Bitcoin Breaks Records—But What's Next?

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Hey Degens,

Trump’s crypto escapades have sparked regulatory fireworks, Hawk’s Tuah is back and even JPMorgan is hopping on the Bitcoin bandwagon. Yep, another chill week in crypto.

Let’s dive in.

🧃 THE JUICE (a.k.a. THE RUNDOWN)

🇭🇰 Hong Kong Stablecoins: New stablecoin licensing means Hong Kong could become the global crypto capital by year-end.

🕵️ Trump Crypto Drama: U.S. lawmakers drop an anti-corruption bill targeting Trump’s crypto ventures. Memecoins, stablecoins, and scandals—oh my!

🏦 JPMorgan’s Bitcoin U-Turn: Jamie Dimon finally lets clients buy Bitcoin—no custody though, because it's still "dangerous" like smoking.

📉 Market Movers: SPX6900 (+26%) leads gainers, while Walrus (-16%) slips underwater as the week’s biggest loser.

🚨 Big Hacks & FUD: A $200M exploit hits Cetus DEX; U.S. tourist loses $123K BTC to a fake Uber driver; Amalgam Capital founder indicted for $1M blockchain fraud.

🌍 Bond Markets Breaking: Bond yields spike in the U.S. and Japan, pushing investors toward Bitcoin as the new safe haven.

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DEGEN DEN MAIN EVENT

🇭🇰 Hong Kong: Stablecoin Heaven Incoming?

Hong Kong’s Legislative Council has greenlit the Stablecoins Bill, potentially transforming the region into a global Web3 powerhouse.

Legislator Johnny Ng Kit-Chong says major institutions could become licensed stablecoin issuers by year-end.

There’s English under there ^ trust me!

Hong Kong = new crypto capital? Sounds bullish to us.

🇺🇸 Trump's Crypto Drama Sparks Anti-Corruption Bill

U.S. lawmaker Maxine Waters just launched the "Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025" (yes, she’s serious).

It aims to block presidents (looking at you, Trump) and their families from profiting off crypto.

Trump's memecoin, his family’s stablecoin (USD1), and even a proposed national Bitcoin reserve are all cited as examples of "crypto corruption."

The circus continues—and crypto’s at the center ring.

🏦 Even JPMorgan Says Yes to Bitcoin (Sort of)

JPMorgan CEO Jamie Dimon, famous for hating crypto, just announced:

As reported by CNBC,

He compared buying Bitcoin to smoking—bad idea, but your choice. We’ll take it, Jamie!

📉 Crypto Winners and Losers

🟢 Biggest Gainers:

• SPX6900 (SPX): +25.81%

• Hyperliquid (HYPE): +25.14%

• Worldcoin (WLD): +24.79%

🔴 Biggest Losers:

• Walrus (WAL): -16.00%

• Pyth Network (PYTH): -14.22%

• EOS (EOS): -11.99%

📌 Quotable Moments

• Paul Atkins (SEC Chair):

• Haliey Welch ("Hawk Tuah girl"):

• Vitalik Buterin:

• David Sacks (White House crypto czar):

🧙‍♂️ Weekly Prediction

BTC Price Target: A major correction back to $69K is gaining steam among some cautious traders.

Long-term bullish, short-term exhausted? Maybe.

Fud? Definitely.

🚨 FUD of the Week

• $123K Bitcoin Stolen by Fake Uber Driver: A U.S. tourist in the UK got drugged and robbed by a fake Uber driver, losing $123K worth of BTC from his phone. Double-check your rides!

• $200M Exploit Hits Cetus DEX: Sui-based decentralized exchange Cetus may have lost over $200 million due to an exploit. Ouch.

• Amalgam Capital Fraud: Founder Jeremy Jordan-Jones was indicted for stealing $1M via a "sham blockchain." Fake chains never pay.

📰 Mag Highlights

• TradFi & Ethereum L2s: Trillions of dollars in Real-World Assets (RWAs) are headed to Ethereum Layer-2 solutions. Big moves incoming.

• AI Madness: OpenAI’s AI tech might soon cure blindness—and possibly wreck Hollywood. Progress?

• Crypto Scammers Get Busted: Viral videos show scammers exposed and caught in Asia. Kakao detected 70K scam crypto apps. Justice served cold.

🌍 Macro Corner: Bonds Breaking, Bitcoin Rising

Global bond markets are flashing serious red flags. U.S. Treasury yields hit a 17-year high at 5.15%, and Japan's 30-year bond yield surged to 3.1% (highest ever).

Normally, high bond yields mean bad news for risk assets like Bitcoin—but BTC’s doing the opposite, rallying hard. Why?

Because Bitcoin is increasingly viewed not just as speculative tech, but as a safe haven against fiat instability and political meddling.

Institutional money agrees—spot Bitcoin ETF inflows hit a record $104 billion AUM. Could bonds breaking actually be good news for Bitcoin? Looks like it.

THAT’S A WRAP, DEGENS!

Another wild ride, Bitcoin records, political scandals, CZ Twitter beef, and macroeconomics getting messy. But hey, that’s why we're here.

Keep it degen.

— The DegenDen Team

Meme of the Day