nbsp;</a>to Dexscreener data.</p>



<p><strong>Read Next:&nbsp;</strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/24/12/42356727/peter-schiff-challenges-jim-cramers-bullish-bitcoin-take-says-such-statements-are-made-at-market-tops">Peter Schiff Questions Jim Cramer&#8217;s Bullish Bitcoin Take As It Slumps From $100K: These Are Statements &#8216;Made At Market Tops&#8217;</a></strong></li>
</ul>



<p></p>    

Shiba Inu's Shytoshi Kusama Denies Links With 'Hawk Tuah' Girl's Pump-And-Dump Memecoin, Advises Community To Stay Away

<p><strong>Bitcoin&#8217;s </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surge beyond the $100,000 mark could be a harbinger of a bullish stock market, influential financial analyst <strong>Tom Lee</strong> said on Thursday.</p>



<p><strong>What Happened</strong>: Lee, managing partner and head of research at <strong>Fundstrat Global Advisors</strong>, said in a CNBC interview, &#8220;I think Bitcoin rising is, to me, breaking out of a holding pattern is a precursor to what the<strong> S&amp;P 500</strong> is going to do for the rest of the year.&#8221;</p>



<p>Lee noted that Bitcoin&#8217;s rally reflected the market&#8217;s pro-risk sentiment. &#8220;I think it also just signals how much capital has been idle for the last couple of years, either parked in money market cash or waiting to see if the economy survives.&#8221;</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Bitcoin&#039;s breakout is a precursor for equities through year-end, says Fundstrat&#039;s Tom Lee" width="500" height="281" src="https://www.youtube.com/embed/lGl1SXSJoUg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p>Lee said investors would have a lot of macroeconomic data to parse in the coming days, including the<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42346164/november-jobs-report-preview-will-it-seal-the-deal-for-a-fed-interest-rate-cut"> November jobs report</a>, the November Consumer Price Index data, and the Federal Reserve&#8217;s meeting to decide on interest rates.</p>



<p>&#8220;I think once we&#8217;re through these events, investors can actually then invest into sort of that Christmas Santa Claus rally,&#8221; he added. </p>



<p>Lee also doubled down on his <a href="https://www.benzinga.com/news/global/24/12/42281825/tom-lee-predicts-sp-500-to-hit-6300-bitcoin-to-surpass-100k-by-year-end-says-trump-carrying-a-big-stick-can-be-effective">earlier projection</a> of the S&amp;P 500 index rallying to 6,300 by year-end.</p>



<p><strong>See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: &#8216;He Will Work On A Legal Framework&#8217;</a></strong></p>



<p><strong>Why It Matters</strong>: Earlier in the week, Lee had forecast Bitcoin&#8217;s rise above $100,000, which has now come to fruition.</p>



<p>He also projected the marquee digital asset to <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42257250/financial-analyst-says-bitcoin-could-soar-to-250000">hit a high of $250,000 by the end of 2025</a>, driven by potential legitimization in the U.S. and increased adoption.</p>



<p>Cryptocurrency advocates have high hopes that President-elect <strong>Donald Trump&#8217;s</strong> administration will be favorable for the industry. Meanwhile, the President-elect recently <a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">appointed renowned venture capitalist</a> <strong>David Sacks</strong> as the first ever "White House AI &amp; Crypto Czar" on Thursday.</p>



<p><strong>Price Action</strong>:<strong> </strong> At the time of writing, Bitcoin was exchanging hands at $60,860.32, down 3.35% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. The S&amp;P 500 closed 0.19% lower to 6,075.11 during Thursday&#8217;s regular session.</p>



<p><em>Photo Courtesy: Shutterstock.com</em></p>



<p><strong>Read Next:&nbsp;</strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/24/12/42356727/peter-schiff-challenges-jim-cramers-bullish-bitcoin-take-says-such-statements-are-made-at-market-tops">Peter Schiff Questions Jim Cramer&#8217;s Bullish Bitcoin Take As It Slumps From $100K: These Are Statements &#8216;Made At Market Tops&#8217;</a></strong></li>
</ul>    

Tom Lee Says Bitcoin's $100K Milestone Could Be A 'Precursor' For Bullish Stock Moves, Asks Investors To Stay Focused On A 'Christmas Santa Claus Rally'

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC experiences volatility post $100K milestone

<p>Staunch <strong>Bitcoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) critic <strong>Peter Schiff</strong> questioned financial analyst <strong>Jim Cramer&#8217;s</strong> bullish stance on the cryptocurrency on Thursday, likening it to remarks made at market tops.</p>



<p><strong>What Happened</strong>: Schiff took to X to share his thoughts on Cramer&#8217;s advocacy for Bitcoin after the digital asset <a href="https://www.benzinga.com/24/12/42331261/bitcoin-hits-historic-100000-milestone-michael-saylor-gets-ready-for-party">broke through $100,000 for the first time</a> in history.  </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">CNBC&#39;s <a href="https://twitter.com/jimcramer?ref_src=twsrc%5Etfw">@jimcramer</a> just proclaimed <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> a can&#39;t-lose investment. He said buying it is a no-brainer and compared it to trading on insider information. These seem like the type of statements typically made at market tops!</p>&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1864688410008408195?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Cramer <a href="https://www.youtube.com/watch?v=dVbJ7x70ysI&amp;list=PLVbP054jv0KpV2leJ9HHIMqZEkCPX-iPV&amp;index=1">celebrated</a> the historic milestone on his popular Mad Money show on CNBC, although he clarified that he was not calling Bitcoin&#8217;s top. </p>



<p>&#8220;I would say I&#8217;ve been recommending it for years,&#8221; Cramer said, reminding everyone that he first bought into Bitcoin in Sept. 2020 when it traded around $10,000.</p>



<p>Cramer also dubbed Bitcoin as an alternative to gold as a store of value, supporting the idea of allocating 10% of one&#8217;s portfolio to the asset.</p>



<p>However, Schiff was not impressed, instead interpreting Cramer&#8217;s position as a sign of a market top. &#8220;These seem like the type of statements typically made at market tops!&#8221;</p>



<p><strong>See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42353047/exclusive-volt-etf-taps-7-trillion-electrification-boom-fueled-by-ai-power-demand">EXCLUSIVE: VOLT ETF Taps $7 Trillion Electrification Boom Fueled By AI Power Demand</a></strong></p>



<p><strong>Why It Matters</strong>: Schiff, a long-standing Bitcoin skeptic and a gold bug, <a href="https://www.benzinga.com/general/education/24/12/42345466/if-you-invested-1000-in-bitcoin-when-peter-schiff-said-btc-would-never-hit-100k-heres-how-much-youd-have-now">notably dismissed the possibility</a> that the apex cryptocurrency would ever reach $100,000 back in 2019.</p>



<p>When Bitcoin eventually hit the milestone, he<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331507/happy-bitcoin-100k-day-heres-how-nayib-bukele-brian-armstrong-and-peter-schiff-reacted-to-the-historic-milestone"> attributed it to government interventions and political payoffs</a>. </p>



<p>As for Cramer, he is known in the financial markets for the "Inverse Cramer" phenomenon, which hinges on the belief that doing the opposite of what Cramer advises could lead to profits. There has been no definitive proof, though, of counter-trading Cramer's predictions being a profitable strategy.</p>



<p><strong>Price Action</strong>: That said, Bitcoin flash crashed to a low of $91,990 during overnight trading Thursday, before recovering to $97, 710, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. </p>



<p><strong>Read Next: </strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: &#8216;He Will Work On A Legal Framework&#8217;</a></strong></li>
</ul>



<p></p>    

Peter Schiff Questions Jim Cramer's Bullish Bitcoin Take As It Slumps From $100K: These Are Statements 'Made At Market Tops'

<p><strong>Bitcoin </strong>sharply fell on Thursday after its $100,000 milestone, even as other leading cryptocurrencies edged higher.</p>



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:15 p.m. ET)</td></tr><tr><td><strong>Bitcoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.64%</td><td>$97,587.81</td></tr><tr><td><strong>Ethereum</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)<br><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong></td><td>+2.13%</td><td>$3,852.73</td></tr><tr><td><strong>Dogecoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong></td><td>+2.42%</td><td>$0.4372</td></tr></tbody></table></figure>



<p><strong>What Happened</strong>: The world&#8217;s largest cryptocurrency plunged to $91,990 in a flash fall, a day after reaching a historic high of $100,000, before recovering to $97,000 overnight.</p>



<p>Ethereum rose beyond $3,950 for the first time since mid-March, before falling into the $3,800 zone later in the day.</p>



<p>The crash triggered cryptocurrency liquidations worth $969 million in the last 24 hours, with $774 million in leveraged longs getting wiped out.</p>



<p>The liquidation of overleveraged longs cooled down the market as funding rates dropped considerably.</p>



<p>Traders interpreted this as a bullish signal, as accounts on Binance placing long positions for Bitcoin surged sharply in comparison to those betting against the asset, per the Long/Shorts Ratio.</p>



<p>The market sentiment dropped from "Extreme Greed" to "Greed," per the Cryptocurrency Fear &amp; Greed Index, alleviating fears of more correction.</p>



<p><strong>Top Gainers (24-Hours)</strong></p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Cryptocurrency</strong></td><td><strong>Gains +/-</strong></td><td><strong>Price (Recorded at 8:15 p.m. ET)</strong></td></tr><tr><td><strong>JasmyCoin </strong>(JASMY)</td><td>+41.93%</td><td>$0.05756</td></tr><tr><td><strong>Peanut the Squirrel </strong>(PNUT)</td><td>+16.03%</td><td>$1.46</td></tr><tr><td><strong>Render </strong>(RENDER)</td><td>+15.48%</td><td>$9.92</td></tr></tbody></table></figure>



<p>The global cryptocurrency market capitalization stood at $3.57 trillion, following a slender increase of 0.10% in the last 24 hours.</p>



<p>Stocks snapped their record-breaking run Thursday. The <strong>Dow Jones Industrial Average </strong>fell 248.33 points, or 0.55%, to close at 44,765.71. The <strong>S&amp;P 500 </strong>dropped 0.19% to end at 6,075.11, while the tech-focused <strong>Nasdaq Composite</strong> closed down 0.17% at 19,700.72.</p>



<p>Cryptocurrency-related stocks like <strong>MicroStrategy Inc.</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) gave up on early advances, plunging 4.8% during the regular trading session.</p>



<p>Investors <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42346164/november-jobs-report-preview-will-it-seal-the-deal-for-a-fed-interest-rate-cut">looked forward to the all-important November employment data</a> on Friday, which will provide insight into the Federal Reserve&#8217;s decision on a potential rate cut at its Dec. 18 meeting.</p>



<p><strong>See More:</strong><strong><em> </em></strong><a href="https://www.benzinga.com/money/best-crypto-scanners"><strong>Best Cryptocurrency Scanners</strong></a></p>



<p><strong>Analyst Notes: </strong>Well-known analyst and trader <strong>Michaël van de Poppe</strong> took note of Bitcoin's slump after the $100,000 milestone, projecting another one to come in the days ahead.</p>



<p>"Expecting another one to come, but this is what is likely going to happen more often in the markets," he stated.&nbsp;</p>



<p>Van de Poppe urged his followers to hold on to their positions and buy dips.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">There we go, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> fell beneath $98K and creates the first significant drop.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> even reaches $90K in that flash drop.<br><br>Expecting another one to come, but this is what is likely going to happen more often in the markets.<br><br>Stay calm. Hold your positions.<br>Buy dips.</p>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1864799762341404702?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Cryptocurrency analyst <strong>Ali Martinez </strong>drew attention to Bitcoin's historical movements between market tops and market bottoms.</p>



<p>"In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days," Martinez said.</p>



<p>Should the pattern repeat, he projected Bitcoin's market top in Oct. 2025 in the ongoing cycle.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Coincidence, or is it just how <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> works? <br><br>In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days.<br><br>If this pattern repeats again, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> will reach a market top in Oct 2025! <a href="https://t.co/MUStj836Fw">pic.twitter.com/MUStj836Fw</a></p>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1864734985569325544?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p><em>Photo by CMP_NZ on Shutterstock</em></p>



<p><strong>Read Next:    </strong></p>



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/12/42355841/gamestop-themed-memecoins-explode-as-roaring-kitty-returns-with-intriguing-x-post-gme-coin-shoots-up-over-80"><strong>GameStop-Themed Memecoins Explode As Roaring Kitty Returns With Intriguing X Post: GME Coin Shoots Up Over 80%</strong></a></li>
</ul>    

Bitcoin Flash Crashes, Ethereum, Dogecoin Gain As Overheated Crypto Market Takes A Breather: Top Analyst Asks Traders To Hold Positions And Buy Dips

Ripple's XRP to feature in Nasdaq-listed Worksport’s corporate treasury

<p>President-elect <strong>Donald Trump</strong> announced the appointment of renowned venture capitalist <strong>David Sacks</strong> as the &#8220;White House A.I. &amp; Crypto Czar&#8221; on Thursday.</p>



<p><strong>What Happened:</strong>&nbsp;In a Truth Social post, Trump revealed that Sacks&nbsp;will guide policy for the administration in two critical areas: artificial intelligence and cryptocurrency. Trump emphasized the importance of these sectors&nbsp;to the future of American&nbsp;competitiveness.</p>



<p>&#8220;David will focus on making America the clear global leader in both areas. He will safeguard free speech online and steer us away from big tech bias and censorship,&#8221; Trump wrote.</p>



<p>Regarding the cryptocurrency industry, Trump said that Sacks will develop a legal framework, providing&nbsp;the clarity it has been seeking and fostering its growth in the U.S.</p>



<p>&#8220;He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.&#8221;</p>



<p><strong>See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42350013/pepe-trailing-only-dogecoin-in-trading-volume-what-prices-whale-traders-are-targeting">Pepe Trailing Only Dogecoin In Trading Volume: What Prices Whale Traders Are Targeting</a></strong></p>



<p><strong>Why It Matters:</strong> The appointment of a dedicated AI &amp; Crypto Czar at the White House signified the growing importance of these sectors in the U.S. economy.</p>



<p>Sacks actively endorsed Trump for the presidency and, along with fellow VC <strong>Chamath Palihapitiya</strong>, <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39239552/trump-declares-himself-crypto-president-after-raising-12m-at-vc-hosted-san-francisco-fundr">hosted a fundraiser at his residence</a>, which ended up raising $12 million for Trump&#8217;s campaign.</p>



<p>Interestingly, it was from here that Trump positioned himself as the "crypto president," <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42339670/youre-welcomedonald-trump-congratulates-bitcoins-100000-milestone-as-el-salvadors-president-nayib-bukele-takes-victory-lap">paving the way for industry backing</a> and triggering a mega bull rally that saw <strong>Bitcoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) hit the historic $100,000 milestone.</p>



<p><em>Image via Flickr/ TechCrunch</em></p>



<p><strong>Read Next:&nbsp;</strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42353047/exclusive-volt-etf-taps-7-trillion-electrification-boom-fueled-by-ai-power-demand">EXCLUSIVE: VOLT ETF Taps $7 Trillion Electrification Boom Fueled By AI Power Demand</a></strong></li>
</ul>



<p><strong><em>Disclaimer:</em></strong><em>&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.</em><a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a></p>    

Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: 'He Will Work On A Legal Framework'

<p>Legendary trader <strong>Keith Gill,</strong> popularly known as <strong>Roaring Kitty</strong>, returned to social media on Thursday, sparking a wild spike in cryptocurrencies related to <strong>GameStop Corp.</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>).</p>



<p><strong>What happened</strong>: <strong>GameStop </strong>(GME) blasted nearly 65% in the last 24 hours to set new all-time highs.&nbsp;</p>



<p>The <strong>Ethereum </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based coin lifted as high as $0.00025 when <a href="https://www.benzinga.com/general/social-media/24/12/42349100/gamestop-rockets-as-roar[%E2%80%A6]y-returns-to-x-what-does-his-tweet-signal-ahead-of-q3-earnin">Roaring Kitty's X post </a>first surfaced before swiftly pulling back to $0.00019, according to CoinMarketCap.</p>



<p>The token witnessed frantic trading activity with a 453% jump in volume.&nbsp;</p>



<p>Another coin based on <strong>BNB Chain</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>), namely <strong>GameStop Coin </strong>(GME), soared 82%, accompanied by a 14% jump in trading volume.</p>



<p>A memecoin named after Roaring Kitty himself shot as much as 25% on the development.</p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Cryptocurrency</strong></td><td><strong>Gains +/-</strong></td><td><strong>Price (Recorded at 8:00 p.m. EDT)</strong></td></tr><tr><td><strong>GameStop Coin </strong>(GME)</td><td>+82.23%</td><td>$0.00007312</td></tr><tr><td><strong>GameStop </strong>(GME)</td><td>+65%</td><td>$0.0001994</td></tr><tr><td><strong>Roaring Kitty </strong>(ROAR)</td><td>+25.78%</td><td>$0.006612</td></tr></tbody></table></figure>



<p><strong>See Also</strong>: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331483/michael-saylors-bitcoin-strategy-drives-microstrategys-490-surge-hedge-fund-cio-says-its-an-extreme-example-of-volatility-monetization"><strong>Michael Saylor&#8217;s Bitcoin Strategy Drives MicroStrategy&#8217;s 490% Surge, Hedge Fund CIO Says It&#8217;s An &#8216;Extreme Example&#8217; Of Volatility Monetization</strong></a></p>



<p>The volatility was a result of a curiosity-inducing post by Roaring Kitty that showed a TIME magazine cover with a computer with a video screen. The video is paused at the 1:09 minute mark, for a total length of 4:20.</p>



<p>For the uninitiated, &#8220;420&#8221; is slang for smoking marijuana, especially around 4:20 PM in cannabis culture. It can also refer to <a href="https://www.benzinga.com/topic/420-0">cannabis-related celebrations</a> that take place on Apr. 20 every year</p>



<p>Time&#8217;s reference could suggest that investors have time to buy GameStop or another stock ahead of a key event.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="zxx" dir="ltr"><a href="https://t.co/tXViICmVFG">pic.twitter.com/tXViICmVFG</a></p>&mdash; Roaring Kitty (@TheRoaringKitty) <a href="https://twitter.com/TheRoaringKitty/status/1864742787197116887?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Note that these memecoins have no fundamental ties to GameStop or Roaring Kitty but are just playing on <a href="https://www.benzinga.com/news/24/07/39799183/whats-going-on-with-gamestop-stock">the speculations of a short squeeze of the meme stock </a>and a possible repetition of the historic 2021 event by the legendary trader.</p>



<p>The GameStop short squeeze began in January 2021 and was one of the biggest financial events of that year.</p>



<p>Roaring Kitty&#8217;s social posts have <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39807951/why-are-gamestop-and-kitty-themed-memecoins-trading-higher-today-read-on">drastically moved</a> the traditional and cryptocurrency markets this year.</p>



<p><strong>Price Action</strong>: Shares of GameStop were up 3.04% in after-hours trading after closing up 5.92% during Thursday&#8217;s regular session, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.</p>



<p><strong>Read Next:</strong><em>&nbsp;</em></p>



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331507/happy-bitcoin-100k-day-heres-how-nayib-bukele-brian-armstrong-and-peter-schiff-reacted-to-the-historic-milestone"><strong>Happy Bitcoin $100K Day: Here&#8217;s How Nayib Bukele, Brian Armstrong, And Peter Schiff Reacted To The Historic Milestone</strong></a></li>
</ul>    

GameStop-Themed Memecoins Explode As Roaring Kitty Returns With Intriguing X Post: GME Coin Shoots Up Over 80%

Gamestop, GME meme coin surge following Roaring Kitty return

<p>Most people associate AI investing with semiconductors like <strong>Nvidia Corp</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) or cloud giants like <strong>Microsoft Corp.</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>). But beneath the surface, there's a less obvious story: the immense power required <a href="https://www.benzinga.com/topic/artificial-intelligence">to support this innovation.</a></p>



<p>As U.S. power demand is projected to surge at an annual rate of 2.5%, a $7 trillion investment windfall is on the horizon fueled by the sweeping infrastructure overhaul required to sustain AI breakthroughs, digital asset mining, and next-generation mobility innovations.</p>



<p>In an exclusive interview with Benzinga on Thursday, <strong>Maurits Pot</strong>, CEO and co-founder of Tema ETFs, introduced the newly launched <strong>Tema Electrification ETF </strong>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOLT#NYSE">VOLT</a>), the world's first fund dedicated to the infrastructure powering modern technology.</p>



<h3 class="wp-block-heading"><strong>Why Power Demand Is Surging</strong></h3>



<p>The U.S. power grid has been largely neglected for decades, but the electrification era is creating a surge in electricity consumption that hasn't been seen since the 1990s. </p>



<p>Several megatrends are at play:</p>



<ol>
<li><strong>AI is energy-hungry:</strong> AI data centers consume seven times more power than traditional facilities, according to Tema ETFs. With generative AI and machine learning applications proliferating, power requirements are expected to soar. </li>



<li><strong>Aging infrastructure:</strong> Approximately 70% of U.S. transmission and distribution (T&amp;D) lines are over 25 years old—past their recommended lifespan. Without upgrades, the grid may be unable to meet demand.</li>



<li><strong>Supply deficits are coming:</strong> The U.S. could face a 40 gigawatt power shortfall by 2030, equivalent to 40 nuclear plants or 100 gas-fired turbines.</li>
</ol>



<p>&#8220;We think this electrification trend is massive,&#8221; Pot said, adding, &#8220;the opportunity lies on the expansion of power capacity needed to meet rising demand for AI, mobility and other things.&#8221;</p>



<h3 class="wp-block-heading"><strong>What Sets VOLT Apart?</strong></h3>



<p>Pot explained that VOLT is the first ETF to span the full electrification value chain, offering exposure to companies across five categories: generation, transmission, grid equipment, electrification services, and applications. </p>



<p>Here's a closer look at some of the key names in the portfolio:</p>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th><strong>Category</strong></th><th>Portfolio Holding</th><th><strong>Investment Rationale</strong></th></tr></thead><tbody><tr><td><strong>Generation</strong></td><td><strong>GE Vernova</strong> <strong>Inc.</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>)</td><td>The U.S.'s largest manufacturer of gas turbines is sold out until 2028.</td></tr><tr><td><strong>Transmission</strong></td><td><strong>Nexans</strong></td><td>Supplies high-voltage cables to modernize aging T&amp;D lines in the U.S.</td></tr><tr><td><strong>Grid Equipment</strong></td><td><strong>Hubbell</strong> <strong>Inc.</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBB#NYSE">HUBB</a>)</td><td>Builds critical electrical grid infrastructure expected to grow at 2x GDP.</td></tr><tr><td><strong>Electrification Services</strong></td><td><strong>Quanta Services</strong> <strong>Inc.</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWR#NYSE">PWR</a>)</td><td>Modernizes grid networks and connects new energy sources to the system.</td></tr><tr><td><strong>Applications</strong></td><td><strong>Vertiv</strong> <strong>Holdings LLC</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) </td><td>Produces data center cooling systems, with the market growing 13–15% annually.</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">Bitcoin, Crypto And the Hidden Digital Asset Demand Story</h3>



<p>According to Pot, the growth of the digital asset industry is an underrated source of upside risks to U.S. power demand needs in the upcoming years.</p>



<p> &#8220;<strong>Bitcoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining is very energy intensive,&#8221; Pot stated. </p>



<h3 class="wp-block-heading"><strong>Current VOLT Portfolio Positioning</strong></h3>



<p>Here's a breakdown of the fund's current portfolio positioning as of Dec. 4, 2024:</p>



<p><strong>Regional Exposure:</strong><br>North America dominates the portfolio with 80.91% allocation, while Europe accounts for 16.57% of the exposure.</p>



<p><strong>Market Cap Breakdown:</strong><br>The portfolio focuses on large-cap companies, which comprise 64.80% of the holdings, followed by mid-cap companies at 24.54%. Small-cap stocks represent 8.14% of the fund. There are no mega-cap stocks, defined as those with a market capitalization of over $200 billion.</p>



<p><strong>Power Allocation:</strong></p>



<ul>
<li>Power Generation accounts for 23.55%, split into conventional energy at 12.85% and renewables at 10.70%.</li>



<li>Grid Management is the largest allocation at 44.39%, including 24.53% for &#8220;before the meter&#8221; infrastructure and 19.86% for &#8220;after the meter&#8221; services.</li>



<li>End-Use Applications make up 29.54%, further divided into 13.15% for products and 16.39% for services.</li>
</ul>



<h3 class="wp-block-heading"><strong>Top 10 Holdings </strong></h3>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th><strong>Company</strong></th><th><strong>% of NAV</strong></th></tr></thead><tbody><tr><td><strong>Bel Fuse, Inc.</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELB#NASDAQ">BELB</a>)</td><td>5.10%</td></tr><tr><td><strong>Nexans SA </strong></td><td>5.08%</td></tr><tr><td><strong>GE Vernova, Inc.</strong></td><td>5.03%</td></tr><tr><td><strong>Hubbell, Inc. </strong></td><td>5.01%</td></tr><tr><td><strong>Quanta Services, Inc. </strong></td><td>4.88%</td></tr><tr><td><strong>Powell Industries, Inc.</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POWL#NASDAQ">POWL</a>)</td><td>4.15%</td></tr><tr><td><strong>Vertiv Holdings Co. </strong>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>)</td><td>4.09%</td></tr><tr><td><strong>ABB Ltd</strong>. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABB#NYSE">ABB</a>)</td><td>4.05%</td></tr><tr><td><strong>Schneider Electric SE</strong> (EPA: SU)</td><td>4.04%</td></tr><tr><td><strong>Eaton Corp. PLC</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>)</td><td>4.03%</td></tr></tbody></table></figure>



<p><strong>Read Next:</strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42344440/teslas-path-to-400-bank-of-america-highlights-ev-ai-growth">Tesla&#8217;s Path To $400: Bank Of America Highlights EV, AI Growth</a></strong></li>
</ul>



<p><em>Image created using artificial intelligence via Midjourney.</em></p>    

EXCLUSIVE: VOLT ETF Taps $7 Trillion Electrification Boom Fueled By AI Power Demand

Ethereum Price Forecast: ETH overcomes key hurdle as ETF and staking inflows improve

<p>Cryptocurrency markets saw highly volatile trading on Thursday, with Bitcoin first crossing the $100,000 milestone but falling back to a low of $98,000 in the afternoon.</p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Cryptocurrency</strong></td><td><strong>Price&nbsp;&nbsp;&nbsp;&nbsp;</strong></td><td><strong>Gains +/-</strong></td></tr><tr><td><strong>Bitcoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td> $98,600</td><td>-0.2%</td></tr><tr><td><strong>Ethereum</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td> $3,815</td><td>-1.8%</td></tr><tr><td><strong>Solana</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td> $232.2</td><td>-0.9%</td></tr><tr><td><strong>Dogecoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td> $0.4302</td><td>+2.0%</td></tr><tr><td><strong>Shiba Inu</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td> $0.00003047</td><td>+0.6%</td></tr></tbody></table></figure>



<p><strong>Notable Statistics:</strong></p>



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 3.2% and daily active addresses falling by 3.4%. Transactions greater than $100,000 are up from 13,081 to 13,754 in a single day. Exchanges netflows are up by 131.4%.</li>



<li>Coinglass data reports 180,428 traders were liquidated in the past 24 hours for $650 million.</li>
</ul>



<p><strong>Notable Developments:</strong></p>



<ul>
<li><a href="https://www.benzinga.com/24/12/42332276/coinbase-targets-southeast-asias-crypto-future-with-stablecoin-push-bringing-local-currency-onchain-makes-it-faster-and-cheaper-says-exec">Coinbase Targets Southeast Asia Crypto Expansion By Supporting Development Of Baht, Peso Stablecoins: &#8216;Literally The Same Money But Just Faster&#8217;</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42349063/anthony-pompliano-says-countries-are-going-to-fomo-into-buying-bitcoin">Anthony Pompliano Says Countries Are &#8216;Going To FOMO&#8217; Into Buying Bitcoin</a></li>



<li><a href="https://www.benzinga.com/news/events/24/12/42348790/stablecoins-a-new-tool-for-us-dollar-dominance-global-financial-access">Stablecoins: A New Tool For U.S. Dollar Dominance, Global Financial Access</a></li>



<li><a href="https://www.benzinga.com/markets/equities/24/12/42333575/microstrategy-shares-rise-813-in-pre-market-as-bitcoin-surpasses-100k-driving-institutional-interest-and-490-gains-this-year">MicroStrategy Shares Rise Over 8% In Pre-Market As Michael Saylor Prepares For &#8216;Party&#8217; After Bitcoin Touches Historic $102K Mark</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42330125/fed-chair-powell-says-economy-remains-strong-bitcoin-is-like-gold-expert-weighs-in">Fed Chair Powell Says Economy Remains Strong, Bitcoin Is &#8216;Like Gold&#8217;: Expert Weighs In</a></li>
</ul>



<p><strong>Top Gainers:</strong></p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Cryptocurrency</strong></td><td><strong>Price&nbsp;&nbsp;&nbsp;&nbsp;</strong></td><td><strong>Gains +/-</strong></td></tr><tr><td><strong>JasmyCoin </strong>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">JASMY</a>)</td><td>&nbsp;$0.05453</td><td>+33.5%</td></tr><tr><td><strong>Sui</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SUI</a>)</td><td>&nbsp;$4.11</td><td>+11.7%</td></tr><tr><td><strong>Worldcoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WLD</a>)</td><td>&nbsp;$3.76</td><td>+11.2%</td></tr></tbody></table></figure>



<p><strong>Trader Notes: </strong>With Bitcoin prices hovering around the $100,000 mark, crypto chart analyst Ali Martinez questions whether this milestone is mere coincidence or part of the &#8220;crypto king&#8217;s&#8221; predictable rhythm.</p>



<p>In previous cycles, Bitcoin required 1,065 days to recover from a bottom to a peak and 1,430 days between market bottoms. If this historical pattern holds, Martinez predicts a market top for BTC by October 2025.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Coincidence, or is it just how <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> works? <br><br>In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days.<br><br>If this pattern repeats again, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> will reach a market top in Oct 2025! <a href="https://t.co/MUStj836Fw">pic.twitter.com/MUStj836Fw</a></p>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1864734985569325544?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Economist <strong>Peter Schiff </strong>warned that Bitcoin could undermine the dollar—not by replacing it as the global reserve currency, but by the U.S. government adopting Bitcoin. </p>



<p>Schiff <a href="https://x.com/PeterSchiff/status/1864752591982280778">argues</a> this scenario would involve the government printing more dollars to acquire Bitcoin, fueling &#8220;a larger bubble that squanders the nation&#8217;s wealth.&#8221;</p>



<p>Meanwhile, crypto trader Wolf <a href="https://x.com/IamCryptoWolf/status/1864760334696825027">speculates</a> whether Bitcoin&#8217;s recent breakout could trigger a &#8220;scam dump&#8221; aimed at liquidating overleveraged positions.</p>



<p>On the other hand, trader Kevin observes that BTC is struggling to sustain its upward momentum. While he acknowledges the downside risk, he suggests that any significant correction may take time to play out.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Update on the daily MACD momentum. Still showing downside momentum which is why <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> is struggling to sustain a move higher. 100K was symbolic but overall there really was no move. We stayed level last night and measured and showed no exuberance. I warned everyone that all we did… <a href="https://t.co/vJdxcSlcVL">https://t.co/vJdxcSlcVL</a> <a href="https://t.co/DZj3NdlR4V">pic.twitter.com/DZj3NdlR4V</a></p>&mdash; Kevin (@Kev_Capital_TA) <a href="https://twitter.com/Kev_Capital_TA/status/1864760718631014785?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p><strong>Read Next:&nbsp;</strong></p>



<ul>
<li><strong><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42337522/bitcoin-crosses-100000-this-trader-predicted-it-at-the-16000-bottom-in-november-2022">Bitcoin Crosses $100,000 — This Trader Predicted It At The $16,000 Bottom In November 2022</a></strong></li>
</ul>



<p><em>Image: Shutterstock</em></p>    

Bitcoin Breaks $100,000, Falls Back Below, Ethereum, Dogecoin Follow Lower: A 'Scam Dump' To Wipe Out Leverage?

<ul>
	<li>The cryptocurrency sector valuation hit $3.67 trillion on Thursday, reflecting a 2.34% surge within the daily timeframe.&nbsp;</li>
	<li>Bitcoin price&nbsp;finally breached the $100,000 milestone after Trump officially nominated Pual Atkins as Gary Gensler’s replacement.</li>
	<li>In the derivatives markets 167,262 traders were liquidated with bulls booking 52% of the $564.27 million in total liquidations.&nbsp;</li>
</ul>

<h2 class="fxs_headline_medium">Altcoin market updates: Dogecoin, Bitcoin Cash and Litecoin as BTC bullish sentiment spreads across Proof-of-Work sector&nbsp;</h2>

<p><a href="https://www.fxstreet.com/cryptocurrencies/bitcoin" data-fxs-autoanchor="">Bitcoin</a> price breached the $100,000 milestone on December 4, as investors reacted positively to news of <a href="https://www.fxstreet.com/cryptocurrencies/news/breaking-donald-trump-nominates-paul-atkins-as-next-sec-chair-202412041816" target="_blank">Trump</a> nominating Paul Atkins for the Securities &amp; Exchange Commission (SEC), viewed as a crypto-friendly replacement for Gary Gensler. BTC’s remarkable record triggered mixed reactions within the altcoin market.</p>

<p>While the likes of Ripple (<a href="https://www.fxstreet.com/cryptocurrencies/news/could-ripples-xrp-resume-rally-after-recent-pullback-on-chain-data-suggests-a-positive-tone-202412050035" target="_blank">XRP</a>), Avalanche (AVAX) and Tron (TRX) retreated from their monthly timeframe peaks, prominent coins within the Proof-of-Work sector mirrored the BTC rally, scoring double-digit gains. &nbsp;</p>

<ul>
	<li><strong>Litecoin price gets 12% boost amid Bitcoin rally.&nbsp;</strong></li>
</ul>

<p><a href="https://www.fxstreet.com/cryptocurrencies/litecoin" data-fxs-autoanchor="">Litecoin</a> (LTC), founded in 2014 as a more efficient alternative payment network, saw 12% gains as Bitcoin price breached the $100,000 mark on Thursday.&nbsp;</p>

<ul>
	<li><strong>Bitcoin Cash (BCH) price hits five-month peak</strong></li>
</ul>

<p><a href="https://www.fxstreet.com/cryptocurrencies/bitcoin-cash" data-fxs-autoanchor="">Bitcoin Cash</a> also mirrored LTC’s performance, delivering 11% gains on the day, breaching the $615 territory for the first time since July 2024, according to Coinmarketcap data.&nbsp;</p>

<ul>
	<li><strong>Dogecoin price outperforms SHIB and PEPE</strong></li>
</ul>

<p>Dogecoin (DOGE), the largest memecoin validated by the Proof-of-Work (PoW) consensus, also recorded a blistering 7% rally to reclaim the $0.45 level after a sluggish start to the week.</p>

<p>This saw DOGE outperform Shiba Inu and PEPE, emphasizing the bullish impact of Bitcoin's record-breaking rally on the PoW sector.&nbsp;</p>

<h2 class="fxs_headline_medium"><br>
Chart of the day: Altcoins set for bigger gains as BTC breaks $100K</h2>

<p>Bitcoin has dominated media headlines globally on Thursday as it climbed to a new all-time high of $104,100 on Thursday, after weeks of consolidating below the $100,000 mark.</p>

<p>However, the broader market data shows that altcoins now offer more profitable opportunities than the pioneer cryptocurrency.&nbsp;</p>

<p>In confirmation of this stance, the Altcoin Season index chart below tracks the performance of the top 50 altcoins in comparison to Bitcoin over a 90-day period.</p>

<p>Typically, investors declare the start of an “altcoin season”, when 75% of the top 50 altcoins outperform BTC.&nbsp;</p>

<p><a href="https://editorial.fxsstatic.com/miscelaneous/Screen Shot 2024-12-05 at 8.10.21 PM-638690259216515676.png" target="_blank"><img src="https://editorial.fxsstatic.com/miscelaneous/Screen%20Shot%202024-12-05%20at%208.10.21%20PM-638690259216515676.png" style="width: 2310;height: 1750;"></a></p>

<p><small>Altcoin Season Index, December 5, 2025 | Source: BlockchainCenter</small></p>

<p>The chart above indicates that 86% of the top 50 ranked altcoins have outperformed BTC over the last 90 days, as of December 5.</p>

<p>This shows that crypto investors are predominantly acquiring altcoins despite Bitcoin dominating major media discourse.&nbsp;</p>

<p>Within the current market dynamics, every 1% increase in the Bitcoin price triggers a greater bullish impact for major altcoins.</p>

<p>This explains why the likes of Ripple (XRP), Solana (SOL) and SUI all skyrocketed to new all-time highs in recent weeks.&nbsp;</p>

<h2 class="fxs_headline_medium">Crypto news updates:&nbsp;</h2>

<ul>
	<li><strong>Financial Times issues apology for negative Bitcoin coverage after $100K rally</strong></li>
</ul>

<p>FT Alphaville, the Financial Times’ opinion section known for its critical stance on Bitcoin, has issued a rare public apology following the cryptocurrency’s recent surge past the $100,000 mark.&nbsp;</p>

<p>For years, the publication's coverage portrayed Bitcoin as inefficient and lacking intrinsic value, a perspective that resonated with cautious investors but drew increasing criticism from crypto enthusiasts.&nbsp;</p>

<p>In reaction to Bitcoin’s latest milestone, FT acknowledged the growing backlash from readers, many of whom feel the publication’s skepticism may have deterred them from capitalizing on Bitcoin’s historic rally.</p>

<p>Despite the apology, the editorial team stood by the analytical rigor of their past articles, emphasizing that their views were rooted in concerns about Bitcoin’s volatility, energy consumption and long-term viability.&nbsp;</p>

<p>However, they expressed regret for any unintended impact their coverage may have had on readers' financial decisions, particularly those who remained on the sidelines during Bitcoin's meteoric rise.</p>

<p>Moving forward, FTAlphaville pledged to offer a more balanced perspective on cryptocurrencies, reflecting both the risks and opportunities in this rapidly evolving asset class.</p>

<ul>
	<li><strong>Chinese tech giant Meitu sells off entire Bitcoin and Ethereum holdings amid $100K BTC milestone</strong></li>
</ul>

<p><br>
According to a recent <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1204/2024120402120.pdf" target="_blank">statement</a>, Chinese tech company Meitu has completely exited the cryptocurrency market, selling its 940 Bitcoin and 31,000 Ethereum holdings just before Bitcoin surged past the $100,000 milestone.&nbsp;</p>

<p>Initially investing $100 million in March and April 2021, the company allocated $49.5 million to Bitcoin and $50.5 million to Ethereum.</p>

<p>The exit, conducted in two phases, generated a total of $180 million in proceeds.</p>

<p>In November, Meitu sold half of its holdings for $80 million, followed by a December sale of 470 BTC at over $95,000 and 15,703 ETH at $3,500, securing a net profit of approximately $80 million.</p>

<p>Meitu now plans to shift its focus from digital assets to its core business of photo, video and design applications, which have experienced significant growth driven by AI advancements.</p>

<p>With this strategic pivot, Meitu aims to capitalize on the booming demand for AI-powered media tools, abandoning its previous foray into the volatile <a href="https://www.fxstreet.com/cryptocurrencies" data-fxs-autoanchor="">cryptocurrency market</a>.</p>

<h2 class="fxs_headline_medium"><strong>US Fed Chair Powell: Bitcoin competes with Gold, not the US Dollar</strong></h2>

<p>Federal Reserve (Fed) Chair <a href="https://www.fxstreet.com/macroeconomics/central-banks/fed" data-fxs-autoanchor="">Jerome Powell</a> has clarified his stance on Bitcoin, stating that the cryptocurrency is more akin to Gold than a competitor to the US. Dollar.&nbsp;</p>

<p>Speaking at the New York Times DealBook Summit, Powell described Bitcoin as a speculative asset, emphasizing its volatility and limited use as a payment method or store of value.&nbsp;</p>

<blockquote>
<p><br>
“People use Bitcoin as a speculative asset. It’s like gold, it’s just like gold—only it’s virtual, it’s digital. People are not using it as a form of payment or a store of value. It’s highly volatile. It’s not a competitor for the dollar; it’s really a competitor for gold.”</p>

<p>- US Federal Reserve Chairman, Jerome Powell.&nbsp;</p>
</blockquote>

<p><br>
Powell also addressed the Fed’s cautious stance on cryptocurrencies, noting that while the Fed monitors their impact on the financial system, it does not directly regulate them.&nbsp;</p>

<p>Shifting focus to monetary policy, Powell highlighted the US economy's resilience, citing stronger than expected growth and a robust labor market.&nbsp;</p>

<p>However, with inflation still elevated, he suggested that the Fed would adopt a cautious approach to interest rate cuts.</p>

<p>According to CME Group’s Fed Watch tool, market watchers are pricing in another 25-basis-point easing at the next FOMC meeting slated for December 18 meeting, mirroring Powell’s measured macroeconomic outlook.</p>

<p>This movement follows a similar transfer in August when the government sent 10,000 BTC, worth $600 million, to Coinbase.</p>

<p>The recent transaction has triggered market speculation, as Bitcoin’s price dropped below $95,000 following the news.&nbsp;</p>


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