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The CFTC has reportedly subpoenaed Coinbase for customer information as part of its investigation into Polymarket, a decentralized prediction market platform. This follows a raid on Polymarket's CEO Shayne Coplan's home amid allegations of violating a settlement with the CFTC. Coplan claims the actions are politically motivated, urging a more pro-business approach from incumbents.
Coinbase has received a subpoena from the US Commodity Futures Trading Commission (CFTC) regarding its involvement with the decentralized prediction market Polymarket, requiring compliance by January 15 unless legally challenged. The notice to users indicated that general account information would be shared with the CFTC, but no action is needed from users. Polymarket has faced scrutiny from global regulators and has been geo-blocking US users since 2022 following a settlement with the CFTC.
Polymarket is under scrutiny for its controversial wildfire betting markets, which have drawn criticism for profiting from human suffering amid ongoing wildfires in California. The US Commodity Futures Trading Commission (CFTC) has subpoenaed Coinbase for user data linked to Polymarket, marking a shift in regulatory approach towards the crypto industry. This follows a previous settlement with the CFTC over unregulated binary options, raising concerns about the platform's compliance with US regulations.
Ethereum is experiencing a resurgence, currently trading at $3,854.95, with hopes of reaching $5,000 fueled by institutional interest and spot ETF inflows. However, challenges remain, with analysts estimating less than a 10% chance of hitting this milestone by the end of 2024.In contrast, JetBolt is gaining traction with its innovative Zero-Gas Technology, which eliminates gas fees, enhancing user experience and attracting over 150 million tokens sold in its presale. This momentum positions JetBolt as a potential leader in the next wave of blockchain evolution.
The cryptocurrency market capitalization surged 5% to $3.64 trillion, with Bitcoin surpassing $101.5K and Ethereum rising 7% to $3,900. While optimism grows, analysts caution against assuming a breakout, noting potential resistance at $4,100 for Ethereum and a looming supply crisis. Ray Dalio advocates for Bitcoin as a hedge against fiat currency decline, while recent data shows significant liquidations in altcoins, indicating a shift towards more sustainable growth.
Donald Trump's World Liberty Financial (WLFI) has made significant crypto investments, acquiring millions in Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) using USDC. Following these purchases, the prices of these tokens surged, with LINK appreciating over 20% and AAVE over 30% within 24 hours.Additionally, Justin Sun's $30 million investment in WLFI has triggered revenue payments for the Trump family, as the project aims to launch a USD-pegged stablecoin, having raised $14 million for its development.
Ethereum's chances of reaching $5,000 by the end of 2024 have fallen to under 10%, despite significant ETF inflows, including $305 million on December 10. While some traders remain optimistic about a price surge, analysts note that a 37% increase is necessary to hit the target. Institutional interest continues to grow, with Fidelity contributing over $202 million to recent inflows, suggesting a potential supply crisis that could impact prices.
Ethereum's chances of reaching $5,000 by the end of 2024 are under 10%, with recent probabilities dropping from 16% to around 8%. Despite significant ETF inflows, a neutral investor sentiment and potential "offer crisis" due to strategic accumulation by traditional finance players may hinder short-term price increases. The market remains volatile, and while optimism exists, caution is essential for investors navigating this complex landscape.
Ethereum's chances of reaching $5,000 by year-end have dropped to just over 8%, down from a peak of 16%, according to Derive. Despite significant inflows into Ether ETFs, traders express mixed sentiments, with some still targeting the $5,000 mark. Notably, $305 million in daily ETF inflows, primarily from Fidelity, suggests a potential supply-side crisis ahead.
Eric Conner
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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