Crypto Chaos: From Hamster Kombat to Kanye’s YZY Token Madness!

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Ah, the world of cryptocurrency! A place where fortunes are made and lost faster than you can say “blockchain.” This week, Coinspeaker has graced us with a delightful overview of the top crypto news, featuring everything from the launch of the LIBRA meme coin (which, spoiler alert, didn’t go quite as planned) to a $1.2 billion payout from FTX that has creditors feeling a bit more chipper. And let’s not forget the return of Hamster Kombat Season 2—because who doesn’t want to watch rodents duke it out in a digital arena? 🐹💥

On February 21, Bitcoin flirted with the tantalizing price of $100,000, boasting a market cap of around $3.3 trillion. That’s a lot of zeros, folks!

Bitwise Becomes First Bitcoin ETF Provider Revealing On-Chain Wallet Address

In a move that has crypto enthusiasts buzzing like a caffeinated squirrel, Bitwise Asset Management has become the first Bitcoin ETF provider in the US to reveal the on-chain address of its spot Bitcoin ETF (BITB) holdings. This is like giving investors a backstage pass to the Bitcoin concert—transparency at its finest!

Now, investors can check the asset manager’s Bitcoin holdings directly on the blockchain. It’s like peeking into someone’s fridge—only this time, it’s filled with digital gold instead of leftover pizza. 🍕

Bitwise’s co-founder and CEO Hunter Horsley proudly declared this a leap toward greater transparency. “Look at us! We’re the only US ETP issuer sharing our wallet addresses!” he exclaimed, probably while doing a little victory dance.

Bernstein Analysts Share Insights on US Bitcoin Reserve Plans

Meanwhile, analysts at Bernstein have released a report that reads like a government spy novel, discussing the complexities of setting up a national Bitcoin reserve. Who knew buying Bitcoin could be so complicated? It’s like trying to assemble IKEA furniture without the instructions!

They pondered which US government agency would take on this monumental task. The Federal Reserve? The US Treasury? Or perhaps a group of highly trained squirrels? 🐿️

Funding this Bitcoin bonanza poses another challenge. The analysts suggested the Federal Reserve might need to issue debt or sell some US gold reserves. Because nothing says “financial stability” like selling off your gold to buy digital currency!

LIBRA Meme Coin Losses Shoot to $251 Million, 86% Traders Lost Money

In a classic case of “what goes up must come down,” the LIBRA meme coin, championed by Argentine President Javier Milei, has left 86% of traders nursing their wounds after a massive market pump and dump. Ouch! 💸

Nansen, the blockchain research firm, reported a total loss of $251 million. That’s a lot of sad faces in the crypto community! On the flip side, some lucky traders managed to rake in $180 million in profits. Talk about a rollercoaster ride!

Over 40,000 crypto addresses rushed to the token, only to watch it plummet by 90% faster than you can say “meme coin.”

Bitcoin Hashrate Growth Hits Pause as Competition Heats Up

In the mining world, the Bitcoin hashrate is taking a breather after months of rapid growth. It’s like a marathon runner who suddenly decides to stop for a snack break. 🍩

Despite this slowdown, Bitcoin mining remains a billion-dollar industry, raking in $1.4 billion last month. That’s a lot of dough for digging up digital coins!

Publicly traded mining companies control about 30% of the hashrate, holding around 99,000 BTC worth nearly $9.7 billion. They’re like the cool kids in the crypto playground, but competition is heating up!

FTX to Repay $1.2 Billion to Creditors in First Major Payout

On February 18, FTX’s Bahamian arm began reimbursing smaller creditors, marking the first step in a long-awaited distribution process. It’s like a financial fairy tale, but with fewer happy endings. 🧚‍♂️

With an estimated $1.2 billion on the table, some creditors are feeling a glimmer of hope. However, many with larger claims are still left waiting, probably checking their emails every five minutes

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2025-02-23 15:16