Bitcoin Bounces Back as Binance Gets Hit With Multiple Lawsuits
The Coinbase Premium is turning positive again, which means our friends across the pond are back to buying the dip. So, if you blinked, you might have missed one of the most dramatic recoveries we've seen in months. Meanwhile, Binance is dealing with more lawsuits than a Hollywood divorce lawyer since traders are not exactly happy about what went down on October 10.
Meanwhile, in France, some criminal geniuses thought kidnapping people for crypto ransom was a brilliant play. And in saving the best for last, y’all, in what might be the most bizarre market phenomenon of 2026, people are literally making more money betting on divine intervention than on Bitcoin. Whoever thought the "Jesus returns in 2026" prediction market would thump BTC?
Here are the Highlights:
- Bitcoin Recovers as Coinbase Premium Turns Higher
- French Police Arrest Six After Magistrate Kidnapped in Crypto Ransom Case
- Lawsuits are piling up against Binance over Oct. 10
- Odds of Jesus Christ appearing in 2026 double, beating return on bitcoin
Bitcoin Recovers as Coinbase Premium Turns Higher
The crypto market has steadied after last week's sell-off, with Bitcoin posting a double-digit rebound even as analysts caution the rally may not be sustained. The leading crypto is up 12% from Friday’s low of $62,822 and is currently trading at $70,998, according to CoinGecko data. The bounce coincides with an improvement in U.S. investor appetite. The Coinbase Premium index, which measures the difference between Bitcoin’s price on Coinbase and Binance, has surged over 70%, rising from -0.23% on Friday to -0.06% as of the early Asian trading on Monday, per CoinGlass data.
French Police Arrest Six After Magistrate Kidnapped in Crypto Ransom Case
French police have arrested six people after a magistrate was kidnapped and held for several hours in a case authorities say involved a crypto ransom demand. The arrests followed the discovery of the 35-year-old magistrate and her 67-year-old mother on Friday morning, when they were found injured in a garage in the southeastern Drôme region, according to a report from Agence France-Presse syndicated on local media. Prosecutors said the magistrate’s partner, who was not home when the abduction took place overnight from Wednesday to Thursday last week, was targeted after the kidnappers sent her a message and a photo of the two women demanding a crypto ransom.
Lawsuits Are Piling up Against Binance Over Oct. 10
Social media sentiment continues to turn against Binance for its alleged role in crypto liquidations on October 10. Immediately after October 10, traders were already threatening legal action. However, this year, new lawsuits and arbitrations look to be underway, along with numerous other complaints and legal setbacks. A simple chart of crypto asset prices illustrates the reason for the dogpile of complaints against Binance. Following months of clear correlation with broad indices like the S&P 500 and Nasdaq 100, crypto decoupled precisely on October 10 — and has trended downward ever since.
Odds of Jesus Christ Appearing in 2026 Double, Beating Return on Bitcoin
Traders on prediction market Polymarket have doubled the implied odds of the Second Coming of Jesus Christ occurring by year-end, turning one of the platform’s stranger contracts into a better performer than bitcoin. The market, titled “Will Jesus return in 2026,” traded around 4 cents on Friday, implying a roughly 4% chance. That’s up from a low of about 1.8% on Jan. 3, meaning the “Yes” side has gained more than 120% in just over a month. Bitcoin, in contrast, has been moving in the opposite direction. Bitcoin, in contrast, has been moving in the opposite direction.
Other Highlights Worth Mentioning
Russia’s largest bank, Sberbank, prepares to issue crypto-backed loans - Coindesk
Tether Freezes $500 Million in Assets Linked to Turkish Gambling Ring - Be in Crypto
South Korean crypto firm accidentally sends $44 billion in bitcoins to users - Reuters
Traders dump $4.3 billion BTC on Binance as exchange sells more Bitcoin than other exchanges combined - Cryptoslate
COINIGY FACT OF THE DAY
On this day, February 9, 2011, Bitcoin reached parity with the U.S. dollar, trading at $1.00 for the first time.
On February 9, 2011, Bitcoin reached an exchange rate of 1 BTC = $1 USD for the first time in its history. This milestone marked the first moment the world’s original cryptocurrency achieved parity with the U.S. dollar, roughly two years after the Bitcoin network was launched in 2009. At that point in its life, Bitcoin was still widely considered an experimental digital currency traded by a small number of enthusiasts across early exchanges like Mt. Gox. Reaching $1 per BTC wasn’t just a price statistic; it was a psychological turning point that helped shift Bitcoin’s narrative from cryptographic experiment to real financial value.
COINIGY MEME OF THE WEEK
