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Bitcoin Bulls Return as BTC Hits $100K, Altcoins Shine

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2 days ago

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Today, crypto prices turned bullish as Bitcoin reached the $100K mark after two weeks. Major altcoins also rose, with XDC Network gaining 8% in the last 24 hours, and Bittorrent (BTT) surging 7%. The global crypto market increased by approximately 2%, reaching $3.59 trillion. Trading volume spiked by 45%, now standing at $133 billion. The Fear and Greed Index shows 66, indicating greed in the market. Let’s look at the top cryptocurrencies and their prices on January 7.

Crypto Prices Today: BTC, ETH, XRP, and SOL Show Steady Gains

BTC, ETH, XRP, and SOL have all gained between 1% to 2% in the past 24 hours. Meanwhile, a Canadian crypto forum moderator claimed he was forced into hiding following an alleged kidnapping and torture attempt. The attackers reportedly believed he held a large Bitcoin stash.

Bitcoin Price Today

Bitcoin price today was trading at $101,173, marking a 3% increase in the last 24 hours. BTC’s 24-hour low was $98,682, while its high touched $102,680. Bitcoin’s market cap reached $2 trillion, and its trading volume surged to $50.6 billion.

As per Farside Investors data, BTC ETFs witnessed an inflow of $769 million. Fidelity led the buying spree with $370 million, followed by Ark & 21Shares purchasing $152 million, and Grayscale investing $148 million. BlackRock’s data is still awaited.

Ethereum Price Today

Ethereum price today was trading at $3,685, registering a 1% increase in the last 24 hours. Its 24-hour low and high stood at $3,621 and $3,742, respectively. ETH ETFs recorded an inflow of $4.6 million, with Fidelity accounting for the entire purchase.

XRP Price Today

Crypto prices today show XRP trading at $2.40, slightly higher than yesterday. Its 24-hour range was between $2.375 and $2.454. Also, Ripple CEO Brad Garlinghouse said the $11 billion valuation seems outdated due to rising XRP demand and prices.

Solana Price Today

Solana price today was trading at $216, showing a 1% increase in the last 24 hours. Its 24-hour low and high were $213 and $222, respectively. The market cap reached $104 billion, with a trading volume of $3.28 billion.

Top Crypto Gainer Prices Today

XDC Network

XDC price today was trading at $0.102, marking an 8% increase in the last 24 hours. Its 24-hour low and high were $0.0957 and $0.1051, respectively. The market cap reached $1.5 billion, with a trading volume of $69 million.

BitTorrent

BTT price was the second-top gainer today, rising 7% in the last 24 hours. It was trading at $0.00000125. The market cap reached $1.27 billion, with a trading volume of $117 million.

Worldcoin

WLD price was up by 6%, trading at $2.588. Its 24-hour low and high were $2.414 and $2.792, respectively. The market cap reached $2.24 billion, with a trading volume of $719 million.

Top Crypto Loser Prices Today

Fartcoin

Fartcoin price today was the worst performer, dropping 15% to trade at $1.139. Its 24-hour low and high were $1.133 and $1.39, respectively. The market cap stands at $1.14 billion, with a trading volume of $122 million. According to CoinGape analysts, Fartcoin could reach $2 soon, as crypto prices today suggest a potential rebound.

Ethena

ENA price today was down by approximately 8%, trading at $1.154. Its 24-hour low and high were $1.142 and $1.25, respectively. The market cap reached $3.51 billion, with a trading volume of $474 million.

Fantom

FTM price was down by 7%, trading at $0.77 today. Its 24-hour low and high were $0.766 and $0.8283, respectively.

Besides this, the hourly chart for Bitcoin and major altcoins showed a decline of less than 1%, with Fartcoin down by 3% in the last hour. However, Movement (MOVE) was up by approximately 2% in the last hour. Crypto prices today are showing mixed movement across the market.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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FTX Breaks Silence On Backpack’s Alleged Acquisition Of The Defunct Exchange

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2 hours ago

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January 9, 2025

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FTX issued a formal statement clarifying details surrounding Backpack entities’ claim of acquiring FTX EU Ltd. The clarification, released on January 8, 2025, addresses inaccuracies in Backpack’s January 7 press release, which suggested its involvement in asset recovery for former FTX EU customers.

FTX Highlights Inaccuracy in Backpack’s FTX EU Acquisition Statements

In a recent press release, FTX addressed statements made by Backpack entities regarding its purported acquisition of FTX EU. FTX stated that the January 7, 2025, Backpack announcement was made without FTX’s knowledge or involvement. According to the exchange, Backpack’s press release contain multiple inaccuracies that could mislead stakeholders.

FTX emphasized that 100% of FTX EU share capital is still owned by FTX Europe AG, a subsidiary of FTX. While there was an earlier agreement to sell FTX EU to former insiders of FTX Europe as part of a settlement, the U.S. Bankruptcy Court overseeing the Chapter 11 process has not approved any transfer. The defunct exchange also confirmed that it was unaware of any indirect sale of FTX EU shares to Backpack before this week.

Bankruptcy Court and Asset Recovery Process

In addition, the defunct exchange clarified that Backpack has no role in the U.S. Bankruptcy Court-approved process for returning funds to creditors, including FTX EU’s former customers. The company reiterated that only FTX EU holds responsibility for determining and returning funds owed to its customers. The court’s Chapter 11 plan does not authorize the organization to make distributions to any creditors or former customers.

The defunct exchange further stated that the amounts owed by FTX EU to its customers would be assessed solely by FTX EU following its sale, not by the exchange or the Bankruptcy Court. Therefore, the exchange disclaimed Backpack’s liability for repayments of EU customer funds.

Furthermore, the defunct exchange expressed concerns about the accuracy and completeness of the information presented in Backpack’s materials. The report urged stakeholders to rely only on official FTX communications.

Initial Distributions Under Bankruptcy Plan

The defunct exchange also provided an update on its U.S. Bankruptcy Court-approved Chapter 11 plan of reorganization. The defunct exchange plan became effective on January 3, 2025, with the initial distribution record date set for the same day. Distributions to convenience class claimants are expected within 60 days, subject to regulatory requirements.

Meanwhile, the exchange reaffirmed its commitment to adhering to the court’s processes and ensuring accurate communication with creditors.

These developments come in light of recent media speculation that US President Joe Biden might pardon Sam Bankman-Fried, the founder of the defunct FTX Exchange. Biden’s recent pardon of his son has sparked further rumors that SBF could get the same treatment.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Terraform Co-Founder Do Kwon’s Trial To Begin In 2026

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6 hours ago

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January 8, 2025

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The U.S. criminal fraud trial of Do Kwon, co-founder and former CEO of Terraform Labs, has been scheduled to begin in January 2026. The decision was announced during an initial hearing in Manhattan, as prosecutors and defense attorneys prepare to review an extensive six-terabyte trove of evidence.

Here’s Why Terraform Co-Founder Do Kwon’s Trial Is Delayed Until 2026

According to a recent report from Manhattan’s Southern District Court, the criminal fraud trial of Terraform Co-Founder Do Kwon has been tentatively set for January 2026. This extended timeline accommodates the need for both prosecution and defense to thoroughly review the massive six-terabyte trove of data included in the discovery process.

Prosecutors noted several challenges that contributed to the delay, including difficulties unlocking four cell phones provided by Montenegrin authorities during Kwon’s extradition. Additionally, the data extracted from these devices requires translation from Korean into English.

Therefore, accessing and interpreting data has posed unique hurdles. The encrypted cell phones are expected to contain crucial evidence related to the charges against the Terraform Co-Founder.

 

This Is a Developing Story, Please Check Back For More

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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How Will Donald Trump’s Tariff Plans Impact The Crypto Market?

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10 hours ago

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January 8, 2025

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President-elect Donald Trump is reportedly considering declaring a national economic emergency to implement a universal tariff program targeting allies and adversaries. These tariffs, potentially introduced under the International Economic Emergency Powers Act (IEEPA), will realign global trade balances. 

Meanwhile, Federal Reserve Governor Christopher Waller addressed concerns about inflation and the potential economic ramifications of such tariffs. This development raises questions about how these policies may influence the cryptocurrency market.

Donald Trump’s Tariff Strategy

As reported by CNN, President-elect Donald Trump is considering the International Economic Emergency Powers Act (IEEPA) to implement tariffs. The intended tariffs are to rebalance global trade while focusing on the manufacturing sector in the United States. Trump’s preference for IEEPA lies in its flexibility, allowing swift implementation without needing extensive national security justification.

Supporters of the tariffs argue they could rebuild American industrial capacity and strengthen the economy. However, the uncertainty surrounding the scope and execution of these tariffs could ripple through global financial markets. This may influence investor behavior in emerging sectors like the crypto market.

Donald Trump’s deputy assistant for International Economic Affairs, Kelly Ann Shaw, commented,

“I think the president has broad authority to impose tariffs for a variety of reasons, and there are a number of statutory bases to do so.”

Federal Reserve’s Perspective on Tariffs and Inflation

Concurrently, Federal Reserve Governor Christopher Waller has addressed the possible inflationary risks associated with Trump’s tariff proposals. Waller noted that while inflation stalled above the Fed’s 2% target in late 2024, he remains optimistic about a gradual decline in 2025. He added that increased tariffs are unlikely to cause persistent inflation, decoupling their potential effects from broader economic trends.

Waller stated, 

“I will support further cuts in 2025, but the pace will depend on further inflation progress. I don’t expect tariffs to have a significant impact on inflation.”

This will support financial markets, including cryptocurrencies, to improve liquidity and investment flow.

Implications of Tariffs on The Cryptocurrency Market

If the Fed cuts interest rates further, as expected by the market, then there is the possibility that more funds could flow into the crypto market for better returns. Usually, such rate cuts fuel risk-on sentiment, so assets such as crypto benefit from it.

However, Donald Trump’s tariff policies may create broader trade uncertainties. This may indirectly influence the crypto market through changes in global economic confidence.

Trade disruptions could lead to diminished faith in traditional financial systems, potentially encouraging a shift toward decentralized digital assets like Bitcoin and Ethereum. On the other hand, if tariffs introduce unforeseen inflationary pressures, the Federal Reserve might pause or reverse rate cuts, which could dampen optimism in the crypto market.

The Federal Reserve and broader economic concerns have been among the major reasons for the cryptocurrency market crash. Rising U.S. Treasury yields and a hawkish Fed stance have fueled risk-off sentiment, drawing capital away from cryptocurrencies. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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