Bitcoin BTC opened the trading week down 2% at $41,000. Ether ETH fell 3% to $2,100. Data from Coinglass shows that $103.5 million worth of token tracking futures were liquidated in the last 12 hours, of which $95 million were long positions or bets on higher prices. According to Simon Peters, a market analyst at eToro, Bitcoin has struggled to gain momentum in recent days and volumes are likely to slow as traders take a break for Christmas. He points out that there are hardly any events on the calendar this week that could impact crypto prices. “Higher-than-expected inflation could deter UK markets due to banks’ interest rate expectations, but that is just a side effect compared to the overall crypto market at the moment,” Peters said. Altcoins like Helium's HNT gained 9% in the last 24 hours, and Stacks' STX gained 6%.
The estate of collapsed crypto firm FTX has filed a proposal to exit bankruptcy in a Delaware court, according to a filing on Saturday. The exchange, founded by Sam Bankman-Fried, imploded in November 2022, shortly after CoinDesk reported on the shaky balance sheet of the company's trading unit, Alameda. The bankruptcy plan was expected on December 16 and followed earlier informal proposals that called for the return of up to 90% of creditors' money. In the new proposal, creditor and customer claims will be classified according to the priority the estate wants to give them, and the value of the claims will be calculated based on asset prices at the time of the company's bankruptcy filing. In a separate statement, the estate said the plan was designed to “maximize and efficiently distribute value to all creditors.”
Historically, cryptocurrency markets have been dominated by unregulated trading venues and retail investor activity. Still, this year shows how much market structure and participation has evolved and become institutionalized, Goldman Sachs (GS) said in a report last week. The bank noted that the crypto market saw growth in regulated, centrally cleared derivatives venues in 2023, including Coinbase Derivatives, CBOE, Eurex, GFO-X, AsiaNext and 24 Exchange. “Market institutionalization was most evident in the derivatives market,” the report said, adding that “CME saw a steady increase in Bitcoin and Ether futures and options trading, becoming the leader in BTC futures in the fourth quarter -Exchange has developed based on open interest.” ”
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