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crypto.news 2024-12-22 16:21:57

Crypto hedge funds set records, Saylor proposes Bitcoin reserve, Riot Platform raises over $594m | Weekly Recap

Crypto hedge funds post exceptional returns, Riot secures massive funding, and North Korean hackers set new crypto theft records in today’s edition of the weekly recap. Hedge funds ride Bitcoin wave Bitcoin ( BTC ) reached an all-time high of over $108,000 on Dec. 17 . Cryptocurrency-focused hedge funds achieved 46% gains in November, pushing their 2024 returns to 76%, according to Hedge Fund Research data . The performance outpaces the broader hedge fund industry’s 10% gain for the year. Riot Platform secured a $594.4 million investment in the third week of December, marking one of the largest capital raises in the Bitcoin ecosystem this year. NFTs show resilience CryptoSlam data reveals strong NFT market performance despite crypto volatility, with total sales volume reaching $302.2 million. An unlucky trader tried to front run the Pudgy Penguins crypto airdrop on Dec. 17 . While the Pudgy Penguins ( PENGU ) token surged over $3 billion in market cap just hours after debuting, one investor bought the coin at a ridiculous $14 trillion capitalization. Their initial $10,000 investment turned into less than $3 within minutes, according to on-chain data and community observers. Saylor says… MicroStrategy founder Michael Saylor proposed establishing a strategic Bitcoin ( BTC ) reserve, suggesting potential wealth generation of $16-81 trillion for the U.S. Treasury to offset national debt. During an appearance on the Dec. 18 episode of the Open Interest show on Bloomberg Television, Saylor voiced his willingness to advise President-elect Donald Trump on crafting a digital assets policy for the U.S. You might also like: SEND surges 360%, dForce jumps 160%, BTC struggles to reclaim $100k Tether’s AI ambitions and security breaches Tether, the $140 billion stablecoin issuer, announced plans to venture into artificial intelligence by Q1 2025, as confirmed by CEO Paolo Ardoino on X. Vivek Ramaswamy’s X account was compromised , with hackers posting false claims about a partnership between the U.S. Department of Government Efficiency and stablecoin issuer USUAL. Network developments and cybersecurity Pi Network reported major progress in KYC verification, with over 18 million pioneers completing the process as the project moves toward mainnet launch. North Korean hackers stole $1.6 billion in cryptocurrency during 2024, according to Chainalysis. This is a dramatic increase from $660.5 million in 2023. Major protocol updates Ripple’s RLUSD stablecoin has gone live on major cryptocurrency exchanges following its December 16 announcement. The Avalanche ( AVAX ) Foundation unveiled its Avalanche9000 mainnet upgrade, promising over 90% reduction in deployment costs and C-Chain fees. For the previous weekly recap, click here . Read more: HYPE, Horizen, IMX: Top cryptocurrencies to watch this week

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