Kategorie: Bitcoin News

• A US federal judge has allowed Coinbase to delist WBTC despite BiT Global’s objections.
• Judge Martínez-Olguín denied BiT Global’s TRO, citing lack of evidence of harm.
• Despite the delisting and Coinbase launching cbBTC, WBTC dominates the wrapped digital assets market with an 85% share.

In a pivotal legal decision, a California federal judge has ruled in favour of cryptocurrency exchange Coinbase, allowing it to proceed with the planned delisting of Wrapped Bitcoin (WBTC).

The ruling, delivered by Judge Araceli Martínez-Olguín of the US District Court for the Northern District of California, came after a contentious legal battle initiated by BiT Global, a digital asset custodian partly owned by Tron founder Justin Sun.

The BiT Global lawsuit against Coinbase for WBTC delisting

The dispute began in November 2024 when Coinbase announced its intention to delist WBTC, citing concerns over its association with Justin Sun.

Sun, a controversial figure in the crypto space, has faced allegations of fraud and market manipulation.

BiT Global responded by filing a $1 billion lawsuit against Coinbase on antitrust grounds, seeking a temporary restraining order (TRO) to halt the delisting. The firm argued that the move would destabilize WBTC’s market and cause substantial financial harm to investors.

Temporary restraining order (TRO) declined

During a virtual hearing on December 18, Judge Martínez-Olguín denied BiT Global’s request for a TRO, ruling that the company failed to provide sufficient evidence of imminent and irreparable harm. She noted that BiT Global’s delay in filing the lawsuit after Coinbase’s initial announcement weakened its case.

In its defence, Coinbase pointed to BiT Global’s refusal to disclose ownership details and concerns about Sun’s influence over the token’s integrity.

While the court left open the possibility for BiT Global to present stronger evidence in the future, the decision effectively cleared the path for Coinbase to delist WBTC as planned on December 19.

Notably, WBTC’s delisting comes amid Coinbase’s recent launch of its own wrapped bitcoin token, cbBTC, raising questions about competitive motives.

Despite the controversy, WBTC continues to dominate the wrapped bitcoin market, holding 85% of the Ethereum network’s market share.

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• The IMF said “potential risks” of El Salvador’s Bitcoin project will be “diminished significantly”
• A Bitcoin podcaster questioned the true cost of the IMF’s monetary assistance to El Salvador
• El Salvador will receive additional funding from other major banks in a financial package totaling over $3.5 billion

El Salvador will receive a $1.4 billion loan from the International Monetary Fund (IMF) over the next 40 months as it “confines” its Bitcoin-related activities.

The IMF is to loan the amount to the Central American country under the Extended Fund Facility (EFF) so it can support the government’s economic reforms.

“The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies,” the IMF said in a statement.

The IMF said that acceptance of Bitcoin by the private sector will be made voluntary while engagement in “Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined.”

Taxes will only be paid in US dollars, the IMF noted, adding that El Salvador’s government participation in its Chivo crypto wallet “will be gradually unwound.”

“Transparency, regulation, and supervision of digital assets will be enhanced to safeguard financial stability, consumer and investor protection, and financial integrity,” the IMF said.

Juan, a Bitcoin podcaster, said on X that it’s like “watching a chess game where every move is calculated for economic recovery,” adding “yet it also raises questions about the true cost of such ‘assistance.’”

The IMF’s agreement with El Salvador is like watching a chess game where every move is calculated for economic recovery. Yet, it also raises questions about the true cost of such ‚assistance.‘ Is this a partnership for growth, or is it another chapter in the saga of economic…

— Juan SC 🇸🇻🎙️⚡️ (@TheJuanSC) December 18, 2024

Changing plans

Earlier this month, it was reported that El Salvador was reducing its Bitcoin ambitious to secure the IMF loan.

As well as making the acceptance of Bitcoin voluntary, the government would also reduce its budget deficit by 3.5% of GDP over three years through spending cuts and tax rises while boosting reserves from $11 billion to $15 billion.

El Salvador is expected to receive additional funding support from the World Bank, the Inter-American Development Bank, and other regional development banks. In total, the overall financial package will reach over $3.5 billion.

El Salvador began accepting Bitcoin as legal tender in 2021, making it the first to do so.

Following El Salvador’s adoption, the IMF sent a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

This was again called for in January 2022 when the IMF advised El Salvador to reconsider its decision on Bitcoin as the country’s legal tender. More recently, the IMF recommended El Salvador limit the public’s exposure to Bitcoin.

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• Bitfinex analysts believe Bitcoin could reach between $140,000 – $200,000 by mid-2025
• “Consistent buying pressure” with ETFs will see future Bitcoin price correction “shorter in duration”
• If Bitcoin follows the 2021 cycle, it has the potential to reach $339,000

Bitcoin could surge to $200,000 under “favorable conditions,” according to a new report from Bitfinex analysts.

In its Bitfinex Alpha report, published on December 16, analysts noted that Bitcoin has achieved unprecedented milestones in 2024, surpassing a $2 trillion market capitalization and reaching a new all-time high of above $100,000.

The analysts added that Bitcoin exchange-traded funds (ETFs) have emerged as a dominant force, with US spot ETF inflows reaching $35.5 billion.

“Looking ahead, we believe the current run-up to over $100,000 has captured a significant portion of Bitcoin’s price appreciation for this cycle,” the analysts wrote. “Our minimum price target for Bitcoin remains at $140,000 – $200,000 around mid-2025.”

Bullish movement post-halving

Looking to 2025, the analysts believe that any corrections will “remain mild, thanks to institutional inflows.” They also point out that as 2024 was a halving year for Bitcoin, “historically the following year post halving has been bullish.”

“In previous cycles, once Bitcoin entered price discovery following a halving, corrections before mean reversion to new ATHs were relatively contained,” the analysts wrote. “In the 2017 cycle, the maximum correction was 33.2 percent, while the 2020 cycle saw a slightly smaller correction of 27.1 percent.”

According to Bitfinex, Bitcoin’s current bull cycle, which started in mid-to-late 2023, the asset’s corrections have been smaller since the launch of Bitcoin ETFs in January. Analysts believe that with “consistent buying pressure,” future corrections will be “limited and potentially shorter in duration.”

Bitcoin at $339,000?

Bitfinex predicts Bitcoin’s price could peak at $339,000, if it follows the pattern of the 2021 cycle; however, if it follows the 2017 cycle with diminishing returns, Bitcoin could hit around $290,000 by 2026.

At the time of publishing, Bitcoin is trading under $104,000, according to data from CoinMarketCap. Yesterday, the crypto asset reached a new all-time high of above $108,000.

Market sentiment has surged since President-elect Donald Trump won the US election in November. Since then, Trump has appointment several pro-crypto candidates in the run up to his administration entering the White House in January.

Earlier this month, Trump named pro-crypto Paul Atkins as the next Chair of the US Securities and Exchange Commission (SEC). He’ll take over from current Chair Gary Gensler who’s stepping down on January 20.

Trump also has Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy leading the Department of Government Efficiency (DOGE) to “dismantle government bureaucracy.” Meanwhile, David Sacks will be the lead policy advisor on artificial intelligence and crypto.

The post Bitfinex: Bitcoin could hit $200k by mid-2025 with mild price corrections appeared first on CoinJournal.

• The original vote was scheduled for December 11, but was postponed by Sherrod Brown, the Senate Banking Committee Chair
• Congress is due to stop on December 20, so it’s unlikely that Crenshaw will be renominated before President-elect Donald Trump enters the White House
• The crypto industry has openly opposed the renomination of Crenshaw

A US Senate vote to renominate Democrat Caroline Crenshaw for a second term at the US Securities and Exchange Commission (SEC) has been canceled.

In an update, the US Senate Committee on Banking, Housing, and Urban Affairs said the scheduled vote on the nomination of Crenshaw to the SEC and Gordon Ito to the Financial Stability Oversight Council had been canceled.

The original vote was scheduled for December 11; however, Sherrod Brown, the Senate Banking Committee Chair, postponed it within minutes of starting, due to issues between the Democrats and Republicans.

At the time, Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

Yet, with Congress due to stop on December 20 for the holidays, it means Crenshaw is unlikely to be renominated before President-elect Donald Trump’s administration re-enters the White House in January.

Crenshaw’s term officially ended in June.

Opposition to Crenshaw

The crypto industry has been openly opposed to the reappointment of Crenshaw.

In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

With Crenshaw’s renomination vote canceled, the SEC could have a Republican majority leading it for the time being.

The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Including Gensler and Lizárraga, the three remaining SEC commissioners are Republicans Hester Peirce and Mark Uyeda.

The post US lawmakers cancel vote to renominate SEC Commissioner Caroline Crenshaw appeared first on CoinJournal.

• Mt. Gox moved over $172 million in BTC to new wallet addresses.
• The price of Bitcoin held strong despite bankrupt crypto exchange’s wallet activity.

Bankrupt crypto exchange Mt.Gox has notably transferred about 1,620 Bitcoin to new unknown addresses. The value of the Bitcoin transfer stood at over $172.5 million, and was sent to new addresses.

The transfers happened as BTC price hovered around $107,380, having hit new all-time highs above $107,822. Unlike in the past Mt. Gox transactions of the flagship cryptocurrency, the latest movement hasn’t seen BTC react violently lower. Dormant whales have also woken up, as Arkham Intelligence pointed out in a post on X.

BTC WHALE WAKES UP: MOVES $530M AFTER 3 YEARS

A Whale that has been dormant for over 3 years has just moved $530M of Bitcoin into two new addresses, with one holding $420M and the other holding exactly 1000 BTC (~$107M)

The last time this BTC moved was 3 years ago, in April… pic.twitter.com/uhqKPZEkuD

— Arkham (@arkham) December 16, 2024

Mt.Gox Bitcoin transfers

Two weeks ago, the crypto exchange Mt. Gox made another Bitcoin transfer of 24,000 BTC to unknown wallets. According to Arkham, the bankrupt exchange transferred 1,619.6 BTC in two chunks, one of 1427.9 BTC and the other of 191.7 bitcoin to two new addresses.

Recently, the blockchain security and intelligence platform showed that Mt. Gox’s latest wallet activity also included the transfer of 1427.9 Bitcoin to an address starting with “1DeY. It then transferred 108 BTC and 191.7 BTC through several addresses before the coins ended in the wallet that currently holds 300 Bitcoin.

In November, Mt. Gox transfered $2.2 billion Bitcoin to unknown wallets amid repayment plans. On December 5, Mt. Gox made another Bitcoin transfer. It moved 24,000 BTC worth $2.5 billion a time when BTC was trading at $ 100,000, an all-time high at the time.

Arkham notes the exchange has 36,085 Bitcoin holdings estimated to be worth $3.86 billion. The deadline for creditor repayment will be October 31, 2025.

Despite downside pressure, Bitcoin has recovered from previous Mt. Gox dumps to hit new all-time highs above $100.

The bullish market sentiment is down to multiple catalysts. It includes greater institutional demand for spot Bitcoin ETFs, US election that has a pro-crypto administration in place and the exit of SEC’s Gary Gensler. New pro-crypto picks for the SEC and CFTC will help the push for regularity clarity.

There’s also the buying spree by MicroStrategy and several other companies, including Boyaa Interactive, Metaplanet and the miner industry led by Marathon, Riot and Semler Scientific, are hodling BTC. The companies have adopted the Bitcoin treasury strategy that has seen MicroStrategy become the world’s largest corporate holder of BTC.

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