Crypto Market Trembles at Bitcoin’s Record Breaking Streak
Hold on to your hats and your wallets everyone! You already know it's Bitcoin season. We just breezed past $106,000, leaving massive liquidation trails and sending shockwaves through the market.
This isn't your typical rally—it's a full-scale crypto carnival. Fresh off Donald Trump's election win and Bitcoin shattering every record, we're witnessing a historic moment that's sparking conversations about crypto from Wall Street to Main Street.
Here are the Highlights:
- Bitcoin reaches new $106k all-time high causing $313 million in liquidations
- Coinbase faces $1B lawsuit over wBTC delisting
- Telegram CEO Pavel Durov appears in Paris court for first time amid criminal investigation
- Binance dominates 2024 with $21.6 billion deposits and record 250 million users
Bitcoin reaches new $106k all-time high causing $313 million in liquidations
On Dec. 16, data from CryptoSlate showed that Bitcoin peaked at $106,488 during Asian trading hours before settling at $104,771 at the time of reporting. This milestone extends the flagship digital asset’s impressive rally, which gained momentum following Donald Trump’s election victory in November. Over the past month, Bitcoin’s value crossed the $100,000 mark for the first time after rising by more than 15% during the reporting period. When priced in euros, Bitcoin also achieved a new all-time high, hitting €101,212 before retracing slightly to €99,610 at press time, according to CoinMarketCap.
Coinbase faces $1B lawsuit over wBTC delisting
Crypto exchange Coinbase is being sued for over $1 billion by BiT Global Digital Limited, accusing the company of harming the market for wrapped Bitcoin (wBTC) after a November decision to delist the token. In a Dec. 13 complaint, BiT Global alleges that Coinbase’s decision to delist wBTC was aimed at promoting its own competing product, cbBTC—a move that resulted in massive financial losses and eroded consumer confidence in wBTC.
Telegram CEO Pavel Durov appears in Paris court for first time amid criminal investigation
Pavel Durov, CEO of messaging platform Telegram, appeared before a Paris judge for his first formal questioning as part of a criminal investigation into the platform’s alleged facilitation of illegal activities, a source familiar with the case told AFP. Durov arrived at the Paris courthouse around 10 a.m. (local time) with attorneys David-Olivier Kaminski and Christophe Ingrain. He told reporters he “trusted the French justice system” but provided no additional comments about the legal proceedings.
Binance dominates 2024 with $21.6 billion deposits and record 250 million users
Binance has cemented its position as the leading crypto exchange by reporting customer deposits totaling $21.6 billion in 2024, according to a Dec. 12 report. This achievement places Binance significantly ahead of its competition, with data from DeFi Llama revealing that the exchange’s deposits surpass the combined total of the next ten largest exchanges tracked by 36%. Competitors—including OKX, Bitfinex, Robinhood, and Bybit—collectively reported $15.9 billion in deposits for the same period. Binance attributed its dominance to initiatives like the Binance Launchpool, which has been instrumental in attracting and retaining funds on the platform.
Other Highlights Worth Mentioning
FTX debtors recover $14M in political donations - Bitget
Tether’s USDT approved as accepted virtual asset in Abu Dhabi - Cointelegraph
Bitcoin ETFs break $4 billion in inflows during first weeks of December - Cryptoslate
Robinhood Recorded $119B in Crypto Notional Trading Volume This Year - Binance