### Key Highlights of the Week Ahead in Asia

As we step into a new week, **Asia** is set to witness significant **financial developments** that could shape market trends. Here’s what to keep an eye on:

- **Economic Reports**: Various countries will release their **economic data**, providing insights into growth patterns and consumer behavior.
- **Central Bank Meetings**: Several **central banks** are scheduled to meet, which may lead to changes in **monetary policy** affecting inflation and interest rates.
- **Market Reactions**: Expect market volatility as investors react to the news and reports released throughout the week.

Stay informed and prepare for potential market shifts as these events unfold.

Accessibility helpSkip to navigationSkip to contentSkip to footer

Unlock the Secrets of the Upcoming Week in Asia's Financial Landscape

Tether, the issuer of the USDT stablecoin, has made headlines with its **$775 million investment** in the streaming platform **Rumble**, known for its anti-censorship stance against traditional media. This strategic move is set to significantly boost Rumble's operations and its adoption of a **Bitcoin reserve strategy**.

## Investment Details
Tether's investment will start with an **initial cash outlay of $250 million**, making it a **definitive agreement**. In return, Tether will acquire **103.3 million shares** of Rumble common stock, priced at **$7.50 per share**. The deal is expected to close by **early 2025**. Following the announcement, Rumble's stock surged by **40.75%**, reflecting strong market interest.

## Rumble's Vision
Founded in **2013** by Chris Pavlovski, Rumble has quickly become a favored platform for creators who prioritize **free speech** and have faced censorship on mainstream platforms like YouTube. Tether’s CEO, **Paolo Ardoino**, emphasized that the investment aligns with their shared values of **decentralization and transparency**.

## Future Collaborations
Beyond the initial investment, Tether aims to explore opportunities in **advertising, cloud services**, and **crypto payment solutions** with Rumble, indicating a deepening partnership.

## Rumble's Bitcoin Strategy
In a significant pivot, Rumble's Board recently approved a **Bitcoin reserve strategy**, planning to acquire up to **$20 million in Bitcoin**. This move positions Rumble alongside other major companies, such as **MicroStrategy** and **Tesla**, in recognizing Bitcoin as a hedge against inflation and a viable treasury asset.

Pavlovski remarked on the **growing adoption of Bitcoin**, spurred by a crypto-friendly U.S. administration and increasing institutional interest, asserting that Bitcoin's **limited supply** makes it a valuable asset compared to fiat currencies.

*Edited by Andrew Hayward*

Stablecoin issuer Tether has committed $775 million to rising streaming video platform Rumble, which has adopted a Bitcoin reserve strategy.

Tether's Bold $775 Million Investment in Rumble: A Game Changer for Crypto and Free Speech

## The Hawk Tuah Girl Saga Continues

**Haliey Welch**, popularly known as **Hawk Tuah Girl**, finds herself embroiled in legal troubles following the controversial launch of her meme coin, **HAWK**. A group of investors has filed a lawsuit against the team behind HAWK, claiming they failed to properly register the cryptocurrency as a security.

![Hawk Tuah Girl](https://pyxis.nymag.com/v1/imgs/0e0/5fa/b247ce34f71031d94d8e32398896b9d9d8-hawktuah-lede.rsquare.w400.jpg)
*Photo: Tayfun Coskun/ Anadolu via Getty Images*

The investors, who saw the coin’s market cap surge to **$490 million** only to plummet by **90%** shortly after, are seeking damages exceeding **$151,000** from Clinton So, the founder of **overHere Ltd.**, the **Tuah the Moon Foundation**, and influencer **Alex Larson Schultz**. Though Welch is not named as a defendant, her involvement is heavily referenced in the lawsuit, with attorneys arguing that her participation misled investors into believing HAWK was a registered security.

The complaint highlights that many investors were new to cryptocurrency and were attracted to the project due to Welch’s influence. They claim the sudden decline in the token's value caused significant financial harm to those who relied on her participation and the project's promises.

In a recent statement on **X**, Welch expressed her concern for the affected investors, stating, “I take this situation extremely seriously. I am fully cooperating with and am committed to assisting the legal team representing those impacted.” She aims to uncover the truth and hold responsible parties accountable.

Meanwhile, a spokesperson for overHere maintains that they have acted transparently and done nothing wrong in the HAWK project. They assert their confidence in their legal standing concerning the lawsuit.

This ongoing saga serves as a cautionary tale for future viral celebrities in the crypto space: **consider sticking to podcasting instead!**

Haliey Welch, a.k.a. Hawk Tuah Girl, said that she is “fully cooperating” with the group of investors who have filed a lawsuit against the team behind her meme coin. 

The Hawk Tuah Girl Crypto Scandal: What You Need to Know!

### Latest Updates on Bitcoin and Crypto Markets

In the latest episode of **CNBC Crypto World**, viewers are presented with the most recent news and daily trading updates from the dynamic world of digital currencies. Today’s segment features **Kristin Smith** from the **Blockchain Association**, who delves into the anticipated **crypto regulations** that lawmakers are expected to prioritize in **2025**.

The show provides a comprehensive look at the ever-evolving landscape of cryptocurrencies, highlighting crucial interviews, explainers, and unique stories that shape the industry.

As Bitcoin experiences fluctuations, currently sitting at **$96,000**, the market's volatility draws significant attention. Investors are keen to understand the implications of these shifts and how they may affect future regulations and market strategies.

Stay tuned for more updates and insights as the crypto industry continues to unfold with new developments and regulatory discussions on the horizon.

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, Kristin Smith of the Blockchain Association breaks down which crypto regulations she expects lawmakers to prioritize in 2025.

Bitcoin Dips to $96,000 Amidst Rising Volatility: Insights from CNBC Crypto World

Bitcoin Cash price plunged to a **40-day low** of **$390** as the **crypto market crash** extended further on Friday. On-chain data trends show **40,000 active BCH wallets** were emptied within the last three days, indicating a significant sell-off among investors.

## Bitcoin Cash Price Plunges 35% as Crypto Sell-Off Intensifies
Following the **hawkish stance** of the **Federal Reserve** rate decision, the global crypto market has been in a steep downtrend. Bitcoin's price dropped to **$94,200**, with bearish sentiment spreading to altcoins like **Bitcoin Cash (BCH)** and **Litecoin (LTC)**.

![Bitcoin Cash Price Action](https://editorial.fxsstatic.com/miscelaneous/BCHUSDT_2024-12-20_18-44-26-638703210507665171.png)
*Bitcoin Cash price action | BCHUSDT (Binance)*

The chart illustrates how BCH price has plunged **35%** since the initial market wobble on **December 9**, dropping from **$623** to **$390**.

## 40,000 BCH Investors Liquidate Amid Market Decline
Bitcoin Cash has experienced a **steep 35% price dip** over the last 18 days, outpacing declines in major cryptocurrencies like Bitcoin and Ethereum. The **liquidation of 40,000 wallets** signifies a major exodus of BCH holders, revealing heightened investor anxiety amid the ongoing market downturn.

As of December 16, 2024, there were **24.86 million funded BCH wallets**, which has now dropped to **24.82 million** due to the recent sell-off. This trend indicates a loss of investor confidence and potential downside risks for BCH.

## BCH Price Forecast: $450 Resistance Looming
BCH faces significant resistance at **$450** after a **37% decline** over the past 11 days. The **Bollinger Bands** on the daily chart suggest narrowing volatility, indicating that BCH may struggle to break out of its downward trend. 

![Bitcoin Cash Price Forecast](https://editorial.fxsstatic.com/miscelaneous/BCHUSDT_2024-12-20_20-36-44-638703211720257796.png)
*Bitcoin Cash (BCH) Price Forecast*

The **Bull-Bear Power (BBP)** indicator shows strong selling pressure at **-181**, highlighting the bearish market sentiment. The **$450** level acts as a critical resistance zone, and failure to surpass this could lead to further declines in BCH price. Key support levels are at **$430** and **$390**, with breaches potentially triggering more significant downturns.

 Bitcoin Cash price plunged to a 40-day low of $390 as the crypto market crash extended further on Friday. 

Bitcoin Cash Faces Turmoil: 40,000 Investors Exit Amid Crypto Market Crash

### Key Takeaways
- President-elect Donald Trump is advocating for a **'Strategic National Bitcoin Stockpile'**, similar to the **Strategic Petroleum Reserve**.  
- A significant ownership of bitcoin by the U.S. could potentially allow the government to exert some control over the cryptocurrency market and discourage its use as an alternative to the dollar.  
- Economists warn that this proposal carries risks, including the potential need for taxpayers to bail out crypto investors if bitcoin prices fall.  

President-elect Donald Trump has been vocal about creating a **'Strategic National Bitcoin Stockpile'**, but the objectives of such a reserve are still uncertain. Recently, the price of **bitcoin (BTC)** hit an all-time high of over **$108,000**, coinciding with Trump's renewed call for the government to hold a stake in the cryptocurrency.

Despite a recent price drop following a Federal Reserve meeting, the concept of a strategic bitcoin reserve is gaining traction, though it faces skepticism from economists who question the rationale behind establishing a reserve for such a volatile asset.

Trump first pitched this idea during a bitcoin conference in Nashville last July, suggesting that the cryptocurrency seized during criminal investigations could form the basis of this stockpile, with the intention of never selling it. According to **BitcoinTreasuries**, the U.S. currently possesses **198,000 bitcoins**, valued at about **$21 billion**.

Bitcoin's supply is capped at **21 million**, with around **19.79 million** already mined.

### What Are Other Strategic Reserves that the US Holds?
This proposal echoes the establishment of the **Strategic Petroleum Reserve** in 1975, created in response to oil embargoes that led to significant economic disruptions. The U.S. currently stores up to **727 million barrels of oil** in underground facilities for emergency use, aiming to sell oil when prices are high and refill when prices are low.  

The idea of a government bitcoin stockpile has gained momentum as crypto investors increasingly influence Washington. In July, Senator **Cynthia Lummis** introduced a bill advocating for the government to purchase **1 million bitcoins** over five years as a hedge against economic instability, akin to gold reserves.

### The Case For a Strategic Bitcoin Reserve
**Tyler Cowen**, an economist at George Mason University, argues that U.S. investment in bitcoin could bolster the dollar's status as the world's reserve currency and reinforce U.S. dominance in the global financial landscape.  

**Padhraic Garvey**, head of research at ING, points out that controlling bitcoin supply could prevent it from falling into the hands of malicious actors and deter other nations from adopting bitcoin as a currency alternative.

### The Case Against A Strategic Bitcoin Reserve
Despite its potential advantages, the proposed reserve has met criticism from experts. Unlike oil, bitcoin is not essential for the economy and cannot be utilized in military operations during a national emergency. While government purchases of bitcoin might boost prices, the overall economic benefits remain ambiguous.  

Garvey states, "It’s not clear what a crypto reserve would serve, apart from ensuring there is enough U.S. influence over it." Establishing such a reserve could also involve economic risks, as it would obligate taxpayers to support bitcoin, a high-risk financial asset. **Ramaa Vasudevan**, an economics professor, expressed concerns that the fund would give bitcoin speculators a safety net, suggesting that the government would step in to rescue the asset during a crash.

President-elect Donald Trump has been promoting the idea of creating a ‘Strategic National Bitcoin Stockpile,’ but the purpose of such an institution remains unclear.

The Controversial Proposal for a 'Strategic Bitcoin Reserve': What Does It Mean for the Future?

# Craig Wright's Failed Lawsuit Against Bitcoin

In a recent ruling, a **UK judge** has dismissed **Craig Wright's** **$1.1 trillion lawsuit** claiming rights to Bitcoin. This lawsuit, which names a non-existent entity he refers to as **“BTC Core,”** alleges that this entity comprises **122 corporate entities** and **22 individuals** involved in Bitcoin development.

## The Court's Ruling
The court stated that **COPA** and others assert that **BTC Core** is merely a fabrication of Wright's, intended to implicate those involved in Bitcoin's evolution as part of a partnership that does not exist. The judge emphasized that it’s unnecessary to resolve the issue of whether such a partnership exists.

## Wright's Previous Claims
Wright's lawsuit seems to repeat his **dishonest claims** of being **Satoshi Nakamoto**, a point the judge did not overlook. Despite Wright's arguments to the contrary, the court found that his current claims still included references to his supposed identity as Bitcoin's creator. The judge remarked that Wright's new claims could not be maintained without asserting **intellectual property rights** that were previously barred by court order.

## Copyright Claims Under Scrutiny
The ruling also addressed Wright's copyright claims, stating that he could not assert these claims without proving ownership of the rights he alleged were infringed. The judge noted that without a license or assignment from the alleged copyright owner, Wright's claims were untenable.

This ruling marks another significant setback for Wright in his ongoing **legal battles** related to Bitcoin, further diminishing his credibility in the crypto community.

UK judge issues 1-year suspended prison sentence as Wright hides in Asia.

Craig Wright's $1.1 Trillion Bitcoin Lawsuit Dismissed by UK Judge: The Shocking Details

### Metaplanet's Bitcoin Strategy
Japanese investment firm **Metaplanet** has announced a plan to use **debt** to acquire more **Bitcoin**, emulating the strategy of American firm **MicroStrategy**, despite facing **pushback** from shareholders this week.

The company revealed on Friday that it would issue **5 billion yen** (approximately **$31.9 million**) in bonds specifically to boost its **Bitcoin** purchases. This recent bond issuance adds to an earlier announcement made just days prior, bringing the total funds raised for Bitcoin acquisition to nearly **$61 million**.

> *Metaplanet to issue 5.0 billion yen in Ordinary Bonds to Accelerate Bitcoin Purchases; Repayment to be made from Warrant Exercise Proceeds*  
> — Metaplanet Inc. (@Metaplanet_JP) December 20, 2024

### Shareholder Skepticism
Despite the ambitious Bitcoin strategy, Metaplanet's share price took a hit on Tuesday, indicating skepticism among investors regarding its Bitcoin-focused approach. The firm declared itself “officially a Bitcoin treasury company,” emphasizing its role as a pioneer in Japan's **Bitcoin ecosystem**.

As of now, Metaplanet's stock is trading at **$23 per share**, down nearly **3%** that day and over **12%** this week.

### Following in MicroStrategy's Footsteps
Metaplanet, which is publicly traded on the **Tokyo Stock Exchange**, aims to emulate MicroStrategy, the largest public holder of Bitcoin. Earlier this year, it made a significant purchase of **Bitcoin** valued at **1 billion yen**.

MicroStrategy currently holds **423,650 BTC**, worth over **$41 billion**, positioning Metaplanet as Asia's answer to this major player in the cryptocurrency market.

### Bitcoin's Price Fluctuations
Recently, **Bitcoin** reached a new all-time high of **$108,135**, as reported by **CoinGecko**, experiencing substantial growth over a week. However, following a more hawkish-than-expected speech by **Federal Reserve Chairman Jerome Powell** regarding interest rates, Bitcoin's price has since dropped to around **$96,846**, with fluctuations noted as low as **$92,245** early Friday.

*Edited by [Andrew Hayward](https://decrypt.co/author/andrew-hayward)*

Metaplanet, a Japanese investment firm, has issued more debt to buy Bitcoin despite apparent pushback from shareholders this week.

Unlock the Secrets of the Upcoming Week in Asia's Financial Landscape

Summary:

Key Highlights of the Week Ahead in Asia

Comments

Subscribe our Newsletter

BitcoinToday.app

Other Latest News

Tether's Bold $775 Million Investment in Rumble: A Game Changer for Crypto and Free Speech

The Hawk Tuah Girl Crypto Scandal: What You Need to Know!

Bitcoin Dips to $96,000 Amidst Rising Volatility: Insights from CNBC Crypto World

Bitcoin Cash Faces Turmoil: 40,000 Investors Exit Amid Crypto Market Crash

The Controversial Proposal for a 'Strategic Bitcoin Reserve': What Does It Mean for the Future?

Craig Wright's $1.1 Trillion Bitcoin Lawsuit Dismissed by UK Judge: The Shocking Details

Metaplanet's Bold Move: $61 Million Debt for Bitcoin Acquisition in Japan

Other Latest News

Tether's Bold $775 Million Investment in Rumble: A Game Changer for Crypto and Free Speech

The Hawk Tuah Girl Crypto Scandal: What You Need to Know!

Bitcoin Dips to $96,000 Amidst Rising Volatility: Insights from CNBC Crypto World

Bitcoin Cash Faces Turmoil: 40,000 Investors Exit Amid Crypto Market Crash

The Controversial Proposal for a 'Strategic Bitcoin Reserve': What Does It Mean for the Future?

Craig Wright's $1.1 Trillion Bitcoin Lawsuit Dismissed by UK Judge: The Shocking Details

Metaplanet's Bold Move: $61 Million Debt for Bitcoin Acquisition in Japan