Bitcoin Takes a Break, Solana Takes Over 🚀
Happy Holidays Everyone 🧑🎄
And welcome to another edition of your favorite weekly news round-up!
Apparently, it’s vacation season and it looks like even Bitcoin needs a vacation! After riding the Trump victory wave straight past $100K, our favorite digital gold just took its first dip in a while. And in what looks like a takeover, Solana's been doing the showoff and crushing records like they're nothing.
And guess who's back in the headlines? SBF’s trying his luck but Uncle Sam wasn't having any of it. And for all you former FTX users out there - Santa's coming, but he's running on crypto time. Y’all better get ready for Christmas now.
Here are the Highlights:
- Bitcoin sees first major weekly price decline since Trump’s election win
- Solana surpasses rivals with record-breaking 66.9 million daily transactions
- US government rejects Sam Bankman-Fried’s conviction appeal
- Kraken and BitGo will help distribute the first FTX payments in 2025
Bitcoin sees first major weekly price decline since Trump’s election win
Bitcoin has seen its first significant weekly price fall since Donald Trump’s November presidential election win kicked off a rally that sent the cryptocurrency soaring over six figures. Bitcoin dropped 10% on the week ending Dec. 22 to close at $94,645, shaving around $10,500 from its starting point of $105,185, according to TradingView. Its fall came after the United States Federal Reserve’s Federal Open Market Committee trimmed the number of projected interest rate cuts for next year from five to two after its third cut in a row.
Solana surpasses rivals with record-breaking 66.9 million daily transactions
Solana (SOL) has solidified its position as a leading blockchain, setting a new milestone with unmatched network activity over the past day. According to Artemis data, the network processed an impressive 66.9 million transactions on Dec. 17. This achievement illustrates its growing popularity and efficiency. This surge positioned Solana far ahead of its peers, with its transaction volume exceeding that of all major blockchains combined. The network also led in user engagement, accounting for more than half of the daily active addresses across leading blockchain platforms during the same period.
US government rejects Sam Bankman-Fried’s conviction appeal
The US government has denied Sam Bankman-Fried's appeal to overturn his conviction and sentencing in connection to the FTX collapse. Bankman-Fried, founder of the now-defunct FTX exchange, sought to challenge his conviction citing judicial bias and procedural errors. However, the government found no merit in his claims, stating that the court's decisions were lawful and standard in fraud cases. They dismissed his arguments regarding limitations on defense arguments and evidence about his investments.
Kraken and BitGo will help distribute the first FTX payments in 2025
Debtors representing the defunct cryptocurrency exchange FTX in its bankruptcy case have announced that a reorganization plan, which will enable customer repayments, will take effect on Jan. 3. In a Dec. 16 notice, FTX said it had set up a timeline for the initial distribution of funds to the exchange’s users, more than two years after the firm filed for Chapter 11 bankruptcy protection. According to the FTX debtors, the first group of claim holders can expect repayments within 60 days of Jan. 3, 2025, subject to certain conditions.
Other Highlights Worth Mentioning
U.S. Shuts Down North Korean Crypto Money Laundering Network - CoinDesk
Bitcoin and Ethereum take a hit as $1.2 billion in crypto liquidated - Cryptoslate
Tether USDT trading continues across Europe despite Coinbase delisting - Cointelegraph
Binance.US to Resume USD Services in Early 2025 Amid Regulatory Shifts - BeInCrypto