Crypto Lake

🚫 The Federal Reserve's Stance on Bitcoin: Legal Constraints and Market Dynamics 🗣️ Federal Reserve Chair Jerome Powell has firmly rejected the notion of the Fed holding bitcoin, citing legal restrictions amidst rapidly changing U.S. crypto policies and market dynamics. During a press conference following a rate cut, Powell addressed a question regarding the U.S. government's potential bitcoin reserve. He stated,

We’re not allowed to own bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change.

🔍 This statement reflects Powell's historically cautious approach towards cryptocurrencies. He has previously described bitcoin as a speculative asset that lacks the stability required for it to be considered a legitimate currency. In 2021, he remarked that cryptocurrencies are

not really useful as a store of value

and criticized their volatility, which poses risks to both investors and financial systems. Furthermore, he has made a clear distinction between cryptocurrencies like bitcoin and central bank digital currencies (CBDCs), emphasizing the latter as a safer and more regulated innovation. 📜 The Federal Reserve Act restricts the central bank's holdings to U.S. government bonds and other highly secure assets. While the Fed has broadened its asset purchases during economic crises, such as the 2008 financial crash, cryptocurrencies remain outside its scope. Legislative efforts, like Senator Cynthia Lummis’ Bitcoin Act, have attempted to incorporate bitcoin into the U.S. financial system. However, these proposals have encountered pushback from lawmakers who are wary of crypto’s lack of regulation and potential for misuse. 💼 In contrast, President-elect Donald Trump has announced intentions to create a national bitcoin reserve to position the U.S. as a global cryptocurrency leader. This plan involves the U.S. government acquiring significant bitcoin holdings, potentially using assets seized in criminal cases as a starting point. This proposal has already influenced the cryptocurrency market, with bitcoin’s value exceeding $100,000 due to investor optimism about favorable regulatory changes under the upcoming administration. Additionally, Trump's appointment of David Sacks as the White House AI and crypto czar highlights his commitment to integrating digital assets into the national economic strategy.

⚖️ Kraken Fined $5.1 Million AUD by Australian Court for Regulatory Breach 💰 An Australian court has imposed a fine of $5.1 million AUD on the digital asset exchange platform Kraken for illegally providing a credit facility to over 1,100 Australian customers without the necessary regulatory approval. This penalty concludes legal actions initiated by the Australian Securities and Investments Commission (ASIC) against the platform. 📅 According to a statement from the regulator on December 12, the fine pertains to Kraken's "margin extension" product, which was offered to users without a target market determination (TMD). This product, available since October 2021, allowed users to make and repay margin extensions in digital assets like bitcoin or national currencies such as the U.S. dollar. ➡️ In August of this year, an Australian Federal Court ruled that Bit Trade—the operator of Kraken in Australia—had violated its design and distribution obligations (DDO) each time it offered the product without a TMD.

Target market determinations are fundamental in ensuring that investors are not inappropriately marketed products that could harm them

said ASIC Chair Joe Longo. He noted that Bit Trade issued its margin extension product to over 1100 Australians who were charged fees and interest of more than US$7 million without considering if the product was appropriate for them. 📉 Longo revealed that the targeted users incurred losses exceeding US$5 million, including one investor who lost almost US$4 million. This penalty against Bit Trade marks ASIC's first action against a digital asset exchange for not having a TMD and serves as a warning to other digital asset platforms that have yet to fulfill their regulatory obligations. 📝 In his ruling on December 12, Australian Federal Court Justice Nicholas stated that Bit Trade's failure to comply with DDO requirements despite being aware of them indicates a seriously deficient compliance system. He described Bit Trade's violations as serious and driven by a desire to maximize revenue. In addition to the substantial fine, the judge ordered Bit Trade to cover ASIC's costs for the proceedings.

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➡️ From Accused Murderer to Memecoin Icon: The Luigi Mangione Saga 👤 Luigi Mangione, a 26-year-old Ivy League engineering graduate from a wealthy Baltimore family, has been charged with the daylight murder of health insurance executive Brian Thompson. The incident, which took place in New York City, shocked the nation when Mangione was apprehended by police at a McDonald's. 💰 In a surprising twist, the accused has transformed from a feared killer to a celebrated figure in the memecoin community. Various crypto sites have adopted Mangione as their mascot, with multiple tokens created in his honor. One such token, "Luigi," boasts a market capitalization of $8.9 million, although it peaked at nearly $77 million shortly after its launch.

Boycott McDonalds,

reads one comment on the site, while another exclaims,

Absolute Chad.

💬 Among the memecoins supporting Mangione is DDD, which stands for "deny, defend, depose." These words were found on shell casings at the murder scene and echo a tactic used by insurance companies to delay payouts. However, DDD has struggled in the market with a capitalization of only $252,000 at the time of reporting. 🗣 Former Washington Post reporter Taylor Lorenz expressed controversial support for Mangione during an interview on Piers Morgan Uncensored. She stated,

I do believe in the sanctity of life and I think that’s why I felt – along with so many other Americans – joy… Certainly not empathy.

📉 As for the token Luigi, it was trading at $0.009, down approximately 42% over the previous twenty-four hours.

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📈 XRP's Trading Performance: A Balancing Act Between Bullish Momentum and Corrections 📊 XRP is currently trading at $2.56, reflecting a struggle between bullish momentum and short-term corrections. The 1-hour chart shows an intraday price swing between $2.46 and $2.621, driven by significant buying and selling activity. However, profit-taking led to a pullback, stabilizing the price at $2.55, which now serves as a tentative support zone. The relative strength index (RSI) stands at 73.96, indicating overbought conditions and potentially signaling a cooling-off period. 📉 On the 4-hour chart, XRP has been recovering steadily from a local low of $2.178, following a retracement from its recent high of $2.91. While the recovery appears consistent, the slowing upward momentum is evident in smaller movements forming near the $2.55–$2.60 range. A tapering volume trend further reflects market indecision. Traders should monitor XRP’s price action closely; a break above $2.60 with increasing volume could indicate a continuation of the uptrend, while a breach below $2.50 might trigger a retest of the $2.35–$2.40 support range. 📈 The daily chart highlights a strong bullish rally that started near $0.49 in early November, peaking at $2.91. This rally has since entered a natural correction phase, with XRP finding stability above the $2.50 range. This critical level has been pivotal for maintaining the broader uptrend. However, diminishing volume following the peak indicates waning enthusiasm among both XRP buyers and sellers. A daily close above $2.60 with rising volume could renew bullish momentum, targeting the $2.75–$2.91 range or possibly higher. Conversely, a break below $2.50 may suggest a deeper correction toward $2.20. 📊 Oscillator and moving average data further support the bullish narrative, albeit with caution. Following last week’s XRP price drop, traders are on edge. While the Stochastic oscillator (77.13) and commodity channel index (CCI) at 97.41 remain neutral, the MACD’s positive value aligns with upward momentum. Additionally, all of XRP’s key moving averages signal strong and positive conditions, showcasing long-term optimism. 🟢 In conclusion, XRP’s technical indicators strongly favor a bullish continuation, provided key support levels hold firm. A breakout above $2.60, accompanied by rising volume, could propel the price toward its recent high of $2.91. However, despite XRP’s bullish momentum, overbought signals from the RSI and waning volume after the recent peak suggest high caution. A decisive break below $2.50 could unravel the recent uptrend, potentially driving the price toward the $2.20 range.

➡️ Bill Dudley Warns Against Federal Bitcoin Reserve ⚠️ Bill Dudley, former president of the Federal Reserve Bank of New York, has expressed serious concerns regarding the proposed establishment of a federal Bitcoin reserve. In a recent Bloomberg opinion piece, he outlined the potential financial and economic risks associated with such an initiative. 💔 Dudley acknowledged that while Bitcoin has some positive attributes—such as its ability to be transferred without relying on traditional financial intermediaries and its potential for portfolio diversification—the creation of a federal Bitcoin reserve could lead to skyrocketing prices that would benefit current Bitcoin holders at the expense of the broader economy.

Bitcoin has some positive attributes,

said Dudley.

It can be transferred to anyone, anywhere without relying on government-regulated banks or other traditional financial intermediaries. And adding it to a portfolio of stocks and bonds might provide some diversification benefit.

💸 He emphasized Bitcoin's limited supply and lack of income generation, describing it as a speculative and volatile asset. Dudley also pointed out that funding a federal Bitcoin reserve would come at a high cost, potentially increasing national debt or exacerbating inflation.

Financing Bitcoin purchases through debt or money creation would either increase the national debt or exacerbate inflation,

he explained. ❌ Furthermore, Dudley questioned the practicality of Bitcoin as a government asset due to its slow transaction speeds, high energy costs, and lack of guaranteed acceptance.

Instead of pursuing a Bitcoin reserve,

he urged policymakers to focus on regulatory frameworks that address issues in the cryptocurrency market. 🌐 While Dudley criticized the idea of a federal Bitcoin reserve, some states are exploring the possibility of launching their own reserves. Samuel Armes, President of the Florida Blockchain Business Association, indicated that Florida could potentially launch its own Bitcoin reserve by the first quarter of 2025.

🚨 Red Alert For Pi Network Price As A Risky Pattern Forms ⚠️ Explore why the Pi Network price could continue falling after forming a bearish pennant chart pattern on the daily chart 👉 Read more

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📉 XRP's Recent Performance: A Closer Look 📊 On December 3rd, XRP, the native cryptocurrency of the XRP Ledger (XRPL), experienced a 4.9% decline in price, settling at $2.54 per coin. Despite this drop, XRP has demonstrated remarkable growth, increasing by 81% this week and an impressive 354.62% over the past three months. 🚀 Originally launched in 2012 by Chris Larsen and Jed McCaleb, XRP was initially associated with the Ripple payment network before transitioning to the XRP Ledger. As one of the oldest cryptocurrencies, it remains a significant player in the crypto market, consistently ranking as the third-most traded crypto asset after tether (USDT) and bitcoin (BTC). 🔄 The XRP Ledger distinguishes itself with its unique consensus algorithm, the XRP Ledger Consensus Protocol. Unlike traditional proof-of-work (PoW) or proof-of-stake (PoS) systems, XRPL transactions are validated by a network of independent validators who reach consensus every three to five seconds without the need for mining. 📈 XRP's recent surge can be attributed to three main factors: optimism regarding potential legal outcomes with the upcoming Trump administration, increased institutional interest, and its entry into a bullish market phase. These factors have boosted XRP's value and market capitalization, solidifying its position as the third-largest cryptocurrency. 💰 Currently, XRP's market capitalization stands at $145 billion, with a fully diluted valuation of $255.62 billion. Over the past 24 hours, XRP saw a global trading volume of $45.61 billion, with South Korea’s Upbit exchange contributing $26.73 billion. Notably, XRP was the most-traded asset on Upbit during this period, accounting for $7.61 billion of its activity. 🌍 Globally, the South Korean won is XRP’s second-most traded pair after tether (USDT). The recent price movements highlight the speculative nature of XRP's rally, driven by legal uncertainties and institutional interest. Currently, XRP represents 4.15% of the $3.51 trillion crypto market economy but remains 25% below its all-time high of $3.40 per coin reached on January 7, 2018. ❓ While XRP's trading volumes and market cap indicate heightened activity, questions about its long-term stability persist. Are these gains supported by sustainable factors or driven by short-term market sentiment? The significant trading concentration on South Korea’s Upbit suggests either strong regional interest or speculative momentum, leaving the future trajectory of XRP's market open to interpretation.

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💰 Robert Kiyosaki Predicts Bitcoin Surge: Urges Investors to Act Now 🚀 Robert Kiyosaki, the author of Rich Dad Poor Dad, has issued a stark warning to investors: Bitcoin is on the verge of surpassing $100,000. He emphasizes the urgency for investors to buy now before the middle class is permanently priced out by the ultra-rich. 📉 In a recent post on social media platform X, Kiyosaki stated,

Once bitcoin passes $100,000, it will be almost impossible for the poor and middle class to catch up.

He further elaborated,

Once bitcoin breaks $100,000, ONLY the ultra-rich such as corporations, banks, and sovereign wealth funds will be able to afford bitcoin of any consequence.

This statement underscores his belief that the impending financial divide will make it increasingly difficult for average investors to acquire significant amounts of Bitcoin. 💎 Kiyosaki advocates for investing in alternative assets like gold, silver, and Bitcoin as a hedge against the declining value of fiat currencies. He stated,

Who cares if you like gold, silver, or bitcoin? I care. If you do not know which to own … just buy one gold coin, or one silver coin, or one bitcoin satoshi.

This highlights his view that even small investments can be a crucial first step. 📈 For those looking to build long-term wealth, Kiyosaki advises setting monthly investment goals. He said,

Buy one then set a goal of how many coins you will buy every month.

He cautions that while quick riches are unlikely, financial knowledge and acumen will grow alongside investments:

You may not get rich quick … but I promise you this … regardless of what coin you choose … gold, silver, or bitcoin … the first thing that will happen to you is you will get smarter and your financial wealth will grow as your financial wisdom grows.

➡️ Kiyosaki criticizes policymakers for undermining currency value and urges individuals to take control of their financial futures. He implores,

Please stop listening to PhDs, choose one coin, gold, silver, or bitcoin … set a monthly goal … and get richer.

He concludes with a stark warning about government actions eroding personal wealth:

Please take care of your money because our government leaders are stealing our wealth via our fake money.

🚀 Bitwise Asset Management's Bold Move: ETP Listing for Crypto Index Fund 🆕 Bitwise Asset Management has filed to list its Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP) on NYSE Arca. This significant step could transform the fund, which currently trades on the OTCQX Best Market and provides access to the ten largest cryptocurrencies by market cap, including bitcoin (BTC), ethereum (ETH), solana (SOL), cardano (ADA), and bitcoin cash (BCH). 🔄 The transition to an ETP structure aims to enhance efficiency and investor protections through continuous share creation and redemption mechanisms aligned with net asset value (NAV). The fund tracks the Bitwise 10 Large Cap Crypto Index, which is rebalanced monthly and uses a strict, rules-based approach to eliminate assets with risks like regulatory uncertainty or low trading volume. Bitcoin and ethereum make up over 90% of the fund's weight. ➡️ If approved by the SEC, the ETP will comply with NYSE Arca’s Rule 8.800-E on investment interests based on commodities and digital assets. This setup is expected to improve price accuracy relative to NAV through an arbitrage mechanism. Bitwise’s filing underscores its commitment to expanding crypto investment opportunities and providing clearer regulatory structures. 🔍 Bitwise CEO Hunter Horsley emphasized the ETP format's potential to make cryptocurrency investments more accessible and streamlined. However, the plan depends on SEC approval, as similar proposals have faced challenges due to concerns about market manipulation and insufficient oversight. Yet, the increasing institutional adoption of cryptocurrencies strengthens the case for regulated products. 📈 As regulators consider the proposal, Bitwise’s initiative reflects the growing demand for regulated access to cryptocurrencies through the ETP vehicle. This move represents another step in navigating the evolving landscape of crypto investments while addressing investor needs and concerns.

➡️ Bitcoin's Price Surge: U.S. Premiums vs. South Korean Discounts 📈 Last week, the cryptocurrency market was highly active, with Bitcoin reaching a new all-time high of $99,800 per coin on Thursday. Interestingly, during this time, the Coinbase premium increased while South Korea experienced a discount in BTC prices. 💰 On November 21, 2024, Bitcoin peaked at $99,800 but fell to $95,796 by Sunday afternoon. This volatility led to the liquidation of cryptocurrency derivatives worth $472.69 million, affecting 186,320 traders. Data from cryptoquant indicates that the Coinbase premium index has been positive since November 3, suggesting strong buying interest among U.S. investors, often driven by institutional participation. In contrast, the Korea Premium Index (KPI), or "Kimchi Premium," has been at a discount since November 20, showing a 0.85% discount by November 22. 📉 A negative KPI indicates that cryptocurrencies are priced lower on South Korean exchanges, implying reduced demand or increased selling activity from local traders. On Sunday at 3:45 p.m. Eastern Time, BTC was trading globally at $96,776, while on South Korea’s Upbit exchange, it was priced at $95,125 per coin, reflecting a 1.7% discount compared to the international rate. 🌍 These contrasting trends highlight different regional attitudes towards Bitcoin as it reaches new price highs. U.S. investors seem to be driving demand, while South Korean traders appear to be offloading their holdings or losing interest, leading to lower local prices. This situation illustrates how regional factors can influence the global crypto market during price discovery. By 5:10 p.m. Eastern Time in the U.S., BTC rose to $97,376 per coin, and on Upbit, it was $96,241.

➡️ Russia's Trade Resilience Amid Western Sanctions 💪 Russia's foreign trade is showing resilience against Western sanctions, with increasing imports and projected economic growth that surpasses stagnating Western economies. Russian Finance Minister Anton Siluanov stated in an interview that despite the restrictions, Russia's trade dynamics remain strong.

Russia’s trade turnover has been increasing, improving recently. Imports have grown in recent months,

he noted. Siluanov emphasized the determination of trade participants to find ways to conduct transactions despite the sanctions:

Despite all restrictions, the participants of foreign trade transactions, foreign trade activities will still find possibilities to pay for supplied or acquired goods.

♾ He criticized Western countries for imposing measures that he believes primarily harm their own economies:

All restrictions that Western countries impose affect themselves in the first place.

Despite facing over 2,000 restrictions, he asserted that the Russian economy is on the rise, with projected growth dynamics of around 4% this year compared to near-zero growth in the West. 🌍 Siluanov also discussed BRICS efforts to create alternatives to Western financial systems, highlighting the modernization of financial infrastructure as a key focus. He explained that this includes

payments and the creation of depository links,

as well as

creating insurance and reinsurance in foreign trade.

🚫 Western sanctions have significantly restricted Russia's access to international financial systems, including being cut off from SWIFT. This exclusion has disrupted Russian banks' ability to facilitate international trade and financial transactions, particularly with Western nations. However, Russia has sought alternative systems, such as China's Cross-border Interbank Payment System (CIPS), and expanded trade with non-aligned nations to mitigate these impacts.

🚨 Breaking News in Blockchain 🚨 @waterfall_network has emerged as the most scalable EVM-based smart contract platform, outperforming both Solana and Aptos. 🚀 The platform recently set a new record with 12,778 transactions per second (TPS) by conducting 3 tests and generating over 1,000,000 transactions. Notably, these results were independently verified by Chainspect (https://chainspect.app/chain/waterfall), a top-tier blockchain analytics provider. What Makes Waterfall Network a Game-Changer? 🔹 Highly Scalable: Built to support diverse applications and use cases. 🔹 Unparalleled Decentralization: A unique consensus mechanism enabling millions of validators. 🔹 Broad Accessibility: Operates on low-cost hardware, making it inclusive for all. 🔹 Cost-Efficiency: Ultra-low transaction fees for an enhanced user experience. The media is taking notice: 📌 Read the full story on GlobeNewswire 💧 How to Get $WATER: - on Gate.io - on MEXC For more updates, check out Waterfall Network: Website | Discord | Twitter | Telegram

🚨 Breaking News in Blockchain 🚨 @waterfall_network has emerged as the most scalable EVM-based smart contract platform, outperforming both Solana and Aptos. 🚀 The platform recently set a new record with 12,778 transactions per second (TPS) by conducting 3 tests and generating over 1,000,000 transactions. Notably, these results were independently verified by Chainspect (https://chainspect.app/chain/waterfall), a top-tier blockchain analytics provider. What Makes Waterfall Network a Game-Changer? 🔹 Highly Scalable: Built to support diverse applications and use cases. 🔹 Unparalleled Decentralization: A unique consensus mechanism enabling millions of validators. 🔹 Broad Accessibility: Operates on low-cost hardware, making it inclusive for all. 🔹 Cost-Efficiency: Ultra-low transaction fees for an enhanced user experience. The media is taking notice: 📌 Read the full story on GlobeNewswire 💧 How to Get $WATER: - on Gate.io - on MEXC For more updates, check out Waterfall Network: Website | Discord | Twitter | Telegram