PENGU token's launch resulted in record transaction volumes on Solana. The airdrop attracted over 100,000 requests within the first hour. Continue Reading: Pudgy Penguins NFT Launch Sparks Unprecedented Activity on Solana Blockchain The post Pudgy Penguins NFT Launch Sparks Unprecedented Activity on Solana Blockchain appeared first on COINTURK NEWS .
The post Crypto News Today (Dec 19th, 2024): Fed Signals Slower Rate Cuts, Crypto Market Slumps! appeared first on Coinpedia Fintech News The crypto market today has been facing the heat from the Federal Reserve’s recent move to cut the interest rates by 25 basis points, taking the benchmark rate between 4.25%-4.50%. Further, Fed Chairman Jerome Powell’s cautious outlook about smaller rate cuts expected in 2025, citing inflationary pressures has sent shock waves across financial markets. The industry’s market cap has declined by 3.29% over the previous day, settling at $3.51 trillion. The trading volume, however, took a surge of 34.78% to $265.97 billion, highlighting heightened market activity. Following the market taking a southward route, the Fear & Greed Index falls from “Extreme Greed” to a “Greed” score of 69. Bitcoin Price Corrects to $101k Amidst the turbulence in the market, Bitcoin price is traced to its 24-hour low of $98,792.67. At the time of press, it is currently changing hands at $101,158.92. The pullback did call price action traders making moves, resulting in the 24-hour trading volume surging 32.99% to $98.26 billion. That being said, despite the decline, BTC dominance remains tough at 57.01%. For insights into Bitcoin’s future, explore our Bitcoin Price Prediction . Altcoins Struggle as Bears Take Control Ethereum, the second-largest cryptocurrency by market cap, saw a sharp decline of 4.40%, with its price at $3,671.66. Solana and XRP also took the brunt, dropping 3.73% and 5.93%, respectively. The broader altcoin market mirrors Bitcoin’s bearish trend, reflecting uncertainty fueled by Powell’s statements. For Ethereum’s detailed analysis, check out our Ethereum Price Prediction page. Top Gainers: MOVE: $0.7242 (+12.47%) ENA: $1.17 (+9.54%) BGB: $4.37 (+5.18%) Top Losers: WIF: $2.27 (-14.07%) FLOKI: $0.0001881 (-13.62%) THETA: $2.28 (-12.23%) FAQs How did the Federal Reserve impact crypto today? The Fed’s interest rate cut and cautious outlook for 2025 triggered bearish sentiment across financial and cryptocurrency markets. As a result, the crypto industry’s market cap dropped by 3.29% to $3.51 trillion. Which tokens performed best today? MOVE, ENA, and BGB were the top performers, gaining 12.47%, 9.54%, and 5.18%, respectively. What is the current Fear & Greed Index? The Fear & Greed Index stands at 69, indicating greed with a cautious market sentiment.
Although the US Fed reduced the key interest rates by 25 basis points as expected, Jerome Powell made a couple of remarks that impacted the entire crypto market in a highly negative manner. The central bank’s Chair warned that the rate cuts for 2025 could be fewer after the three consecutive ones at the end of 2024 and warned that the US is “not allowed to own bitcoin,” despite Donald Trump’s promise to explore how the country could put BTC on its balance sheet. Riskier assets like cryptocurrencies reacted with immediate and violent price declines. Bitcoin, for one, dumped from over $105,000 to under $99,000 for the first time since December 11. The losses extend to nearly ten grand when compared to the Tuesday afternoon peak of over $108,000. The altcoins, though, were impacted even more severely. Many plummeted by double digits from their respective tops to bottoms, including XRP , DOGE, AVAX, PEPE, LTC, and LINK. Interestingly, Santiment weighed in on the correction and outlined the last four as the potential beneficiaries if the Fed-induced crash was a market overreaction. “If this was indeed an overreaction, there is a reasonable chance that the projects with the biggest drops will be the ones worth taking the biggest dip buy chances on,” – reads the tweet. After the FOMC interest rate cuts, both crypto and equities traders were left feeling a bit concerned. Not because of the current cuts, but due to Jerome Powell’s projection for 2025 to have half the amount of rate cuts as expected. Altcoins, in particular, have gotten… pic.twitter.com/LVR2oIvCRu — Santiment (@santimentfeed) December 19, 2024 The post These Altcoins Present the Best Buying Opportunities After Wednesday’s Massacre: Santiment appeared first on CryptoPotato .
The judge stated that BiT Global did not provide sufficient evidence of harm. In Australia, ASIC started legal action against Binance for misclassifying retail clients, while South Korean lawmaker Kim Nam-kuk faces prison for allegedly concealing his crypto holdings. Meanwhile, SEC hacker Eric Council Jr. was granted holiday travel permission after being accused of a SIM swap attack on the SEC's X account back in January. BiT Global Fails to Prevent Coinbase From Delisting wBTC A federal judge ruled in favor of Coinbase in a legal dispute with BiT Global, and refused to issue a temporary restraining order (TRO) to prevent the exchange from delisting Wrapped Bitcoin (wBTC). The decision was made during a virtual hearing in the United States District Court for the Northern District of California on Dec. 18, where Judge Araceli Martínez-Olguín stated that BiT Global’s legal team failed to prove “imminent irreparable harm” in its case. The lawsuit was filed by BiT Global on Dec. 13, and argued that Coinbase’s decision to delist wBTC in November will harm the market and cause serious financial losses for holders of the token. The judge pointed out that BiT Global’s delay in filing the lawsuit undermined its argument and that the claims were speculative as they lacked evidence of immediate market impact. Coinbase announced the delisting decision on Nov. 19, and suspended wBTC trading starting Dec. 19, due to concerns over control of wBTC potentially falling into the hands of BiT Global’s affiliate, Justin Sun. The exchange pointed to Sun’s previous legal issues with U.S. authorities, including the SEC, as justification for its actions. BiT Global wanted the TRO to prevent the delisting before its effective date, and claimed that Coinbase’s decision was baseless and will only damage the token’s ecosystem. However, Coinbase held firm that its decision was a response to an “unacceptable risk” associated with Sun’s involvement, and pointed out that wBTC’s circulation already started to decline after BiT Global announced its partnership with Sun in August. BiT Global’s attorney, Cyclone Covey, accused Coinbase of using Sun as a pretext for the delisting and questioned the exchange’s timeline of due diligence. Meanwhile, Coinbase’s attorney, Sonal Mehta, defended the decision as necessary when it comes to mitigating risks to the platform and its users. Judge Martínez-Olguín ultimately allowed room for BiT Global to present more arguments in the future. ASIC Takes Legal Action Against Binance Australia Other crypto exchanges are also facing some legal heat. The Australian Securities and Investments Commission (ASIC) started legal proceedings against Binance Australia Derivatives, accusing the platform of major consumer protection failures. ASIC alleges that Binance misclassified more than 500 retail clients as wholesale investors between July of 2022 and April of 2023, which deprived them of the legal protections guaranteed under Australian financial laws. Retail clients are entitled to stronger safeguards, including a Product Disclosure Statement (PDS), a Target Market Determination (TMD), and access to internal dispute resolution processes. ASIC Deputy Chair Sarah Court criticized Binance’s compliance systems, and also labeled them as “woefully inadequate.” She shared that many clients actually suffered large financial losses because of the lack of proper protections. The lawsuit outlines regulatory violations, including Binance’s failure to issue a PDS or TMD, inadequate dispute resolution mechanisms, and insufficient employee training. ASIC also accused Binance of failing to deliver its services “efficiently, honestly, and fairly.” After a review of Binance’s operations in April of 2023, ASIC canceled the exchange’s Australian financial services license. The regulator also recently fined Kraken’s Australian operator $12.8 million for similar breaches and is preparing new guidelines to mandate financial services licensing for crypto exchanges under the Corporations Act. ASIC Commissioner Alan Kirkland shared plans to extend licensing requirements beyond digital currency exchanges during a speech at the AFR Crypto and Digital Assets Summit in September. He believes that major crypto assets like Bitcoin (BTC) and Ethereum (ETH) are considered in the scope of the Corporations Act. Binance is also facing separate allegations of intellectual property theft in the United States. Mark Longo, the owner of Peanut the Squirrel, issued a cease-and-desist letter to Binance after accusing it of trademark infringement related to its PNUT-themed meme coin. South Korean Lawmaker Faces Prison Over Crypto Scandal It is not only crypto exchanges finding themselves in legal hot water. Kim Nam-kuk, a South Korean lawmaker, faces a potential six-month prison sentence for allegedly failing to disclose all his crypto holdings to the government. Prosecutors claim that Kim reported his assets as 1.2 billion Korean won in 2021, despite allegedly owning 9.9 billion in digital assets, and concealed an additional 990 million won worth of cryptocurrency in 2022. They argued that Kim’s actions obstructed the National Assembly Ethics Committee’s review of member assets and created potential conflicts of interest. Kim left the Democratic Party in 2023 due to allegations of liquidating millions in cryptocurrency before the enforcement of South Korea’s Financial Action Task Force Travel Rule, but denied any wrongdoing. He stated that he transferred funds to another exchange and argued that he was not obligated to declare the holdings. Since assuming office in 2020, Kim has been involved in legislation concerning digital assets, including efforts to delay a 20% tax on crypto gains, which lawmakers postponed to 2027. Despite these allegations, Kim’s trial was overshadowed by a political crisis after South Korean President Yoon Suk Yeol’s sudden declaration of martial law on Dec. 3. The move caused widespread unrest, and lawmakers from both the Democratic Party and Yoon’s People Power Party scaled parliament buildings to vote on rescinding the declaration. Martial law was lifted after the vote, but Yoon refused to resign. This led to his impeachment on Dec. 14 in a National Assembly vote of 204 out of 300 members. The Constitutional Court now has 180 days to decide whether to remove Yoon from office. Not long after the impeachment, Han Dong-hoon, leader of the People Power Party, announced his resignation on Dec. 16. SEC Hacker Granted Holiday Travel Permission Eric Council Jr., who is accused of hacking the United States Securities and Exchange Commission’s (SEC) X account in January and posting a fake message about Bitcoin exchange-traded funds (ETFs), has been given permission to travel for the holidays. According to a Dec. 13 court filing, Judge Amy Berman Jackson allowed Council to travel to North Carolina between Dec. 23 and 29 under the supervision of a third-party custodian. The judge required Council to provide his travel itinerary and accommodation details to Pre-Trial Services at least two business days before departure. Council pleaded not guilty to charges of conspiracy to commit aggravated identity theft and access device fraud. The hack happened on Jan. 9, when a message posted from the SEC’s account falsely claimed that spot Bitcoin ETFs were approved. The announcement temporarily caused Bitcoin’s price to surge by more than $1,000 before being debunked. The SEC officially approved spot Bitcoin ETFs roughly 24 hours later. The fake Bitcoin ETF approval post from the SEC’s hacked account Federal Bureau of Investigation officials arrested Council in Alabama on Oct. 17. While no trial date has been set, the court indicated that a plea agreement could be filed by Jan. 17, at which time Council is expected to appear in person. Authorities allege that Council was part of a group that executed a SIM swap attack to get access to the SEC’s X account. The incident took place during a time of anticipation in the crypto industry with regards to the SEC’s decision on spot Bitcoin ETFs. After the hack, X’s safety team reported that the SEC’s account did not have two-factor authentication. Despite the breach, the SEC encountered no further issues with its social media accounts during its subsequent announcements, including the approval of spot Ether ETFs in May.
The 34-year-old mechanical engineer turned pornstar, is allegedly involved in multiple memecoin scandals. Owner of Peanut the Squirrel Faces Accusations Mark Longo meticulously crafted the persona of a warm-hearted animal lover, unfairly targeted by a tyrannical government entity. When Longo’s home was raided by New York State Department of Environmental Conservation (NYSDEC) agents on October
Bitcoin has seen continuous bullish momentum in recent weeks resulting in the asset’s consistent new highs. According to recent analysis, this momentum appears to not just be random as it comes amid major moves behind the scenes. Particularly, recent data indicates that Bitcoin reserves have dropped to a historic low of 2.4 million, signaling a “supply shock” that has coincided with a surge in Bitcoin’s price. This reduction in exchange reserves, coupled with strong demand, has created a bullish environment that could set the stage for further price increases. Related Reading: Bitcoin’s Price Momentum Shifts As Spot Market Outpaces Futures – Here’s What It Means A Supply Shock In The Making A CryptoQuant analyst known as Kripto Baykus shared the outlook on Bitcoin’s exchange reserve hitting historic low in a post on the QuickTake platform. In the post, Baykus highlighted that the year began with Bitcoin reserves at approximately 3 million on exchanges. However, a steady decline throughout 2024 has led to the current levels, reflecting a clear shift in investor behaviour. Institutional investors, in particular, have embraced long-term holding strategies, pulling their assets off exchanges, Baykus noted. The analyst added: This shift is particularly evident among institutional investors, who have increasingly embraced the “hodl” approach, demonstrating strong confidence in Bitcoin’s future potential. Meanwhile, Bitcoin’s price has mirrored this movement, starting the year at around $40,000 and accelerating in November to surpass $100,000, eventually reaching a new peak above $104,000. Baykus wrote: The limited supply of Bitcoin, combined with shrinking reserves, is seen as a strong bullish signal for the market. Investors are pricing in the effects of the supply shock, and if the trend persists, Bitcoin is likely to break further records in late 2024 and into 2025. Bitcoin Current Demand Stance In addition to supply-related trends, another CryptoQuant analyst known as Yonsei Dent has recently turned to the Coinbase Premium Index to offer insights into Bitcoin’s demand in North America. This metric tracks activity on Coinbase, one of the largest exchanges in the region, and has traditionally been used to predict short-term price movements. However, over the past two weeks, a divergence between the Coinbase Premium Index and Bitcoin’s price has raised concerns. Dent pointed out that despite Bitcoin’s price rising from $94,000 to $106,000 during this period, the Coinbase Premium has declined. This suggests that the recent price surge may not have been driven by US.-based demand, raising questions about the medium-term momentum of Bitcoin’s rally. Related Reading: Bitcoin’s Next Big Move? Key Metric Reveals When to Cash In Profits Dent noted: If this price surge has not been supported by U.S.-based demand, it could indicate underlying weakness in medium-term upward momentum. Investors should remain cautious and monitor this development closely. Featured image created with DALL-E, Chart from TradingView
Asia-Pacific markets trade in red on Thursday, tracking the fallsell-off on Wall Street overnight, as the Fed reduced interest rates by 25 bps but signaled a softer pace of rate cuts next year. Investors assessed the Bank of Japan’s decision to keep its policy rate unchanged at 0.25% for the third straight meeting . Meanwhile, caution mounted ahead of Friday's decision on key lending rates from the Chinese central bank. Japan ( NKY:IND ) fell -0.71% to below 38,700, while the broader Topix Index fell 0.5% to 2,706 on Thursday, reaching their lowest levels in three weeks. The Japanese yen fell past 155 per dollar on Thursday, reaching a one-month low, after the Bank of Japan left its policy rate unchanged at 0.25%, as widely expected . Investors are now focused on BOJ Governor Kazuo Ueda’s post-meeting press conference for insights into the timing of future rate hikes. China ( SHCOMP ) fell -0.49% to around 3,360 while the Shenzhen Component lost 0.5% to 10,528 on Thursday, reversing gains from the previous session amid a strong intervention from the People’s Bank of China. On Thursday, the central bank set the currency’s daily reference rate significantly stronger than market expectations, marking the widest gap since July. China Vanke Co. plunged by 4.5% after Bloomberg News said that the Chinese regulator had requested the country's largest insurers to disclose their financial exposure to the troubled builder. Hong Kong ( HSI ) fell -0.74% to 19,653 in the morning trade on Thursday, following a notable rise the previous day. The Hong Kong Monetary Authority slashed its base rate by 25bps to 4.75% on December 19th, after the US Federal Reserve trimmed interest rates by the same margin but projected fewer reductions next year. India ( SENSEX ) fell -1.18% to 79,321 in morning trade on Thursday, declining for the fourth session while hitting its lowest level in three weeks due to losses from banking, financial services, metals, and tech sectors. The Indian rupee weakened past 85 per USD, hitting a fresh all-time low, pressured by a strong dollar amid a hawkish outlook from the Federal Reserve. Australia ( AS51 ) fell -1.70% to close at 8,168 on Thursday, marking a six-week low. Consumer inflation expectations in Australia increased to 4.2% in December 2024 from 3.8% in the previous month, marking the highest level since September. However, the trimmed Mean CPI rose 3.5% y/y, surpassing the central bank's 2-3% target. In the U.S., on Wednesday, all three major indexes ended lower as the Federal Reserve reduced interest rates by 25 bps but signaled fewer cuts than previously projected for next year, sparking a market sell-off. U.S. stock futures stabilized on Thursday after a sharp selloff on Wall Street the previous day, triggered by the Federal Reserve's revised outlook for interest rates in 2025: Dow +0.10% ; S&P 500 -0.03% ; Nasdaq -0.17% . Bitcoin ( BTC-USD ) fell below the $100,000 mark on Thursday, retreating sharply from recent all-time highs following signals from the US Federal Reserve of fewer interest rate cuts in 2025. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Bank of Japan keeps policy rate unchanged at 0.25%, as widely expected Japan's Nov export growth accelerates to three-month high, while imports unexpectedly fall China's Nov retail sales slows as stimulus impact fades; unemployment rate held steady Japan's factory activity shrinks for sixth straight month, services activity improves in December China's trade surplus largest in 5 months; exports slow while imports fall amid trade uncertainties
A bitcoin (BTC) slump spiraled into over $700 million worth of liquidations across futures tracking major tokens, with XRP and dogecoin (DOGE) products recording unusually high losses. BTC fell under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025. Fed chair Jerome Powell then said at a post-FOMC press conference that the central bank wasn’t allowed to own bitcoin under current regulations — in response to a question about President-elect Donald Trump’s strategic reserve promises. "That's the kind of thing that Congress should consider, but we are not looking for a law change," Powell said. In a July campaign, Trump said the government would keep 100% of all the bitcoin it currently holds or acquires in the future under his administration — referring to the stockpile of seized BTC held by the country. BTC fell 3% after Powell’s comments, causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Chainlink’s LINK fared the worst with a 10% drop — erasing some gains from earlier in the week as Trump-backed World Liberty Financial purchased $2 million worth of the tokens. The market slide led to over $700 million in bullish bets liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move, data shows. A liquidation occurs when an exchange forcefully closes a trader's leveraged position due to the trader's inability to meet the margin requirements. Large-scale liquidations can indicate market extremes, like panic selling or buying. A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment. Some traders say Powell’s comment may mark a local top, dampening expectations of a continued rally toward the end of the month. “Crypto markets may have entered a peak if a U.S. Bitcoin strategic reserve is no longer in play, as this promise helped to fuel the recent months' rally to new all-time highs, Nick Ruck, director at LVRG Research, shared with CoinDesk in a Telegram message. “Although an interest rate cut would normally have a bullish reaction since it was largely expected, the market strongly reacted after Fed Chair Jerome Powell stated that inflation would be a continuing problem throughout the next year.” Traders at Singapore-based QCP Capital, however, remain generally bullish for the coming year. “Don't get shaken out of your positions if a drop occurs. With 2025 poised to be a potentially bullish year for crypto, particularly with Trump in office, staying the course may prove beneficial,” the company said in a Thursday broadcast message.
The post Shiba Inu (SHIB) Whale Makes $109M Profit on SHIB, Amid Price Drop appeared first on Coinpedia Fintech News Shiba Inu (SHIB) is proving it’s more than just a meme coin, turning heads with an impressive 153.3% price increase over the past year. Recently a savvy Shiba Inu whale has reportedly sold 250 billion SHIB tokens worth $6.05 million in the past few hours, reflecting an overall profit of $109 million. Early Investment Pays Off According to Lookonchain, a blockchain analytics platform, the whale’s journey with SHIB began on August 6, 2020, when they invested a small $3,800 to buy a massive 15.28 trillion SHIB token. A whale sold 250B $SHIB ($6.05M) for profit in the past hour! The whale spent $3.8K to buy 15.28T $SHIB ($1.22B at the peak) as early as August 6, 2020. This whale currently holds 2.15T $SHIB ($52.18M), with a total profit of $109M on $SHIB . https://t.co/BWxcnWuwFR pic.twitter.com/aQZFPyhYSv — Lookonchain (@lookonchain) December 19, 2024 However, this early investment proved to be a game-changer as SHIB’s value skyrocketed over time. At its peak, the whale’s holdings were worth $1.22 billion, marking one of the most profitable trades in the cryptocurrency market. Even after selling a significant portion of its holdings, the whale still holds 2.15 trillion SHIB tokens, valued at $52.18 million. Meanwhile, the overall profits from this venture total an impressive $109 million. Shiba Inu Price Update Shiba Inu (SHIB) is facing mounting pressure, with its price experiencing a 5.57% drop in the past 24 hours. Currently trading around $0.0000241, its market cap stands at $14.1 billion. This recent downturn has raised concerns about SHIB’s short-term drop. Technical indicators, such as the Bollinger Bands, suggest a potential price decline for SHIB in the short term. The lower band suggests that the token’s price could dip to $0.0000238, with a potential drop to around $0.0000228 as it seeks a local bottom. Despite the ongoing decline, SHIB is approaching its critical 50 EMA level, which could act as a turning point. If the token finds support at $0.000024, it may attract renewed investor interest and stage a potential recovery.
The crypto market experienced turbulence following the Federal Reserve’s latest monetary policy adjustments, leading to significant liquidations across the board. Despite the downturn, Bitcoin continues to attract capital, demonstrating resilience