Bitcoin Cracks, El Salvador Stacks 😬
We close 2024 with this edition, so cheers to the new year before we go in 🥂
For a year-ending surprise, Bitcoin just showed us why everyone calls it volatile 😂
All the way from touching the sky to obeying the law of gravity, That was pretty fast.
And by the way, El Salvador just hit a sweet BTC milestone just as Bybit is getting booted out of Malaysia while Tether's about to hit extinction in Europe.
Big boys getting kicked out here and there… It’s a wild wild west in the west right now
Here are the Highlights:
- Bitcoin tumbled to $95k after $540 million in long liquidations
- Malaysia SC Shuts Down Bybit for Unregistered Operations
- Tether Faces EU Regulatory Hurdles: USDT Market Cap Drops $2 Billion
- El Salvador's Bitcoin stash hits 6,000 BTC, worth $569M
Bitcoin tumbled to $95k after $540 million in long liquidations
As Bitcoin soared to an unprecedented high of $108,200, excitement was palpable among traders, yet little did they anticipate the swift twist that lay ahead. Just days later, the market learned a harsh lesson in volatility as the cryptocurrency plummeted to $95,000, unraveling over $540 million in long positions. But what precisely sparked this rapid descent, turning a mere correction into a swift downturn? Untangling the web of leveraged positions... the full depth of this unraveling awaits.
Malaysia SC Shuts Down Bybit for Unregistered Operations
Malaysia’s Securities Commission (SC) has taken strong action against cryptocurrency exchange Bybit Technology Limited (formerly known as Bybit Fintech Limited) and its CEO, Ben Zhou (Yuchen Zhou), for operating without proper registration. The SC announced that Bybit has been operating a digital asset exchange (DAX) in Malaysia without obtaining approval as a Recognized Market Operator (RMO), a violation of Section 7(1) of Malaysia’s Capital Markets and Services Act 2007. The company and its CEO have been on the SC’s Investor Alert List since July 2021.
Tether Faces EU Regulatory Hurdles: USDT Market Cap Drops $2 Billion
The European Union’s MiCA regulations prompted exchanges to delist Tether’s USDT, causing a $2 billion market cap drop. Despite regulatory pressure, USDT remains dominant, with trading volumes remaining strong. Tether is scaling back EU operations and investing in MiCA-compliant stablecoins to navigate regulatory hurdles.The European Union’s MiCA regulations prompted exchanges to delist Tether’s USDT, causing a $2 billion market cap drop. Despite regulatory pressure, USDT remains dominant, with trading volumes remaining strong.
El Salvador's Bitcoin stash hits 6,000 BTC, worth $569M
El Salvador has become the sixth country to currently hold more than 6,000 Bitcoin (BTC), further solidifying the cryptocurrency’s status as a treasury asset for President Nayib Bukele’s country. El Salvador acquired another 1 Bitcoin on Dec. 29, pushing the country’s holdings to 6000.77 Bitcoin, currently worth $569.3 million, according to The National Bitcoin Office of El Salvador’s portfolio tracker. The latest buy puts El Salvador up 108.02% on its Bitcoin investment, having purchased the 6,000.77 Bitcoin at an average purchase price of $45,450, according to the Nayib Bukele portfolio tracker.
Other Highlights Worth Mentioning
Russia bans crypto mining for 6 years in 10 regions - Cointelegraph
Solana Co-Founder Faces Lawsuit Over Alleged Crypto Rewards Theft - BeInCrypto
Former FTX Executive Ryan Salame’s Prison Sentence Reduced by One Year - Bitcoins
Russian firms turn to Bitcoin, stablecoins for global trade amid sanctions - Cryptoslate