Crypto Heats Up as Altcoins Shine, Bitcoin Cools
Bitcoin slows while altcoins gain momentum. From JPMorgan's leveraged note to Worldcoin privacy backlash—here’s this week’s crypto recap.
- JPMorgan faces backlash over Bitcoin-backed leveraged products.
- Altcoins gain favor as Animoca’s Yat Siu predicts outperformance.
- Worldcoin ordered to delete 1.2M iris scans by Thai regulators.
The crypto world was rocked this week by news that JPMorgan plans to launch leveraged Bitcoin-backed notes by December 2025. Bitcoin purists are up in arms, accusing the banking giant of undermining BTC’s core value proposition. Many argue these financial products could distort the market and harm companies holding Bitcoin on their balance sheets, like MicroStrategy. This move reignites the long-running tension between Wall Street and crypto-native believers.
Meanwhile, Tom Lee of Fundstrat scaled back his hyper-bullish forecast. While he still sees Bitcoin possibly reaching $100,000 before year-end, it’s a retreat from his earlier $250K call. With Bitcoin losing some steam, attention is shifting elsewhere in the ecosystem.
Altcoins Grab the Spotlight Amid IPO Bets and NFT Drama
Altcoins are heating up again, fueled by bold predictions and high-profile drama. Animoca Brands founder Yat Siu believes altcoins are poised to outperform Bitcoin—especially as the gaming and metaverse sectors mature. His statement comes ahead of Animoca’s anticipated IPO, suggesting growing confidence in sector-specific tokens.
Adding spice to the week, Conor McGregor reignited his NFT feud with Khabib Nurmagomedov over traditional Dagestani hat imagery. But his jab backfired when blockchain sleuth ZachXBT reminded everyone of McGregor’s failed “REAL” memecoin launch, tarnishing the fighter’s crypto credibility.
Privacy Concerns and Political Power Moves
In regulatory news, Thailand has ordered Worldcoin to delete over 1.2 million iris scans, citing violations of national data privacy laws. This follows a raid on Worldcoin’s scanning hubs in October. The backlash adds to growing scrutiny of biometric data in crypto projects.
Finally, former President Donald Trump added fuel to economic speculation by announcing that he’s chosen his next Federal Reserve chair. Although the name remains undisclosed, the statement has significant implications for markets, especially with rate decisions on the horizon.
