Category: Bitcoin

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Bitcoin Investors Form Key Support Zone Critical to Bullish Momentum

Bitcoin (BTC) price has been through a lot of turbulence over the past week, dropping nearly 5% to hit a local low of $95,000 on Wednesday. While the cryptocurrency market leader has since seen a market rally above $101,000, BTC has since returned to consolidation, prompting much speculation about its next price move.

Bitcoin’s Strong Support Wall Maintains Bullish Momentum

On Dec. 13, popular cryptocurrency expert Ali Martinez highlighted an important development in the Bitcoin market. Using data from IntoTheBlock, Martinez shared that recent investor activity has formed a strong support wall for Bitcoin between $94,300 and $100,250.

Notably, a total of 2.25 million individual wallets purchased 2.18 million BTC, valued at $220.75 billion, at both price levels, forming a physiological barrier where buying pressure is likely to prevail.

Given that Bitcoin has yet to break above $103,000 despite its impressive price rally over the past two months, these massive purchases at such high price levels offer a solid bullish floor that could fuel future price growth following a retest of the price.

However, investors should note that a sharp price drop, such as the recent sudden price drop below the highlighted support wall, could trigger a large number of stop-loss orders and initiate panic selling, resulting in a sharp price drop. In such a case, BTC will likely decline to $92,000, which is its next significant support zone.

What’s next for BTC?

In terms of short-term price movements, Bitcoin is expected to see significant price gains before the end of the year, based on the asset’s past performance following a presidential election. This bullish sentiment is further supported by continued high inflows into the Bitcoin spot ETF market, indicating strong institutional interest in the leading cryptocurrency. Interestingly, Martinez posits that if the leading cryptocurrency repeats its price performance from the 2015 and 2018 price cycles, it is likely to reach a market high in October 2025. However, if Bitcoin is mirroring its short-term bullish price performance from the 2011 price cycle, this would mean that the asset has already recorded its peak price for this bullish sequence, with no further gains tonight. At the time of writing, BTC is trading at $101,956, following a 1.08% price gain in the past 24 hours. However, the asset’s trading volume decreased by 20.53%, indicating a decline in trading activity and market share.

On the longer term, Bitcoin continues to make significant gains, with gains of 12.88% in the last 30 days.

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$1.75 Billion Lost? South Korean Cryptocurrency Platform Delio Files for Bankruptcy

A South Korean-based cryptocurrency platform has filed for bankruptcy, a local court has declared, after its customers were no longer able to withdraw their $1.75 billion worth of virtual funds.

The unfortunate circumstances facing Delio serve as a reminder that digital assets can offer tremendous growth, but they are also inherently volatile and high-risk investments.

Court Statement

The Seoul Rehabilitation Court has declared that cryptocurrency platform Delio has ceased operations, noting that the court declared the digital asset company bankrupt on Friday.

Since the middle of last year, the cryptocurrency platform has stopped allowing withdrawals of funds from virtual assets, leaving its customers unable to access their investments.

Around 2,800 cryptocurrency investors were affected and were unable to recover their cryptocurrency funds worth $1.75 billion.

[단독] ‘2500억 사기’ 델리오 파산https://t.co/WcGeIDiaQd#델리오 #delio #가상자산예치업체 #회생법원 #하루인베스트 #haruinvest #법인파산 #암호화폐 #가상화폐 #디지털자산 #가상자산 #코인

– KCG (Korea Coin Group) (@kdisla) November 22, 2024

Analysts explained that the Corporate bankruptcy occurs when a court declares a company bankrupt because the company is no longer able to pay its debts.

This judicial procedure allows the company’s assets to be converted into cash and then distributed to creditors. The Delio case is a good example of corporate bankruptcy.

A ray of hope

According to reports, after the court declares bankruptcy, “a claim is filed and an explanation is given on the distribution of assets at the creditors’ meeting.”

This offers Delio’s customers a glimmer of hope, as the South Korean court has ordered its creditors to file their claims by February 21, 2025. The court has also set a date for the creditors’ meeting on February 19, 2025.

Why did Delio declare bankruptcy?

An official at the Seoul Rehabilitation Court said that the main reason for Delio’s bankruptcy is that “its inability to pay was recognized in light of the suspension of withdrawals, the circumstances of the suspension of operations, and the extent of the damage.”

The official added that the cryptocurrency platform operated as a custodian and management company in which it generated profits and paid interest by “operating virtual assets such as Bitcoin deposited by customers”.

“The debtor lent and entrusted the operator with the management of the virtual assets deposited by customers, but a significant part of them were deposited in the FTX account and were being managed,” he continued.

However, he said that the “virtual assets entrusted could not be recovered” after FTX filed for bankruptcy in November 2022, which led Delio to suspend withdrawals on the platform.

Delio executive hits back at authorities

In September 2023, the cryptocurrency company accused South Korean authorities of misinterpreting the law after the state-run Financial Intelligence Unit (FIU) proposed the dismissal of Delio CEO Jeong Sang-ho.

The government also suspended the cryptocurrency platform’s operating license and ordered the company to pay a fine of $1.34 million.

The cryptocurrency platform’s CEO is currently facing charges of “fraud, embezzlement and breach of trust.” However, the Delio executive defended himself by saying that investors’ deposits on the platform were not “protected.”

Delio was founded in 2018 and received Virtual Asset Service Provider (VASP) status from the FIU in 2022, becoming the first South Korean company to achieve such recognition.

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Bitcoin Bitcoin Wallet Cryptocurrency Investment Cryptocurrency news

Tether Increases Bitcoin and Gold Holdings to $4.8 Billion and $5 Billion

Tether (USDT) circulation has increased to $120 billion, marking a 30% increase by 2024.

Tether’s Bitcoin and gold holdings have increased to $4.8 billion and $5 billion, respectively.

Tether’s net worth has doubled to $14.2 billion as it faces ongoing legal challenges.

Tether has announced a substantial increase in its Bitcoin and gold reserves, as detailed in its latest Consolidated Financial Figures and Reserves Report for Q3 2024.

Tether’s Bitcoin holdings have reached an impressive $4.8 billion, while its gold reserves are now $5 billion, reflecting the company’s strategy to bolster its asset base amid growing global demand for its stablecoin, USDT.

USDT Circulation Increases 30%

This quarter was particularly notable for Tether, as USDT circulation soared to a record $120 billion, representing a 30% increase in 2024.

This increase totals $27.8 billion so far this year and brings Tether’s market cap close to that of its competitor, Circle’s USDC, which currently stands at $35 billion, according to data from CoinGecko.

Tether’s growth is indicative of the growing reliance on stablecoins within the cryptocurrency ecosystem, driven by increased market adoption and confidence.

Tether Expands Holdings of US Treasuries

In addition, Tether has significantly expanded its holdings of US Treasuries, which now amount to $84.5 billion, making up the largest segment of its reserves. This strategic move has contributed to Tether’s strong financial health, with net assets doubling to $14.2 billion from $7 billion at the end of 2023.

In addition, through its subsidiary, Tether Investments Limited, the company manages an additional $7.7 billion in assets across sectors such as sustainable energy, Bitcoin mining, and data infrastructure. However, these assets are not included in the reserves backing Tether tokens.

Despite its growth, Tether is currently embroiled in three civil litigation cases related to its holdings and operations. Notably, these cases include a class action lawsuit related to the 2017-2018 Bitcoin price crash, a lawsuit stemming from the Celsius bankruptcy, and a dispute over USDT in a wallet not controlled by Tether.

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Is Canada a good place for seniors to live?

Canada is generally considered a good place for seniors to live due to its high quality of life, excellent healthcare system, and various senior-friendly amenities and programs. Here are some key factors that make Canada attractive for seniors:

Healthcare

  • Universal Healthcare System: Canada’s publicly funded healthcare system ensures that seniors have access to necessary medical services without direct charges at the point of care.
  • Specialized Senior Care: Many provinces offer specialized services and programs for seniors, including long-term care, home care, and chronic disease management.

Social Programs and Benefits

  • Old Age Security (OAS) and Canada Pension Plan (CPP): These programs provide financial support to seniors, helping them cover living expenses during retirement.
  • Guaranteed Income Supplement (GIS): Low-income seniors may qualify for additional financial assistance through GIS.

Quality of Life

  • Safety: Canada is known for its low crime rates and safe communities, making it a secure place for seniors to live.
  • Clean Environment: Canada has a reputation for clean air, abundant natural beauty, and green spaces, which contribute to a healthy living environment.

Community and Social Engagement

  • Senior Centers and Community Programs: Many communities have senior centers that offer social, recreational, and educational activities, helping seniors stay active and engaged.
  • Volunteer Opportunities: There are numerous opportunities for seniors to volunteer and contribute to their communities, which can provide a sense of purpose and fulfillment.

Accessibility

  • Public Transportation: Cities in Canada generally offer senior discounts for public transportation and have accessible transit options.
  • Age-Friendly Cities: Some cities are recognized as age-friendly, meaning they have taken steps to ensure their infrastructure, services, and facilities are accessible and inclusive for seniors.

Climate

  • Varied Climate Options: Canada’s vast geography offers a range of climates. While some areas, like British Columbia, have milder winters, others have more severe winters, which might be a consideration for seniors.

Housing

  • Senior Housing Options: There are various housing options specifically for seniors, including retirement communities, assisted living facilities, and long-term care homes.
  • Home Care Services: For those who prefer to age in place, there are home care services available to assist with daily living activities.

Cultural and Recreational Activities

  • Cultural Diversity: Canada’s cultural diversity means there are numerous cultural festivals, events, and communities for seniors to enjoy.
  • Outdoor Activities: Seniors can enjoy a wide range of outdoor activities, such as walking, hiking, and fishing, given Canada’s abundant natural landscapes.

Considerations

  • Cost of Living: While Canada offers many benefits, the cost of living can be high in some cities, particularly in major urban areas like Toronto and Vancouver.
  • Weather: Harsh winters in some regions can be a challenge, particularly for those with mobility issues.

Overall, Canada provides a supportive and enriching environment for seniors, with many resources and programs designed to enhance their quality of life.