## Bitcoin's Resilience After Jobs Data

Bitcoin has shown remarkable resilience this week, **parsing weekly losses** after the release of **better-than-expected September jobs data**. This news has sparked interest in the cryptocurrency markets as traders and investors assess the implications for future price movements.

### Insights from CNBC Crypto World

In a recent episode of **CNBC Crypto World**, Sam Kessler from **CoinDesk** discussed the vital role that economic indicators, such as job reports, play in shaping the **crypto landscape**. The segment also highlighted concerning reports that **North Korean IT workers** are infiltrating global crypto companies, raising alarms about security and integrity in the digital currency space.

### Key Takeaways
- **Positive employment figures** can lead to increased investor confidence in cryptocurrencies.
- The infiltration of crypto firms by **North Korean IT workers** poses significant risks for the industry.
- Traders are keeping a close eye on economic trends as they influence market dynamics.

Stay tuned for more updates as the situation develops and the crypto market reacts to economic changes.

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Sam Kessler of CoinDesk discusses his reporting that North Korean IT workers have infiltrated global crypto companies.

Bitcoin Bounces Back: What September Jobs Data Means for Cryptocurrency

### Shocking Crime in Scottsdale

A **man accused of posing as an Uber driver** has allegedly stolen more than **$290,000 in cryptocurrency** from unsuspecting victims he picked up at the **W Hotel** in Scottsdale.

On **March 31, 2024**, Nuruhessin Hussein called out the name of a person waiting for an Uber ride, and the victim unknowingly got into his vehicle. It's still a mystery how Hussein knew the victim's name. According to court documents, he asked to use the victim's phone for directions, claiming that his phone had just died. The victim, trusting Hussein, handed over his phone, which allowed Hussein to **transfer approximately $97,000** in cryptocurrency to himself.

The victim later requested his phone back, to which Hussein dismissed him by saying to "**chill out**." During this unsettling encounter, the victim noticed a **gun** in the vehicle's center console, which heightened his sense of danger. After being dropped off, he discovered the unauthorized transfer and promptly contacted the police.

On **October 11, 2024**, Hussein struck again, approaching another victim in the same manner in the **W Parking lot**. This time, he requested the victim's phone to cancel an Uber ride scheduled with another driver. While in possession of the victim's phone, he allegedly transferred **two bitcoins**, valued at **$98,000 each** at the time of his arrest, to his own accounts. The victim became aware of the theft when he received overnight notifications about the transactions.

**Financial crimes detectives** linked the transfers to Hussein's accounts, leading to his arrest on **December 11, 2024**. He now faces multiple charges, including **money laundering**, **fraudulent schemes**, and **theft**.

### Uber's Safety Reminder

Uber has a safety reminder for riders:  
*"Every time you take a trip with Uber, please make sure you’re getting into the right car with the right driver by matching the license plate, car make and model, and driver photo with what’s provided in your app. Uber trips can only be requested through the app, so never get in a car where the vehicle or driver identity doesn't match what’s displayed in your app."*

A man accused of posing as an Uber driver allegedly stole more than $290,000 in cryptocurrency from victims he picked up at the W Hotel in Scottsdale.

Scottsdale Uber Impersonator Steals Over $290,000 in Cryptocurrency: A Shocking Crime Uncovered!

### Court Ruling on Craig Wright's Claims

LONDON (AP) — In a significant ruling, an **Australian computer scientist**, Craig Wright, who falsely claimed to be the founder of **bitcoin**, has been found in **contempt of court** by London’s High Court. He was sentenced to **12 months in prison**, which is suspended for two years.

Justice **James Mellor** stated that Wright committed a **clear breach** of a court order issued in March, which prohibited him from initiating or threatening any further legal actions related to bitcoin. This ruling comes amidst bitcoin's **meteoric rise** in value since its inception during the global financial crisis in 2008.

### Legal Actions and Claims

Wright has been accused of making claims totaling over **900 billion pounds ($1.1 trillion)** against various companies and individuals regarding **intellectual property rights** tied to bitcoin. The **Crypto Open Patent Alliance (COPA)** argued that these actions violated the court's previous mandate, which concluded he was not the elusive creator of bitcoin known as **Satoshi Nakamoto**, nor the author of its initial software versions.

Justice Mellor affirmed it was “**beyond any reasonable doubt**” that Wright had disobeyed the court order. Currently, he is believed to be located in either **Indonesia** or **Singapore** and attended the hearing via video link.

### Wright's History with Bitcoin Claims

For the past **eight years**, Wright has insisted he is **Satoshi Nakamoto**, the pseudonymous figure behind bitcoin's creation. The cryptocurrency's origins date back to a paper published during the 2008 financial crisis, illustrating how digital currency could be transferred globally without banks. Nakamoto vanished three years later, leaving their identity a mystery.

### Understanding Cryptocurrency

In essence, **cryptocurrency** functions as digital money, operating through a decentralized online network, typically unbacked by government or banking systems. Transactions are recorded using **blockchain technology**. **Bitcoin** holds the title of the largest and oldest cryptocurrency, with others like **ethereum**, **XRP**, and **dogecoin** also gaining traction over the years.

Investors often view cryptocurrencies as a **“digital alternative”** to traditional money, yet most daily transactions still utilize conventional currencies like the dollar.

### Bitcoin's Volatility

Wright's motivations have been scrutinized, particularly as bitcoin's value soared. It started at just over **$5,000** at the onset of the COVID-19 pandemic and recently surpassed **$100,000** following Donald Trump's election victory, a noted supporter of cryptocurrencies. However, bitcoin remains highly volatile, trading at approximately **$80,000** recently, down nearly **20%** in just weeks.

An Australian computer scientist who falsely claimed to be the founder of the bitcoin cryptocurrency has been found to have committed contempt of court by breaching an order of London’s High Court.

Court Concludes Australian's Bitcoin Claims are False: A Legal Drama Unfolds

Bitcoin **(BTC)** is once again in the spotlight, experiencing a significant **price surge** of approximately **140% YTD**, pushing its value beyond **$100,000**. Major players like **MicroStrategy** are accumulating Bitcoin for their balance sheets, and political discussions hint at establishing a **Bitcoin strategic reserve** under the upcoming Trump administration.

## 2024's Dazzling Rise
The **2024 surge** can be attributed to two main factors: the approval of **Bitcoin ETFs** in January and a bullish sentiment following the recent **U.S. presidential election**. With institutional investments, including nearly **700,000 Bitcoins** bought this year, the price has skyrocketed to around **$106,000** post-election.

Despite this growth, Bitcoin remains a speculative asset with no underlying earnings. Its price is driven solely by **demand**, influenced by institutional and governmental interest.

![Bitcoin Logo](https://g.foolcdn.com/art/companylogos/mark/BTC.png)

## Price Predictions and Gold Comparisons
Predictions for Bitcoin's future value vary widely, from a potential **$1 million** to even **$13 million** per coin. Some investors view Bitcoin as **digital gold**, and if it were to match gold's market cap of **$18 trillion**, its price could reach **$857,000**.

## Uncertainty is the Only Certainty
The truth is, nobody can predict Bitcoin's movements with certainty. While it may be wise to invest based on the long-term vision of Bitcoin as a **store of value**, one must acknowledge the inherent **uncertainty** surrounding its price trajectory. 

### Should You Invest $1,000 in Bitcoin Right Now?
Before making any investment decisions regarding Bitcoin, consider that the **Motley Fool's Stock Advisor** has identified **10 stocks** that may yield better returns. Historical performance shows that investments recommended by the advisor have significantly outperformed the market. 

**Note:** Always assess risks and conduct thorough research before investing in volatile assets like Bitcoin.

Bitcoin (BTC -3.61%) is back in the zeitgeist. For better or worse, the leading cryptocurrency is gaining popularity once again after seeing a massive price increase in 2024. After rising around 140% year to date (YTD), the price of Bitcoin has now broken through $100,000. Companies like MicroStrategy are buying up Bitcoin for their balance sheets, while the incoming Trump Presidential administration is talking about building a Bitcoin strategic reserve.

Is Bitcoin on the Brink of a 2025 Crash? Here's What You Need to Know!

Bitcoin has **surged** dramatically this year, largely thanks to **BlackRock**, the world's largest asset manager, which has thrown its **$10 trillion** weight behind it, igniting a wave of interest among investors. This surge has been further fueled by significant events, including **Donald Trump's U.S. election victory** and **Elon Musk's warnings** about a potential collapse of the U.S. dollar.

### Bitcoin Price Surge
The **bitcoin price** has more than **doubled** since its lows in August, reaching new heights as institutional interest grows. Recently, **BlackRock** has released an explainer video that has raised eyebrows within the bitcoin community, particularly due to its **disclaimer** that states there is "**no guarantee** that bitcoin's 21 million supply cap will not be changed in the future."

### Implications of BlackRock's Statement
This statement has led to fears among some investors that BlackRock's involvement could lead to **manipulation** or a **hijacking** of bitcoin's core principles. As **Joel Valenzuela**, a cryptocurrency executive, pointed out, the community might be getting accustomed to the idea of a **supply cap increase**, which could undermine bitcoin's status as a **scarce asset**.

### The Future of Bitcoin
Bitcoin's supply is currently capped at **21 million**, a feature hardcoded into its protocol. However, any change to this cap would require consensus among miners, who secure the network. If a majority of miners agreed to increase the supply, it could lead to a **split** in the network, where some continue to mine under the original cap.

### BlackRock's Influence on the Market
BlackRock has been pivotal in pushing for the approval of a **spot bitcoin ETF** in the U.S., which has recently seen unprecedented success, with the **iShares Bitcoin Trust** now managing nearly **$60 billion**. This rapid growth has positioned it as one of the fastest-growing ETFs in history, further solidifying bitcoin's place in mainstream finance.

### Historical Context
In a striking contrast, **Jamie Dimon**, CEO of JPMorgan, has expressed skepticism about bitcoin's supply cap, questioning its permanence and suggesting that it could change in the future. This ongoing debate highlights the volatility and uncertainty surrounding bitcoin as it continues to gain traction in the financial world.

Bitcoin has rocketed higher this year in large part due to BlackRock, the world's largest asset manager, putting its $10 trillion weight behind it...

BlackRock's Shocking Statement Could Change Bitcoin Forever

### VIX's Second-Largest Spike in History Indicates a Local Bottom for Bitcoin: Van Straten

The **VIX** jumped **74%** yesterday following a **25 basis point Fed rate cut** and a hawkish outlook from **Fed Chair Jerome Powell**. This significant market movement has sparked discussions about potential implications for **Bitcoin (BTC)**.

On **December 18**, the market was shaken as Bitcoin briefly fell below **$100,000**, while U.S. equities dropped around **3%**. The **dollar index (DXY)** soared to a two-year high of **108**, exerting pressure on global currencies.

The **CBOE Volatility Index (VIX)**, often referred to as Wall Street's fear gauge, experienced its largest one-day jump since **February 5, 2018**, marking the **second-largest increase** in its history. Historically, substantial spikes in the VIX have indicated local bottoms for both Bitcoin and the **S&P 500**.

Examining the top three one-day changes in the VIX:
- The first occurred on **February 5, 2018**, when it surged by **116%**. On that day, Bitcoin dropped **16%** to **$6,891**, marking a local bottom, which later rebounded to over **$11,000** by **February 20**.
- The second-largest spike happened on **December 18**, with a **74%** increase.
- The third spike occurred on **August 5, 2024**, when the VIX increased by **65%**. During that time, Bitcoin fell **6%** to around **$54,000**, eventually climbing back to over **$64,000** by **August 23**.

A similar pattern has been observed in the **S&P 500** over the years, as evidenced by data shared by **Charlie Bilello**, chief market strategist at Creative Planning.

At the time of this writing, Bitcoin is trading above **$102,000**, while S&P 500 futures indicate a **0.37%** gain, suggesting potential recovery as history may repeat itself.

![Charlie Bilello - VIX](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fc5c391318f6820ee58aca8cb072233bf41b5f3e3-599x503.png%3Fauto%3Dformat&w=640&q=75&dpl=dpl_5WfNcvLw7N5k9AZk3ygLu9fmruzk)

*Image Credit: Charlie Bilello*

The VIX jumped 74% yesterday after a 25bps rate cut and a hawkish outlook from Fed Chair Jerome Powell. 

Is Bitcoin Set for a Recovery? VIX's Historic Surge Suggests a Local Bottom

### Hut 8 Makes a Significant Bitcoin Purchase

Hut 8 (HUT), a prominent Bitcoin miner based in Miami, Florida, has made waves in the cryptocurrency market by purchasing **approximately 990 Bitcoin** at an **average price of $101,710** each. This strategic buy increases their total Bitcoin holdings to **10,096 BTC**, valued at around **$1 billion**, positioning Hut 8 among the **top 10 corporate holders** of Bitcoin.

### Strategic Plans for Bitcoin Reserves

The company plans to leverage its growing Bitcoin reserve through various strategies, including options trading and sales. CEO **Asher Genoot** emphasized the importance of this reserve, stating, "Today, the market recognizes and values our strategic reserve, which effectively lowers our cost of capital and strengthens our financial position."

### Following Industry Trends

Hut 8's recent purchase aligns with a trend started by **MicroStrategy**, the largest corporate holder of Bitcoin, and followed by **MARA Holdings**. Notably, **Riot Platforms** has also recently acquired Bitcoin, indicating a broader move within the mining sector to bolster holdings in the face of market changes.

### Financial Growth and Market Response

The decision to buy Bitcoin comes at a time when many miners are navigating profit challenges following the latest Bitcoin halving event. Hut 8's stock has seen a substantial **74% increase this year**, reflecting investor confidence as the company also engages in significant operational expansions aimed at achieving **24 EH/s** of self-mining capacity by Q2 2025. 

Hut 8 sees its Bitcoin reserve as a **dynamic financial asset**, which can be actively managed to enhance returns beyond mere price appreciation. This holistic approach to Bitcoin investment positions Hut 8 for continued growth and adaptability in the ever-evolving cryptocurrency landscape.

The miner bought about 968 bitcoin for average price of around $101,710 each.

Hut 8's Bold Move: $100 Million Bitcoin Acquisition Boosts Holdings to $1 Billion

If you had invested **$6,000** in the world's largest cryptocurrency, **Bitcoin**, roughly a decade ago, you'd be a millionaire today. Bitcoin and the crypto sector have not just survived, but **thrived**, with the token recently surpassing **$107,000**. 

Several other cryptocurrencies have also performed well, achieving market caps exceeding **$100 billion**. One of them is **XRP**, which currently boasts the fourth-largest market cap in the crypto sector at more than **$140 billion**. If you had invested in XRP a decade ago, there’s a chance you might be a millionaire today. But what about now? Can XRP make you a millionaire from current levels?

## What is XRP?

**XRP** was developed in **2011** by four software engineers: **David Schwartz**, **Jed McCaleb**, **Arthur Britto**, and **Christian Larsen**, and is managed by **Ripple**, led by CEO **Brad Garlinghouse**. The primary purpose of XRP was to address inefficiencies in Bitcoin, particularly its **energy-intensive mining system**. While many cryptocurrencies aim to facilitate **digital payments**, XRP was specifically designed for more efficient **cross-border transfers**. The **XRP ledger** can settle transactions in just **3 to 5 seconds**, handle **1,500 transactions per second**, and has lower transaction costs than Bitcoin, making it more environmentally sustainable.

![XRP Price Chart](https://media.ycharts.com/charts/88858bbf602bfeb4635e9ee98f3a8854.png)

These features have attracted nearly **20 financial institutions** to work with Ripple, and recently, Ripple launched a **U.S. dollar stablecoin** called **RLUSD**. This stablecoin aims to leverage the characteristics of a digital asset while minimizing volatility, requiring XRP tokens for transaction fees.

## Legal Roadblocks Likely to Clear

In **2020**, the **Securities and Exchange Commission (SEC)** sued Ripple for conducting an unregistered sale of securities through XRP. The outcome of this case is crucial as it could impact regulatory jurisdiction over many cryptocurrencies. Proponents argue that cryptocurrencies should be treated as currencies under the **Commodity Futures Trading Commission (CFTC)**, not the SEC.

Fortunately, a federal judge ruled in favor of Ripple last year, although the SEC has appealed parts of that decision. With the impending change in administration, many believe that a pro-crypto environment could lead to favorable regulatory conditions for XRP.

## Is XRP a Millionaire Maker?

Investing in XRP now with a goal to become a millionaire would require an initial investment of **$10,000** to grow into **$1 million** over the next **20 years**. This would necessitate a total return of **9,900%** or a compound annual growth rate of **25.9%**.

However, it’s essential to remember that **$1 million** in **20 years** will not have the same purchasing power as it does today. Moreover, XRP faces competition from other cryptocurrencies like **Solana**, which claims to process **65,000 transactions per second**, although it hasn't reached this speed yet.

While XRP has the potential to be a millionaire maker, speculating on long-term price targets for volatile cryptocurrencies can be futile. I believe XRP will continue to rise alongside Bitcoin, but it may only warrant a small speculative investment at this stage.

If you had invested $6,000 in the world's largest cryptocurrency Bitcoin roughly a decade ago, you'd be a millionaire today. Bitcoin and the crypto sector have overcome all odds not just to survive, but to thrive. The token recently surpassed $107,000. Several other cryptocurrencies have done well and grown to market caps exceeding $100 billion. One is XRP (XRP -6.74%), which currently has the fourth-largest market cap in the crypto sector at more than $140 billion. If you invested in XRP a decade ago, there is a chance you're a millionaire today. But how about now? Can XRP make you a millionaire from current levels?

Bitcoin Bounces Back: What September Jobs Data Means for Cryptocurrency

Summary:

Bitcoin's Resilience After Jobs Data

Insights from CNBC Crypto World

Key Takeaways

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Other Latest News

Scottsdale Uber Impersonator Steals Over $290,000 in Cryptocurrency: A Shocking Crime Uncovered!

Court Concludes Australian's Bitcoin Claims are False: A Legal Drama Unfolds

Is Bitcoin on the Brink of a 2025 Crash? Here's What You Need to Know!

BlackRock's Shocking Statement Could Change Bitcoin Forever

Is Bitcoin Set for a Recovery? VIX's Historic Surge Suggests a Local Bottom

Hut 8's Bold Move: $100 Million Bitcoin Acquisition Boosts Holdings to $1 Billion

Can XRP Transform Your Investment into Millions? Discover the Potential!

Other Latest News

Scottsdale Uber Impersonator Steals Over $290,000 in Cryptocurrency: A Shocking Crime Uncovered!

Court Concludes Australian's Bitcoin Claims are False: A Legal Drama Unfolds

Is Bitcoin on the Brink of a 2025 Crash? Here's What You Need to Know!

BlackRock's Shocking Statement Could Change Bitcoin Forever

Is Bitcoin Set for a Recovery? VIX's Historic Surge Suggests a Local Bottom

Hut 8's Bold Move: $100 Million Bitcoin Acquisition Boosts Holdings to $1 Billion

Can XRP Transform Your Investment into Millions? Discover the Potential!