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Bitcoin’s Nosedive to Under $100K Shaves $700M Crypto Longs, XRP Drops 5%

XRP and DOGE futures recorded an unusually high $70 million in liquidations, indicative of rising speculative activity in majors.

A bitcoin (BTC) slump spiraled into over $700 million worth of liquidations across futures tracking major tokens, with XRP and dogecoin (DOGE) products recording unusually high losses.

BTC fell under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025. Fed chair Jerome Powell then said at a post-FOMC press conference that the central bank wasn’t allowed to own bitcoin under current regulations — in response to a question about President-elect Donald Trump’s strategic reserve promises.

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“That’s the kind of thing that Congress should consider, but we are not looking for a law change,” Powell said. In a July campaign, Trump said the government would keep 100% of all the bitcoin it currently holds or acquires in the future under his administration — referring to the stockpile of seized BTC held by the country.

BTC fell 3% after Powell’s comments, causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Chainlink’s LINK fared the worst with a 10% drop — erasing some gains from earlier in the week as Trump-backed World Liberty Financial purchased $2 million worth of the tokens.

The market slide led to over $700 million in bullish bets liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move, data shows.

A liquidation occurs when an exchange forcefully closes a trader’s leveraged position due to the trader’s inability to meet the margin requirements. Large-scale liquidations can indicate market extremes, like panic selling or buying.

A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment.

Some traders say Powell’s comment may mark a local top, dampening expectations of a continued rally toward the end of the month.

“Crypto markets may have entered a peak if a U.S. Bitcoin strategic reserve is no longer in play, as this promise helped to fuel the recent months’ rally to new all-time highs, Nick Ruck, director at LVRG Research, shared with CoinDesk in a Telegram message. “Although an interest rate cut would normally have a bullish reaction since it was largely expected, the market strongly reacted after Fed Chair Jerome Powell stated that inflation would be a continuing problem throughout the next year.”

Traders at Singapore-based QCP Capital, however, remain generally bullish for the coming year.

“Don’t get shaken out of your positions if a drop occurs. With 2025 poised to be a potentially bullish year for crypto, particularly with Trump in office, staying the course may prove beneficial,” the company said in a Thursday broadcast message.

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Hawkish Fed Has Bitcoin Market Showing Strongest Bias for Downside Protection in 3 Months

Short-term BTC puts are in demand after hawkish Fed dented the bullish sentiment in risk assets.

Crypto traders initial worries about a hawkish Fed materialized Wednesday as Chairman Jerome Powell cut interest rates but expressed uncertainty about the speed and extent of future easing. And now the sentiment has deteriorated.

Bitcoin’s seven-day call-put skew shows that Deribit-listed put options offering downside protection and expiring in one week are trading at the highest implied volatility premium to call options since September, according to data source Amberdata. In other words, put options are the most expensive relative to calls in three months.

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Its a sign of traders scrambling to hedge their bullish bets against a potential continuation of Wednesday’s price slide, triggered by a hawkish Fed.

The dour sentiment is also evident from the negative one-month skew, reflecting a bias for puts and a significantly weaker call bias in options ranging from two to six months. These calls traded at a 3 vol premium to puts at press time, down from the 4-5 vol premium observed early this month.

On Wednesday, the Fed cut the benchmark interest rate by 25 basis points to the 4.25% to 4.5% range. That’s 100 basis points lower than the September levels when it began the easing cycle.

Bitcoin declined following the rate cut, as Fed Chairman Jerome Powell described it as a close call and emphasized caution regarding future moves as rates

Bitcoin Miners Are Expected to be Profitable in December, Jefferies Says

November was a strong month for the miners as the rally in bitcoin outpaced the rise in the network hashrate, the report said.

BTC’s rise to record highs earlier this week is expected to allow miners to extend their November profitability into December, according to a report by investment bank Jefferies on Wednesday.

Bitcoin mining economics improved in November as the average price of bitcoin was 31% higher while the average network hashrate rose by almost 4%, the report said.

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The hashrate, representing the total computing power dedicated to a network, is a proxy for competition in the industry and mining difficulty.

“Average daily revenue per exahash was $55,649, which represented a 20.7% month-on-month increase,” analysts Jonathan Petersen and Jan Aygul wrote.

U.S.-listed miners mined less bitcoin in November than the previous month, the bank said. Still, they mined more on a “network basis,” accounting for 24.7% of the total network.

The bank noted that uptime improved, which could be partly due to colder temperatures as winter approaches.

MARA Holdings (MARA) mined the most bitcoin, with 907 in November, and CleanSpark (CLSK) was second, with 622, the report noted.

MARA’s installed hashrate remained the largest in the sector at 46.1 exahashes per second (EH/s), followed by CleanSpark at 33.7 EH/s, the report added.

Read more: Bitcoin Mining Economics Continued to Improve in December, JPMorgan Says

VIX’s Second-Largest Spike in History Indicates a Local Bottom for Bitcoin: Van Straten

The VIX jumped 74% yesterday after a 25bps rate cut and a hawkish outlook from Fed Chair Jerome Powell.

Wednesday, Dec. 18, will go down in history as a day of market panic triggered by the 25 basis point Fed rate cut and Chair Jerome Powell’s hawkish outlook.

Bitcoin (BTC) briefly tumbled below $100,000; U.S. equities dropped around 3%, while the dollar index (DXY) index soared to a two-year high of 108, which continues to put pressure on currencies worldwide.

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The most significant movement came from the CBOE Volatility Index (VIX), which skyrocketed by 74%, marking the largest one-day jump in the Wall Street’s so-called fear gauge since Feb. 5, 2018. It was also the second-largest increase in its history. The VIX serves as a measure of market fear and expected volatility over the next 30 days.

Historically, significant spikes in the VIX have marked local bottoms for both bitcoin and the S&P 500.

Examining the top three one-day changes in the VIX, the first occurred on Feb. 5, 2018, when it surged by 116%. On that day, bitcoin plunged 16% to $6,891, which turned out to be a local bottom. By Feb. 20, prices had rebounded to over $11,000.

The second-largest spike in the VIX occurred on Dec. 18, registering a 74% increase.

The third biggest spike happened on Aug. 5, 2024, during the Yen carry trade unwind, when the VIX jumped 65%. On that occasion, bitcoin dropped 6% to hit a local bottom around $54,000 and climbed back up to over $64,000 by Aug. 23.

A similar pattern has consistently played out in the S&P 500 over the years, data shared by Charlie Bilello, chief market strategist at Creative Planning, show.

Let’s see if history repeats itself. At press time, BTC traded above $102,000 while the S&P 500 futures pointed to a positive open with a 0.37% gain.

Craig Wright Faces Demand for Two-Year Prison Sentence in Contempt-of-Court Case

COPA claims Wright’s attempt to sue for intellectual property rights related to bitcoin violate a July court order.

Craig Wright, who falsely claimed to be Satoshi Nakamoto, the pseudonymous creator of bitcoin, is in court again.

This time, the Crypto Open Patent Alliances is arguing Wright’s attempt to sue for 900 million pounds ($1.1 billion) over intellectual property rights related to the Bitcoin system in October amounts to contempt of court after a judge ruled in March that he was barred from pursuing proceedings related to his claim to be Nakamoto.

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The two-day trial is due to end later Thursday and COPA, whose backers include Twitter founder Jack Dorsey and crypto exchange Coinbase (COIN), is seeking a prison sentence.

“COPA proposes an order committing Dr Wright for an initial term of 18 months and a further term of six months in the event that he does not mitigate his contempt by promptly discontinuing the claims which breach the order,” COPA set out in its skeleton argument, court documents show.

In March, Justice James Mellor ruled that Wright was not Satoshi Nakamoto. Mellor then issued a court order preventing Wright from pursuing proceedings in the U.K. and other jurisdictions related to the claim.

“Dr. Wright is perfectly capable, once the dust has settled, of ramping up his public pronouncements again,” Mellor wrote at the time.

Prior to COPA’s victory, Wright had brought several court cases against the bitcoin community around the bitcoin whitepaper, libel suits as well as claims against developers.

Founder of DeFi Giant Curve Gets Liquidated Again as CRV Slumps

Curve founder Michael Egorov played down the $882,000 liquidation on X.

Curve founder Michael Egorov was liquidated for 918.83K CRV ($882,000) after CRV fell by more than 12% over the past 24-hours.

The head honcho of the decentralized finance (DeFi) lending platform suffered a series of mammoth liquidations earlier in 2024 after taking out loans to purchase CRV and bolster the price. $140 million in total was liquidated in June.

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“Many of you are aware that I had all my loans liquidated. Size of my positions was too large for markets to handle and caused 10M of bad debt,” Egorov wrote at the time.

The most recent of those purchases was worth $1.2 million on Dec. 17, at which point CRV was at trading at $1.11 before it tumbled to around $0.91 on Thursday.

Egorov took to X following Thursday’s liquidation, stating that the liquidated CRV was tied to the uWu hack in June and that the liquidation was simply a “receipt of Sifu’s [uWu’s founder] promise to repay the hacked funds.”

This didn’t prevent further selling, however, as CRV significantly underperformed against the CoinDesk 20 Index, which is down by 4.81% at the time of writing against CRV’s decline of 12%.

Total value locked (TVL) on the Curve platform is down from $3.5 billion on Dec. 16 to $3.25 billion on Thursday, although much of that can be attributed to dwindling asset prices.

More Than Half of Crypto Tokens Debuted in 2024 Were Malicious: Blockaid

As much as $1.4 billion was lost to crypto scams and fraud in 2024, Blockain said.

EMBARGOED UNTIL 19 DECEMBER 2024 @ 9:00 AM ET

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Blockchain security firm Blockaid said a full 59% of crypto tokens introduced this year were “malicious in nature.”

The number of nefarious tokens being sold into the open market ties in with the rising memecoin narrative that has been consistent throughout this cycle.

There are now 10 memecoins with a market cap of $1 billion or greater and this relative success has led to copycat tokens being launched on Ethereum, Base and Solana among other chains.

Rug-pull scams remain a prevalent threat, making up 27% of malicious tokens, Blockaid said.

It’s worth noting, however, that the amount lost to cryptocurrency hacks and scams shrank dramatically. The FBI said that in 2023, $5.6 billion was lost to crypto scams, while this year the total is $1.4 billion, according to Blockaid’s report.

Blockaid’s data stems from an on-chain detection and response (ODR) platform that processed 2.41 billion transactions, 780 million dapp connections, and 220 million tokens in 2024.

Aptos Labs CEO Mo Shaikh Quits; Avery Ching to Take His Place

The Aptos co-founder is sticking around as a strategic adviser, though.

Mo Shaikh, co-founder of Aptos Labs, announced that he’s stepping down as CEO of the company.

Aptos is a layer-1 blockchain that claims to offer enhanced scalability, security and transaction speeds. The platform leverages a unique blockchain programming language called Move, which was originally created for Facebook’s shuttered “Diem” project.

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In a lengthy post on X, Shaikh, who co-founded Aptos with Avery Ching three years ago, expressed pride in the progress made by the company, which included raising a mammoth $400 million in venture capital funding and building “one of the most robust ecosystems, trusted by over a thousand builders and innovators around the globe.”

https://twitter.com/moshaikhs/status/1869851984129569194

Ching, Shaikh said, will assume the role of CEO and lead the company into its next phase of growth.

In his X post, Shaikh acknowledged the work of Aptos’ partners and investors, including firms like BlackRock, Google, Mastercard and PayPal.

“None of this would have been possible without the unwavering support of our incredible investors. I want to extend my deepest gratitude to Dragonfly, Blocktower, Haun Ventures, Hashed, IRONGREY, a16z, Apollo, Coinbase, Parafi, Scribble, PayPal, Franklin Templeton, and the amazing angels who believed in our vision,” he wrote.

Shaikh said he will remain with the company as a strategic adviser and plans to take time to reflect on the future of blockchain and financial systems. “I will always remain a champion of Aptos and its mission,” he wrote, adding that he will “look forward to continuing to help Aptos maintain its role as the world’s leading blockchain.”

Michael Saylor: The Architect of MicroStrategy’s Huge Bitcoin Bet

Most companies were leery of Saylor’s strategy when he started amassing bitcoin back in 2020. Some are no longer skeptical.

Michael Saylor’s decades-old software development firm MicroStrategy blazed the path for corporate bitcoin purchases beginning in 2020. Through massive securities sales, he’s managed to fund the purchase of billions of dollars worth of bitcoin for his company. Tesla and Block dabbled in the strategy in years past. After the ugly crypto winter put a damper on that, in 2024, other publicly traded companies like Semler Scientific copied the idea. Is it a fad like adding “Blockchain” to corporate names in the 2010s to juice stock returns, or is hoarding bitcoin on balance sheets (including the U.S. government’s) something enduring? Saylor has bought the original crypto through thick and thin, so the test will be whether the trend persists beyond the current red-hot moment following Donald Trump’s election. But there’s no denying Saylor’s laser eyes sparked something.

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This profile is part of CoinDesk’s Most Influential 2024 package. For all of this year’s nominees, click here [ADD LINK BEFORE PUBLISHING].

Mahesh Ramakrishnan: The DePIN Cheerleader

Decentralized physical infrastructure networks (DePIN) took off bigtime this year, and EV3 Ventures’ Ramakrishnan was at the center of it all.

DePIN was one of the biggest stories in crypto in 2024. From telecoms and energy to mapping and weather data, DePINs sprang up to offer useful services to end-users powered by blockchains, tokens and smart contracts.

The “useful” bit here was key. DePIN offered products that consumers could use and understand, contrasting (critics said) with many crypto products that were difficult to use and understand. DePIN became the crypto version of the old “sharing economy,” except the sharing was arguably more real than it is with Uber or Airbnb, where profits tend to only flow to shareholders.

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The concept of a shared network orchestrated by tokens has been around since Helium set up a decentralized broadband network in 2016. But DePIN as an actual industry didn’t exist until Messari coined it after a public naming contest in 2022. DePIN’s collective market cap now stands in excess of $20 billion, and estimates from Messari for its economic impact run into the several trillions of dollars.

This profile is part of CoinDesk’s Most Influential 2024 package. For all of this year’s nominees, click here [UPDATE BEFORE PUBLISHING].

There are many in the world of DePIN who see these networks eventually replacing traditional centralized infrastructure, including the hub-and-spoke electric grid, and telecoms organized around single companies like Verizon or T-Mobile.

Ramakrishnan’s Influence

Among DePIN’s big thinkers, Mahesh Ramakrishnan stands out. Tall, angular and Indian-American, Ramakrishnan led investments in DePINthrough the VC firm he co-founded, EV3 Ventures, and also organized the lively DePIN Summit in New York last August. The young and passionate Ramakrishnan sees DePIN as one of the main ways crypto can make an on-the-ground difference in the world.

According to Ramakrishnan, there’s a confluence of factors working in DePIN’s favor. One is the huge need for new infrastructure that governments, traditional finance and traditional companies can’t keep up with. And two, DePIN networks have started to show they have superior economics and functionality compared to centralized systems, telecoms being one notable example. Graduating from Harvard in 2018, Ramakrishnan spent two years at Goldman Sachs before joining private equity giant Apollo where he says he got to do “all sorts of cowboy stuff.” He quit that job in 2022 and helped administer Helium’s early grant program where he saw “scrappy” people come into the program and began to see DePIN as something “worth taking a bet on.” “We were so sure from day one that it was always going to be DePIN,” he says now. Ramakrishnan views DePIN as part of a larger transformation of society away from traditional government structures following the 2008 financial crisis. DePINs have a fundamentally different design in which users share a service and are directly rewarded for their participation in the form of tokens. It is the sharing economy where incentives and rewards are shared widely.

What’s Next

Looking ahead to 2025, Ramakrishnan has three predictions for DePIN. One, governments at a state or local level will begin to deploy DePINs to manage and incentivize renewable energy production. Two, DePIN will begin to offer tiered rewards for participation, with the greater prizes going to those with better ratings and reputations.Three, he expects the developing world will lead decentralized infrastructure development, owing to both need and the “leapfrog” trend seen in other tech movements. Certainly, with hundreds of millions now being invested in DePIN across dozens of different industries, the future of the sector looks bright. As it does for Ramakrishnan.