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Celsius claimed FTX officers made “unsubstantiated and disparaging statements” about the firm’s balance sheet and financial condition in its first claim and then claimed $444 million in transfers to FTX entities should be returned to the bankruptcy estate in its amended claim.
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Sunil Kavuri, an FTX creditor activist, said in a Jan. 2 post that Celsius filed a $2 billion claim for disparagement before the bar date and then filed a $444 million amended claim for a preference claim after the bar date.
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On Dec. 31, the litigation administrator for Celsius Network and its affiliated debtors, Mohsin Meghji, filed a notice of appeal regarding Dorsey’s memorandum opinion and order.
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Fartcoin — a memecoin without any utility — stood out as the broader crypto market faltered after the United States Federal Reserve announced a 25-basis-point rate cut, along with signals that 2025 may see fewer cuts than expected.
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Solana-based memecoin Fartcoin gained 113% over the past 30 days to briefly surpass a market capitalization of $1 billion on Dec. 18, despite most of the altcoin market suffering a double-digit slump on the day.
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“We know that Week 7 and Week 8 in Price Discovery have historically been corrective weeks,” they added.
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While many crypto speculators often see steep drops like this as “flash crashes,” Rekt said it may go on for at least another week.
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“Technically, it is Week 7 in Price Discovery, which historically meant that BTC corrections occur around this time,” Rekt said.
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Still, it was only on Nov. 5 that Bitcoin surpassed its previous all-time high of $73,679 set in March. Rekt said volatility comes naturally when entering price discovery.
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This came just two weeks after Bitcoin broke through $100,000 for the first time on Dec. 5, mainly driven by Bitcoin exchange-traded fund (ETF) demand, the April halving and Donald Trump’s presidential election win.
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“If you’re selling your Bitcoin in reaction to what the Fed said today, you have no idea what you own,” crypto commentator James Lavish added.
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For some traders, the Bitcoin price dip caused little concern. “This pullback is pretty normal for Bitcoin. We’ve had 8 of them since October,” Bitcoin Archive said in a Dec. 18 X post.
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It came against a broader crypto market sell-off after the United States Federal Reserve announced a 25 basis point rate cut and signaled that fewer rate cuts than initially planned may take place in 2025.
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Bitcoin’s price is poised for further gains following a $1.7 billion reduction in leveraged trading positions on Dec. 9. Kooner said this deleveraging sets the stage for the next market rally, adding, “Excessive leveraged long positioning has been removed, creating a foundation for the next leg up in Bitcoin’s price.”
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An interest rate cut by the Fed would help Bitcoin finish the year at “record-breaking levels,” Kooner said. “Lower interest rates typically reduce borrowing costs, encouraging greater risk-taking among investors. Cryptocurrencies, as high-risk assets, often see inflows during such periods of increased liquidity. Additionally, the psychological boost from a dovish monetary stance can improve investor sentiment,” he added.
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The odds of a 25 basis-point rate cut currently stand at 96.7%, up from 82.5% a month ago, according to the latest data from the CME FedWatch tool.
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After Bitcoin rallied to all-time highs above $100,000 in early December 2024, El Salvador’s unrealized gains on its BTC purchases surged to more than $300 million.
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The local government has continued to acquire Bitcoin since, committing to buy one Bitcoin daily and accumulating 5,942 BTC as of November 2024.
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El Salvador has been purchasing BTC since adopting its Bitcoin Law in September 2021, making its first 200 BTC purchase on Sept. 6, 2021.
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In February 2023, the IMF urged El Salvador to address Bitcoin-related risks, arguing that its adoption of Bitcoin “had not materialized.” At the time, Bitcoin traded at around $21,600, according to CoinGecko data.
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