An analyst suggests that a popular trading metric, which monitors buyer demand on the Binance crypto exchange, indicates that Bitcoin could potentially revisit the significant $100,000 price mark before the end of the year.
According to a Dec. 27 analyst note by CryptoQuant contributor Burrakesmeci, the Binance Bitcoin BTC$96,851 Taker Buy Volume — which is the total volume of buy transactions executed by 'takers' on an exchange — has been forming higher lows since Oct. 28.
As 2024 comes to a close, Bitcoin has been underperforming. According to CoinMarketCap data, Bitcoin was valued at $96,222 at the time of publication.
Former FTX executive Ryan Salame’s prison sentence reduced by 1 year
Records from the United States Bureau of Prisons indicate that Ryan Salame, the former co-CEO of FTX Digital Markets, had his prison sentence shortened by one year, now set for release in March 203.
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In September 2023, Salame admitted to charges of conspiracy to run an unlicensed money-transmitting business and participating in campaign finance fraud.
The ex-FTX executive received a 7.5-year prison sentence on May 28, setting his initial release date around April 2032, followed by three years of supervised release.
Cointelegraph contacted the FCI Cumberland correctional facility for a statement regarding Salame's reduced sentence but did not receive a reply before publication. The reasons for the reduction in Salame's prison term remain unknown.
Bitwise files for ETF tracking firms with big Bitcoin treasuries
Bitwise, a company that issues exchange-traded funds (ETFs), has proposed the launch of a new fund aimed at investing in publicly traded companies that hold significant amounts of Bitcoin.According to a regulatory filing on December 26, the Bitwise Bitcoin Standard Corporations ETF plans to invest in companies that have embraced the 'Bitcoin standard' and possess at least 1,000 Bitcoin BTC$96,797 in their corporate treasuries.To be included in the ETF, companies holding Bitcoin must have a market capitalization of no less than $100 million, an average daily trading volume of at least $1 million, and a public free float of less than 10%.In contrast to other ETFs that usually allocate stock holdings according to company market capitalizations, Bitwise’s fund would distribute weight to its holdings based on the market value of the company's Bitcoin reserves, with a maximum cap of 25%.For instance, this would imply that Tesla, with its market cap of $1.42 trillion, would have a smaller weighting in Bitwise’s ETF compared to MicroStrategy, which has a market cap of $83.5 billion, due to Tesla owning 9,720 BTC while MicroStrategy owns 444,262 BTC.
