Weekly Crypto Market Wrap December 16-22, 2024
Bitcoin saw a significant decline of 9.54%, dropping to $95,000. Meanwhile, Joe Biden, in a Jedi-like move, might pardon Sam Bankman-Fried, and CZ revealed an article claiming that the UAE holds $40 billion worth of Bitcoin in their reserves. As always, the crypto world keeps us on our toes—let’s dive into the key events.
European Parliament member proposes strategic BTC reserve. MEP Sarah Knafo suggested buying Bitcoin to create a strategic reserve. With this proposal, she’s clearly joining the ranks of Bitcoin evangelists. If the idea gains traction, we might soon see the EU buying BTC instead of selling it, as Germany has done.
Ohio bill advocates for BTC reserve. A bill has been introduced in Ohio to purchase Bitcoin for a strategic reserve. If passed, this could spark a competition among US states over who can amass the most BTC.
UAE allegedly holds $40 billion in BTC. CZ shared an article stating that the UAE owns $40 billion worth of Bitcoin. Don’t be surprised if, in a few years, the UAE starts leasing out BTC like they do oil.
BTC reserves could reduce US debt by 36% by 2049. VanEck claims that holding Bitcoin reserves could cut the US national debt by 36% by 2049. Finally, someone dares to say that BTC isn’t just for fun-loving investors but serious business. 36% is impressive—though aiming for 50% wouldn’t hurt! This projection might mean Bitcoin could join gold in national reserves soon.
Biden might pardon Sam Bankman-Fried. Rumors swirl that Biden could pardon Sam Bankman-Fried. While this seemed impossible, Biden has a knack for bringing controversial figures back into the spotlight. If this happens, even Elon Musk wouldn’t be surprised. “I told you so,” Musk might say as Curly Sam re-enters the crypto stage.
Bitcoin ETF outflows hit record $680 million. On December 19, Bitcoin ETFs saw record outflows of $680 million. Not all records are worth celebrating.
BlackRock buys blockchain-issued municipal bonds. BlackRock has acquired its first municipal bonds issued via blockchain. Bonds, once considered dull paper assets, now come with a touch of crypto flair. It seems we’ll have to adapt to a new reality where any bond can be converted into Bitcoin with a few clicks.
El Salvador gets $1.4 billion from the IMF but limits BTC initiatives. El Salvador has secured $1.4 billion from the IMF but plans to scale back its Bitcoin initiatives. It looks like the country is taking a step back, akin to a player grabbing too many chips and then pondering their next move.
Michael Saylor’s MicroStrategy buys more BTC. What’s a weekly crypto wrap without Michael Saylor? MicroStrategy has acquired an additional 15,350 BTC worth $1.5 billion. What’s the secret to his unwavering confidence?
Upcoming major token unlocks:
IMX: $33.10m (1.4%)
BDX: $25.96m (4.8%)
ADA: $16.54m (0.1%)
APEX: $14.23m (19.1%)
ENA: $13.39m (0.4%)
YGG: $6.92m (3.5%)
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
