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Dorsey disallowed both claims in December, finding that Celsius’ original proofs of claim, which contained only a single sentence about investigating possible preference claims, were insufficient to preserve their preference claims.
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Celsius has been trying to claw back hundreds of millions from FTX, initially claiming $2 billion in damages over alleged “disparaging statements” that FTX officers made against Celsius that accelerated its fall. It later revised the claim to focus on “preferential transfers” that gave special treatment to some creditors and not others, claiming damages of $444 million.
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Collapsed crypto lending platform Celsius filed a notice of appeal against Judge John T. Dorsey’s order that disallowed its claims for damages from FTX as part of its ongoing bankruptcy case.
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“There will be intra-month volatility, but the pullbacks likely will be a “buy the dip” scenario for much longer than everyone expects,” Cheung said.
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On Dec. 9, Syncracy Capital co-founder Daniel Cheung said there will probably be more time for traders to take advantage of buying opportunities this cycle.
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Meanwhile, Bone Fide Wealth president Douglas A. Bentforth said in an X post, “the Fed cannot own Bitcoin, but they said nothing about Fartcoin.”
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Unlimited Funds co-founder Bob Elliot said in a Dec. 18 X post, “If Fartcoin is going parabolic, maybe monetary policy is far from “very restrictive.”
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Fartcoin launched on Oct. 24 and has seen significant volatility, reaching a market cap of $423 million on Nov. 22 before retracing all the way down to $160 million by Dec. 5.
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“Hedge fund managers will raise billions and hire teams of Ivy League grads just to underperform degen 14-year-olds trading Fartcoin in their mom’s basements,” Liquidity Capital founder said in a Dec. 18 X post.
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Investment research firm Hedgeye said in a Dec. 18 X post, “Fartcoin briefly hits $1 billion in market cap as investors flee risk assets, seek safety.”
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“The funniest possible outcome is usually the most likely,” investor Brandon Beylo said in a Dec. 18 X post, saying investors are “fleeing to safety in Fartcoin.”
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The rally didn’t last long. Hours after surpassing $1 billion, Fartcoin retraced by 16% and was trading at a price of $0.83 with a market cap of $838.4 million at the time of publication.
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Between 8:20 pm and 9:00 pm UTC on Dec. 18, Fartcoin’s price was an outlier in the altcoin market, spiking about 21% to $1.02, pushing its market cap to $1.02 billion, according to CoinMarketCap data.
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Bitcoin investors eagerly await the United States Federal Reserve’s final monetary policy decision for 2024 on Dec. 18.
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A warm Farcaster welcome to @merfil89!
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A warm Farcaster welcome to @abrahamla088!
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A warm Farcaster welcome to @r90280790!
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A warm Farcaster welcome to @jonesaria357!
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A warm Farcaster welcome to @c97332458!
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Both posts have since been deleted, and the Cardano Foundation is working on regaining control of the social media account.
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