This week, Bitcoin surged to a new all-time high of $108,135, only to experience a swift decline to $92,805.76. Despite this drop of over 10% from its peak, experts suggest that the correction phase may be nearing its end, with the potential for a new rally on the horizon. Predictions indicate that Bitcoin could soar as high as $150,000 before the conclusion of this bullish cycle.
Cathie Wood, founder of ARK Invest, has made bold predictions, asserting that Bitcoin could surpass $1 million by 2030. She attributes this optimistic outlook to Bitcoin's fixed supply and inherent scarcity, particularly in comparison to gold.
While the past week has shown a slightly bearish trend in the cryptocurrency market, this downturn may prove to be temporary. With the inauguration of president-elect Donald Trump approaching, the next few weeks could bring a resurgence in positive momentum. Here are the key highlights you may have missed.
Visit our website for transparent and decentralized crypto trading and to list your crypto token for free. For more, follow Melega Finance (@meleganews) on X.
TOP CRYPTO NEWS RECAP (December 15 - 21, 2024)
● Bitcoin ETFs Face Record $671.9M Outflows Amid Market Dip
● Binance.US to Resume USD Services in 2025, CEO Says It’s Premature to Discuss US Return
● SEC Approves Bitcoin and Ether ETFs, NYSE Arca Eyes Grayscale Listing
● Cryptopia Liquidator Distributes $225M to Hack Victims
● South Korean Lawmaker Faces Prison for Allegedly Hiding Crypto Holdings
● Craig Wright Receives Suspended Sentence for Contempt of Court
Bitcoin ETFs Face Record $671.9M Outflows Amid Market Dip
Bitcoin ETFs saw a record $671.9 million in outflows on December 19, the largest single-day drop of the year. Grayscale’s GBTC experienced the biggest outflow, shedding $208.6 million. This sell-off coincided with a drop in Bitcoin's price to around $96,409 and over $1 billion in liquidations across the market. As a result, the total assets of Bitcoin ETFs fell to $109.7 billion, erasing recent gains. Despite the downturn, Bitcoin maintains 57.4% dominance in the market, with analysts suggesting the decline may be temporary.
Binance.US to Resume USD Services in 2025, CEO Says It’s Premature to Discuss US Return
Binance.US plans to restore US dollar services in early 2025, according to interim CEO Norman Reed. He emphasized that the exchange is focused on expanding its products and partnerships in preparation for a successful comeback. However, Binance CEO Richard Teng stated it was “premature” to discuss the broader return of Binance to the US. Binance.US has faced regulatory challenges, including a lawsuit from the SEC, leading to temporary suspension of USD deposits, though it remains committed to low fees and crypto-focused services.
SEC Approves Bitcoin and Ether ETFs, NYSE Arca Eyes Grayscale Listing
The U.S. SEC has approved two crypto index ETFs: Hashdex’s Nasdaq Crypto Index US ETF and Franklin Templeton’s Crypto Index ETF, both holding spot Bitcoin and Ether. These ETFs will trade on the Nasdaq and Cboe BZX exchanges, respectively. Meanwhile, NYSE Arca has shown interest in listing a Grayscale crypto index ETF, which would hold a diverse basket of spot cryptocurrencies. However, it has yet to receive approval. The approval of Hashdex and Franklin Templeton’s ETFs could prompt more firms, like BlackRock, to seek similar products.
Cryptopia Liquidator Distributes $225M to Hack Victims
Cryptopia's liquidators, Grant Thornton, have distributed $225 million in cryptocurrency to over 10,000 verified account holders impacted by the 2019 hack. This marks a major milestone in the liquidation process that began after the exchange’s bankruptcy. Initial payouts, covering Bitcoin and Dogecoin holdings, follow years of recovery efforts. Grant Thornton plans further distributions for eligible users, encouraging unregistered account holders to join the claims portal. Cryptopia, once New Zealand’s largest exchange, was hacked in 2019, losing $16 million in crypto assets.
South Korean Lawmaker Faces Prison for Allegedly Hiding Crypto Holdings
Kim Nam-kuk, a former South Korean National Assembly member, faces a potential six-month prison sentence for failing to disclose substantial cryptocurrency assets. Prosecutors allege Kim reported assets worth 1.2 billion Korean won ($834,356) in 2021 but concealed an additional 9.9 billion won in crypto. Accusations surfaced in 2023, leading Kim to leave the Democratic Party after allegedly cashing out $4 million in crypto before tighter regulations. Kim's role in delaying crypto tax legislation further heightened scrutiny over potential conflicts of interest. The trial continues amidst ongoing political upheaval in South Korea.
Craig Wright Receives Suspended Sentence for Contempt of Court
Craig Wright, the Australian who falsely claimed to be Bitcoin’s creator, Satoshi Nakamoto, was given a one-year suspended sentence in the UK for contempt of court. In December, he was sentenced for violating a court order by filing lawsuits against Bitcoin developers, claiming intellectual property rights over Satoshi. The court had ruled in March that Wright was not Nakamoto, but he continued legal action. Wright faces a fine of £145,000 ($180,000) and 12 months in jail, suspended for two years.
NEWS FROM MELEGASWAP
Melega Secures a Top-Tier Marketing Partnership with Fork Dog
We are excited to reveal a top-tier marketing partnership with Fork Dog (FORK) on BASE. This project was inspired by a post from Elon Musk and has a verified connection to the developer of Sky Mask Dog. An examination of Fork Dog's smart contract ownership uncovers a direct association with the developer of Sky Mask Dog. The FairLaunch on GemPad is currently LIVE, #1 trending with a SOFT CAP already smashed X 4. There is also an active MEME COMPETITION on X with a $1500 prize pool.
Owl Monkey (OWLM) Listing Soon on MelegaSwap
We are excited to announce that $OWLM will soon be listed on MelegaSwap on the Solana Chain. Owl Monkey, the guardian of wealth and sophistication, blends intelligence and elegance. More than just a meme, $OWLM symbolizes crypto dominance and offers hope for those who dream big. As our community expands, the Owl Monkey helps its holders reach new heights of financial freedom and style.
•••
Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.
