<h2>Allegations of Anti-Competitive Practices in the Crypto Space</h2><a href="https://coin360.com/review/coinbase">Coinbase</a> finds itself embroiled in a legal battle as Hong Kong-based cryptocurrency exchange BiT Global Digital Limited files a $1 billion lawsuit, accusing the platform of anti-competitive practices. The&nbsp;<a href="https://kneuppercovey.com/wp-content/uploads/2024/12/Filed-Complaint.pdf">lawsuit</a>, lodged on December 13, 2024, in the Northern District of California, alleges that Coinbase’s decision to delist&nbsp;<a href="https://coin360.com/coin/wrapped-bitcoin-wbtc">Wrapped Bitcoin</a> (<a href="https://coin360.com/coin/wrapped-bitcoin-wbtc">WBTC</a>) violates the Sherman Act. BiT Global asserts the move was a calculated strategy to boost Coinbase’s competing product, cbBTC, raising questions about fairness and ethics in the rapidly evolving crypto landscape.<figure class="image"><img alt="tweet_1867618503479406963_20241214_192447_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1867618503479406963_20241214_192447_via_10015_io_11zon_456752dec5.jpg"></figure>BiT Global claims the timeline of events paints a clear picture of misconduct. On November 19, 2024, Coinbase announced its plan to suspend WBTC trading, with the delisting taking effect on December 19. Coincidentally, the announcement came as Coinbase launched its proprietary wrapped Bitcoin token, cbBTC. According to BiT Global, this deliberate maneuver undermined WBTC’s market position, causing financial losses and eroding consumer confidence. The exchange further accuses Coinbase of making misleading public statements, asserting WBTC failed to meet the platform’s listing standards.The impact on WBTC’s standing in the crypto ecosystem has been profound. Since August 2024, WBTC has been jointly managed by BiT Global and BitGo, and the delisting allegedly hampered its market competitiveness. BiT Global’s legal team argues this strategic sidelining allowed cbBTC to gain dominance in the market. Attorney Kevin Kneupper from Kneupper &amp; Covey characterized the situation as a cautionary tale, warning, “This decision sets a terrible precedent for everyone in the cryptocurrency space. Who’s safe? And who’s next?”BiT Global is seeking over $1 billion in damages while also requesting injunctive relief to prevent similar actions in the future. While Coinbase defended its decision by citing rigorous listing standards and regular monitoring of assets, critics view this as an industry-defining moment. The exchange’s broader market strategy has also drawn scrutiny, including its $25 million donation to the pro-crypto political action committee Fairshake, aimed at influencing the 2026 midterm elections.The political backdrop adds another layer of complexity. Cryptocurrency players raised a staggering&nbsp;<a href="https://www.cnbc.com/2024/09/16/crypto-spend-on-election-hits-190-million-led-by-winklevoss-twins.html">$190 million</a> in political donations during the 2024 election cycle, with high-profile contributors such as the Winklevoss twins and Coinbase CEO Brian Armstrong leading the charge. These developments spotlight the growing intersection of crypto and politics, even as BiT Global’s lawsuit underscores concerns about monopolistic practices potentially stifling innovation and trust in the sector.This article has been refined and enhanced by ChatGPT.

Cyber robot balancing holographic WBTC coins in a courtroom

Cyber robot balancing holographic WBTC coins in a courtroom_11zon.webp

Coinbase Hit with $1 Billion Lawsuit Over WBTC Delisting

<h2>A Milestone for Bitcoin-Centric Strategy and Traditional Finance</h2>MicroStrategy will&nbsp;<a href="https://www.globenewswire.com/news-release/2024/12/14/2997099/6948/en/Annual-Changes-to-the-Nasdaq-100-Index.html">cement its place</a> among the elite non-financial companies in the Nasdaq-100 on December 23, joining ranks with Palantir Technologies and Axon Enterprise. This annual reconstitution underscores the evolving landscape of institutional finance, with the Nasdaq-100 continuing to serve as a benchmark for market leaders since its inception in 1985. The addition of MicroStrategy, a company that has redefined itself around&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>, signals an intriguing intersection of traditional financial indices and the burgeoning crypto economy.The announcement has already sparked movement in MicroStrategy’s stock, with its price rising 0.57% in after-hours trading to $411, up from an opening of $400.07. This development reflects growing market recognition of the firm’s strategic pivot under Executive Chairman Michael Saylor. Known for his relentless advocacy for Bitcoin, Saylor has steered the company through a transformative journey, positioning it as the largest publicly traded corporate holder of Bitcoin globally.MicroStrategy’s financial metrics highlight its unconventional approach. Despite reporting a $340 million net loss and $116.1 million in Q3 revenue, the firm’s&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> stands at nearly $98 billion. An astonishing 46.9% of this valuation is tied directly to its Bitcoin holdings, currently valued at $43 billion—an investment initially secured at an aggregate cost of $25.6 billion for 423,650&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>. With an average purchase price of $60,324 per Bitcoin, the company has seen a 43.2% quarter-to-date yield and a staggering 68.7% year-to-date return.This Bitcoin-centric strategy began in August 2020 with the acquisition of 21,454 BTC for $250 million. Over time, bold purchases, including a notable 21,550 BTC buy at $2.1 billion, have cemented its position as a pioneer in corporate cryptocurrency adoption. These moves, while unconventional, have also redefined MicroStrategy’s identity. Approximately 53.1% of its valuation stems from its core software business and other assets, but the market’s premium on its treasury strategy remains a defining factor.The inclusion in the Nasdaq-100 also marks a significant milestone for the broader cryptocurrency sector. By entering this prestigious index, MicroStrategy brings Bitcoin further into the fold of traditional finance, reinforcing its credibility among institutional players. Saylor’s tweet from December 8,&nbsp;<a href="https://twitter.com/saylor/status/1866106687699964016">stating</a>, “As of 12/8/2024, we hodl 423,650 $BTC acquired for ~$25.6 billion at ~$60,324 per bitcoin,” encapsulates the firm’s unwavering belief in Bitcoin’s future.<figure class="image"><img alt="tweet_1866106687699964016_20241214_190516_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1866106687699964016_20241214_190516_via_10015_io_11zon_ddf700423d.jpg"></figure>This move comes as the Nasdaq-100’s performance increasingly reflects investor sentiment across diverse sectors, tracked not just by the index itself but also by financial products like the Invesco QQQ Trust ETF. MicroStrategy’s rise within this framework signals that Bitcoin’s role is no longer confined to speculative narratives—it is becoming a fixture in the portfolios of mainstream financial institutions.This article has been refined and enhanced by ChatGPT.

Robot waves Bitcoin flag on glowing Nasdaq-100 platform

Robot waves Bitcoin flag on glowing Nasdaq-100 platform_11zon.webp

MicroStrategy Joins Nasdaq-100, Signaling Bitcoin's Institutional Growth

Coin360 weekly crypto news, cryptocurrency updates, market movement

Coin360 weekly crypto news

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | December 7 - December 13, 2024

<h2>Critical Vulnerability Exposes Dogecoin’s Fragility</h2>A sophisticated exploit targeting the&nbsp;<a href="https://coin360.com/coin/dogecoin-doge">Dogecoin</a> network on December 12, 2024, exposed critical flaws in the cryptocurrency’s infrastructure, leading to the crash of 69% of its active nodes. The attack,&nbsp;<a href="https://x.com/aejkohl/status/1866991733877158211">orchestrated</a> by Andreas Kohl, co-founder of&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> sidechain Sequentia, unfolded in a rural corner of El Salvador with nothing more than&nbsp;<a href="https://x.com/aejkohl/status/1867078471190712741">an old laptop</a>. Before the breach, Dogecoin boasted 647 active nodes, but this number plummeted to 205 following the exploit. While some recovery occurred, with&nbsp;<a href="https://blockchair.com/dogecoin/nodes">nodes</a> climbing back to 315, the incident left a significant dent in the network's operational capacity.<figure class="image"><img alt="tweet_1866991733877158211_20241213_010956_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1866991733877158211_20241213_010956_via_10015_io_11zon_912411ba11.jpg"><figcaption>Source: Andreas Kohl/ X</figcaption></figure>The exploit hinged on a vulnerability dubbed “DogeReaper,” publicly disclosed just days earlier on December 4 by an X account known as the Department of&nbsp;<a href="https://coin360.com/coin/dogecoin-doge">DOGE</a> Efficiency. DogeReaper functions as a weapon against targeted nodes, leveraging segmentation faults to crash systems. These faults occur when restricted memory access triggers safety mechanisms, halting the program. By exploiting this vulnerability, attackers could remotely crash nodes simply by identifying their publicly accessible addresses. Experts warned that this flaw had the potential to bring the entire Dogecoin network to a standstill, freezing transactions and block production for days.<div class="raw-html-embed"><blockquote class="twitter-tweet">Public Re-Disclosure of "DogeReaper", a critical vulnerability in Dogecoin DogeReaper is a critical vulnerability on Dogecoin, allowing anyone to crash any Dogecoin node remotely. We are re-disclosing this vulnerability without links to make the X algo happy. <a href="https://t.co/cbl3rOG2PD">pic.twitter.com/cbl3rOG2PD</a>— Department Of DOGE Efficiency (@EfficiencyDOGE) <a href="https://twitter.com/EfficiencyDOGE/status/1865093351835340900?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Despite the severity of the threat, a patch addressing the DogeReaper vulnerability had been&nbsp;<a href="https://x.com/EfficiencyDOGE/status/1865093748788527604">included</a> in Dogecoin Core version 1.14.9. Alarmingly, 87% of nodes had not updated their software, leaving the network exposed. This lack of urgency among node operators exacerbated the crisis, highlighting a persistent challenge in ensuring timely adoption of security updates across decentralized networks.The attack also stirred broader concerns about the resilience of cryptocurrency ecosystems. The Department of DOGE Efficiency emphasized that if a malicious actor had discovered the flaw first, the consequences could have been catastrophic. The exploit has drawn comparisons to recent vulnerabilities in other ecosystems, including an attempted exploit targeting&nbsp;<a href="https://coin360.com/coin/cardano-ada">Cardano</a>’s fee mechanism, which was effectively mitigated through swift security upgrades.Criticism has mounted over Dogecoin’s security practices, with community members calling for better coordination to enforce updates and bolster the network’s defenses. While Andreas Kohl’s actions disrupted the network, they also illuminated a glaring vulnerability, prompting discussions about the open-source ethos of exposing flaws to strengthen systems.As the cryptocurrency space continues to face increasingly sophisticated attacks, this incident underscores the need for proactive measures to safeguard decentralized networks. Enhanced security practices, timely software updates, and greater community awareness are essential to preventing similar breaches in the future.This article has been refined and enhanced by ChatGPT.

Robot shields Doge amid swirling crypto data void in pastel

Robot shields Doge amid swirling crypto data void in pastel_11zon.webp

Dogecoin Network Exploit Crashes Majority of Nodes

<h2>Trump Proposes Federal Bitcoin Reserve to Keep U.S. Ahead in Cryptocurrency Race&nbsp;&nbsp;</h2>President-elect Donald Trump's vision includes establishing a federal Bitcoin reserve to enhance the U.S.'s position in the digital asset industry. During a recent interview with CNBC's Jim Cramer, Trump reiterated the need for a strategic cryptocurrency reserve, akin to the strategic petroleum reserve, to prevent other nations, particularly China, from leading in this space. Trump emphasized his commitment to making significant progress in cryptocurrency policy, reflecting a broader ambition to secure America's competitive edge in the rapidly evolving digital currency landscape and ensure the U.S. is at the forefront of this technological revolution.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Trump Team Explores Options to Cut or Eliminate Banking Regulators</h2>Donald Trump’s presidential transition team is reportedly exploring options to&nbsp;<a href="https://cointelegraph.com/news/trump-advisers-explore-slim-abolish-bank-watchdogs-wsj">reduce or eliminate</a> banking regulators, as reported by the Wall Street Journal. Advisers from the Elon Musk-led Department of Government Efficiency (DOGE) are questioning whether the Federal Deposit Insurance Corporation (FDIC) and other agencies can be combined or abolished. Plans include folding deposit insurance into the Treasury and overhauling the FDIC, Office of the Comptroller of the Currency, and Federal Reserve. Trump's promise of deregulation is evident, with Musk advocating for the elimination of the Consumer Financial Protection Bureau, emphasizing the need to streamline regulatory agencies amidst ongoing scrutiny of the FDIC’s actions.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>French Hill Appointed Chair of House Financial Services Committee, Pledges Support for Crypto</h2>On December 12, 2024, Congressman French Hill was appointed chairman of the House Financial Services Committee, succeeding Patrick McHenry. Hill, known for advocating pro-crypto policies, aims to address concerns surrounding Operation Choke Point 2.0, a regulatory push potentially undermining the crypto industry. He has led initiatives like the Financial Innovation and Technology for the 21st Century Act (FIT21), advocating for clear regulations and consumer protections. Hill's leadership is expected to enhance the regulatory framework of the digital asset ecosystem amidst increasing scrutiny of regulatory efforts that limit banking access to crypto firms, affecting key institutions in the sector.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Texas Bill Proposes Establishment of Bitcoin Strategic Reserve</h2>The Texas legislature is considering H.B. No. 1598,&nbsp;<a href="https://capitol.texas.gov/tlodocs/89R/billtext/pdf/HB01598I.pdf#navpanes=0">introduced</a> by Representative Giovanni Capriglione, to establish a strategic Bitcoin reserve. This initiative aligns with national efforts, aiming to hold Bitcoin for a minimum of five years without selling. Donations from Texas citizens will support the fund, while cryptocurrency will remain in cold storage, prohibited from transactions outside the state. The bill is a response to rising inflation concerns and aims to enhance financial security for Texans. Increased interest in Bitcoin has been noted since Donald Trump's election win, pushing blockchain technology discussions among legislators.This article has been refined and enhanced by ChatGPT.

Faceless robot atop Bitcoin hill with blockchain glow

Faceless robot atop Bitcoin hill with blockchain glow_11zon.webp

Crypto Policies Evolve with Pro-Bitcoin Leaders and Strategic Plans

Bitcoin remains stagnant at $16,800, forming a consolidation range over the last 24 hours. However, with the end-of-year holidays upon us, it will be interesting to see if the market leader moves in a specific direction.

ETH also kept changing hands around $1,200, and was the subject of <a href="https://cointelegraph.com/news/crypto-platform-paxful-removes-eth-from-its-marketplace" target="_blank">strong criticism from Paxful CEO</a> Ray Youssef, who removed it from the global peer-to-peer crypto trading platform. According to Youssef, the company will continue to support Bitcoin, which he termed as the answer to global financial woes.

Meanwhile, the S&amp;P 500 is gradually trying to climb up into its support band and is currently struggling to break through 3,870, whereas DXY came through with a strong bounce at 104.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_112_f5067aee7a.png" alt="Coin360 (112).png" />

<h2 id="top-altcoin-gainers-and-losers">Top  altcoin gainers and losers</h2>

<h3 id="gainers">Gainers</h3>

<ul>
<li><a href="https://coin360.com/coin/helium-hnt" target="_blank">Helium HNT</a> (+31.58%)</li>
<li><a href="https://coin360.com/coin/toncoin-ton" target="_blank">Toncoin TON</a> (+9.09%)</li>
<li><a href="https://coin360.com/coin/decred-dcr" target="_blank">Decred DCR</a> (+5.83%)</li>
</ul>

<h3 id="losers">Losers</h3>

<ul>
<li><a href="https://coin360.com/coin/neutrino-usd-usdn" target="_blank">Neutrino USD USDN</a> (-6.51%)</li>
<li><a href="https://coin360.com/coin/lido-dao-token-ldo" target="_blank">Lido DAO Token LDO</a> (-4.14%)</li>
<li><a href="https://coin360.com/coin/gensokishi-metaverse-mv" target="_blank">GensoKishi Metaverse MV</a> (-3.71%)</li>
</ul>

<h2 id="bitcoin-technical-analysis">Bitcoin Technical Analysis</h2>

Since our rejection and crash from $18,400, [Bitcoin](https://coin360.com/coin/bitcoin-btc) has been due for a relief bounce. Liquidity may be taken around $17,300 and higher before Bitcoin completes this move and tests range lows around $15,500. Our current consolidation range is being used by multiple market participants with similar ideas. However, looking at future data and liquidation maps we may visit $16,500 once again to trigger their stop losses before filling any imbalances above.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/btc21dec_fd063d17d7.png" alt="btc21dec.png" />

<h2 id="ethereum-technical-analysis">Ethereum Technical Analysis</h2>

<a href="https://coin360.com/coin/ethereum-eth" target="_blank">Ethereum</a> has been tame in the past few days and has not shown a lot of deviations which typically leave traders in tatters. We have a long liquidation cluster at $1,250, but looking at the decreasing volume along with sell walls present on exchanges, it is likely to see $1,190 or even $1,175 before we go higher and form a higher low.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth21dec_3c3e74ef0e.png" alt="eth21dec.png" />

<h2 id="nft-market-map">NFT Market Map</h2>

It’s clear that the Yuga Labs family has been dominating the NFT trading volume today, with <a href="https://coin360.com/nft/0xba30e5f9bb24caa003e9f2f0497ad287fdf95623" target="_blank">BoredApeKennelClub</a> (+1,844.94%), <a href="https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6" target="_blank">MutantApeYachtClub</a> (+270.99%), <a href="https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d" target="_blank">Bored Ape Yacht Club</a> (+173.91%) ranking no.1, 2, and 4 on the leaderboard, respectively.

<a href="https://coin360.com/nft/0xae99a698156ee8f8d07cbe7f271c31eeaac07087" target="_blank">Mutant Hound Collars</a> (+90.01%), which was born to expand the lore of the Yuga Labs ecosystem, topped the trading volume table as the runner-up.

Earlier today BAYC announced that <a href="https://twitter.com/BoredApeYC/status/1605329797030113280?s=20&amp;t=VE10cP1cHABfUnf8faU0CA" target="_blank">the Trial of Jimmy the Monkey</a> will start tomorrow, which is set to allow a free, playable, interactive mint experience for <a href="https://twitter.com/BoredApeYC/status/1605329800314294272?s=20&amp;t=VE10cP1cHABfUnf8faU0CA" target="_blank">BAYC and MAYC holders</a>.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_111_f0dcefc01b.png" alt="Coin360 (111).png" />

<h2 id="coin360-daily-digest">Coin360 Daily Digest</h2>

Here&rsquo;s a rundown of the major crypto market news from today.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dailydigestdec21_aeb9f3c5a4.jpg" alt="dailydigestdec21.jpg" />

For more daily updates and news, follow us on <a href="https://twitter.com/COIN360com" target="_blank">Twitter</a>.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

Bitcoin remains stagnant as consolidation continues in current range

Top altcoin gainers and losers

Gainers

Losers

Bitcoin Technical Analysis

Ethereum Technical Analysis

NFT Market Map

Coin360 Daily Digest

Latest News @Coin360

Coinbase Hit with $1 Billion Lawsuit Over WBTC Delisting

MicroStrategy Joins Nasdaq-100, Signaling Bitcoin's Institutional Growth

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | December 7 - December 13, 2024

Dogecoin Network Exploit Crashes Majority of Nodes

Crypto Policies Evolve with Pro-Bitcoin Leaders and Strategic Plans