HERE’S WHAT HAPPENED IN CRYPTO TODAY*
Today in crypto, Bitcoin price crosses $85,000 boosted by investors’ sentiment, FTX bankruptcy estate filed a $1.8 billion lawsuit against Binance and CryptoQuant boss Ki Young Ju thinks Bitcoin could end 2024 under $59,000 despite it hitting new highs.
Bitcoin hits new $85K high, with just 17% left for BTC $100K record
Bitcoin recently surged to an all-time high of $85,000, placing it within 17% of the $100,000 milestone. Analysts attribute this rally to favorable market dynamics, including heightened volatility in derivatives and significant inflows into spot Bitcoin ETFs. These conditions, combined with optimism around potential regulatory support, could push Bitcoin past $100,000 by the end of 2024.
Market participants remain optimistic, viewing the recent trends as a sign of growing institutional interest and confidence in the crypto space.
The Bitcoin mania drove Coinbase’s shares (COIN) above 20% on Nov. 11, pushing the stock past $300 for the first time since 2021.
Investors expect cryptocurrency’s bull run to continue into 2025 and peak in the second half of the year, according to Web3 investing firm MV Global.
FTX bankruptcy estate files $1.8 billion lawsuit against Binance, CZ
The FTX bankruptcy estate is continuing its pursuit of lawsuits against cryptocurrency companies as part of its ongoing proceedings, with the latest filing targeting Binance.
A group of firms involved in the FTX bankruptcy proceedings have initiated a lawsuit against cryptocurrency exchange Binance, seeking to recover $1.8 billion, according to a complaint filed on Nov. 10.
In the filing, the plaintiffs argued that Binance, its former CEO Changpeng “CZ” Zhao and other Binance executives received at least $1.76 billion worth of cryptocurrency in a fraudulent transfer from FTX.
The FTX estate claims the fraudulent transaction stems from a July 2021 repurchase deal with Sam Bankman-Fried, the FTX co-founder who is now serving a 25-year prison term.