Amid the ongoing cryptocurrency market downturn, World Liberty Financial (WLFI), a decentralized finance project associated with President-elect Donald Trump, has increased its Ethereum (ETH) holdings. Recent data from Etherscan reveals that the project has acquired over 1,481 ETH in a single day, continuing its strategy of buying during market dips. Donald Trump’s World Liberty Financial Buys More ETH World Liberty Financial has been actively purchasing ETH throughout December, using USD Coin (USDC) for the transactions. On Monday, the project added 759 ETH at an average price of $3,651, spending approximately $2.5 million. As of now, WLFI’s Ethereum portfolio includes 16,362 ETH valued at $54.62 million, though market volatility has reduced its overall ETH gains. Trump's World Liberty( @worldlibertyfi ) spent 2.5M $USDC to buy 759 $ETH again 20 minutes ago. So far, #WorldLiberty has bought a total of 9,587 $ETH ($35M) at an average price of $3,651. Their loss on $ETH has narrowed to $3.4M. https://t.co/h3YVUEyx6L pic.twitter.com/yAeUqGet1r — Lookonchain (@lookonchain) December 20, 2024 Despite the broader decline in crypto prices , WLFI’s cumulative ETH purchases total $35 million, with an average cost per ETH at $3,651. However, due to the recent price slump, the project’s losses on Ethereum have narrowed to $3.4 million, down from prior estimates. Diversified Holdings and Recent Purchases WLFI’s cryptocurrency portfolio is not limited to Ethereum. The project also holds 103.15 Wrapped Bitcoin (WBTC) worth $9.83 million, 6,137 AAVE tokens valued at $1.84 million, and 78,387 Chainlink (LINK) tokens totaling $1.75 million. Additionally, WLFI possesses holdings in less well-known tokens like ENA and ONDO, which are valued at $740,000 and $230,000, respectively. The recent addition of 1,481 ETH at an average price of $3,374.79 brings the project’s total ETH purchases in December to over 9,500 ETH. WLFI also exchanged $10.4 million of Coinbase-backed cbBTC for Wrapped Bitcoin after Coinbase announced its plans to delist the asset. Justin Sun’s Involvement Boosts Project The project received a financial boost last month after Tron blockchain founder Justin Sun became its largest investor. Sun invested $30 million in WLFI tokens, bringing total token sales to $50 million. Before this, the project had sold less than a quarter of its $300 million WLFI token goal. The involvement of prominent figures like Sun has drawn attention to the project. Blockchain analysts suggest the strategy of acquiring high-profile tokens like Ethereum and Bitcoin may enhance investor trust in WLFI. However, the project’s long-term success hinges on its ability to generate revenue and meet its token sale targets. Whales start accumulating $ETH after the market rebounds! In the past 30 minutes, 4 fresh wallets(probably belonging to the same whale) withdrew 8,440 $ETH ($28.43M) from #Binance . Address: 0xa7c8823c2d8CAF8C86F1F572Ac6902964c109bb4 0xf2500B6014dfe916B8e7706434e21B5FB2191A15… pic.twitter.com/qnMq2IEa2Z — Lookonchain (@lookonchain) December 20, 2024 Concurrently, WLFI’s acquisitions come as Ethereum price hovers near the $3,300 mark, with analysts predicting further price movements in the lead-up to the holiday season. Experts suggest that whale accumulation, like today’s 8,440 $ETH ($28.43M) whale move coupled with strong on-chain metrics, could drive ETH prices toward $5,000 by the end of December. The post Donald Trump’s World Liberty Financial Accumulates More ETH Amid Price Crash appeared first on CoinGape .
Crypto firm Gate.io has revealed plans to discontinue perpetual contracts for five well-known privacy coins. Gate.io to Delist Privacy Coin Perpetuals Starting Dec. 25, 2024, trading for monero (XMR), dash (DASH), zcash (ZEC), horizen (ZEN), and verge (XVG) will switch to “reduce-only” mode, allowing traders to close existing positions but not open new ones. By
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Crypto markets were under downward pressure on Friday, Dec. 20, driven by Bitcoin’s drop below $100,000, a broad spot price dip, and a funding flush. Cryptocurrency market prices corrected shortly after the U.S. Federal Reserve announced it would slow down rate cuts to address inflation concerns. Following the 25 basis point interest rate reduction , Bitcoin ( BTC ) slipped under $97,000, dragging the broader digital asset market with it, according to crypto.news price data pages. According to CoinGlass, Bitcoin’s descent triggered a $1.4 billion mass liquidation event, wiping out leveraged long positions within 24 hours. The single largest liquidated trade was a $15.8 million Ethereum ( ETH ) position on Binance. The trader’s identity and initial investment remain unknown. The flush reset open interest and funding rates across top trading venues like the CME, Binance, and Bybit. Major altcoins like Solana ( SOL ) and Dogecoin ( DOGE ) were hit hard by selling pressure, retracing the “Trump win” rally gains and posting double-digit losses over the weekly timeframe. Top 10 crypto liquidations by assets – Dec. 20 | Source: CoinGlass You might also like: Can your crypto portfolio beat the market? Whales are buying these altcoins Despite widespread criticism of the Fed, experts suggested the market downturn was inevitable following the post-U.S. election price surge. Calls have emerged for Bitcoin to consolidate between $85,000 and $95,000 as a healthier support range. QCP Capital stated on Telegram that hyper-bullish sentiment in the market ultimately triggered the correction. The total crypto market, which was approaching $4 trillion for the first time, fell to approximately $3.4 trillion at press time, down 7.6% in the past day. While it it easy to blame the selloff on the Fed’s hawkish cut, we believe the root cause of the morning’s crash to be market’s overly bullish positioning. Since the election, risk assets have enjoyed an impressive one-sided run, leaving the market extremely vulnerable to any shocks. QCP Capital Read more: Bitcoin ETFs record $680m outflows as BTC dips below $96k
Crypto markets barreled downwards on Friday, Dec. 20, driven by Bitcoin’s drop below $100,000, a broad spot price dip, and a funding flush
Ethereum's price dropped over 11%, falling below $3,300. Whales and the Ethereum Foundation contributed to the price decline. Continue Reading: Whales Trigger Ethereum Price Drop Below $3,300 The post Whales Trigger Ethereum Price Drop Below $3,300 appeared first on COINTURK NEWS .
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London-based crypto custodian Copper Technologies has officially withdrawn its application to register with the UK’s Financial Conduct Authority (FCA). The move shows Copper’s shift to international markets as the UK loses appeal among crypto businesses. This comes as global competition and stricter regulations are driving businesses elsewhere. Copper and New Leadership, New Direction Copper Technologies, once a leading UK crypto business, has set its sights overseas under the guidance of its new CEO. In October, Amar Kuchinad became the company’s CEO and shared his vision for global expansion. He emphasized the importance of strengthening the company’s international presence. He says refining Copper’s growth strategy has been a top priority. This process required making tough decisions about their direction. He focuses on positioning Copper as a leader in the global crypto market. The firm’s recent expansion efforts include securing licenses in Switzerland, Hong Kong, and Abu Dhabi. Copper’s expansion strategy also includes exploring opportunities in the United States. The strategic shift comes after Dmitry Tokarev, the company’s founder, stepped down as CEO earlier this year. Meanwhile, Copper’s failure to secure UK registration in 2022 marked a major shift. The company began focusing on countries with clearer crypto regulations. Challenges in the UK Regulatory Environment Copper’s struggles reflect broader issues with the UK’s crypto regulatory landscape. In 2022, the FCA tightened its grip on crypto businesses, implementing stringent requirements for registration. Less than 10% of applicants have successfully registered since the regime began. Industry insiders argue that the FCA’s cautious approach has stifled innovation, driving businesses to more crypto-friendly regions. Tulip Siddiq, Economic Secretary to the Treasury, recently unveiled the Labour government’s proposed crypto regulatory framework . The plan aims to integrate rules for stablecoins, staking, and other crypto assets under a single system. However, the framework is still in development, and businesses like Copper remain unconvinced of its long-term viability. Global Competition Heats Up While the UK is grappling with regulatory hurdles, other global hubs compete to attract crypto firms. Hong Kong recently boosted its bid to become a top crypto hub by licensing four new crypto exchanges . This step is part of its effort to attract crypto firms and investors. The city relies on clear regulations and business-friendly policies to strengthen its appeal. Also, the United States is poised to emerge as a key player in the industry. This comes as the incoming leadership of President-elect Donald Trump promised to streamline regulatory processes. This could make the country an increasingly attractive destination for crypto businesses. Copper is seeking custodial and money-transmitter licenses in the U.S. to tap into the growing American market. Its focus on international markets reflects a wider trend of UK crypto businesses looking for better opportunities abroad. The post Copper Eyes Overseas Expansion Amid UK License Withdrawal appeared first on TheCoinrise.com .