Santa Claus Mode: Bitcoin Rockets Past $106K!

Bitcoin's rally is proof of investors' FOMO, which is driving increased capital allocation into BTC.

Author

Danielle du Toit
December 16, 2024

In partnership with

Invest in the Next Digital Frontier

DeFi Technologies Inc. (CAD: DEFI & US: DEFTF) is revolutionizing access to the digital economy. With a strong financial performance and Nasdaq ambitions, DeFi offers regulated pathways into DeFi, Bitcoin, and Web3 investments. Discover why DeFi is a leader in the future of finance.

Here's what we've got for you today:

  • Bitcoin Goes ‘Santa Claus Mode’ as Hopes Raise for US Reserve Status

  • Michael Saylor Teases Record-Breaking Bitcoin Buy for MicroStrategy

  • OpenSea Cayman Islands Registration Sparks Token Airdrop Speculation

  • Coinbase Faces $1B Lawsuit from BiT Global Over Wrapped Bitcoin (WBTC) Delisting

Bitcoin’s price rose by nearly 5% in a day to set a new all-time high above $106,000 on Dec. 15, thanks to growing speculation of it becoming a United States reserve asset.

  • CK Zheng of ZK Square believes Bitcoin's recent rally is proof of investors' fear of missing out, which is driving increased capital allocation into the asset.

  • Zheng predicts that Bitcoin could reach $125,000 by early 2025 but also warned traders that a 30% correction to $87,500 may follow.

  • Strike CEO Jack Mallers believes President-Elect Donald Trump could issue an executive order designating Bitcoin as a reserve asset on his very first day in office, which is also fueling market speculation.

Over the weekend, Saylor dropped a cryptic hint suggesting that the firm may have made another large Bitcoin purchase. 

  • In a Dec. 15 post, Michael Saylor hinted at a potential new Bitcoin acquisition by MicroStrategy by pointing out a "missing green dot" on the SaylorTracker portfolio tracker.

  • If confirmed, this would be MicroStrategy’s first Bitcoin purchase at a six-figure price.

  • With 423,650 BTC, which is currently valued at over $43.6 billion, a new purchase could bring MicroStrategy's Bitcoin holdings closer to a $50 billion valuation.

The NFT community is abuzz with speculation about a potential OpenSea token airdrop after its recent Cayman Islands registration.

  • On Dec. 14, researcher Waleswoosh shared a screenshot suggesting OpenSea may be planning to launch a cryptocurrency and reward users through an airdrop.

  • OpenSea CEO Devin Finzer previously announced plans for a major platform relaunch in December, though details about these plans are still scarce.

  • Members of the NFT community, including Matter Labs' manager believe OpenSea might reward its early supporters to rebuild trust and loyalty.

⚖️ Coinbase Faces $1B Lawsuit from BiT Global Over Wrapped Bitcoin (WBTC) Delisting

BiT Global exchange claims that Coinbase’s move was a deliberate attempt to monopolize the market and promote its own rival product, cbBTC.

  • The lawsuit was filed on Dec. 13, and it accuses Coinbase of anti-competitive practices under the Sherman Act.

  • Coinbase is also accused of making misleading statements suggesting wBTC failed to meet its listing standards, despite providing no specific reasons during the Nov. 19 delisting announcement.

  • BiT Global is represented by Kneupper & Covey, who believes that Coinbase's actions and reasoning for delisting wBTC were deceptive and damaging.

👀 QUICK NEWS

MEME OF THE DAY

How did you like today's newsletter?

Login or Subscribe to participate in polls.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!