2 days ago
The positive seasonality known to affect the bitcoin market during the last quarters of every halving year is wearing off, as seen in BTC’s price movements over the past two weeks. This trend is often driven by high demand from investors; however, recent data shows that these market participants have slowed down in their acquisition of BTC. The decline in demand, especially from investors in the United States, is seen in the Coinbase Premium Index, which fell to a level not seen in the past 12 months. Coinbase Premium Slumps Again According to a report from the CryptoQuant official Burakkesmeci, the Coinbase Premium Index, which monitors BTC demand from U.S. retail investors, has fallen to -0.237, its lowest point since December 2023. This metric fell to -0.200 on October 25, 2024, shortly before the United States presidential elections, due to heightened uncertainty about the outcome of the political race. However, the indicator surged above 0.15 a few weeks later as BTC rallied above $100,000 following President Donald Trump’s election victory. The index’s latest plunge came as BTC fell below $92,000 to roughly $91,300 at the start of the current business week. Burakkesmeci said the index was also affected by a low-liquidity bitcoin market at the end of the year and increasing seller pressure on U.S. soil. Room for Price Rally? Outflows from the U.S.-based spot Bitcoin exchange-traded funds (ETFs) market prove American investors have been selling their BTC. These products bled roughly $700 million on two out of the last three trading days of the year, and even on the day of inflows, they collectively recorded a measly $5.3 million in injected capital. Even during the four days leading to Christmas, the spot Bitcoin ETFs shed more than $1.37 billion as investors scrambled to withdraw their funds. Burakkesmeci’s analysis indicates weak institutional demand and a cautious sentiment among U.S. bitcoin investors. “This drop not only signals a lack of institutional demand but also underscores the cautious sentiment among U.S. investors. Such trends can create a challenging environment for Bitcoin’s short-term price recovery unless we see a shift in macroeconomic conditions or renewed interest from institutional or retail buyers,” the analyst stated. Nevertheless, a drop in the Coinbase Premium Index signals room for price growth, meaning that bitcoin’s value could experience a recovery in no distant time. The post US Investor Seller Pressure Drags Bitcoin Coinbase Premium Index to 12-Month Low: CryptoQuant appeared first on CryptoPotato .
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U.S. Justice Department Hands $4,300,000,000 To 40,930 Victims of ‘History’s Largest Ponzi Scheme’
The U.S. Department of Justice (DOJ) says it has nearly recovered all the losses suffered by tens of thousands of investors in the largest Ponzi scheme in history. In a press release, the DOJ says that throughout the course of a decade, it has disbursed more than $4.3 billion to 40,930 victims of a fraud scheme led by Bernard L. Madoff. Madoff is known for running a Ponzi scheme for about 17 years that defrauded investors from 127 countries out of approximately $65 billion. The perpetrator convinced people to invest in his firm, Bernard L. Madoff Investment Securities LLC, by promising decent returns while maintaining a trustworthy persona. The scheme collapsed at the height of the 2008 Global Financial Crisis (GFC) when investors panicked and withdrew their funds en masse only to find out that their money was being used to pay other investors. In June 2009, Madoff was sentenced to 150 years in prison for “running the largest fraudulent scheme in history.” He died in a prison hospital in April of 2021 at 82 years old. The DOJ says it recovered about $2.6 billion through several civil forfeiture actions against Madoff, his brother Peter B. Madoff, his co-conspirators and his clients who benefitted from the scheme including investors Carl Shapiro and Jeffry Picower. The agency also collected $1.7 billion after banking titan JPMorgan Chase settled accusations that the firm failed “to carry out its legal obligations” while serving as Madoff’s primary bank. Says Acting U.S. Attorney Edward Y. Kim for the Southern District of New York, “This office has never stopped at pursuing justice for victims of history’s largest Ponzi scheme… We have succeeded in compensating 40,930 victims with close to 94% of their losses. As this extraordinary effort demonstrates, this office and MLARS (Money Laundering and Asset Recovery Section) are committed to protecting and assisting victims of crime, no matter how long it takes and no matter how complicated the endeavor.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post U.S. Justice Department Hands $4,300,000,000 To 40,930 Victims of ‘History’s Largest Ponzi Scheme’ appeared first on The Daily Hodl . Crypto Potato
Behind Ripple’s Stablecoin Growth: A Closer Look at the Top 10 RLUSD Giants
In a mere fortnight, Ripple’s RLUSD stablecoin has witnessed its supply on Ethereum expand by $4.4 million. Yet, with 768 addresses in possession of the token, over 70% of the stablecoin’s supply lingers in the Ripple Deployer wallet or contract address. Ripple’s RLUSD Hits $4.4M in New Supply on Ethereum—Who Controls the Tokens? In 2024, Crypto Potato
