Crypto Week Ahead December 24 30 Bitcoin Streak Rally FTX BTC ETH ABPP
Bitcoin (BTC), the most popular cryptocurrency in the world, managed to regain its rally after a few days of slump, currently hovering at around $43,000. The global market cap stood at $1.66 trillion at the time of writing, marking a great boost from the $1.46 trillion mark last week.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call.
Crypto Prices Over The Past Week
Last Monday (December 18), the overall crypto market cap stood at $1.46 trillion. BTC price stood at around $41,100, ETH price stood at around $2,170.
A week later, the overall market cap rose to $1.67 trillion.
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DeFi’s total volume stands at $8.05 billion, at 13.46 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $52.35 billion, at 87.51 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 72 points (out of 100).
BTC dominance, at the time of writing, stood at 50.72 percent.
Over the past seven days, Bitcoin achieved a high of $44,231.23 (on December 20) and a low of $40,633.10 (December 18).
Ethereum, on the other hand, saw a high of $2,336.92 (December 23) and a low of $2,127.61 (December 18).
Crypto Events To Note
In a positive news, Coinbase Global the cryptocurrency exchange giant, successfully obtained registration approval from the French markets regulator on Thursday, marking a pivotal step in its global expansion strategy, known as Go Deep, Go Broad.
The Autorité des Marchés Financiers (AMF), France’s financial watchdog, granted Coinbase the coveted Virtual Asset Service Provider (VASP) approval. This regulatory green light empowers the company to conduct digital currency services within the French market. The registration paves the way for Coinbase to offer its comprehensive range of retail, institutional, and ecosystem products and services to users in France.
Expressing the significance of this milestone, Daniel Seifert, Vice President and Regional Managing Director, EMEA, at Coinbase, stated, “Achieving VASP status in France allows us to continue to grow globally in the best possible way, onboarding the next one billion people into crypto, while ensuring consumers’ assets are secure and that compliance is prioritised.”
Additionally, FTX Trading, the crypto exchange facing financial challenges, has officially reached a resolution with the liquidators overseeing the proceedings for its Bahamas unit. This settlement addresses a prolonged dispute surrounding the prioritisation of the company’s US bankruptcy proceedings in comparison to the Bahamian liquidation.
FTX Trading, along with FTX Digital Markets, has collaboratively decided to consolidate their assets and adopt a unified approach to assess the value of customer claims. The objective is to ensure equitable treatment for customers participating in the insolvency processes of both countries. Under the terms of the settlement, customers utilising FTX.com’s international crypto exchange will have the option to select either the US bankruptcy or the Bahamian liquidation for seeking repayment. This initiative aims to provide flexibility and choices for affected customers within the international crypto exchange platform.
In other news, a US court has issued a directive against cryptocurrency exchange Binance and its former CEO, Changpeng Zhao, in connection with a case initiated by the US Commodity Futures Trading Commission (CFTC). The court’s decision, disclosed on Monday, involves the imposition of substantial fines amounting to billions of dollars due to alleged involvement in money laundering activities.
According to an official statement from the CFTC, Changpeng Zhao is obligated to pay $150 million in penalties, while Binance, the cryptocurrency exchange platform, is required to settle a staggering $2.7 billion with the CFTC.
The US District Court for the Northern District of Illinois has formally endorsed the previously announced settlement, thereby issuing a consent order that encompasses a permanent injunction, civil monetary penalty, and equitable relief against both Zhao and Binance. The settlement, initially negotiated and finalised in late November, received court approval, solidifying the legal consequences for the accused parties.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
