Mixed martial arts legend Khabib Nurmagomedov has thrown his support behind a &#8216;satirical&#8217; meme coin that is raising funds to help the victims of Conor McGregor, a fellow Ultimate Fighting Championship (UFC) fighter found guilty of sexual assault.



What Happened: In an X post on Thursday, Nurmagomedov praised the so-called CONVICT project for taking up the initiative.



&#8220;Good job guys , you have my full support, this guy deserves punishment,&#8221; the UFC Hall of Famer said.



<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">Good job guys , you have my full support, this guy deserve punishment <a href="https://t.co/tOFNJrBUYV">https://t.co/tOFNJrBUYV</a>&mdash; khabib nurmagomedov (@TeamKhabib) <a href="https://twitter.com/TeamKhabib/status/1861871405341581729?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



CONVICT describes itself as a &#8220;satirical meme coin&#8221; influenced by McGregor&#8217;s recent conviction in the sexual assault civil case. It has called for donations to its cryptocurrency address to cover the legal fees of McGregor&#8217;s victims.



The coin, which trades on Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based decentralized exchange (DEX)&nbsp;Raydium, saw its market valuation jump to $336,370, per <a href="https://coinmarketcap.com/dexscan/solana/9wRdTaGGDct1HH4oTfGAxyU8nEo4H4rzYcdzvso8QCgd/">CoinMarketCap</a>.



Note that the coin has very low liquidity, about $82,900, as of this writing, making it vulnerable to wild price swings. Additionally, its absence from mainstream cryptocurrency exchanges raises another red flag.



A civil court jury found last week that McGregor <a href="https://edition.cnn.com/2024/11/26/sport/conor-mcgregor-civil-rape-verdict-spt-intl/index.html">assaulted </a>a woman in a Dublin hotel in December 2018, ordering him to pay her nearly €250,000, roughly $263,600, in damages, per a CNN report.



The Irish MMA fighter&#8217;s reputation has since taken a big hit, with his wax figure getting removed from the National Wax Museum Plus in Dublin, the BBC <a href="https://www.bbc.com/news/articles/c0j8xq3zdn5o">reported</a>. 



See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42238227/trader-turns-160-into-6m-in-just-12-days-with-chill-guy-meme-coin-but-concerns-of-insider-trading-arise">Trader Turns $160 Into $6M In Just 12 Days With &#8216;Chill Guy&#8217; Meme Coin But Insider Trader Concerns Arise</a>



Why It Matters: Interestingly, this isn&#8217;t the first time Nurmagomedov has been linked to controversial cryptocurrency ventures. 



Last year the MMA legend <a href="https://www.benzinga.com/markets/cryptocurrency/23/02/31111704/coffeezilla-picks-nft-fight-with-mma-legend-khabib-nurmagomedov-scamming-your-fans">faced accusations</a> from &#8220;Crypto Detective&#8221; Coffeezilla for promoting a potential cryptocurrency scam involving his new non-fungible token (NFT) project. 



Nurmagomedov launched an exclusive NFT collection in partnership with GoMining, a cryptocurrency mining platform, promising fans access to his "private club" and the ability to mine Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).



Photo Courtesy: Camerasandcoffee On Shutterstock.com



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/24/11/42237876/peter-schiff-predicts-microstrategys-bankruptcy-due-to-bitcoin-investment-strategy">Peter Schiff Calls MicroStrategy A &#8216;Great Short&#8217; And Issues A Grim Warning: &#8216;It Can Only End In Bankruptcy&#8217;</a></li>
</ul>

MMA Star Khabib Nurmagomedov Backs Meme Coin 'Fighting' For Conor McGregor's Victims: 'This Guy Deserves Punishment'

Federal prosecutors in Cleveland are seeking forfeiture of nearly $1 million in cryptocurrency linked to a scam that drained an elderly Elyria man&#8217;s life savings, highlighting the growing trend of sophisticated <a href="https://www.benzinga.com/news/legal/24/11/42023632/financial-crime-weekly-darknet-money-laundering-crypto-scams-invesco-pays-17-5m-sec-penalty">crypto fraud targeting vulnerable investors</a>.



What Happened: The victim lost $408,000 after scammers, posing as Apple Inc. support representatives, gained remote access to his computer in October 2023. The criminals transferred his funds through Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), the largest stablecoin platform, to obscure the money trail, <a href="https://www.cleveland.com/court-justice/2024/11/elyria-man-loses-life-savings-in-cryptocurrency-con-feds-say.html">according</a> to news publication Cleveland. 



The case marks the second time in two months that Cleveland prosecutors have pursued the seizure of stolen funds laundered through Tether.



&#8220;The scammers wired money from the victim&#8217;s bank to a virtual currency account, then transferred it through multiple cryptocurrency wallets,&#8221; prosecutors told U.S. District Judge Pamela Barker in their filing. The victim and his wife now rely solely on Social Security and family support.



The Cleveland FBI&#8217;s investigation revealed an additional $539,000 in suspected stolen or laundered cryptocurrency linked to the same criminal network, bringing the total seized funds to $947,000.



See Also: <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42237636/bitcoin-ethereum-dogecoin-simmer-down-on-thanksgiving-analyst-sees-significant-shift-from-btc-season-to-alt-season">Bitcoin, Ethereum, Dogecoin Simmer Down On Thanksgiving: Analyst Sees &#8216;Significant Shift&#8217; From BTC Season To Alt Season</a>



Why It Matters: This case emerges amid an unprecedented surge in cryptocurrency crime in 2024, with industry losses exceeding $1.58 billion, according to recent reports. Just this August, the SEC uncovered a $650 million crypto fraud scheme, while a separate Genesis <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40961791/the-biggest-crypto-crime-cases-in-2024-heists-frauds-and-multi-million-dollar-scams-shake-">creditor heist resulted in $243 million in losses</a>.



The scam followed a common pattern where criminals initiate contact through computer alerts, phone calls, or social media. In this instance, the perpetrators exploited the victim&#8217;s trust through a fake computer security alert and sophisticated <a href="https://www.benzinga.com/news/legal/24/11/42023632/financial-crime-weekly-darknet-money-laundering-crypto-scams-invesco-pays-17-5m-sec-penalty">social engineering tactics</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/42237876/peter-schiff-predicts-microstrategys-bankruptcy-due-to-bitcoin-investment-strategy">Peter Schiff Calls MicroStrategy A &#8216;Great Short&#8217; And Issues A Grim Warning: &#8216;It Can Only End In Bankruptcy&#8217;</a></li>
</ul>



Image via Freepik



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

Apple Impersonators Drain Elderly Man's Account In Crypto Fraud, Feds Seek $1M Forfeiture

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC attempts for the $100K mark

World Network (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WLD</a>) emerged as one of the biggest cryptocurrency market gainers Thursday after the identity verification project unveiled a pilot feature that would allow users to claim additional tokens.



What happened: WLD, the native cryptocurrency of the newly-branded network, previously called Worldcoin, spiked over 13% to become the second-best-performing cryptocurrency in the last 24 hours.



The coin's trading volume jumped 145% to around $1.35 billion, boosting the volume-to-market cap ratio to 67%.



The surge in buying pressure came following the launch of a new feature, called "World ID Credentials," aimed at making the network more accessible.



<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">The new World ID Passport Credential is here, with access to additional WLD tokens.<a href="https://t.co/aD8utAGAQs">https://t.co/aD8utAGAQs</a>&mdash; World (@worldcoin) <a href="https://twitter.com/worldcoin/status/1862276636143436167?ref_src=twsrc%5Etfw">November 28, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42228464/ethereum-rally-gets-overshadowed-by-searing-gains-in-cheaper-plays-why-are-ens-and-etc-soaring-today">Ethereum Rally Gets Overshadowed By Searing Gains In Cheaper Plays: Why Are ENS And ETC Soaring Today?</a>



"The new feature can be added to a person's World ID whether or not they have verified their humanness at an Orb," World Network announced.&nbsp;



Furthermore, using Credentials, World ID holders may claim additional WLD tokens, regardless of whether their World ID was validated at an Orb location.



The project would be rolled out in select countries including Chile, Colombia, Malaysia and South Korea



Why It Matters: Sam Altman, co-founder of OpenAI, launched the Worldcoin project last year amid significant media attention.



The project collects people&#8217;s irises to authenticate their humanness and creates a digital ID, thereby making them eligible to receive free WLD tokens.



However, the initiative has encountered challenges related to personal data protection. The project has been prohibited in <a href="https://www.benzinga.com/markets/asia/24/05/38981228/sam-altman-founded-worldcoin-shown-the-door-in-hong-kong-over-privacy-concerns">Hong Kong</a>, Kenya, and <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39176283/sam-altman-founded-worldcoins-suspension-extended-in-spain-crypto-plunges-55-since-march-p">Spain</a>.&nbsp;



Price Action: At the time of writing, Worldcoin was trading at $2.86, up 13.51% 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>. 



Image by CryptoFX on Shutterstock



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/24/11/42228264/crypto-analyst-flags-convertible-debt-induced-liquidation-risk-to-michael-saylors-microstrategy">Crypto Analyst Flags Convertible Debt-Induced Liquidation Risk To Michael Saylor&#8217;s MicroStrategy</a></li>
</ul>

Sam Altman-Founded World Network Coin Soars 13% On Launch Of New Pilot Project 'World ID Credentials'

A trader won a fortune betting on a cryptocurrency inspired by a viral internet meme, which is now worth more than $500 million in market capitalization.



What Happened:&nbsp;On-chain tracking platform&nbsp;Lookonchain&nbsp;took to X Wednesday, highlighting the extraordinary trade of Just a chill guy (CHILLGUY) token.



The trader turned a mere $160 into a staggering $6.14 million in just 12 days, marking a 38,399X return on investment.



The trader purchased 12.5 million CHILLGUY tokens on Pump.fun, a Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based meme coin launching pad, for 0.75 SOL, equivalent to $160. Subsequently, they sold 2.8 million CHILLGUY for 149 SOL, worth $35,400.



The trader still has 9.62 million tokens in their coffers, valued at $6.1 million, resulting in a total profit of $6.14 million.



<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">Turned $160 into $6.14M, ​​a 38,399x return! 12 days ago, this trader spent only 0.75 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($160) to buy 12.5M $CHILLGUY on <a href="https://t.co/DrKlYnPPqY">https://t.co/DrKlYnPPqY</a>, and then sold 2.8M $CHILLGUY for 149 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($35.4K). <a href="https://twitter.com/hashtag/CHILLGUY?src=hash&amp;ref_src=twsrc%5Etfw">#CHILLGUY</a> The trader still holds 9.62M $CHILLGUY($6.1M), with a total profit of… <a href="https://t.co/a5tPaB3KpT">pic.twitter.com/a5tPaB3KpT</a>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1861689820671811947?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42237876/peter-schiff-predicts-microstrategys-bankruptcy-due-to-bitcoin-investment-strategy">Peter Schiff Calls MicroStrategy A &#8216;Great Short&#8217; And Issues A Grim Warning: &#8216;It Can Only End In Bankruptcy&#8217;</a>



The huge windfall planted doubts in the minds of some observers, who called the trader an insider. Since their sale, the price of the token has plummeted as much as 21%.



<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">he is an insider&mdash; Crypto Spotter (@CryptoSpotter05) <a href="https://twitter.com/CryptoSpotter05/status/1861698096448807396?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Schemes like pump-and-dumps have been fairly common in the cryptocurrency market, where a person or group starts to artificially inflate the price. Once unsuspecting investors are lured in and the price is sufficiently "pumped," the holders start dumping their assets at profits.



That said, there was nothing concrete to suggest that the same transpired in the aforementioned case. 



The meme coin, based on the &#8220;Chill Guy&#8221; meme, featuring a dog in a sweater and jeans with a smirk, has quickly grown into a half-billion-dollar market capitalization asset. 



Over the last week, the token has jumped over 46% as cryptocurrency traders continue to turn internet memes and trends into money-making possibilities.



The token has a circulating supply of 999.7 million, while its volume-to-market cap ratio stood at 31.08% as of this writing.



Price Action: At the time of writing, CHILLGUY was exchanging hands at $0.5186, down 5.09% in the last 24 hours, <a href="https://coinmarketcap.com/currencies/just-a-chill-guy/">according </a>to CoinMarketCap. Its trading volume plunged by 47% to $156 million in the last 24 hours. 



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42235119/ethereum-outperformed-bitcoin-this-week-as-key-indicators-shift-report">Ethereum Outperformed Bitcoin This Week As Key Indicators Shift: Report</a></li>
</ul>



Disclaimer:&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.

Trader Turns $160 Into $6M In Just 12 Days With 'Chill Guy' Meme Coin But Insider Trader Concerns Arise

Influential economist and market strategist&nbsp;Peter Schiff&nbsp;said shorting MicroStrategy Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock was a good idea, as he predicted potential bankruptcy for the company.



What Happened: During an interview with Kitco News that aired Thursday, Schiff called MicroStrategy a &#8220;great short&#8221; if one&#8217;s got the staying power, though he denied himself taking such a position.



&#8220;If&nbsp;you understand the dynamics of&nbsp;how this works, I mean&nbsp;you see that it can&nbsp;only end in the bankruptcy&nbsp;of MicroStrategy,&#8221; the Bitcoin critic made a bold prediction.



Making his argument, Schiff said that the company&#8217;s commitment to repay a large sum of money to c<a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them">onvertible note holders</a> could be a potential risk&nbsp;if the price of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the asset it holds on its books,&nbsp;drops.



<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 Strategic Reserve: Selling Gold for Bitcoin Is ‘Worst Monetary Mistake' US Can Make &#x7C; Schiff" width="500" height="281" src="https://www.youtube.com/embed/QRfn1h_3VYU?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>



See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42235015/chris-burniske-dismisses-supercycle-narrative-a-collective-delusion">Bitcoin &#8216;Supercycle&#8217; Narrative Is A &#8216;Collective Delusion,&#8217; Influential Crypto Venture Capitalist Says</a>



He stated that the bondholders are under the &#8220;false belief&#8221; that they have exposure to Bitcoin with no downside risk and would simply receive their money back in the worst-case situation of bankruptcy.



&#8220;Well, the problem is MicroStrategy is promising to&nbsp;pay so many&nbsp;people back so much money&nbsp;that it won&#8217;t&nbsp;be able to do it&nbsp;if the price of Bitcoin&nbsp;goes down because it doesn&#8217;t&nbsp;have the money because it&nbsp;wasted it on Bitcoin,&#8221; Schiff said. 



He predicted that the only way to repay the debt would be by selling Bitcoin.



&#8220;But as the biggest buyer and biggest owner, if it becomes the biggest seller, what happens to the price of Bitcoin? It crashes. So I think the only way this is going to end is in bankruptcy,&#8221; Schiff emphasized.



Why It Matters: Schiff&#8217;s remarks come in the wake of recent concerns raised about&nbsp;MicroStrategy and its Bitcoin investment strategy. 



Cryptocurrency analyst Willy Woo had previously flagged the potential liquidation risk of MicroStrategy due to its convertible debt offerings. He said that if the buyers of the convertible debt do not convert to shares before maturity, <a href="https://www.benzinga.com/24/11/42228264/crypto-analyst-flags-convertible-debt-induced-liquidation-risk-to-michael-saylors-microstrategy">MicroStrategy would be forced to sell Bitcoin</a> to repay the debt holders.



Additionally, investment adviser Gary Black questioned MicroStrategy&#8217;s valuation, suggesting that the company&#8217;s stock was <a href="https://www.benzinga.com/24/11/42156261/are-microstrategys-shares-worth-only-105-investment-adviser-gary-black-weighs-in">significantly overpriced</a>.&nbsp;



MicroStrategy's aggressive Bitcoin acquisition strategy has been the subject of intense media coverage in recent weeks. Last week, it outshone major companies on Wall Street <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42102652/michael-saylors-microstrategy-takes-wall-street-by-storm-becomes-second-most-traded-stock-after-nvidia">to emerge as the second-most traded stock</a> on a trading day.



Price Action: Since the beginning of November, MicroStrategy's stock has surged 69%. The company&#8217;s shares closed 9.94% higher at $388.84 on Wednesday.



Photo Courtesy: Wikimedia Commons



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42234954/will-apple-or-nvidia-be-the-worlds-most-valuable-company-by-the-end-of-2024-polymarket-traders-have-a-clear-favorite">Will Apple Or NVIDIA Be The World&#8217;s Most Valuable Company By The End Of 2024? Polymarket Traders Have A Clear Favorite</a></li>
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Peter Schiff Calls MicroStrategy A 'Great Short' And Issues A Grim Warning: 'It Can Only End In Bankruptcy'

Leading cryptocurrencies powered down for Thanksgiving as signs of an incoming alt season emerged.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:00 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.03%</td><td>$95,544.73</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.38%</td><td>$3,562.08</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.50%</td><td>$0.4002</td></tr></tbody></table></figure>



What Happened: Bitcoin oscillated within the $95,000 zone for the greater part of the day. Trading volume for the apex cryptocurrency plunged by as much as 28%.



Ethereum made a quick surge to $3,640, only to reverse course to the $3,500 range.



Bitcoin and Ethereum dominance dipped over the last 24 hours, while the market share of the rest of the altcoins rose.



Total cryptocurrency liquidations exceeded $204 million in the last 24 hours, with more than $129 million in bullish leveraged positions getting wiped out.



About $627 million in long positions risked getting liquidated if Bitcoin retraces to $93,000.



Bitcoin's Open Interest (OI) fell 1.03% in the last 24 hours, while the dominance of traders shorting the digital asset also rose, per the Long/Shorts Ratio.



The "Extreme Greed" sentiment strengthened from 77 to 78 over the last 24 hours, according to the reading of the Crypto Fear &amp; Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:00 p.m. ET)</td></tr><tr><td>Algorand (ALGO)</td><td>+20.07%</td><td>$0.3476</td></tr><tr><td>The Sandbox (SAND)</td><td>+8.90%</td><td>$0.6567</td></tr><tr><td>Worldcoin (WLD)</td><td>+8.79%</td><td>$2.81</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.32 trillion, contracting 0.26% in the last 24 hours.



Stock futures traded near the flatline Thursday overnight. The Dow Jones Industrial Average Futures rose 60 points, or 0.13%, as of 8 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 gained 0.08%, while Nasdaq 100 Futures added 0.07%.



Banks, post offices, shipping services, stock markets, and all the other over-the-counter markets like bond markets remained closed on the Thanksgiving holiday.&nbsp;



Stock markets will reopen on Friday to close early by 1:00 p.m. ET.



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



Analyst Notes: Arthur Azizov, CEO of cryptocurrency payment provider B2BINPAY, told Benzinga that the market was on the brink of a "significant shift," transitioning from Bitcoin season to alt season.



"It&#8217;s very close now, as the altseason index is already at 59, according to CoinMarketCap, which is more than half. When the index reaches 75, we can confidently say the alt season has begun. The index rises with the number of altcoins outperforming Bitcoin," Azizov remarked.



Widely-followed cryptocurrency analyst Dom's Crypto noted Bitcoin was flipping the $95,000 resistance level into support.



"This will lead to a $100,000 BTC faster than anyone thinks," the analyst forecast.



<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">The Path to $100,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is just as we &#39;speak&#39; flipping the resistance level $95,000 in to support This will lead to a $100k <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> faster than anyone thinks &#8211; Myself included <a href="https://t.co/nWewMHEH22">pic.twitter.com/nWewMHEH22</a>&mdash; Dom&#39;s Crypto (@Doms_Crypto) <a href="https://twitter.com/Doms_Crypto/status/1862285687195640218?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Image via Shutterstock



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42235119/ethereum-outperformed-bitcoin-this-week-as-key-indicators-shift-report">Ethereum Outperformed Bitcoin This Week As Key Indicators Shift: Report</a></li>
</ul>

Bitcoin, Ethereum, Dogecoin Simmer Down On Thanksgiving: Analyst Sees 'Significant Shift' From BTC Season To Alt Season

ASI's FET rallies following earn-and-burn mechanism launch

Stablecoin volumes surge in November amid rising institutional demand for digital assets

Ethereum Price Forecast: ETH could test its all-time high resistance following high institutional interest

<ul>
	<li>Solana price consolidated above $236 on Thursday, down 10.3% from last week’s peak of $264.</li>
	<li>Solana node validators have unstaked 10.8 million SOL ($2.6 billion) since prices crossed the $200 mark on November 8.</li>
	<li>The influx of unstaked coins into the market could potentially impede Solana's next $250 breakout attempt.</li>
</ul>

 
Solana price declined to $236 on Thursday, reflecting a 10.3% correction from the all-time high of $264 recorded last week.

On-chain data trends reveal rising sell-pressure among <a href="https://www.fxstreet.com/cryptocurrencies" data-fxs-autoanchor="">node</a> validators booking profits could potentially impede the next breakout phase.&nbsp;

<h2 class="fxs_headline_medium">Solana price tumbles 10% after failed $265 breakout&nbsp;</h2>

Propelled by key bullish catalysts like Securities and Exchange Commission (SEC) chair Gary Gensler’s exit confirmation, rising memecoin demand and Canary Capital’s SOL ETF application, Solana price has emerged as one of the biggest gainers in November 2024.&nbsp;

However, recent market trends observed over the past week show Solana has entered a steep consolidation phase after a new all-time high milestone sparked a profit-taking wave.&nbsp;

<a href="https://editorial.fxstreet.com/miscelaneous/SOLUSDT_2024-11-28_19-15-13-638684226262893440.png" target="_blank"><img src="https://editorial.fxstreet.com/miscelaneous/SOLUSDT_2024-11-28_19-15-13-638684226262893440.png" style="width: 3182;height: 1576;"></a>

Solana price action | SOLUSD

The chart above depicts how Solana's price rose 70.5% between <a href="https://www.fxstreet.com/cryptocurrencies/news/trump-may-shift-crypto-oversight-to-cftc-202411281017" target="_blank">Trump</a>’s re-election on November 5, to reach a new all-time high of $264.4 on November 22.

However, since failing to stage a decisive breakout above the $265 territory, Solana has succumbed to a sharp 10% rebound, trading as low as $236 on Binance at the time of writing on Thursday.&nbsp;

<h2 class="fxs_headline_medium">Investors unstaked $2.6 billion as Solana raced to all-time highs</h2>

When an asset price takes a sharp downturn after hitting a milestone price, it signals rising sell-side pressure from holders looking to take profits at the market top.

On-chain data trends show that Solana’s key insiders began selling when SOL price crossed the $200 mark shortly after Trump’s reelection.&nbsp;

The chart below tracks daily changes in the total number of SOL coins deposited in staking contracts to validate transactions and secure the network.&nbsp;

<a href="https://editorial.fxstreet.com/miscelaneous/Screen Shot 2024-11-28 at 9.27.05 PM-638684226538606979.png" target="_blank"><img src="https://editorial.fxstreet.com/miscelaneous/Screen%20Shot%202024-11-28%20at%209.27.05%20PM-638684226538606979.png" style="width: 2468;height: 1328;"></a>

Solana staking data | Source: StakingRewards.com

Looking at the chart above, Solana’s key stakeholders held 397.9 million SOL in staking contracts on November 8.

But as Solana's price breached the $200, the investors began to make rapid withdrawals from the staking network.

The latest data shows the total staked value has now declined to 387.1 million SOL on Thursday.&nbsp;

Solana’s network validators have effectively unstaked 10.8 million SOL, worth approximately $2.6 billion when valued at the current price of $236 per coin. &nbsp;

For any Proof of Stake (PoS) network, such a rapid decline in staking deposits raises major bearish concerns.

First, it signals that the majority of Solana’s key investors staged large sell-offs at all time high prices, locking in record profits.&nbsp;

More so, having flooded $2.6 billion worth of SOL coins within three weeks, Solana’s bloated short-term supply could nullify upward momentum, as bulls push for an instant rebound toward the $250 level in the days ahead.&nbsp;

<h2 class="fxs_headline_medium">Solana price forecast: Bearish sell-wall looms large at $250&nbsp;</h2>

 
From a technical standpoint, Solana's price is flashing multiple bearish potential as SOL faces a critical resistance near $250.&nbsp;

In the short-term price projection, the Donchian Channels (DC) middle band around $229 acts as the immediate support level.

Failure to hold this level could see SOL retesting the lower band at $194.

<a href="https://editorial.fxstreet.com/miscelaneous/SOLUSDT_2024-11-28_20-45-26-638684226968093392.png" target="_blank"><img src="https://editorial.fxstreet.com/miscelaneous/SOLUSDT_2024-11-28_20-45-26-638684226968093392.png" style="width: 3182;height: 1576;"></a>

Solana price forecast | SOLUSDT (Binance)

Volume Delta data further validates a bearish outlook, with a negative trend of -291,730, signaling waning buyer momentum.

This negative divergence between price action and volume highlights weak bullish strength and raises the risk of a major pullback.

On the upside, the psychological resistance level at $250 remains the key level to watch, where sell walls could trigger significant downward pressure.

A close above $250 could mark the start of a bullish reversal, especially if supported by a spike in Solana trading volumes. &nbsp;

 
&nbsp;

Solana Price Forecast: $2.6B unstaked as SOL hits $265 resistance

<ul>
	<li>The cryptocurrency sector’s valuation shrank $60 billion to hit $3.2 trillion on Thursday.&nbsp;</li>
	<li>Bitcoin Dominance (BTC.D) increased by 0.40% on the daily timeframe, signaling that BTC demand surpassed altcoins.&nbsp;</li>
	<li>Crypto market liquidations hit $263 million on Thursday, with $145 million in long liquidations representing 55% of the losses.&nbsp;</li>
</ul>

<h2 class="fxs_headline_medium">Altcoin market updates: TON emerges top gains as BTC rally squeezes altcoins&nbsp;</h2>

<a href="https://www.fxstreet.com/cryptocurrencies/bitcoin" data-fxs-autoanchor="">Bitcoin</a> price rose 4% on Thursday, breaching the $97,000 mark after opening at $91,947 on Wednesday.

Amid the BTC rally, privacy-inclined projects like Monero (XMR) and Toncoin (<a href="https://www.fxstreet.com/cryptocurrencies/news/toncoin-price-forecast-crypto-whales-spotted-buying-30m-ton-in-4-days-amid-genslers-exit-202411252247" target="_blank">TON</a>) received a major boost alongside crypto AI coins such as Render (RNDR) and Artificial Super Intelligence Alliance, (FET).&nbsp;

<ul>
	<li>Monero (XMR) price surges 2% amid Tornado Cash ruling:&nbsp;</li>
</ul>

On Wednesday, a United States (US) court ruled that immutable smart contracts, like those used by Tornado Cash, cannot be sanctioned as property.

This decision challenges previous Treasury Department sanctions and supports the autonomy of blockchain protocols.

<a href="https://editorial.fxstreet.com/miscelaneous/Screen Shot 2024-11-28 at 5.47.04 PM-638684148498258186.png" target="_blank"><img src="https://editorial.fxstreet.com/miscelaneous/Screen%20Shot%202024-11-28%20at%205.47.04%20PM-638684148498258186.png" style="width: 2550;height: 1048;"></a>

Tornado Cash (TORN) token price action | Source: Coinmarketcap&nbsp; 
&nbsp;

The ruling led to a massive market reaction, with Tornado Cash’s (TORN) token surging over 380% to reach $35.7, before retracing towards $13.7 on Thursday. 
Meanwhile, Tornado Cash developer Alexey Pertsev remains detained, and the ruling does not endorse illegal activities like money laundering.

This case sets a critical precedent for regulatory boundaries in blockchain innovation.

&nbsp;

<ul>
	<li>Monero (XMR) price surged 2.2%, while Toncoin (TON) gained 4% on Thursday as the Tornado Cash ruling spread bullish tailwinds toward privacy-focused assets.&nbsp;</li>
	<li>Crypto AI tokens Render Network (RNDR) and Artificial Super Intelligence Alliance (FET) also received considerable demand scoring 7% and 8% gains, respectively.</li>
</ul>

<h2 class="fxs_headline_medium">Chart of the day: Shiba Inu whale demand drops 85% after Trump’s DOGE announcement&nbsp;</h2>

Trump’s re-election on November 5 has had a significant impact on the <a href="https://www.fxstreet.com/cryptocurrencies" data-fxs-autoanchor="">cryptocurrency market</a>.

While prices of top-ranked assets like BTC and ETH rose more than 30% within the monthly time frame, Trump’s impact also triggered a major shift in sentiment within the memecoin markets.&nbsp;

On November 12, Dogecoin price hit a 3-year peak of $0.47 after Trump confirmed Elon Musk’s involvement in the proposed Department of Government Efficiency (DOGE).

However, on-chain data shows that while the Dogecoin rally hogged the media spotlight, rival meme token Shiba Inu (SHIB) has ceded considerable investor mindshare, especially among whales.

IntoTheBlock’s Whale Transactions count below, lends credence to this narrative. The metric tracks the daily number of individual transactions that exceed $100,000 in value, serving as a proxy for measuring the activity of whale investors around key market events.&nbsp;

<a href="https://editorial.fxstreet.com/miscelaneous/Screen Shot 2024-11-28 at 6.19.29 PM-638684149968601628.png" target="_blank"><img src="https://editorial.fxstreet.com/miscelaneous/Screen%20Shot%202024-11-28%20at%206.19.29%20PM-638684149968601628.png" style="width: 2908;height: 1210;"></a>

Shiba Inu Whale Transaction count | Source: IntoTheBlock&nbsp;

The chart above shows that the Shiba Inu network recorded 1,500 whale transactions as of November 12. Since then, whale demand for SHIB has entered a steep decline.&nbsp;

The latest data shows the Shiba Inu blockchain saw only 229 large transactions on the SHIB network on November 27, reflecting an 85% drop-off in whale demand since Trump announced the DOGE on X.

Whale transactions provide crucial liquidity, absorbing sell pressure and enabling retail traders to execute high volumes of transactions with minimal price impact.

Unsurprisingly, Shiba Inu price entered a 17% pullback during that period, moving from $0.000030 to $0.000025 at the time of writing on Thursday.&nbsp;

If it persists, Shiba Inu’s 85% dip in whale demand amid Dogecoin’s dominance and the growing popularity of Solana memes exposes SHIB price to major correction risks. &nbsp;

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

<ul>
	<li>&nbsp;Russia awaiting Putin’s signature after crypto tax bill approval</li>
</ul>

 
Russia's Federation Council has approved a new legislation imposing taxes on cryptocurrency transactions and mining.

The bill exempts crypto transactions from value-added tax (VAT), treating digital currencies as property and aligning crypto income tax rates with those of securities.

The proposed law mandates crypto miners to report client data to tax authorities and calculate mining income taxes based on the market value at receipt.

Awaiting President Vladimir Putin's signature, the bill aims to establish a clearer regulatory framework for Russia's growing crypto industry.

&nbsp;

<ul>
	<li>Hong Kong moots crypto tax exemptions for hedge funds</li>
</ul>

Hong Kong is proposing tax exemptions for hedge funds, private equity firms and high-net-worth investors on crypto gains to bolster its standing as a global financial hub.&nbsp;

The plan also includes expanded exemptions for assets like private credit, overseas property and carbon credits, aiming to attract top asset managers.&nbsp;

According to a Financial Times report, Hong Kong’s crypto-friendly initiative put the nation in stiff competition with the likes of Singapore, Luxembourg and Switzerland to attract billionaires and asset managers.&nbsp;

&nbsp;

<ul>
	<li>Paul Atkins emerged favorite to replace Gary Gensler as SEC chair</li>
</ul>

According to a Bloomberg report, President-elect Donald Trump’s transition team has interviewed Paul Atkins as a candidate to replace Gary Gensler as the US Securities and Exchange Commission (SEC) chair.&nbsp;

Paul Atkins is a pro-digital asset advocate who served as a former SEC commissioner under President George W. Bush.&nbsp;

Following Gary Gensler's tenure marked by aggressive crypto crackdowns, Trump is widely expected to lean towards pro-Bitcoin candidates, having pledged to appoint regulators supportive of digital assets.

Other candidates being considered by the presidential transition team include current SEC Commissioner Mark Uyeda, securities lawyer Teresa Goody Guillén and Willkie Farr &amp; Gallagher LLP partner Robert Stebbins.

Crypto Today: BTC climbs to $97K, SHIB demand dips, TON lifted by Tornado Cash verdict

As U.S. markets paused for Thanksgiving, European equities staged a rebound on Thursday, snapping a three-day losing streak. Lower-than-expected consumer inflation data from Germany rekindled optimism for more aggressive rate cuts by <a href="https://www.benzinga.com/topic/interest-rates">the European Central Bank (ECB)</a>.



Germany&#8217;s annual inflation rate edged higher, rising from 2.0% in October to 2.2% in November , but came in just below market expectations of 2.3%. On a monthly basis, Germany&#8217;s consumer price index (CPI) fell 0.2%, marking the sharpest decline in over a year. The unexpected contraction in monthly CPI added to speculation that the ECB could accelerate monetary easing to support the region&#8217;s economy.



<h3 class="wp-block-heading">European Equities Post Gains</h3>



The Euro STOXX 50, a key benchmark for the eurozone's 50 largest blue-chip stocks, closed up 0.5%, buoyed by gains in industrials and energy stocks. Among the biggest winners were:



<ul>
<li>Airbus SE (OTCPK: AEDSY): +4.2%</li>



<li>RWE AG (OTCPK: RWEOY): +2.7%</li>



<li>ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>): +2.3%</li>
</ul>



<h3 class="wp-block-heading">Dollar Rebounds, Yen Slips After Wednesday&#8217;s Rally</h3>



Meanwhile, the euro slipped 0.2%, trading at $1.0550 against the U.S. dollar. A currency weighted measure of the greenback – tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – was also up by 0.2%. 



The yen was the underperformer among major currencies, falling by 0.3% following a 1.3% rally on Wednesday. 



<h3 class="wp-block-heading">Commodities: Gold Shines, Oil Sees Volatility</h3>



Commodities were mixed in Thursday&#8217;s session:



<ul>
<li>Gold futures edged up 0.2%, eyeing their sixth gain in the last seven trading days. </li>



<li>Natural gas futures climbed 2.3%, recovering some ground after an 8.5% drop on Wednesday. Thus far in November, natural gas prices are up by 20%. </li>



<li>Oil prices had a choppy session, initially rising on reports of Israeli forces citing violations of the Israel-Hezbollah ceasefire agreement. However, as tensions eased, oil pared gains to trade flat.</li>
</ul>



<h3 class="wp-block-heading">Crypto Struggles To Maintain Momentum</h3>



Cryptocurrencies saw a pullback after recent gains:



<ul>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 0.9% to around $95,000, failing to sustain momentum from Wednesday's 4.6% rally.</li>



<li>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) dropped 3%, erasing part of its 10% surge the previous day. The pullback highlighted a weaker appetite for risk-on assets within the crypto space.</li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42234954/will-apple-or-nvidia-be-the-worlds-most-valuable-company-by-the-end-of-2024-polymarket-traders-have-a-clear-favorite">Will Apple Or NVIDIA Be The World&#8217;s Most Valuable Company By The End Of 2024? Polymarket Traders Have A Clear Favorite</a></li>
</ul>

European Stocks Close Higher, Dollar Gains, Bitcoin Eases To $95,000: What's Driving Markets Thursday?

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) has outperformed Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in <a href="https://www.benzinga.com/money/ethereum-eth-price-predictions">several key metrics</a> over the past week, signaling a potential shift in market dynamics, according to a Bybit and Block Scholes report.



What Happened: This trend comes amid the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42131449/with-gary-gensler-preparing-to-quit-in-2025-secs-crypto-cases-likely-to-quietly-go-away-amid-trumps-pro-bitcoin-stance-says-pantera-capitals-katrina-paglia">announcement of SEC Chair</a> Gary Gensler's planned departure in January 2025, which has boosted sentiment <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">around Ethereum and other altcoins.</a>



The report highlights Ethereum&#8217;s strength in futures and perpetual markets. Bitcoin futures open interest has declined, while Ethereum futures have seen growth. 



Short-dated ETH futures contracts are trading at a steep premium, with one-week contracts showing nearly 25% annualized yields over spot prices. 



This development reflects growing trader optimism toward Ethereum. 



"ETH has sustained its outperformance over the week," the report states, emphasizing the stark contrast in sentiment and positioning between the two largest cryptocurrencies.



Ethereum perpetual contracts also saw rising open interest, while Bitcoin perpetuals recorded declines. 



These trends suggest traders are increasingly shifting their focus toward Ethereum. 



Options market activity further supports this narrative, with Ethereum's options term structure showing inversion, indicating higher demand for short-term bullish bets. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42234487/coinbases-armstrong-warren-was-involved-in-one-of-the-most-unethical-un-american-things-in-the-biden-administration">Coinbase&#8217;s Armstrong: Warren Was Involved In &#8216;One Of The Most Unethical, Un-American Things In The Biden Administration&#8217;</a>



By contrast, Bitcoin's term structure has flattened, suggesting cooling speculative interest.



The report connects these developments to broader market conditions, including regulatory tailwinds. 



Gensler, known for his stringent stance on crypto regulation, is set to step down as SEC Chair early next year. Many assets, particularly altcoins like Ethereum, faced scrutiny during his tenure. 



The announcement of his departure is seen as a positive signal for the crypto market, boosting confidence in Ethereum's longer-term prospects.



"Ethereum's outperformance this week reflects not just favorable market conditions but also a broader shift in sentiment as regulatory pressures ease," an analyst from the report commented. 



The report further notes Ethereum's growing potential to attract institutional inflows, a trend observed with Bitcoin during its <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42165734/bitcoin-etfs-registered-record-312-billion-net-inflows-last-week">ETF-related surges</a>.



However, it cautions against extrapolating short-term trends too far, as both Ethereum and Bitcoin remain sensitive to macroeconomic factors <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42214467/bitcoins-2020-thanksgiving-massacre-to-repeat-or-is-the-holiday-a-turning-point-for-new-highs">and market volatility</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42232116/dogecoin-to-hit-69-cents-by-inauguration-day-polymarket-traders-are-not-convinced">Dogecoin To Hit 69 Cents By Inauguration Day? Polymarket Traders Are Not Convinced</a></li>
</ul>



Image: Shutterstock

Ethereum Outperformed Bitcoin This Week As Key Indicators Shift: Report

Chris Burniske, a prominent voice in the crypto space and partner at Placeholder VC, dismissed the idea of a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) "supercycle," labeling it a &#8220;collective delusion.&#8221; 



What Happened: In a detailed <a href="https://x.com/cburniske/status/1861901539658355173">thread</a> on X on Wednesday, Burniske warned investors against the belief that Bitcoin&#8217;s bull markets will eliminate future bear markets, despite new factors such as <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42165734/bitcoin-etfs-registered-record-312-billion-net-inflows-last-week">Bitcoin exchange-traded funds (ETFs)</a> and potential <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42220158/donald-trump-to-establish-a-national-bitcoin-reserve-pros-vs-cons-compared">sovereign adoption</a>.



"Every bull, people come up with reasons for why we're going stupid high or won't have a bear," Burniske wrote, reflecting on over a decade of market cycles in crypto. 



"While the ETFs and potential sovereign buying could mean we don't have as brutal a bear in the future for BTC, &#8216;supercycle&#8217; is without fail a collective delusion,&#8221; he added.



Burniske highlighted that the current bull market, which he dates back to November 2022, has propelled Bitcoin to close to $100,000—a more than sixfold increase since the bottom of the last cycle.



Other assets like Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) have also seen <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42139601/solana-hits-264-record-high-as-etf-filings-regulatory-optimism-drive-market-momentum">exponential gains</a>, up over 4x and 30x, respectively, during the same period.



However, he cautioned investors against late entries during such bullish periods, emphasizing that the more attention crypto receives, the worse the timing often is for new buyers. 



"The painful reality is as crypto prices go up, that draws more attention, and that attention converts into buying flows," he explained. 



Burniske pointed out that the best entry points are typically when few are paying attention, as was the case two years ago.



Burniske also criticized the notion that structural changes in the market, such as institutional involvement or sovereign interest, could end the boom-and-bust nature of crypto cycles. 



"Anything that goes 100x quickly is prone to at least an 80-90% crash at some point, structurally—too many people sitting on profit," he noted.



While acknowledging that factors like ETFs could soften future bear markets, Burniske made it clear that crashes are part of the natural evolution of crypto markets. 



He also questioned recent chatter about a shortened cycle, calling it "bear market PTSD talking."



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42232116/dogecoin-to-hit-69-cents-by-inauguration-day-polymarket-traders-are-not-convinced">Dogecoin To Hit 69 Cents By Inauguration Day? Polymarket Traders Are Not Convinced</a>



Why It Matters: For those new to crypto, Burniske advised a simple portfolio allocation focused on quality assets such as Bitcoin, Ethereum, and Solana (50/25/25%).



He cautioned against speculative investments in smaller assets without adequate research and suggested a disciplined <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42168169/bitcoin-below-100000-veteran-trader-shares-profit-taking-strategy">approach to profit-taking</a>.



"From current entry prices, if they 2x, encourage them to take half out at that point, leaving their initial cost allocated," he suggested, highlighting the importance of preparing for volatility.



As for those banking on outsized returns in the current market, Burniske warned, "No one is getting rich or crazy multiples from these prices… but they're gonna see people making good money, so it's hard to resist."



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42221726/crypto-dad-chris-giancarlo-advocates-for-passing-crypto-regulation-from-the-sec-to-another-commission-heres-why">&#8216;Crypto Dad&#8217; Chris Giancarlo Advocates For Passing Crypto Regulation From The SEC To Another Commission — Here&#8217;s Why</a></li>
</ul>



Image: Wikimedia Commons

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