Celsius Appeals FTX Decision
Celsius has appealed a judge’s decision to dismiss its $444 million bankruptcy claim against FTX. Initially seeking $2 billion in damages for alleged defamatory statements by FTX executives, Celsius later revised its claim to focus on priority transfers that benefited certain creditors. Judge Dorsey dismissed both claims for procedural deficiencies and failure to timely amend the motions. Celsius maintains that its initial filings were sufficient to meet bankruptcy law requirements. The case is part of Celsius’ efforts to recover funds that have totaled $2.53 billion in repayments to creditors.
Buterin’s Support for Tornado Cash
Ethereum co-founder Vitalik Buterin has donated 50 ETH (about $170,000) to the defense fund of Tornado Cash developers Roman Storm and Alexey Pertsev, who are facing serious legal challenges. The donation comes on top of his previous legal defenses for Julian Assange and the Tornado Cash developers. The developers are fighting charges of money laundering and sanctions violations, with Storm awaiting trial, while Pertsev is appealing his conviction and five-year prison sentence. The Tornado Cash protocol is under intense scrutiny after US authorities alleged it was used to launder more than $7 billion in crypto. Buterin’s donation accounts for 25% of the funds in his community initiative JusticeDAO.
XRP Volume at its Peak in South Korea
XRP has seen a huge surge in trading volume on leading crypto exchanges in South Korea, surpassing Bitcoin and Ethereum, with 24-hour trading volume exceeding $1 billion. On Upbit, XRP topped the list with $716.79 million, accounting for 13.67% of the total $5.23 billion trading volume. Bitcoin and Ethereum were much lower. A similar trend was seen on Bithumb, where XRP accounted for 17.73% of the total trading volume, with Bitcoin trailing behind at 7.68%. This increase has been supported by increasing speculation amid market dynamics and political tensions in South Korea, making XRP a popular asset among local investors.
Swiss Reserves May Include Bitcoin
The Swiss Federal Chancellery has approved a constitutional amendment proposal called the “Bitcoin Initiative” that would require the Swiss National Bank to hold a portion of its reserves in Bitcoin. The proposal argues that Bitcoin’s decentralized and deflationary properties could strengthen the country’s financial independence. After the Bundestag examines it, the issue will be brought to a national referendum once enough signatures are collected. While supporters say the initiative is compatible with financial innovation, critics argue that Bitcoin’s volatility could threaten the country’s financial stability. If accepted; Switzerland will be one of the first countries to include crypto assets in its national reserve strategy.
Syria’s Bitcoin Economic Stabilization Move
The Syrian Center for Economic Research (SCER) has presented a proposal to legalize Bitcoin and digitize the lira. The plan includes using Bitcoin in trade and mining, as well as creating a digital Syrian pound backed by assets such as gold and the dollar. It is stated that blockchain technology could stabilize the national currency and protect citizens from economic hardship. However, the country’s post-conflict recovery process, sanctions, limited infrastructure and low crypto adoption rates are among the biggest obstacles to the proposal. Concerns have also been expressed about the misuse of cryptocurrencies.
Hong Kong’s Bitcoin Reserve Proposal
Hong Kong MP Wu Jiexhuang has proposed adding Bitcoin to the region’s financial reserves. It is stated that this step will increase financial security, grow the crypto sector and attract investment. Jiexhuang proposed that Hong Kong allocate a portion of its foreign exchange reserves to Bitcoin, initially focusing on spot Bitcoin ETFs. The proposal aims to make Hong Kong a pioneer in financial innovation and encourage global adoption of Bitcoin. The fact that Johnny Ng, who previously made a similar proposal, and Germany are also considering adopting BTC as a reserve asset points to Bitcoin’s growing importance as a strategic reserve.
MiCA Regulation and the Future of Tether USDT in the EU
The European Union’s crypto regulation MiCA has come into force, but Tether’s USDT has yet to receive a certificate of compliance. The new regulations impose tough obligations on stablecoin issuers, particularly with reserve and liquidity requirements. While Tether claims that its exit from the EU market will not have an immediate financial impact due to its size and global adoption, uncertainty remains. While some exchanges have delisted USDT to reduce regulatory risks, major exchanges such as Binance and Crypto.com continue to closely monitor the situation in the EU market. Tether’s large cash reserves and product diversification strategies play a significant role in mitigating potential risks.
Tron Becomes Revenue Champion in 2024
In 2024, Tron surpassed Ethereum to become the first blockchain revenue leader with $2.12 billion in revenue. Solana fell behind in terms of revenue despite a market cap of $90.9 billion, while new blockchains such as Arbitrum and Optimism also fell behind Tron. Tron’s success accelerated, especially with the impact of the SunPump platform launched in August. TRX reached a record high of $0.44 in December, but fell 43% to $0.25 by the end of the year. Resistance levels are seen at $0.40 and $0.49, while Grayscale and Justin Sun’s initiatives continue to increase community interest.
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BITCOIN (BTC)
BTC is priced at $95,950 as of the morning hours with a 1.41% gain in value. The price is moving in a clear consolidation range, and the 92,232.54 USDT level stands out as a strong support. This level represents a critical area where buyers step in if the price declines. In upward movements, the 99,540.61 USDT level should be followed as a significant intermediate resistance, and the 103,534.17 USDT level should be followed as a stronger resistance. The price has recently been moving horizontally between 92,232.54 and 96,000 USDT, indicating market indecision. If this consolidation range is broken upwards, a strong upward wave can be expected, while if it falls below the support level, downward pressure may increase.
ETHEREUM (ETH)
ETH is priced at $3,419 with a 1.83% gain as of the morning hours. The price has reacted from the support zone in the range of 3.305 – 3.365 USDT and has risen and is moving towards the upper band of the consolidation. This support zone represents a critical area where buyers are active and limit the price decline. In upward movements, the intermediate resistance of 3.580 USDT and the level of 3.829.69 USDT stand out as important resistance zones. In particular, a break above the level of 3.829.69 USDT may support the uptrend. However, if the price cannot overcome these resistance levels, a pullback towards the support zone may occur. The current horizontal movement shows that indecision prevails in the market and investors are waiting for the next trend movement. Therefore, a breakout of the 3.305 – 3.365 USDT support zone and the 3.829.69 USDT resistance level will provide clear signals about the next price direction.
RIPPLE (XRP)
XRP is trading at $2.3930 with a 2.64% increase in value as of the morning hours. Closing yesterday with a 12% increase, XRP broke the 2.2305 resistance level by catching a strong uptrend and is currently trading close to the resistance zone at 2.4935. If this zone is maintained, the price can be expected to target the 2.4935 and then 2.6747 resistance levels. In possible pullbacks, the 2.3645 level can be monitored as the first support. A move below this level could cause the price to fall to the 2305 and 2.1627 levels. Protecting the support levels is critical for the continuation of the uptrend. Otherwise, there may be a risk of a drop to the 2.0741 level. Therefore, it is important for investors to pay attention to the determined support and resistance zones by considering the volume and momentum.
AVALANCHE (AVAX)
AVAX is trading at $ 38.85 as of the morning hours with a 2.80% gain in value. It rose to the level of 38.84 by exceeding the resistance zone at 37.29 with a strong uptrend. At this point, the level of 40.06 can be monitored as a critical resistance. If the price maintains its persistence above this level, the levels of 42.50 and 45.08 can be evaluated as the next targets. In possible pullbacks, the level of 37.29 should be followed as the first support zone. A move below this level could cause the price to decline to the support levels of 35.50 and 33.01. Especially maintaining the 35.50 level is important for the price to recover and continue the uptrend. Therefore, it is important for investors to carefully monitor the identified critical support and resistance levels.
SOLANA (SOL)
SOL is priced at $ 204 levels with a 5.20% gain as of the morning hours. The price broke the resistance at 200.13 and rose to 204.11. At this point, the $ 205.11 level of the price can be followed as a critical resistance. If this level is exceeded and maintained above, the levels 214.72 and 226.51 may stand out as targets. In possible pullbacks, the level 200.13 can be followed as the first support. In case of declines below this level, the 191.26 and 183.60 levels stand out as support areas. Especially the 177.10 level stands out as a strong support and it will be important for the price to hold above this area in order to continue the upward momentum. Therefore, it is important for investors to carefully monitor the identified critical support and resistance levels.
