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Stuart Hoegner, general counsel of Tether and Bitfinex, has retired from his role as legal chief at the two firms and will be replaced by Michael Hilliard, who has been working alongside Hoegner for several years.
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He argued that “Tornado Cash is not a financial institution” and that “there could be no agreement to commit money laundering because the Tornado Cash protocol became immutable in May 2020, four months before the alleged start of the conspiracy.”
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After detecting the incident, the Bitcoin ATM operator immediately shut down its platform and assured customers that no user assets or funds had been compromised.
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Forbes prematurely called the end of Bitcoin when its price fell from “$17 to pennies in a matter of minutes” in June 2011.
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Here are some of MSM’s most brutal headlines and comments that Bitcoiners were faced with on the road to $100,000.
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The ratio of positive Bitcoin stories has, however, increased as Bitcoin soared to new highs and became more institutionalized in the early 2020s, according to Bitcoin Perception data shared exclusively with Cointelegraph.
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Bitcoin has reached the historic $100,000 milestone almost 16 years after launching in 2009 — but the road hasn’t been easy for OG Bitcoiners, who have had to endure some of the most brutal attacks from mainstream media’s (MSM) biggest names.
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Byzantine General, a crypto futures analyst, hinted at a similar move for Bitcoin, with a liquidity sweep around the $85,000 mark over the course of December. However, the analyst said future drawdowns would be “short-term corrections.”
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While the 100-day EMA level (green line) is immediate support, historically, it has been a weak reversal point if tested within short-term periods of time (the 100-EMA was tested once last week). Short-term corrections down to $90,800 are a technical target from the double-top pattern, but prices may swipe the key liquidity zone under $90,000.
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From a technical standpoint, Bitcoin’s four-hour chart pictured a confirmed double-top pattern with $95,000 as its base trendline. A daily close under the $95,000 mark will increase the probability of another decline near the $92,000 and $90,000 range. The relative strength index (RSI) also exhibited a rejection below the 50 level, which means selling pressure is gaining momentum.
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Aggregated order books at centralized exchanges indicated large sell orders around the $110,000 level, which hasn’t been triggered yet. While this sell wall hasn’t been hit, the likelihood of price reversing before such a strong order can keep potential long traders sidelined, as they would be aware of a limited risk-to-reward ratio on the upside.
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The chart illustrates that the OI to USDT reserve ratio concerning the BTC futures pair is still twice as high as Match 2024, where the previous all-time high (ATH) was established. Thus, the BTC future market remains overleveraged with a possibility of a flush down despite the drop in open interest over the past week.
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Data from CoinGlass indicated that Bitcoin open interest (OI) has dropped from $64 billion to $58 billion, a 9% drop since last week. However, the relative OI with respect to the BTC-USDT perpetual futures pair remains overleveraged compared to its early-year high in March 2024.
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One of the reasons for such massive gains in a short period is an uptick in user activity on the Cardano network. For example, the total value locked (TVL) has been on an uptrend over the last three weeks.
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Since then, the ratio has been on a sustained uptrend, rising 148% to reach a nine-month high of $0.00001096 on Nov. 23.
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This ratio then dropped during the 2022 bear market, reaching an all-time low of 0.00000336 on Nov. 6.
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High network activity and general positive market sentiment during the 2021 bull cycle saw the ADA/BTC ratio rally 895% from Dec. 21, 2020, to reach an all-time high of 0.00005847 on Aug. 23, 2021.
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Cardano has outperformed Bitcoin throughout November, rallying approximately 200% month-to-date compared to BTC’s 39% gains against the US dollar.
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Hoskinson explained this in a video detailing plans to use Bitcoin as a control layer for Cardano’s smart contracts and assets. This integration will enable users to send Bitcoin to Cardano, generating Cardano-wrapped “Bitcoin.”
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