Good morning, everyone! We’re wrapping up an eventful week in the crypto world. First off, I’ve been getting a ton of great listener questions on Spotify, so I’m considering doing a special Q&A episode on Fridays or Saturdays. If you’ve got questions, drop them in the comments, and don’t forget to hit those five stars.
PSA: Locked Out of Coinbase? Here’s How to Prevent It
Aaron wrote in with a frustrating experience: he got locked out of his Coinbase account for 48 hours after switching to a new phone. Here’s the deal:
How to Avoid Lockouts
Use the same IP address: If you’re at home, log in from your home network. Avoid VPNs or incognito mode.
Enable 2FA with an authenticator app: Use apps like Authy or Google Authenticator (disable cloud backups for extra security). Avoid using SMS for 2FA—it’s less secure.
Triple-check your email: Make sure your login email matches your Coinbase account because they use it for 3rd factor.
My Take: This lockout is annoying, but it’s part of Coinbase’s security measures. Following these steps can save you from missing trading opportunities during critical moments.
The Fallout of Hawk Tuah Coin
It’s not getting better for Hayley Welsh and her Hawk meme coin. Allegations of a rug pull are piling up after the coin’s value collapsed by 93% within minutes of launch.
Key Developments:
On-chain data: 96% of the token supply was controlled by just 285 wallets, many of which dumped their holdings as soon as public trading started.
Strategic advisors: The team claims they didn’t sell tokens, but strategic advisors allegedly pocketed millions.
Community outrage: Critics like Coffeezilla are calling this a blatant scam, reminiscent of the CryptoZoo fiasco.
My Take: This is exactly what gives crypto a bad name. While it’s possible Hayley was taken advantage of, her involvement and the lack of transparency make this look bad. For anyone trading meme coins, this is your reminder to always exercise caution.
France Proposes Unrealized Gains Tax on Crypto
A French senator has proposed taxing crypto gains as "unproductive wealth," similar to luxury goods or vacant properties. The plan includes:
Unrealized gains: Taxable above €800,000.
Heavy penalties: Up to 80% fines and 7 years in prison for undeclared gains.
Criticism: The crypto community sees this as stifling innovation and growth.
My Take: This is insane. Unrealized gains taxes would cripple adoption and drive innovation out of France. For a country that’s trying to position itself as a crypto hub, this move is counterproductive.
Trump Appoints David Sacks as AI and Crypto Czar
President-elect Trump has named venture capitalist David Sacks as the first-ever AI and crypto czar. His role includes:
Shaping policy: Creating a legal framework for crypto and AI adoption.
Big tech bias: Addressing censorship and promoting free speech.
Guardrails for AI: Ensuring safe and competitive development in the U.S.
My Take: This is huge. Sacks is part of the PayPal Mafia, a known advocate for Solana, and a tech heavyweight. His appointment signals that the U.S. might finally be moving toward a clear, pro-crypto regulatory framework.
Bitcoin Hits $104K, Then Pulls Back
Bitcoin reached an all-time high of $104,000 yesterday before pulling back to $98,918. According to Craig Cobb, this wild volatility is due to leverage longs being flushed out.
Market Context:
Largest daily move in Bitcoin’s history: A $12,712 swing in a single day.
Altcoin dominance: Altcoins are starting to shine, with total market cap excluding Bitcoin and Ethereum up 7% this week.
My Take: Bitcoin’s push past $100K is historic, even if it didn’t hold. The pullback is healthy—flush out the leverage, reset the market, and build momentum for the next leg up.
Market Prices
Bitcoin (BTC): $98,918 (-3.5%)
Ethereum (ETH): $4,023 (+3.5%)
XRP: $2.36 (+1.8%)
Solana (SOL): $237 (-0.6%)
Binance Coin (BNB): $722 (-0.3%)
Dogecoin (DOGE): $0.439 (-2%)
Cardano (ADA): $1.20 (even)
Market Cap: $3.63T (-2.1%)
Bitcoin accounts for $1.96T, Ethereum for $485B.
Final Thoughts
It’s been a volatile week, but Bitcoin breaking $100K is a milestone worth celebrating. With Trump’s pro-crypto administration taking shape and altcoins gaining traction, the market’s long-term outlook remains strong.
Thanks for listening, and don’t forget to leave your questions and comments on Spotify. I’ll answer them in a dedicated Q&A episode if there’s enough demand.
Until next week—happy hodling, everyone!
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