The world of cryptocurrencies is a dynamic space filled with ever-changing trends and developments. Don’t miss today’s top highlights. We’ve gathered all the must-know updates on Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and cryptocurrency regulations for you. Here are the key developments of the weekend, December 16:
Bitcoin’s Social Sentiment Hits Rock Bottom, but the Industry Remains Optimistic
Social media sentiment surrounding Bitcoin (BTC) has dropped to its lowest point in 2024 so far. However, market experts believe this could signal Bitcoin surpassing the $100,000 mark.
Currently, Bitcoin is trading at around $96,668, reflecting a 10% drop from its all-time high of $108,300. According to the data, the ratio of positive to negative comments about Bitcoin on social media has fallen to a low 4:5.
Market analysis platform Santiment views this as a promising sign for “contrarian investing” strategies. “Vocal traders are showing intense fear, uncertainty, and doubt (FUD). This often serves as good news for investors who recognize that markets tend to move opposite to the expectations of individual traders,” they explained.
Interpol Issues Red Notice for Hex Founder Richard Heart
Richard Schueler, also known as Richard Heart, the founder of Hex, is now on Interpol’s “Red Notice” list. This notice, issued at the request of Finnish authorities, accuses Schueler of tax evasion and assault.
According to Interpol’s announcement, Schueler allegedly dragged a young person by their hair into a stairwell. Additionally, Schueler is accused of tax evasion between 2020 and 2024. A Red Notice serves as a global request to locate and provisionally arrest a person, pending extradition. However, it does not constitute an international arrest warrant.
Jump Crypto Settles with SEC
Jump Crypto’s subsidiary, Tai Mo Shan, has reached a $123 million settlement with the U.S. Securities and Exchange Commission (SEC). This settlement is tied to allegations that Tai Mo Shan artificially stabilized the price of the TerraUSD (UST) algorithmic stablecoin.
In a December 20 announcement, the SEC stated that Tai Mo Shan purchased 20 million UST tokens to maintain a 1:1 peg with the U.S. dollar. This action was deemed misleading to investors. However, TerraUSD first fell to $0.98 in May 2022 and shortly thereafter dropped to $0.67, leading to its eventual collapse.
The cryptocurrency world witnessed a flurry of developments this weekend. Bitcoin’s low social sentiment raised hopes for a potential recovery. Meanwhile, Interpol’s Red Notice for the Hex founder made headlines. Additionally, Jump Crypto’s $123 million settlement with the SEC marked a notable regulatory action. For more insights and detailed cryptocurrency market analyses, visit Kriptokoin.com.
