Decentral Block Post

Bitcoin (BTC) may enjoy a familiar tailwind in the coming weeks and even beyond if new macro forces continue to play out.

In a post on X (formerly Twitter) on Dec. 14, popular trader Crypto Ed, founder of trading group CryptoTA, eyed multimonth lows in United States dollar strength.

Bitcoin trader targets sub-100 DXY dive

Bitcoin and dollar strength have in the past exhibited inverse correlation. While this has decreased recently, changes to U.S. macro policy are now broadly seen to boost Bitcoin but pressure the greenback going forward.

As Cointelegraph reported, the week’s macro data prints, combined with encouraging signals from the Federal Reserve, have analysts pointing the way to further crypto market upside in 2024.

This is thanks to declining inflation potentially allowing for the Fed to “pivot” on interest rate hikes, increasing liquidity to the benefit of risk assets.

Memecoin hopefuls have been snapping up Solana’s crypto phone in droves after a recent price hike for Solana memecoin Bonk (BONK), which has risen more than 1,100% in the last 30 days. 

Since the Solana phone was launched on May 8, new owners have been able to claim a free 30 million airdrop of the memecoin, but a recent rise in the token’s price has presented an interesting arbitrage opportunity for buyers.

“Solana phone sales have > 10x’d in the past 48 hours, and are now on track to sell out before the new year,” wrote Solana co-founder Raj Gokal in a Dec. 15 post to X (formerly Twitter).

At current prices, the 30 million BONK airdrop is worth an astonishing $877 — $278 more than the current $599 price tag of the Saga phone — making it one of the more bizarre arbitrage opportunities available for crypto enthusiasts. 

Bonk has posted an outsized gain of 1,100% in the last 30 days, according to CoinGecko. The recent price performance saw Bonk’s market cap flip that of competitor memecoin Pepe. Memecoins are not often known for their stability.

The token of decentralized finance protocol SafeMoon has fallen 31% in five hours after the company behind it filed for bankruptcy.

SafeMoon officially applied for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” in a Dec. 14 filing to the United States Bankruptcy Court for the District of Utah. The voluntary petition was filed by attorney Mark Rose, with Judge Joel Marker assigned to the case.

A screenshot of a letter to employees purportedly written by the firm’s chief restructuring officer surfaced on Reddit, explaining that its bankruptcy run was why it could no longer pay employee wages before the filing.

“You will need to file a claim in the bankruptcy court for your unpaid wages,” the document read.

The latest blow comes only a month after the U.S. Securities and Exchange Commission charged SafeMoon, its founder Kyle Nagy, its CEO John Karony, and its chief technology officer Thomas Smith, with violating securities laws in what the regulator described as “a massive fraudulent scheme.”