FTX Bankroll Is Finally On… 💸
Here’s our opener for 2025 guys… Welcome to the new year and welcome to the year’s first edition of your favorite weekly news round-up From Coinigy!
The King of Crypto is showing off again, $99,248.51 with a sweet 1.02% daily gain. Surely the only way up from falling is flying. We're talking about a $1.96 trillion market cap here. But it’s nothing new to see, our favorite coin’s just showing others how it’s done and that’s how you start the new year, with a bang!
By the way, you’ve got to mark your calendars because FTX is rolling out the bankrolls already while Coinbase is out there dropping some truth missiles, with "pause letters" finally seeing the light of day, thanks to a Freedom of Information Act request.
We are not even settled in properly yet but the 2025 cruise has begun
Here are the Highlights:
- Bitcoin Reclaims $99K as Bulls Take Charge Amid Rising Hashrate
- FTX Begins Creditors’ Repayments After Two Years of Bankruptcy
- Coinbase shares unredacted FDIC letters urging banks to avoid offering basic Bitcoin services
- Dogecoin surges 21% as large investors accumulate, Galaxy forecasts $1 DOGE
Bitcoin Reclaims $99K as Bulls Take Charge Amid Rising Hashrate
Bitcoin has reclaimed the $99,000 mark, trading at $99,248.51 with a 1.02% daily rise. Its market cap reached $1.96 trillion, up 1.02%, while the 24-hour trading volume surged 22.46% to $24.95 billion. Bitcoin’s fully diluted valuation (FDV) is now $2.08 trillion, with a market cap ratio of 1.26%. Despite Proof-of-Work challenges, Bitcoin’s rising hashrate highlights strong miner confidence and robust network security. Notably, U.S. mining pools played a major role in driving Bitcoin’s recent $19 trillion transaction milestone.
FTX Begins Creditors’ Repayments After Two Years of Bankruptcy
After two long years, FTX, the cryptocurrency exchange that collapsed in November 2022, has finally started repaying its customers. As of January 3, 2025, the court-approved Chapter 11 Plan of Reorganization is now in action, marking an important step in the company’s efforts to settle creditor claims. The FTX Debtors Plan of Reorganization is effective today, January 3, 2025. Today is also the initial distribution record date for holders of allowed claims in the Plan's Convenience Classes.
Coinbase shares unredacted FDIC letters urging banks to avoid offering basic Bitcoin services
Coinbase chief legal officer Paul Grewal shared documents revealing that the Federal Deposit Insurance Corporation (FDIC) urged banks to halt or avoid not only crypto-related services but also simple Bitcoin (BTC) offerings. The letters are unredacted versions of documents shared by Grewal on Dec. 6, 2024. They were dubbed “pause letters” because they repeatedly recommend suspending or refraining from using crypto services. These letters result from Coinbase’s Freedom of Information Act (FOIA) request filed on Oct. 18, seeking clarity on an alleged 15% deposit cap imposed on crypto-friendly banks.
Dogecoin surges 21% as large investors accumulate, Galaxy forecasts $1 DOGE
Over the past week, the price of Dogecoin has seen a significant surge as large holders of the meme cryptocurrency, known as whales, continue to boost its value. Whales holding large amounts of Dogecoin have been actively trading and accumulating more coins, driving up the price in the process. This surge in price comes after a period of consolidation for Dogecoin, which has been trading in a relatively narrow range for the past few weeks. Analysts believe that the recent interest in Dogecoin from whales is a sign of growing confidence in the cryptocurrency and its future potential.
Other Highlights Worth Mentioning
$19 trillion in transactions settled on the Bitcoin network in 2024 - Cointelegraph
California Man Sues Asian Banks, Seeks $3M After $1M Crypto Scam - Binance
Do Kwon pleads not guilty to US fraud charges in $40 billion crypto collapse - Reuters
Binance becomes first crypto exchange with broker-dealer license in Brazil - Cryptoslate