A trader recently suffered a substantial loss while getting caught up in the "**fear of missing out**" (FOMO) trend on the cryptocurrency market.
**$HYENA**, a digital currency that saw volatile trading activity, became the target of this particular investment misstep.

According to [@lookonchain](https://x.com/lookonchain), the trader invested a sizable **$89.6K** into $HYENA approximately 14 hours ago.
Unfortunately, the market did not play out as anticipated, and the investment's value drastically decreased. [1](https://x.com/lookonchain/status/1874476744566272434)

From a financial standpoint, the initial investment in $HYENA has now diminished to a mere **$8,794**. 
This represents a staggering **loss of $80.8K**, equating to a **90% decline**.
The occurrence serves as a cautionary tale about the risks associated with impulsive decisions driven by FOMO particularly in the unpredictable world of **cryptocurrencies**.

Investors are often tempted to follow trends without thoroughly analyzing the potential for volatility inherent in such investments.
The situation underlines the importance of caution and research before making substantial financial commitments in the crypto markets, irrespective of hype or buzz.
The message is clear: always assess the risks involved and avoid investing based on fear or pressure to follow the crowd's speculative discoveries.

Trader suffers 90% loss FOMO buying $HYENA.

Trader loses big on $HYENA investment

Don't FOMO buy!

This trader spent $89.6K to FOMO into $HYENA 14 hours ago, and it’s now worth only $8,794—a loss of $80.8K(-90%).

https://t.co/ssEhp2g7hr https://t.co/Y4K9QHisL2

Lookonchain

In the world of cryptocurrency investments, large-scale investors, commonly known as **whales**, have a significant impact on market dynamics. Such is the case of a whale that made headlines by purchasing a substantial amount of **$VIRTUAL** tokens, yielding an impressive return. [1](https://x.com/lookonchain/status/1874710305596678515)

Nineteen days ago, the whale invested **$10 million USDC** to acquire **4.25 million $VIRTUAL**. The current value of this investment has skyrocketed to **$21.5 million**, translating to an unrealized profit of **$11.5 million**. This demonstrates the lucrative potential of strategic investments in the crypto space.

This move was initially highlighted by Twitter user [@lookonchain](https://x.com/lookonchain) The investment has piqued interest among crypto enthusiasts and investors alike, showcasing the significant profits that can be reaped from timely and bold wagers in the highly volatile cryptocurrency market.

The whale's bold decision was facilitated through withdrawals of $10 million USDC from **Coinbase**, followed by the purchase of **$VIRTUAL** at a rate of $2.35 per token. The involved transaction reveals extensive thought and trust placed in the growth potential of the $VIRTUAL cryptocurrency. [2](https://x.com/lookonchain)

Such substantial investments by whales can influence market trends, and this case reaffirms their pivotal role within the cryptocurrency ecosystem. As $VIRTUAL continues to attract attention, this whale's successful venture could inspire similar lucrative ventures in the crypto markets.

A whale's $VIRTUAL investment yields $11.5M profit

Whale Profits Big on $VIRTUAL Investment

In a recent development, **the IRS has announced a delay** in the implementation of new crypto cost-basis reporting rules. 

This postponement has captured the attention of many in the cryptocurrency community, as it impacts how digital asset transactions are to be reported.

The announcement, shared by [@TheBlock__](https://x.com/TheBlock__/status/1874689107206578434), highlights that the IRS has decided to give more time for taxpayers to comply with these changes.

This delay is particularly significant given the growing importance of **accurate and transparent reporting** in the evolving **cryptocurrency ecosystem**. [1](https://x.com/TheBlock__/status/1874689107206578434)

Crypto cost-basis reporting is crucial as it ensures that all transactions are accurately captured and reported for tax purposes. 

These rules were initially designed to bring clarity and reduce discrepancies in cryptocurrency reporting, and their delay could impact both individual and institutional investors.

The decision to delay the implementation comes on the heels of various discussions and feedback from stakeholders in the crypto space, who have been vocal about the challenges associated with these reporting requirements.

As the IRS continues to refine and adjust these rules, **industry leaders and taxpayers alike** are urged to remain informed and prepared for when these changes eventually take effect.

Stakeholders are keenly watching for any further updates from the IRS, as clear guidelines are essential for maintaining trust and compliance within the market.

This development underscores the ongoing complexities and regulatory adjustments in the fast-paced world of cryptocurrencies.

IRS postpones crypto cost-basis reporting rules.

IRS Delays Crypto Reporting Rules

Bithumb, South Korea's second-largest cryptocurrency exchange, has announced an important update for its users. 

As of January 2, 2025, Bithumb will introduce new **Korean Won trading pairs**, specifically for **PEAQ** and **VANA**. [1](https://x.com/WuBlockchain/status/1874641481350439382) 

PEAQ serves as a Layer 1 blockchain primarily utilized for **Decentralized Physical Infrastructure Networks (DePINs)**. 

This innovative infrastructure supports a range of physical assets and services being decentralized and securely managed.

On the other hand, **Vana Network** is recognized as a **decentralized data network**, enabling users to engage in efficient data sharing and management without central authority oversight.

The introduction of these trading pairs reflects Bithumb's commitment to broadening its asset availability and offering users a diverse trading experience.

The new pairs will be available starting at 4 pm KST, allowing traders to explore **diversified investment opportunities** within the cryptocurrency sphere.

Bithumb's decision to list these assets could be seen as part of a broader strategy to tap into emerging technologies that prioritize decentralization and efficient infrastructure.

Bithumb lists PEAQ and VANA Korean Won trading pairs.

Trader loses big on $HYENA investment

Frequently Asked Questions

What is FOMO in the context of investing?

What is $HYENA and why did it attract attention from investors?

How can I assess the risks of investing in cryptocurrencies?

What are the consequences of making impulsive investment decisions?

What strategies can I use to avoid FOMO in trading?