Crypto Market Update: Key Developments and Analysis.Crypto Market Update: Key Developments and Analysis
1. Trump Nominates Stephen Miran as Chairman of Economic Advisory Council
President-elect Donald Trump has nominated Stephen Miran as Chairman of the Council of Economic Advisors, a position that will play a crucial role in shaping economic policy for the incoming administration. Miran, who previously served as a senior advisor to the Treasury Department in 2021, is well-known for his advocacy of deregulation to promote innovation across various sectors in the United States.
In a statement on social media, Miran expressed his excitement about the nomination: "I am beyond honoured that President Trump has chosen me to lead his Council of Economic Advisers. I look forward to working to help implement the President's policy agenda to create a booming, noninflationary economy that brings prosperity to all Americans!"
The crypto community has responded positively to Miran's nomination, largely due to his pro-innovation stance and openness towards digital assets and cryptocurrencies. His appointment is seen as a potential catalyst for more favourable regulatory environments for the crypto industry.
2. Bitcoin Social Sentiment Drops to Yearly Low, Signalling BTC Breakout
Social sentiment around Bitcoin has reached its lowest point in 2024, suggesting a possible recovery above the $100,000 mark for the world’s largest cryptocurrency. As of December 22, Bitcoin's price is down over 10% from its all-time high of above $108,300 recorded on December 17, trading at around $97,150.
This 10% correction has led to a significant drop in social media sentiment, with an average ratio of four to five positive versus negative Bitcoin-related comments. Market intelligence platform Sentiment highlighted this shift in a recent post, noting: “Vocal traders are now showing severe FUD, and that's good news for contrarians who know markets move in the opposite direction of retail's expectations.”
Other crypto analysts are also predicting an end to Bitcoin’s current correction below $100,000. Notably, Bitcoin’s daily chart showed three consecutive red candles for the first time since early November, a period that coincided with Donald Trump's US election victory. This historical pattern has led some to speculate that Bitcoin may soon experience a bullish reversal.
3. Interpol Issues "Red Notice" for Hex Founder Richard Heart
The international law enforcement organization, Interpol, has issued a "Red Notice" for Richard Schueler, also known as Richard Heart, the founder of Hex. Schueler is wanted by Finnish authorities for allegedly committing tax fraud and assault.
A Red Notice is a global request for law enforcement to locate and provisionally arrest a person, but it is not an international arrest warrant. Schueler is also listed on Europe’s most wanted fugitives list, where detailed allegations include physically assaulting a 16-year-old victim and committing tax evasion between June 2, 2020, and April 2, 2024.
The issuance of the Red Notice comes just three months after a remand order was initially issued for Schueler on September 13, according to Finnish public broadcaster Yle. This development has sent shockwaves through the crypto community, as Schueler is a well-known figure in the space.
These key developments in the crypto world highlight the dynamic nature of the market and the importance of staying informed. As the week progresses, traders and investors should closely monitor these stories and their potential impact on the broader financial landscape..
