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🌙 Fed Cuts Rates Sending Bitcoin and Altcoins Spiraling

Bitcoin slips to $101K, altcoins freefall on Federal Reserve's hawkish tone.

Author

Mike Gavela
December 18, 2024

In partnership with

Crypto Roundup - December 18

The cryptocurrency market is experiencing significant turbulence. Bitcoin has declined to $101,000, triggering a sharp downturn in altcoin valuations. Coinbase is facing criticism for delisting Wrapped Bitcoin (WBTC), citing concerns over its association with Justin Sun, the founder of Tron; this move has led to a lawsuit from BiT Global Digital Limited, alleging anti-competitive behavior. Meanwhile, Kraken's Layer 2 solution, Ink, has surpassed 1 million transactions since its launch, indicating growing adoption of scalable blockchain technologies.

Top Stories

  • Bitcoin falls to $101,000, causing a significant drop in altcoin prices.

  • Coinbase criticized for delisting Wrapped Bitcoin (WBTC) over Justin Sun links, leading to a lawsuit alleging anti-competitive motives.

  • Kraken's Layer 2 Ink surpasses 1 million transactions since launch, highlighting increased adoption of scalable blockchain solutions.

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TOP STORIES

Bitcoin Slips to $101K, Altcoins Spiraling on Federal Reserve's Hawkish Tone

The Federal Reserve cut rates by 25 basis points as expected, but Fed Chair Jerome Powell's hawkish press conference

finance.yahoo.com/news/bitcoin-slips-101k-altcoins-spiraling-191446100.html

Coinbase Faces Backlash for WBTC Delisting over Justin Sun

Coinbase delists Wrapped Bitcoin (WBTC), citing Justin Sun risks, following BiT Global lawsuits, alleging bias to promote Coinbase's own cbBTC token.

www.cryptotimes.io/2024/12/19/coinbase-faces-backlash-for-wbtc-delisting-over-justin-sun

Kraken’s Layer 2 Ink Has Accumulated 1M Transactions Since Launch - "The Defiant"

Kraken, a top 20 crypto exchange by trading volume, launched an Ethereum-based Layer 2 one week ago. The Ink mainnet has racked up almost 1 million transactions in about as many blocks, according to Ink Explorer.

thedefiant.io/news/blockchains/kraken-s-layer-2-ink-has-accumulated-1m-transactions-since-launch

FUNDRAISING

Exclusive: Tokenization startup Plume gets $20 million in funding to build a real-world asset finance ecosystem

Plume facilitates real-world asset financing through its native blockchain.

fortune.com/crypto/2024/12/18/tokenization-plume-funding-blockchain-fintech

OTHER HEADLINES

Deutsche Bank Turns to Layer 2 for Compliant Tokenization of Assets - "The Defiant"

Deutsche Bank is testing a Layer 2 blockchain as a way to overcome the obstacles financial institutions face in using public blockchains to tokenize real world assets.

thedefiant.io/news/tradfi-and-fintech/deutsche-bank-turns-to-layer-2-for-compliant-tokenization-of-assets

What comes next for Sam Altman’s eyeball-scanning Worldcoin following a stormy year

Worldcoin's orb operations have surged 70% in Latin America. The crypto identity venture besieged in Europe has rebooted its brand. Orbs have multiplied in Mexico.

www.dlnews.com/articles/web3/what-comes-next-for-sam-altmans-eyeball-scanning-worldcoin-following-a-stormy-year

What is MicroStrategy’s bitcoin liquidation price?

In November 2022, MicroStrategy had liquidation prices on its bitcoin that the crash almost triggered. Nowadays, its debts are different.

protos.com/what-is-microstrategys-bitcoin-liquidation-price

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