Rumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>) shares are soaring in after-hours trading Friday after the company announced it has entered into a definitive agreement for a <a href="https://www.benzinga.com/pressreleases/24/12/g42630663/rumble-announces-775-million-strategic-investment-from-tether">strategic investment of $775 million</a> from Tether. 



The Details: Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) has agreed to purchase 103.33 million shares of Rumble Class A Common Stock at a price per share of $7.50, totaling $775 million in gross proceeds to Rumble. 



Rumble said it will use $250 million of the proceeds to support growth initiatives and the remaining proceeds to fund a self tender offer for up to 70 million of its Class A Common Stock at $7.50 per share.



Tether's investment and the tender offer are expected to close in the first quarter of 2025. Rumble&#8217;s existing Board and governance structure will remain unchanged following the closing of the transaction.



Read More: <a href="https://www.benzinga.com/general/social-media/24/12/42598651/mystery-drone-sightings-all-over-the-country-trump-says-what-to-know-about-investigations-lawmakers-reactions">&#8216;Mystery Drone&#8217; Sightings Spark Investigations, Politicians Respond: &#8216;Shoot Them Down,&#8217; Trump Says</a>



Chris Pavlovski, Rumble&#8217;s CEO, will retain his controlling stake in the company following the completion of the transaction.&nbsp;



&#8220;I could not be more excited about this collaboration with Tether for a number of reasons. First, many people may not realize the incredibly strong connection between the cryptocurrency and free speech communities, which is rooted in a passion for freedom, transparency, and decentralization," said Pavlovski.&nbsp;



"Second, the immediate commitment of adding $250 million in cash to our balance sheet not only confirms the level of support and commitment to a collaboration between our companies, it also fuels our growth initiatives. And, third, this transaction provides an immediate liquidity event for all of our stockholders who elect to participate in the self tender offer," he added.&nbsp;



Paolo Ardoino, CEO of Tether, commented on the investment in Rumble.&nbsp;



&#8220;Tether&#8217;s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today&#8217;s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative," said Ardoino.



RUM Price Action: According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>, Rumble shares are up 50.7% at $10.79 in after-hours trading Friday. 



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/24/12/42564443/santa-came-early-with-rate-cut-but-federal-reserve-brings-coal-next-year-experts-weigh-in-on-rate-cut-feds-2025-projections">&#8216;Santa Came Early&#8217; But Fed Brings &#8216;Coal Next Year&#8217;: Experts Weigh In On Interest Rate Cut, 2025 Projections</a></li>
</ul>



Image: Shutterstock

Rumble Stock Soars On $775 Million Investment From Tether: What To Know

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining company MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) announced the acquisition of 15,574 BTC for $1.53 billion, funded by $1.925 billion raised through zero-coupon convertible notes issued in November and December.



What Happened: In a post on social media platform X, MARA revealed its total Bitcoin holdings now stand at 44,394 BTC, valued at approximately $4.3 billion based on Bitcoin&#8217;s current price of $97,377.



The Florida-based firm acquired the cryptocurrency at an average price of $98,529 per Bitcoin.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Michael Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a>



Additionally, MARA repurchased $263 million of its existing convertible notes due in 2026 and plans to use the remaining funds to buy more Bitcoin.



The company also highlighted its Bitcoin yield achievements, reporting a quarter-to-date (QTD) yield of 22.5% and a year-to-date (YTD) yield of 60.9%.



<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">MARA raised $1.925 billion from 0% convertible notes in November and December. Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 15,574 BTC for ~$1.53 billion at ~$98,529 per <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> and repurchased ~$263 million in aggregate principal amount… <a href="https://t.co/ycGRk9BYfv">pic.twitter.com/ycGRk9BYfv</a>&mdash; MARA (@MARAHoldings) <a href="https://twitter.com/MARAHoldings/status/1869729480211664974?ref_src=twsrc%5Etfw">December 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: Bitcoin proxy MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has been <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42509614/microstrategy-expands-bitcoin-holdings-by-15350-btc-worth-15-billion-after-joining-nasdaq-100">aggressively buying up BTC</a> by raising funds through both stock offerings as well as debt. It holds 2.1% of the Bitcoin supply, or about 439,000 BTC, at an average price of $61,725.



Other Bitcoin mining firms are similarly bolstering their reserves.



Hut 8 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) <a href="https://www.benzinga.com/24/12/42596774/whats-going-on-with-hut-8-shares-today">recently acquired 990 BTC</a> for $100 million, bringing its total holdings to 10,096 BTC, worth approximately $983.1 million.



The company's CEO Asher Genoot emphasized the strategic value of building Bitcoin reserves to strengthen the company's financial position while pursuing growth in power and digital infrastructure.



Riot Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) also increased its Bitcoin holdings by <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42485534/riot-platforms-acquires-5117-bitcoin-for-510million">purchasing 5,117 BTC</a> through company-issued bonds, bringing its total to 16,728 BTC, valued at $1.63 billion.



Price Action: Bitcoin was hovering around $97,606 at the time of writing, gaining 0.71% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



MARA Holdings stock gained nearly 2% in after-hours trading on Friday, after closing at $19.96 during the regular trading session.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42495782/crypto-market-predicted-to-surge-to-all-time-highs-by-late-2025-but-a-30-drop-in-bitcoin-prices-could-come-first">Crypto Market Predicted To Surge To All-Time Highs By Late 2025, But A 30% Drop In Bitcoin Prices Could Come First</a></li>
</ul>



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Bitcoin Miner MARA Holdings Embraces MicroStrategy Playbook, Acquires $1.53 Billion Worth BTC

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Ripple Price Annual Forecast: Can XRP ride the bullish wave to new highs in 2025?

SkyBridge Capital founder Anthony Scaramucci has described Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) current price action as part of its typical cycle.



What Happened: In an <a href="https://x.com/Scaramucci/status/1870118849959399556">X</a> post on Friday, he explained that Bitcoin is purging leveraged, short-term momentum trades, a normal phenomenon in its market evolution.



However, Scaramucci also suggested that some altcoins may have experienced their "last hurrah" and could be done for good.



Meanwhile, crypto entrepreneur JC X <a href="https://x.com/Scaramucci/status/1870118849959399556">believes</a> human behaviour remains consistent: when Bitcoin surges, investors feel wealthier and take on more risks, often chasing gains in altcoins due to FOMO. This dynamic suggests altcoins may still have another rally in store.



In an interview, <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42491094/anthony-scaramucci-upgrades-his-lamborghinibut-not-at-the-cost-of-selling-bitcoin-why-would-i-sell">Scaramucci expressed optimism</a> about Bitcoin&#8217;s future, stating he would never sell his holdings for luxury purchases. He emphasized Bitcoin's potential to attract <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42378636/scaramucci-bitcoin-is-a-volatile-asset-but-ready-for-prime-time-institutional-investing">mainstream institutional investment.</a>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42617815/are-microstrategys-bitcoin-purchases-on-hold-in-january">Are MicroStrategy&#8217;s Bitcoin Purchases On Hold In January?</a>



Why It Matters: Cathie Wood of ARK Invest remains bullish on Bitcoin, projecting a price of $1.5 million by 2030, citing its <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42609380/cathie-wood-says-bitcoin-is-more-scarce-than-gold-predicts-ma-surge-under-trump-2-0">scarcity compared to gold</a>. 



A 10x Research report highlighted macroeconomic challenges, including the Federal Reserve's hawkish stance, <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42612972/bitcoins-2025-outlook-suddenly-looks-uncertain-heres-why">signaling a cautious year ahead</a> for traders and investors.



An expert from Foresight Ventures noted that Bitcoin's recent pullback marks its first significant correction since post-election euphoria. 



The analyst stated that <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42614273/bitcoin-crashes-10-ethereum-xrp-down-18-dogecoin-craters-28-what-is-going-on">20% corrections are typical</a> in bull markets, serving as consolidations rather than trend reversals.



Read Next: &nbsp;&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42613106/have-risk-appetite-here-are-5-cryptos-that-could-make-your-christmas-merry">Have Risk Appetite? Here Are 5 Cryptos That Could Make Your Christmas Merry</a></li>
</ul>



Photo: Shutterstock

Anthony Scaramucci: Bitcoin's Moves Are 'Normal,' But Some Altcoins May Have Had Their 'Last Hurrah'

In a December meeting that will be remembered for its seismic impact on markets, the Federal Reserve delivered a widely anticipated 25-basis-point interest rate cut Wednesday, bringing the target <a href="https://www.benzinga.com/news/econ-s/24/12/42561549/fed-slashes-interest-rates-by-0-25-as-predicted-december-dot-plot-flags-only-2-potential-cuts-in-2025">range to 4.25%-4.5%.</a>



Yet, it wasn't the rate cut itself that shocked Wall Street: it was the Fed&#8217;s revised economic forecasts and Chair Jerome Powell's stance that crushed expectations for deeper rate cuts in 2025.



In its December economic forecasts, the Fed raised inflation projections for 2025, signaling that only two rate cuts might be on the table for the year. This marked a dramatic shift from the expectations that had fueled investor optimism in recent weeks.



Powell cemented this hawkish tone during the press conference, stating that after a 100-basis-point reduction in 2024, the Fed would enter a <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">&#8220;new phase&#8221; of monetary policy</a>. With rates nearing neutral levels, Powell emphasized the importance of a cautious approach, erasing any lingering hopes for aggressive easing.



In true Grinch fashion, Powell's message drained investor hopes for a Santa Claus Rally, a seasonal market trend that sees equities showing strong gains in the second half of December.



The S&amp;P 500 — as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — tumbled 3%, recording its worst single-day drop since September 2022, while the U.S. Dollar Index surged to a two-year high as <a href="https://www.benzinga.com/news/econ-s/24/12/42564807/powell-triggers-market-carnage-vix-spikes-58-stocks-plummet-dollar-hits-2-year-highs-bitcoin-nosedives">investors recalibrated their expectations</a>.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) demonstrated significant sensitivity to macroeconomic developments, dropping below $100,000 after reaching a record high of $108,388 one day prior to the Federal Reserve meeting.



Friday brought a brief reprieve as the Fed's preferred inflation gauge for November came <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42619788/market-volatility-halts-on-soft-inflation-data-yet-traders-remain-wary-of-fighting-the-fed-10-etfs-moving-friday">in lower than expected.</a> Yet the Fed's sting has left lingering wounds that only sustained progress in disinflation can heal.



The focus now shifts to 2025. Investors are bracing for the fiscal policies of the incoming Trump administration, the potential for a government shutdown and the broader implications of Fed monetary policy.



<h1 class="wp-block-heading">ChargePoint-GM Collaboration</h1>



ChargePoint Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) and General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) partnered to deploy ultra-fast EV charging ports at key locations across the U.S. This strategic move aims to enhance electric vehicle infrastructure and accelerate <a href="https://www.benzinga.com/24/12/42553394/chargepoint-inks-pact-with-general-motors-eyes-installing-ultra-fast-charging-ports-at-key-locations">EV adoption nationwide</a>.



<h1 class="wp-block-heading">Palantir Defies Gravity</h1>



Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>)&#8217;s stock surged Friday after securing a key U.S. Army deal and joining the Nasdaq-100 index. The stock's year-to-date <a href="https://www.benzinga.com/trading-ideas/technicals/24/12/42620067/palantir-defies-gravity-army-deal-nasdaq-100-spotlight-fuel-rally">gains now top 340%.</a>



Read Now: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/12/42623343/exclusive-weight-loss-market-experts-scoop-up-novo-nordisk-stock-after-worst-drop-since-2002-following-drug-trial-miss">EXCLUSIVE: Weight-Loss Market Experts Scoop Up Novo Nordisk Stock After Worst Drop Since 2002 Following Drug Trial Miss</a></li>
</ul>



Photo: Shutterstock

Fed Cuts Interest Rates, But Powell Spoils Santa Claus Rally; Dollar Surges To Over 2-Year High, Bitcoin Sinks Below $100,000: This Week In The Market

Cryptocurrency markets saw volatile trading on Friday despite <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42606037/etf-market-hits-records-in-2024-inflows-reach-16-trillion-7-funds-top-ranking">growing interest in spot ETFs</a>.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$97,108.38</td><td>+0.3%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$3,462.57</td><td>+2.6%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$190.13</td><td>-1.3%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>&nbsp;$2.27</td><td>&nbsp;+2.5%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.3152</td><td>+0.9%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00002172</td><td>+0.5%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 4.6% and daily active addresses falling by 0.3%. Transactions greater than $100,000 are up from 13,516 to 13,885 in a single day. Exchanges netflows are down by 312.3%.</li>



<li>Coinglass data reports 327,657 traders were liquidated in the past 24 hours for $963.51 million.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42611171/kim-jong-uns-north-korea-linked-hackers-steal-13b-in-bitcoin-and-other-cryptocurrencies-in-2024-report">Kim Jong Un&#8217;s North Korea-Linked Hackers Steal $1.3B In Bitcoin And Other Cryptocurrencies In 2024: Report</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42623985/rattled-hawk-tuah-girl-haliey-welch-resurfaces-after-meme-coin-scandal-i-take-this-situation-extremely-seriously">Rattled &#8216;Hawk Tuah Girl&#8217; Haliey Welch Resurfaces After Meme Coin Scandal: &#8216;I Take This Situation Extremely Seriously&#8217;</a></li>



<li><a href="https://www.benzinga.com/24/12/42608825/shytoshi-kusama-says-huge-news-as-shiba-inu-partners-with-chainlink-to-boost-shibarium-ecosystem-tokens">Shytoshi Kusama Shares &#8216;Huge News&#8217; As Shiba Inu Partners With Chainlink To Boost Shibarium, Ecosystem Tokens</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42609238/el-salvador-buys-bitcoin-dip-scoops-1-million-worth-of-btc-a-day-after-imf-urges-scaling-back">El Salvador Buys Bitcoin Dip, Scoops $1 Million Worth Of BTC A Day After IMF Urges Scaling Back</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Ethena (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ENA</a>)</td><td>&nbsp;$1.20&nbsp;</td><td>+25.7%</td></tr><tr><td>Hyperliquid (CRYPTO: HYPE)</td><td>&nbsp;$29.23</td><td>+23%</td></tr><tr><td>Virtuals Protocol (CRYPTO: VIRTUAL)</td><td>&nbsp;$2.67</td><td>+21.8%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices dropping, Stockmoney Lizards explained that after recent liquidations of leveraged long positions, the crypto king's market has cleared out downside liquidity. 



The <a href="https://x.com/StockmoneyL/status/1870160524102480086">focus</a> now shifts to upside potential, with a gradual trend upwards toward the major resistance level of $100,000 being a likely scenario.



Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1870140926599016868">noted</a> Bitcoin&#8217;s green daily close and highlighted the importance of maintaining momentum for a strong weekend finish.



Altcoin Sherpa shared a chart suggesting a logical pattern for Bitcoin&#8217;s trajectory in the coming weeks.



<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">something like this makes sense for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> during the next few weeks <a href="https://t.co/ekvvriHIJz">pic.twitter.com/ekvvriHIJz</a>&mdash; Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1870153658954068084?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Emperor reflected on a successful trading strategy since $49,000, focusing on buying dips caused by excessive leverage and selling pumps. 



While this<a href="https://x.com/EmperorBTC/status/1870120752747511973"> approach</a> yielded gains, the recent drop to $92,000 marked the first loss this season. 



Despite the setback, the last three months provided ample opportunities to double capital, even if this signifies a potential Christmas sell-off or market top.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42612972/bitcoins-2025-outlook-suddenly-looks-uncertain-heres-why">Bitcoin&#8217;s 2025 Outlook Suddenly Looks Uncertain: Here&#8217;s Why</a></li>
</ul>

Bitcoin, Ethereum, XRP, Dogecoin Recover From Day's Losses: 'If This Is The Christmas Sell Off And The Top, So Be It,' Trader Says

Ethereum Price Forecast: ETH shows signs of recovery as bulls step in to quench US investors selling pressure

<ul>
	<li>Bitcoin Cash price plunged to a 40-day low of $390 as the crypto market crash extended further on Friday.</li>
	<li>On-chain data trends shows traders have emptied 40,000 active BCH wallets within the last three days.</li>
	<li>From a technical standpoint, BCH bulls now face a strong challenge breaching the $450 resistance level.</li>
</ul>

 
Bitcoin Cash price plunged to a 40-day low of $390 as the <a href="https://www.fxstreet.com/cryptocurrencies" data-fxs-autoanchor="">crypto market</a> crash extended further on Friday. On-chain data trends show a large number of existing BCH holders emptying their wallets amid the market dip.&nbsp;

<h2 class="fxs_headline_medium">Bitcoin Cash price plunges 35% as crypto sell-off bites harder</h2>

Following the hawkish stance that accompanied the Federal Reserve (<a href="https://www.fxstreet.com/news/feds-goolsbee-my-projections-were-for-a-little-more-shallow-rate-path-in-2025-202412201524" target="_blank">Fed</a>) rate decision on Wednesday, the global crypto market has been in a steep downtrend.

While <a href="https://www.fxstreet.com/cryptocurrencies/bitcoin" data-fxs-autoanchor="">Bitcoin price</a> plunged as low as $94,200 on Friday, the bearish headwinds has spread toward popular Proof-of-Work altcoins like Bitcoin Cash (BCH) and Litecoin (LTC).&nbsp;

<a href="https://editorial.fxsstatic.com/miscelaneous/BCHUSDT_2024-12-20_18-44-26-638703210507665171.png" target="_blank"><img src="https://editorial.fxsstatic.com/miscelaneous/BCHUSDT_2024-12-20_18-44-26-638703210507665171.png" style="width: 2916;height: 1492;"></a> 
Bitcoin Cash price action | BCHUSDT (Binance)

The chart above shows how BCH price has plunged 35% since an initial market wobble on December 9.

During that period, <a href="https://www.fxstreet.com/cryptocurrencies/bitcoin-cash" data-fxs-autoanchor="">Bitcoin Cash price</a> dropped from $623 to hit a 40-day low of $390 on Friday.&nbsp;

<h2 class="fxs_headline_medium">40,000 BCH investors emptied their wallets amid crypto crash</h2>

Bitcoin Cash (BCH) has experienced a steep 35% price dip over the last 18 days, declining faster than major cryptocurrencies like Bitcoin (BTC) and <a href="https://www.fxstreet.com/cryptocurrencies/ethereum" data-fxs-autoanchor="">Ethereum</a> (ETH).&nbsp;

On-chain data reveals that a significant number of BCH holders have been liquidating their positions amid the ongoing market crash, sparking fears of further downside risks.&nbsp;

Recent data from IntoTheBlock highlights a notable reduction in the number of actively funded wallets on the Bitcoin Cash blockchain.

This metric offers valuable insight into investor behavior, during volatile market phases.&nbsp;

As of December 16, 2024, there were 24.86 million funded BCH wallets on the network.&nbsp;

<a href="https://editorial.fxsstatic.com/miscelaneous/Screen Shot 2024-12-20 at 6.45.02 PM-638703211041073319.png" target="_blank"><img src="https://editorial.fxsstatic.com/miscelaneous/Screen%20Shot%202024-12-20%20at%206.45.02%20PM-638703211041073319.png" style="width: 2588;height: 1148;"></a>Bitcoin Cash Total Holders | Source; IntoTheBlock

 
However, as the Fed meeting unfolded earlier <a href="https://www.fxstreet.com/economic-calendar" data-fxs-autoanchor="">this week</a>, a sharp wave of selling activity emerged.

Over the past three days, approximately 40,000 wallets were emptied, bringing the total number of funded wallets down to 24.82 million by December 19, 2024.

This data points to a significant exodus of BCH holders, with 40,000 wallets liquidating their entire holdings during the market downturn.&nbsp;

Such widespread capitulation underscores the heightened anxiety among investors, many of whom appear to be retreating amid the current uncertainty.

This trend signals potential downside risks for BCH in the near term. The first concern is the apparent loss of investor confidence.

The rapid reduction in funded wallets reflects a bearish sentiment, with many investors seemingly losing faith in BCH as a reliable store of value.

This could discourage new participation and further amplify the selling momentum.

Additionally, the mass liquidation has increased selling pressure on BCH, a factor that could deepen the token’s volatility.

With fewer active participants and heightened selling activity, Bitcoin cash could face sharper price declines if the market crash persists.&nbsp;

<h2 class="fxs_headline_medium">BCH Price Forecast: $450 resistance looming large&nbsp;</h2>

Bitcoin Cash (BCH) faces significant resistance at $450 after a steep decline of 37% over the past 11 days.

The <a href="https://www.fxstreet.com/education" data-fxs-autoanchor="">Bollinger Bands</a> on the daily chart indicate narrowing volatility with prices testing the lower band near $447.

This suggests that BCH may struggle to break out of its downward trajectory, especially with the current trend showing limited momentum toward recovery.

<a href="https://editorial.fxsstatic.com/miscelaneous/BCHUSDT_2024-12-20_20-36-44-638703211720257796.png" target="_blank"><img src="https://editorial.fxsstatic.com/miscelaneous/BCHUSDT_2024-12-20_20-36-44-638703211720257796.png" style="width: 2916;height: 1492;"></a>Bitcoin Cash (BCH) Price Forecast&nbsp;

The Bull-Bear Power (BBP) indicator highlights a bearish dominance, currently at -181, underscoring strong selling pressure.

The $450 level aligns with the midpoint of the Bollinger Bands, acting as a critical resistance zone that BCH needs to surpass to signal any bullish reversal.

A failure to clear this hurdle could reinforce bearish sentiment, pushing prices further down.

On the flip side, two key support levels provide potential downside buffers.

The first is at $430, where recent wicks have found temporary stability.

The second is at $390, coinciding with the lower Bollinger Band and marking a psychological threshold.

Breaching these supports could trigger further declines, but holding them could signal consolidation amid the ongoing sell-off. 
&nbsp;

Bitcoin Cash Price Forecast: 40,000 investors sell BCH as BTC, ETH lead crypto crash

Risk sentiment returned to Wall Street on Friday, revitalized by softer-than-expected November inflation data leading to a strong market rebound following the selloff triggered by the <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42615908/feds-preferred-inflation-gauge-falls-more-than-expected-markets-breathe-sigh-of-relief">Federal Reserve&#8217;s recent meeting.</a>



The Personal Consumption Expenditure price index rose 2.4% year-over-year in November, falling short of the 2.5% increase forecasted. The core PCE, a key gauge closely watched by the Fed, also missed expectations, rising 2.8% compared to the anticipated 2.9%.



By midday Friday, all major indices were in rally mode, with broad-based gains across sectors. In the S&amp;P 500, 480 companies traded higher, and every sector advanced as investors welcomed the reprieve in inflationary pressures.



The real estate sector led the charge, rebounding sharply after being hit hardest in the aftermath of the Fed meeting. Small-cap stocks in the Russell 2000 also posted robust gains, powered by a strong recovery in regional banks.



The travel industry soared, driven by upbeat earnings and optimistic guidance from Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>), which fueled enthusiasm across the sector. The cruise line rose by 6%, eyeing the highest close since October 2021. 



In the bond market, yields dropped by approximately 5 basis points across the curve, boosting Treasury prices. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) gained nearly 1%, recovering some ground after a 3% slide over the previous two sessions. The dollar softened, declining 0.6%, while gold gained over 1%. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) attracted dip buyers after plunging to $92,118. Although the cryptocurrency pared its daily losses, it remains on track for its worst weekly performance in four months.



<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Dow Jones</td><td>42,853.53</td><td>1.2%</td></tr><tr><td>S&amp;P 500</td><td>5,934.51</td><td>1.1%</td></tr><tr><td>Russell 2000</td><td>2,246.04</td><td>1.1%</td></tr><tr><td>Nasdaq 100</td><td>21,339.90</td><td>1.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:30 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent121924&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 1.1% to $592.31.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.2% to $429.61.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 1.4% higher to $521.53.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 1.2% to $222.59.</li>



<li>The&nbsp;Real Estate Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) outperformed, up by 2.3%; the&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, up 0.6%.</li>
</ul>



<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>



<ul>
<li>Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) plummeted 17%, marking its worst single-day drop since April 2002. after disappointing weight-loss trial data for<a href="https://www.benzinga.com/government/regulations/24/12/42623343/exclusive-weight-loss-market-experts-scoop-up-novo-nordisk-stock-after-worst-drop-since-2002-following-drug-trial-miss"> its obesity drug, CagriSema.</a></li>



<li>Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) rallied over 8% as analysts at OTR Research raised the stock rating from Negative to Mixed.</li>



<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) also rallied over 6% in reaction to Carnival Cruise&#8217;s upbeat results. Other travel-related companies seeing strong gains Friday included Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), up 3.9%, Hyatt Hotels Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>), up 3.4%, and Royal Caribbean Cruise Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), up 3.6%.</li>



<li>Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) fell 1.2% in reaction to its latest quarterly results and FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) inched 0.6% higher. </li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/12/42623343/exclusive-weight-loss-market-experts-scoop-up-novo-nordisk-stock-after-worst-drop-since-2002-following-drug-trial-miss">EXCLUSIVE: Weight-Loss Market Experts Scoop Up Novo Nordisk Stock After Worst Drop Since 2002 Following Drug Trial Miss</a></li>
</ul>



Photo: Shutterstock

Wall Street Rallies On Soft Inflation Data, Bonds Rebound, Travel Stocks Surge: What's Driving Markets Friday?

Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) sell-off on Friday saw prices dip below $93,000, but Bitwise CIO Matt Hougan argues that the <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42614273/bitcoin-crashes-10-ethereum-xrp-down-18-dogecoin-craters-28-what-is-going-on">current pullback is a &#8220;hiccup&#8221;</a> rather than a trend reversal.



Hougan sees strong underlying factors including <a href="https://www.benzinga.com/news/events/24/11/41992186/could-new-legislation-finally-bring-clarity-to-us-crypto-rules-industry-expert-weighs-in">regulatory tailwinds</a>, <a href="https://www.benzinga.com/24/12/42516240/the-doors-have-been-blown-off-how-bitcoin-etfs-are-reshaping-investment-strategies">institutional adoption</a> and <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41847581/el-salvadors-bitcoin-bet-is-paying-off-heres-how-much-the-country-is-up">Bitcoin purchases by governments</a> as structurally bullish factors for Bitcoin.



<h2 class="wp-block-heading">Crypto&#8217;s Turbulent Friday Trading Session</h2>



The cryptocurrency market experienced a volatile session Friday, triggered by the <a href="https://www.benzinga.com/24/12/42564443/santa-came-early-with-rate-cut-but-federal-reserve-brings-coal-next-year-experts-weigh-in-on-rate-cut-feds-2025-projections">Federal Reserve&#8217;s decision</a> to lower its anticipated rate cuts for the coming year.



Bitcoin plummeted from a high of $108,135 to below $92,805, before rebounding slightly, currently trading around $96,950, down 1.2% on the day.



Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) also traded down by 1% to $3,430.



This sharp decline mirrored a <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42615908/feds-preferred-inflation-gauge-falls-more-than-expected-markets-breathe-sigh-of-relief">broader pullback in risk assets</a>, with the S&amp;P 500 dropping 3% and the Russell 2000 Small Cap Index falling 4.4% following the Fed announcement.



The Fed&#8217;s move, while expected in terms of a <a href="https://www.benzinga.com/24/12/42610958/expecting-up-to-four-fed-rate-cuts-in-2025-says-this-analyst-despite-hawkish-powell-saying-it-was-close-on-the-decision-to-cut-or-not-heres-why">25 basis point rate cut</a>, surprised markets with its <a href="https://www.benzinga.com/24/12/42564443/santa-came-early-with-rate-cut-but-federal-reserve-brings-coal-next-year-experts-weigh-in-on-rate-cut-feds-2025-projections">reduced forecast</a> for future cuts. It is now projecting only two in 2025, down from four.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42623985/rattled-hawk-tuah-girl-haliey-welch-resurfaces-after-meme-coin-scandal-i-take-this-situation-extremely-seriously">Rattled &#8216;Hawk Tuah Girl&#8217; Haliey Welch Resurfaces After Meme Coin Scandal: &#8216;I Take This Situation Extremely Seriously&#8217;</a>



<h2 class="wp-block-heading">The Fed Matters For Crypto — But Other Factors Matter More</h2>



Potentially higher interest rates traditionally pressure risk assets, and this announcement initiated an initial sell-off across the board, Matt Hougan noted in a social media thread earlier in the day.



However, he emphasized that leverage within the crypto market acted as a significant catalyst for the deeper-than-expected decline. 



Hougan maintains that the broader bull market trend remains intact — $1.38 billion of liquidated positions in 24 hours notwithstanding.



He claims the Fed is less impactful to the sector than in previous years, and the industry has gained significant internal momentum due to several fundamental shifts.



He points to several key factors supporting the bullish thesis: 



<ul>
<li>An imminent pro-crypto regulatory shift in Washington, see Trump&#8217;s appointment of a &#8216;<a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">crypto czar</a>.&#8217;</li>



<li>Increasing institutional involvement and ETF flows, such as <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42393396/record-week-bitcoin-etfs-net-25-billion-in-inflows-ethereum-etfs-took-in-12-billion">record-breaking spot ETF flows</a>.</li>



<li>Bitcoin acquisitions by governments and corporations — even <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42601193/senator-lummis-introduces-strategic-bitcoin-reserve-proposal">a strategic Bitcoin reserve</a> may be on the table.</li>



<li>Major technological advancements in the programmable blockchain sector (<a href="https://www.benzinga.com/24/12/42443799/merging-systems-tokenization-and-the-path-to-financial-change">tokenization anyone</a>?).</li>
</ul>



In a series of <a href="https://x.com/Matt_Hougan/status/1869627742561649100">tweets</a>, Hougan also highlighted that Bitcoin&#8217;s 10-day exponential moving average (approximately $102,000) remains above its 20-day exponential moving average (around $99,000), which is a traditional bullish indicator for him. 



This technical measure has historically been a reliable gauge of market trends and suggests the medium term trend for Bitcoin, despite the volatility, is still positive.



<h2 class="wp-block-heading">What Technical Indicators Are Saying</h2>



According to James Toledano, Chief Operating Officer at Unity Wallet, &#8220;Profit taking is definitely at play here, with Bitcoin trading volume rising 24% in the last day and Bitcoin ETF outflows hitting a record $672M in 1 day.&#8221; 



This shows recent price volatility is not solely attributable to external influences, but internal to the market as well.



&#8220;Many people who invested earlier in the year will have doubled their money and those who invested years ago, made more than they ever dreamt possible,&#8221; he told Benzinga.



Toledano also noted that whilst Bitcoin trading volume is skewed towards selling, altcoins have been subject to significant trading activity.



Ethereum trading volume is up 45% over 24 hours, with 70% of that buying activity.



XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), currently up 1% on the day and recovering from a 20% drop earlier in the day, is seeing a similar volume pattern.



BNB (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) is also up 1.3% at $670.



However, Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) is down 1% and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) down about 5% , hile SUI (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SUI</a>) is up 7% at press time.



While reduced liquidity in the upcoming holiday period could lead to increased volatility, Toledano added, the absence of major institutional activity may stabilize prices. 



He also pointed out that, based on historic trends, there is no clear pattern at this time of the year.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42617815/are-microstrategys-bitcoin-purchases-on-hold-in-january">Are MicroStrategy&#8217;s Bitcoin Purchases On Hold In January?</a></li>
</ul>



Image: Shutterstock

Bitcoin, Ethereum, XRP, Dogecoin Whipsaw, But These 4 Key Factors Make It A 'Hiccup,' Not A Downturn

Bloomberg Senior ETF analyst Eric Balchunas showcased a PR pitch he received on mail, revealing the 20 best-performing <a href="https://www.benzinga.com/money/top-meme-coins">meme coins of 2024</a>.



What Happened: Balchunas highlighted a list of the top-performing meme coins of 2024, compiled by Kryptocasinos. 



The ranking showcases meme coins that have demonstrated remarkable market activity and popularity, driven by social media influence and strong community support. 



he top five meme coins for 2024 include: Just a chill guy (CRYPTO: CHILLGUY), Andy (CRYPTO: ANDY), Degen (CRYPTO: DEGEN), Neiro (CRYPTO: NEIRO) and Turbo (CRYPTO: TURBO).



Other notable entries include Popcat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POPCAT</a>), Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>), Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>), and Peanut the Squirrel (CRYPTO: PNUT).



<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">INBOX: The top 20 best performing meme coins of 2024 <a href="https://t.co/IIpPPixYqc">pic.twitter.com/IIpPPixYqc</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1869868087203565739?ref_src=twsrc%5Etfw">December 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Trader Notes:



Traders commented on several of the well-performing meme coins and their future outlook.



<ul>
<li>MaxBecauseBTC, a prominent crypto trader, <a href="https://x.com/MaxBecauseBTC/status/1870135242004279751">announced</a> purchasing more Andy, expressing confidence in the project, saying, &#8220;Believe in something.&#8221; Meanwhile, MyCoinChange has <a href="https://x.com/mycoinchange_co/status/1869998847545717072">listed</a> Andy, signaling its shift from meme to mainstream.</li>



<li>TraderSZ <a href="https://x.com/trader1sz/status/1869912699200582026">advises</a> waiting for to stabilize before focusing on altcoins. Once BTC finds a range, Neiro could become a priority investment, according to him.</li>



<li>Crypto trader Murad <a href="https://x.com/MustStopMurad/status/1869788373097046500">described</a> Popcat's chart as unique, maintaining a $5 short-term target for the coin.</li>



<li>More Crypto Online <a href="https://x.com/Morecryptoonl/status/1870149662511919280">noted</a> that Pepe is at the 50% retracement level, and a sustained breakout above $0.x191412 might confirm a potential low. However, the trader anticipates another dip before stabilization.</li>
</ul>



What's Next: Despite being leaders in the meme coin space, Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) have been outperformed by newer or more specialized coins in 2024.



With Bitcoin recently dropping below key levels, uncertainty surrounding the broader market outlook for 2025 has grown, potentially impacting altcoins and meme coins alike.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42411112/shiba-inu-pepe-or-bonk-ranking-reddits-most-popular-meme-coins">Shiba Inu, Pepe Or Bonk? Ranking Reddit&#8217;s Most Popular Meme Coins</a></li>
</ul>



Image: Shutterstock

Dogecoin, Shiba Inu Absent From 2024's Top-Performing Meme Coins: Here's Who Made The Cut

Ethereum Price Annual Forecast: Can Pectra upgrade push ETH to new all-time high in 2025?

Apparently shaken by the fallout from the Hawk (CRYPTO: HAWK) <a href="https://www.benzinga.com/content/42377682/coffeezilla-debunks-misleading-headlines-about-influencer-hailey-welch-and-hawk-memecoin">meme coin crash</a>, social media influencer Haliey Welch, widely known as the &#8220;Hawk Tuah Girl,&#8221; on Friday broke her silence on Friday, addressing the public for the first time since a lawsuit was filed by investors.



Welch, 22, shared a <a href="https://x.com/HalieyWelchX/status/1870123827725840484">statement</a> on microblogging platform X expressing her commitment to uncovering the truth, assisting impacted individuals, and holding those responsible accountable.



"I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community," Welch wrote. She also urged those who experienced losses to contact Burwick Law, the firm representing the plaintiffs.



Blockchain investigator ZachXBT, known for his critical analysis of crypto scams, highlighted prior community warnings about the HAWK coin. 



In a tweet dated Nov. 6, he <a href="https://x.com/zachxbt/status/1870133798374981920">wrote</a>, "We were warned," alongside a screenshot of another user's tweet, which said, "Hawk Tuah girl was gonna do a coin, they assembled KOLs [key opinion leaders] for it, but then it kind of fell apart. They wanted me on supposedly… She's gonna farm us."



The lawsuit, filed in the U.S. District Court in New York, alleges that the HAWK coin team failed to register the token in accordance with securities laws. 



The coin, inspired by Welch's viral &#8220;Hawk Tuah&#8221; catchphrase, launched on Dec. 4 and briefly reached a market cap of $500 million before crashing by 95% within minutes. Investors reportedly lost a combined $151,000 in the rapid downturn.



Named defendants include Tuah The Moon Foundation, the crypto launchpad overHere, its founder Clinton So, and HAWK team member Alexander Larson Shultz, also known as &#8220;Doc Hollywood.&#8221; 



The <a href="https://www.bloomberglaw.com/public/desktop/document/AlbounietalvSchultzetalDocketNo124cv08650EDNYDec192024CourtDocket?doc_id=X72TI5SSOV989POPAQPF24AV7AU">complaint </a>accuses the team of exploiting Welch's popularity to market the token and alleges insider trading and deceptive promotional practices.



The situation has drawn sharp criticism from the crypto community. Blockchain investigator ZachXBT took to Twitter to comment, "Only if you were warned by the entire community prior to launching the token," highlighting concerns about Welch's involvement.



Billionaire investor Mark Cuban, however, defended Welch, stating she was<a href="https://www.benzinga.com/general/entertainment/24/12/42545829/mark-cuban-expresses-sympathy-for-hawk-tuah-girl-amid-meme-coin-controversy-wasnt-something-she-fully-understood"> likely unaware of the complexities</a> surrounding the project. "It wasn't something she fully understood, but she trusted the people around her," Cuban said during a podcast with Jules Terpak. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42614273/bitcoin-crashes-10-ethereum-xrp-down-18-dogecoin-craters-28-what-is-going-on">Bitcoin Crashes 10%, Ethereum, XRP Down 18%, Dogecoin Craters 28%: What Is Going On?</a>



He added that while mistakes were made, Welch should not be blamed entirely for the controversy.



Cuban, who has publicly criticized meme coins as a "game of musical chairs with money," reiterated his lack of trust in such projects. 



"There's no there there—it's just hustle," he said, calling for caution in speculative investments.



Shytoshi Kusama, the pseudonymous leader of the Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) ecosystem, also distanced themselves from the project, revealing that Welch's team had approached them to promote the coin, an offer they declined.



<h3 class="wp-block-heading">What Happened to HAWK Coin?</h3>



The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based meme coin initially skyrocketed, hitting a valuation 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">$425 million shortly after launch.</a> 



However, the rapid pump-and-dump left investors reeling. Welch, who had earlier denied wrongdoing, stated no free tokens were distributed to anyone in her network. 



On-chain data has yet to substantiate claims of insider trading, but the sudden market crash has raised questions about the token&#8217;s design and promotional strategy.



Welch rose to fame earlier this year for her viral catchphrase &#8220;Hawk Tuah&#8221; during a street interview, which turned her into an internet sensation.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42617815/are-microstrategys-bitcoin-purchases-on-hold-in-january">Are MicroStrategy&#8217;s Bitcoin Purchases On Hold In January?</a></li>
</ul>



Image: Shutterstock

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