Bitcoin fell as low as $92,115, with crypto market recording $1.42 billion in liquidations
A US court of appeals has announced further dates for the XRP lawsuit, as per the notice of appeal filing in the district court. Notably, the opening brief will be filed on March 6 next year, whereas and Ripple Labs, XRP II and CEO Brad Garlinghouse will file their reply to the appellant’s principal brief by April 7, 2025. Meanwhile, the US Securities and Exchange Commission is preparing to file its principal brief before Chair Gary Gensler steps down as SEC Chair. US Appeals Court Release Dates for Ripple XRP Lawsuit The United States Court of Appeals for the Ninth Circuit confirmed receiving notice of appeal and assigned a docket number for the Ripple lawsuit. The appeals court asked parties that any motions seeking relief from this court must be separately filed. Similar to the US SEC appeals filing, the plaintiff must file a Disclosure Statement within 14 days of this notice. The failure to file the required documents in the appeals court will dismiss the appeal in XRP lawsuit. As per the scheduled order , plaintiff Bradley Sostack needs to file Mediation Questionnaire by December 23. Appeal Transcript Order and Appeal Transcript are scheduled for December 31 and January 30. The plaintiff will submit an opening brief on March 6, setting the stage for the appeals against Ripple and CEO Brad Garlinghouse. Appeal Answering Brief by Ripple Labs, XRP II and Garlinghouse are due by April 7. “If there were reported hearings, the parties shall designate and, if necessary, cross-designate the transcripts pursuant to 9th Cir. R. 10-3. If there were no reported hearings, the transcript deadlines do not apply,” as per the court. District Court Rule in Favor of Ripple CoinGape earlier reported, lead plaintiff Bradley Sostack appealed against recent judgments in favor of Ripple Labs, XRP II and CEO Brad Garlinghouse. Judge Phyllis Hamilton granted the motion to amend the order pertaining to judgment and stay in the XRP lawsuit. Both parties submitted a proposed order to the court, agreeing that there was no reason to delay judgment as class claims were resolved. Meanwhile, Ripple vs SEC lawsuit in the Second Circuit Appeals Court is in focus. Ripple executives and the crypto community are confident about the dismissal or withdrawal of the lawsuit. However, some have raised concerns about Gary Gensler creating problems as he steps down on January 20, five days after the principal brief deadline. The post XRP Lawsuit: US Appeals Court Announces Schedule for Ripple Case appeared first on CoinGape .
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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
Tesla’s stock is on a ride so wild it could make Bitcoin blush. The company’s valuation sits at $1.4 trillion, placing it as the eighth most valuable business in the world. That’s higher than most countries’ GDP. But here’s the thing: Tesla’s forward price-to-earnings (P/E) ratio is 131.7. The S&P 500’s average? A mere 21.6. Analysts say to justify this nosebleed-level valuation in 2025, Tesla needs more than buzzwords and Elon Musk’s Twitter antics. It has to deliver actual results, starting with its long-touted robotaxi ambitions. Oh, and let’s not forget about its bread-and-butter business of selling EVs, which is under pressure like never before. Robotaxis or bust Tesla’s future rides on its ability to pull off the ultimate flex: a fleet of fully autonomous robotaxis. Elon gave the world a peek at Tesla’s robotaxi concept at the “We Robot” event in October, but it was more of a teaser trailer than blockbuster debut. The demonstration happened on Tesla’s own campus, and nobody knows if these cars can handle the real world—or just Tesla’s backyard. Stephen Gengaro from Stifel, though, sees hope. With Donald Trump back in the Oval Office, deregulation could smooth the path for Tesla’s self-driving tech. He said, “The reaction in the stock since the election is really coming out of this easier path to regulatory approvals and getting full, unsupervised [FSD] approved.” EV sales under pressure While Tesla’s stock flies high, its core EV business is feeling the heat. EV sales grew just 3.1% in the first nine months of 2024. For context, Tesla’s growth was 51.4% in 2022. That’s a nosedive. Analysts are still hopeful for an 18% rebound in 2025, but the road ahead is rocky. The Trump administration’s plan to cut the $7,500 federal EV tax credit isn’t helping. Goldman Sachs says scrapping the credit could stall U.S. EV demand until 2040. The company expects EVs to make up 8.5% of new vehicle sales in 2025—down from earlier estimates of 9%. But there’s a twist. Deutsche Bank thinks the incoming tax credit repeal could trigger a short-term buying frenzy as customers rush to cash in before it’s gone. Deutsche Bank analysts wrote , “We could potentially see a near-term pull-forward in EV purchases ahead of the elimination.” The longer-term outlook is less rosy. Tesla’s competitors, like Ford and General Motors, rely heavily on those credits to stay competitive. Elon himself admitted that while losing the credit hurts Tesla, it hits legacy automakers even harder. Tesla’s global growth story hinges on China. Deutsche Bank estimates Tesla will deliver about 510,000 vehicles in Q4, with the majority coming from its Chinese operations. But to hit year-over-year growth targets, Tesla would need to deliver 515,000 units—a shortfall that could keep investors on edge. China is also a manufacturing powerhouse. Any hiccup in Tesla’s Chinese operations could ripple through its global supply chain and revenue streams. Elon’s Trump card Elon’s cozy relationship with Trump is proving to be Tesla’s secret weapon. Elon has been appointed co-leader of the Department of Government Efficiency, aka “DOGE”—yes, it’s a nod to the memecoin. The Trump administration is reportedly considering scrapping certain car-crash reporting requirements, a move Elon has long pushed for. This partnership isn’t just about cutting red tape. Elon donated $277 million to Trump’s campaign, cementing their alliance. If this bromance holds, Tesla could benefit from policies that fast-track its robotaxi and FSD goals. But it’s a double-edged sword. Policies like tariffs on imports from China, Mexico, and Canada could hurt Tesla’s bottom line. Even with all these tailwinds, Tesla’s valuation looks bloated. Goldman Sachs has a price target of $345 per share, 21% below its current level. Nearly half of analysts surveyed by FactSet rate the stock as a “buy,” but 30% remain neutral. From Zero to Web3 Pro: Your 90-Day Career Launch Plan
After the Federal Reserve signaled fewer rate cuts than expected for 2025, the U.S. stock market witnessed a…
Jim Cramer triggers crypto community with his tweet about buying and selling assets
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