Market Overview: Bitcoin has fallen well below $100,000
Publicado enCrypto

Market Overview: Bitcoin has fallen well below $100,000

Markets still don’t seem to have recovered from the sharp dip in sentiment following Wednesday’s Fed press release, which dampened expectations for further interest rate cuts.

Bitcoin (BTC) failed to maintain above $100,000 a it fell below the price of $96,000. At the time of writing, it is still trading around the $97,000 level, down more than 4% from 24 hours ago and down 3% from 7 days ago.

Ethereum (ETH) yesterday it fell by up to 8% and is moving below the level $3400. In the last 7 days, it has registered a decrease of 14%.

Solana (SOL) is down 7.5% in the last 24 hours, Dogecoin (DOGE) is down more than 12%, Cardano (ADA) is down almost 10%, Avalanche (AVAX) is down 8%, Chainlink (LINK) is down more than 7 %.

Index of fear and greed (Fear and Greed) which signals market sentiment, has dropped another point per value since yesterday 74 pointswhich is a relatively healthy value during a bull market.

Cryptocurrency ETFs in the red after three weeks

Spot bitcoin ETF funds snapped a streak of 15 consecutive green days and recorded yesterday an outflow of nearly $672 million.

Virtually all funds were bleeding – Grayscyle wrote off over $276 million, Fidelity $208 million, Ark $108 million, Bitwise nearly $44 million, Invesco $26 million, VanEck just under $11 million. The lesser-known WTree fund was the only one to finish in the green with an inflow of $2 million. Other funds, including BlackRock, closed Thursday with zero.

Ebbs were recorded i Ethereum ETF Fundsof which left 60.5 million dollars a they failed to do so for the twentieth green day in a row. While the Fidelity and VanEck funds each accumulated approximately USD 5 million, over USD 61 million flowed out of Grayscale’s two funds alone. In addition, the Bitwise fund wrote off almost $7 million and Invesco $2.4 million.

MARA has already bought $1.5 billion worth of bitcoins

Cointelegraph reported that bitcoin mining firm MARA Digital spent the last 2 months buying bitcoins through convertible bond financing already 1.5 billion dollars.

These purchases increased her BTC holdings by over 50% for the quarter and nearly 200% for 2024. MARA purchased 15,574 BTC for an average price of $98,529 per unit. represents a value of approximately $4.4 billion.

10% of Ethereum validators want to increase the gas limit of the network

According to the gaslimit.pics page, already 15% of Ethereum validators signal their support for increasing the gas limit of the network, which would enable the processing of a larger number of transactions in one block. Before December, it was just 1%.

Backed by developers like Eric Connor and Justin Drake, the initiative proposes raising the cap to 36-40 million, which could reduce transaction fees by 15% to 33%. Proponents say that a higher limit would enable the deployment of more demanding applications and improve the user experience.

On the other hand The Ethereum Foundation warns of risks such as threats to the stability and decentralization of the networkif the limit increase would be too fast. This is because it could push smaller validators out of the game due to higher demands on node operation, which would lead to a reduction in the number of independent nodes.

The founder of Tornado Cash is asking for the charges to be dropped

Roman Storm, the co-founder of cryptocurrency mixer Tornado Cash, has asked a federal court in the US to drop the charges against him. He did so following an appeals court ruling that declared the US Treasury Department’s (OFAC) sanctions against Tornado Cash smart contracts illegal.

Storm argues in his defense that smart contracts are not the property of foreign entities and are immutable, which makes it impossible to block them.

This verdict, he said, weakens the charges against him, including alleged violations of the IEEPA Economic Sanctions Act, illegal operation of an unregistered transfer business and money laundering.

Tornado Cash was accused of facilitating the laundering of more than $1 billion including funds linked to the North Korean hacking group Lazarus. However, Storm claims that the Tornado Cash protocol became decentralized and immutable as early as 2020, making it impossible to control.

Fake Satoshi Craig Wright gets a year’s probation

Craig Wright, the Australian who for years falsely claimed to be Bitcoin creator Satoshi Nakamoto, has received a suspended one-year prison sentence in the UK for contempt of court.

Wright violated a July court order barring him from filing lawsuits based on his claim to be Satoshi, or the mysterious creator of Bitcoin.

He was sentenced to 12 months in prison, suspended for two years, and fined £145,000. Wright has already filed more than 100 lawsuits seeking more than £900 million in disputes claiming to be the creator of Bitcoin. However, in March of this year the court ruled that Wright was not Satoshi, which he himself later admitted on his website.

His current attempts appear to be his attempt to retain the favor of supporters who still believe in his version of the story.

Binance.US plans to make a full return in 2025

Binance.US, the American branch of the global crypto exchange Binance, plans resume US dollar deposit and withdrawal services in early 2025. This was stated by its interim CEO Norman Reed.

The company is focused on strengthening its reputation as a low-fee, high-reward platform.

Reed believes that 2025 will be a breakthrough year for Binance.US with new planned products, expanded infrastructure and new wallet solutions.

Binance.US, which launched in 2019, suspended USD services following an SEC lawsuit in June 2023where she was accused of operating an unregistered stock exchange. After several legal complications and a transformation to an «exclusively cryptocurrency exchange» in 2023, the exchange is preparing to return with support for fiat exchanges (cryptocurrencies for the dollar and the like) in order to restore trust and expand their offering.

Sources: Author, Coingecko, X, Farside, Cointelegraph

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