### Bitcoin Layer-2 Networks Under Scrutiny
According to a recent analysis from **Galaxy Research**, many Bitcoin Layer-2 networks may struggle to survive. The study reveals that **Bitcoin rollups** could require millions of dollars annually just to remain operational due to high transaction fees.

### The Cost of Keeping Afloat
The findings highlight the **economic challenges** these networks face. With rising operational costs driven by transaction fees, the sustainability of these Layer-2 solutions is in question. 

### Current Crypto Market Prices
In the current market, Bitcoin is priced at **$61,035.00**, reflecting a **3.77%** decline, while Ethereum sits at **$2,948.42**, down **2.96%**. Other notable cryptocurrencies, such as BNB, SOL, and XRP, are also experiencing losses.

### Future of Bitcoin Rollups
As developers continue to explore **rollup technology** to enhance transaction speeds and efficiency, the financial implications of these solutions remain a critical concern. The potential for **transaction rollups** to improve Bitcoin's scalability is overshadowed by the looming threat of unsustainable costs.

![Bitcoin Layer-2 Networks](https://example.com/image.jpg)  
*Image Source: Bitcoin Today*

Bitcoin rollups will require millions of dollars per year just to keep their heads above water thanks to transaction fees, per an analysis.

Are Bitcoin Layer-2 Networks Doomed? Insights from Galaxy Research

### **Market Overview**
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are all facing significant resistance at critical levels, hinting at a potential pullback in the coming days.

### **Bitcoin Bulls Show Signs of Exhaustion**
Bitcoin's recent price action indicates **bearish momentum** on the RSI indicator, suggesting a potential decline ahead. After reaching an **all-time high (ATH)** of **$104,088**, BTC sharply fell to a daily low of **$90,500**, recovering slightly to close above **$96,900**. Currently, it trades around **$99,500**.

Despite this recovery, the **RSI** signals warning signs of a **bearish divergence**, hinting at a possible short-term correction. Traders should prepare for a small rally towards the recent high of **$104,088** before a potential drop to the **$90,000** support level. A close below this level could extend the decline to **$85,000**.

![BTC/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/BTCUSDT_2024-12-09_07-46-56-638693117661662414.png)

If BTC manages to close above **$104,088**, it could continue its rally towards a new ATH of **$119,510**, aligning with the **141.4% Fibonacci extension**.

### **Ethereum Price Set for a Pullback**
Ethereum has also shown strength, rallying **8%** last week but facing resistance at the **$4,000** mark. Currently trading around **$3,948**, if this resistance holds, ETH may decline to retest its support at **$3,721**. The **RSI** on the daily chart has dropped from the overbought level, indicating a weakening bullish momentum.

![ETH/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/ETHUSDT_2024-12-09_08-02-22-638693118804806195.png)

Should ETH break above **$4,000**, it could extend its rally to **$4,200**.

### **Ripple Price Faces Downturn**
Ripple is currently trading around **$2.47** after facing resistance at **$2.66**. If this level continues to resist, XRP may retest the psychologically significant level of **$2.00**. The **RSI** indicates a potential sell signal if it exits the overbought territory.

![XRP/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/XRPUSDT_2024-12-09_08-18-13-638693119418061989.png)

Conversely, if XRP breaks above **$2.66**, it could extend its rally towards **$3.00**.


Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) all face resistance at their crucial level, indicating a pullback in the upcoming days. 

Brace for Impact: Bitcoin, Ethereum, and Ripple Show Signs of a Pullback

Coinbase COO **Emilie Choi** has called **Caroline Crenshaw**, one of the two SEC commissioners who opposed Bitcoin ETFs, **'anti-crypto.'**

On **December 11**, the U.S. Senate Banking Committee will vote on whether to renominate Crenshaw, a **Democrat SEC commissioner** known for her **critical stance** on cryptocurrencies. The crypto community is voicing its frustration over her potential re-election.

## Crenshaw is ‘anti-crypto,’ says Coinbase COO
Crenshaw, who took office in **August 2020**, was notably against the approval of **spot Bitcoin exchange-traded funds (ETFs)**. In her dissenting letter regarding the SEC's decision, she stated:
> “I fear that today we are setting ourselves up for tomorrow’s failure, and it will be the investors that we have a duty to protect who will ultimately pay the price.”

Only one other SEC commissioner, **Jaime Lizárraga**, sided with her against Bitcoin ETFs.

**James Seyffart**, a Bloomberg ETF analyst, has noted that Crenshaw is even more **vehemently anti-crypto** than SEC chair **Gary Gensler**, who has faced criticism himself. Seyffart remarked that she served as more than just an ally to Gensler.

In a recent post on **X**, Emilie Choi stated:
> “Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”

As the Senate vote approaches, frustration mounts within the crypto community. **Alexander Grieve**, from crypto investment firm **Paradigm**, referred to Crenshaw's potential renomination as “one last **gift** for crypto” from outgoing Democrat Senate Banking Chair **Sherrod Brown**.

If confirmed, Crenshaw's position in the SEC would extend until **2029**. Conversely, if she is not confirmed, **president-elect Donald Trump** could nominate a replacement.

**Austin Campbell**, CEO of digital payments firm **WSPN**, expressed his dissatisfaction in a post:
> “I will remind all Democrats that Caroline Crenshaw voted that the SEC should disobey a Federal judge, break the law, and instead reject BTC ETFs after being ordered to approve them by a court.”

## Trump’s SEC chair pick has received the crypto community’s approval
Earlier this week, Trump appointed **Paul Atkins**, a former SEC commissioner known for his **pro-crypto** stance, as the new SEC chief. The crypto community welcomed this news enthusiastically.

Atkins, who served from **2002 to 2008**, is expected to adopt a more lenient approach toward crypto regulation compared to Gensler. **Paul Grewal**, Coinbase's chief legal officer, stated that Atkins' nomination is **“sorely needed and cannot come a day too soon.”**

Coinbase COO Emilie Choi called Caroline Crenshaw, one of two SEC commissioners to oppose Bitcoin ETFs, 'anti-crypto.'

Crypto Industry's Outrage: Will SEC's Caroline Crenshaw Be Renominated?

### Bitcoin Enthusiasts Head to Abu Dhabi
As the world watches, **Bitcoin fans** are making their way to **Abu Dhabi**, a hub that is rapidly becoming a focal point for cryptocurrency discussions and developments. The city's growing interest in digital currencies is attracting enthusiasts and investors alike.

### Economic Updates from the US and Germany
Meanwhile, economic indicators are stirring conversations globally. Recent **inflation updates** from the **United States** and **Germany** are causing ripples in financial markets. Investors are keenly observing these developments as they can significantly influence cryptocurrency valuations.

### ECB's Potential Rate Cut
In Europe, the **European Central Bank (ECB)** is anticipated to lower **borrowing costs** by a quarter-point. This decision could have profound implications for both traditional and crypto markets, as lower interest rates often lead to increased investment in riskier assets like Bitcoin.

Stay tuned as these stories unfold, impacting the market sentiment and the future of cryptocurrency investment strategies.

Plus, inflation updates from the US and Germany while the ECB is expected to lower borrowing costs by a quarter-point

Bitcoin Buzz: Reeves in Brussels and Fans Flock to Abu Dhabi Amid Economic Shifts

![Peter Schiff Questions Jim Cramer's Bullish Bitcoin Take](https://s.yimg.com/ny/api/res/1.2/c1Y103wo6XZTezsGKPl7IA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw/https://media.zenfs.com/en/benzinga_79/7b3683f11107532d33b745bf6f92d631)

Staunch **Bitcoin** (CRYPTO: BTC) critic **Peter Schiff** has voiced skepticism over financial analyst **Jim Cramer’s** bullish outlook on the cryptocurrency, suggesting that such statements are often made at market tops.  

### What Happened
Schiff expressed his views on social media platform X, particularly after Cramer celebrated Bitcoin’s recent milestone of surpassing **$100,000** for the first time. Cramer, known for his show **Mad Money** on CNBC, emphasized his long-term support for Bitcoin, having initially invested when it was valued at around **$10,000** in September 2020. He proposed that investors could consider allocating **10%** of their portfolios to Bitcoin as a means of diversifying and as an alternative to gold.  

However, Schiff interpreted Cramer’s bullish statements as indicators of a potential market top, stating, **“These seem like the type of statements typically made at market tops!”**  

### Why It Matters
Schiff, known for his skepticism towards Bitcoin, had previously dismissed the notion that Bitcoin would ever reach **$100,000** back in 2019. After the cryptocurrency achieved this milestone, he attributed its rise to **government interventions** and **political payoffs** rather than market fundamentals. Cramer, meanwhile, continues to be a polarizing figure in finance, with some traders employing the **"Inverse Cramer"** strategy, betting against his recommendations without clear evidence of profitability.  

### Summary
The ongoing discourse between Schiff and Cramer highlights the contrasting views within the financial community regarding Bitcoin's future. As Bitcoin fluctuates around the **$100,000** mark, the debate over its legitimacy and potential continues to captivate investors and analysts alike.

Staunch Bitcoin (CRYPTO: BTC) critic Peter Schiff questioned financial analyst Jim Cramer’s bullish stance on the cryptocurrency on Thursday, likening it to remarks made at market tops. What Happened: Schiff took to X to share his thoughts on Cramer’s ...

Peter Schiff Challenges Jim Cramer's Optimism on Bitcoin as It Dips from $100K: Are We at a Market Top?

### **Hawk Tuah Girl Faces Backlash Over Failed Memecoin**

**Haliey Welch**, known as the **Hawk Tuah Girl**, recently found herself at the center of controversy during a **X Spaces** session, where she faced accusations regarding her failed **HAWK memecoin** venture. In a striking moment, she abruptly announced that she was "**going to bed**," leaving the audience in shock.

During the session, hosted by **YouTuber Voidzilla**, Welch was questioned by crypto expert **Nick O’Neal** about the **token fees** associated with HAWK, which had plummeted by more than **90%** shortly after its launch. The memecoin, which launched on the **Solana blockchain**, initially surged in value but quickly fell, leading to allegations of a **scam**.

**HAWK** launched at a price of **$0.005492** and reached a market cap of **$490 million** before crashing to just **$60 million**. Many have speculated that the steep decline was due to **insider trading** and **snipers** controlling a significant portion of the token's supply.

### **A Mic-Drop Moment**

Haliey interrupted O’Neal mid-question, stating, "I’m going to go to bed and I’ll see you guys tomorrow," which prompted a surprised reaction from Nick. The incident has since sparked discussions about the accountability of memecoin creators and the risks involved for investors.

**Memecoins**, often based on memes and pop culture, have gained notoriety for their volatile nature, with many investors facing significant losses. The HAWK venture has raised questions about investor protection in the cryptocurrency space.

![Haliey Welch](https://i2-prod.dailystar.co.uk/incoming/article34273276.ece/ALTERNATES/s615b/0_Hailey-Welch-Visits-The-SiriusXM-Studio.jpg)
*Haliey Welch, facing backlash over her failed memecoin venture (Image: Getty Images)*

### **Key Takeaways**
- **Haliey Welch** shut down accusations of her memecoin being a scam during a live session.
- The **HAWK memecoin** experienced a significant drop of over **90%** in value shortly after launch.
- Welch's sudden exit from the conversation left many shocked and raised concerns about the accountability of cryptocurrency creators.
- The discussion highlights the risks associated with investing in **memecoins**.

Hawk Tuah girl Hailey Welch shut down criticism of her failed HAWK memecoin venture on a X Spaces conversation in a mic-drop moment amid accusations her cryptocurrency was a scam

Hawk Tuah Girl Hailey Welch's Bold Response to Memecoin Scam Allegations

### Bitcoin's Historic Milestone
With its market price recently surpassing the **psychological $100,000 milestone**, Bitcoin is making history. Enthusiasts, including many in **Donald Trump’s camp**, are urging the U.S. government to buy crypto-coins until it holds **5% of the world’s supply**. The cited reason? These coins could act as a **hedge against inflation**.

### Historical Wisdom on Bubbles
Should we, as a nation or states, pursue this strategy? To answer this, we can draw wisdom from the past. The **Preacher in Ecclesiastes** reminds us, "There is nothing new under the sun." Similarly, **P.T. Barnum** famously stated, “There’s a sucker born every minute.” The current Bitcoin frenzy appears to be a classic financial bubble — **all bubbles eventually pop**. Enthusiasm reaches a fevered pitch before a disaster, often leaving survivors questioning their decisions.

### The Nature of Money
To understand Bitcoin's role, we must consider what constitutes **money**. Something must serve as:
- **A standard of value**
- **A store of value**
- **A medium of exchange**

While many items can hold great value, they do not necessarily qualify as money. Bitcoin has served as a medium of exchange, particularly in illicit transactions, but it lacks the stability and backing of traditional currencies.

### Demand and Supply Dynamics
Bitcoin's value is determined solely by **demand**. Its worth fluctuates significantly, making it an unreliable store of value. The historical context of inflation from the mid-1960s to the 1980s fueled the search for alternatives to government-issued currencies, leading to the rise of cryptocurrencies. However, as demand surged, Bitcoin's value grew, reminiscent of historical bubbles, like tulip mania in the 1630s.

### The Future of Bitcoin
Currently, most purchased Bitcoin is treated more like a **financial security** than a currency. Its price volatility raises questions about its role as a reliable store of value. As Bitcoin mining consumes vast amounts of electricity and technological advancements can change mining efficiency, the **sustainability** of Bitcoin as a currency is in doubt. 

The **cryptomania** may not end soon, but it is likely to face challenges that could lead to a significant downturn. For a deeper understanding of these phenomena, consider reading Charles Kindleberger’s classic, **“Manias, Panics, and Crashes.”**

*St. Paul economist and writer Edward Lotterman can be reached at [stpaul@edlotterman.com](mailto:stpaul@edlotterman.com).*

With its market price recently passing the psychological $100,000 milestone, bitcoin is making history.Enthusiasts, including many in Donald Trump’s camp, clamor for the U.S. government to buy the crypto-coins, keeping on until we hold 5% of the world’s supply.The reason cited is that these coins would “act as a hedge against inflation.” Trump, once sworn […]

Is Bitcoin's Surge Just Another Bubble Waiting to Burst?

### The Millionaire Potential of MicroStrategy

Could investing in **MicroStrategy** make you a millionaire? Five years ago, a **$40,000** investment in this stock would have turned into **$1.08 million** today, significantly outperforming the **S&P 500** and **Bitcoin** itself. However, repeating this performance in the next five years poses a challenge.

![MSTR Total Return Level Chart](https://media.ycharts.com/charts/c53d85e3cb44abd1b75a79b6bf509c34.png)

### Historical Performance

MicroStrategy has shifted from a software company to a **Bitcoin-centric** firm since it converted most of its cash reserves into cryptocurrency in **2020**. The **compound annual growth rate (CAGR)** of **93.5%** over the past five years is impressive but unlikely to continue at the same pace. 

### Challenges Ahead

Starting with a **$92.1 billion** market cap, reaching a **$2.3 trillion** valuation in just five years seems unrealistic. With **Bitcoin** currently at a **$2 trillion** market cap, MicroStrategy would need significant price gains and strategic purchases to maintain its growth trajectory.

### Long-Term Outlook

While a **$40,000** investment may not yield millionaire status quickly, a more modest **14%** annual growth rate could still lead to **$1.06 million** by **2049**. Strategies to enhance returns include:
- **Adding more capital** to your investment.
- **Dilutive stock sales** to fund further Bitcoin acquisitions.
- Transitioning into an **asset management** role with potential dividends.

### Risk and Speculation

MicroStrategy's aggressive Bitcoin acquisition strategy increases both risks and potential rewards. Investing in MicroStrategy shares now is akin to buying into a **leveraged ETF** focused on Bitcoin, which is speculative and not advisable at current high prices.

### Alternative Investments

If waiting 25 years to reach investment goals, consider more stable options like **Berkshire Hathaway** or diversified **ETFs**. Alternatively, if you believe in **Michael Saylor's** vision of Bitcoin as a sound management strategy, building a personal Bitcoin position might be a safer route.


Think MicroStrategy can make you a millionaire? A $40,000 investment in the stock five years ago would have made you a million dollars by now, but repeating that stellar performance won't be easy.

Are Bitcoin Layer-2 Networks Doomed? Insights from Galaxy Research

Summary:

Bitcoin Layer-2 Networks Under Scrutiny

The Cost of Keeping Afloat

Current Crypto Market Prices

Future of Bitcoin Rollups

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Brace for Impact: Bitcoin, Ethereum, and Ripple Show Signs of a Pullback

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Bitcoin Buzz: Reeves in Brussels and Fans Flock to Abu Dhabi Amid Economic Shifts

Peter Schiff Challenges Jim Cramer's Optimism on Bitcoin as It Dips from $100K: Are We at a Market Top?

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Is Bitcoin's Surge Just Another Bubble Waiting to Burst?

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Other Latest News

Brace for Impact: Bitcoin, Ethereum, and Ripple Show Signs of a Pullback

Crypto Industry's Outrage: Will SEC's Caroline Crenshaw Be Renominated?

Bitcoin Buzz: Reeves in Brussels and Fans Flock to Abu Dhabi Amid Economic Shifts

Peter Schiff Challenges Jim Cramer's Optimism on Bitcoin as It Dips from $100K: Are We at a Market Top?

Hawk Tuah Girl Hailey Welch's Bold Response to Memecoin Scam Allegations

Is Bitcoin's Surge Just Another Bubble Waiting to Burst?

Could a $40,000 Investment in MicroStrategy Turn You into a Millionaire? Discover the Potential!