Gemini's Stock Surges After Hours Following 30% Cut to its Workforce

Bitcoin's recent stabilization around $84,000 after a selloff has analysts predicting a potential rally to $170,000 in under three months based on historical patterns. While some view these patterns as supportive, others caution that various factors like macro liquidity and monetary policy will influence Bitcoin's trajectory.

Jump Trading is being sued for $4 billion by the Terraform Labs plan administrator, alleging the firm profited unlawfully and contributed to the Terra ecosystem's collapse. The lawsuit claims Jump had undisclosed agreements with Terraform, extracting billions while concealing weaknesses in TerraUSD.

Coinbase has filed federal lawsuits in multiple states, challenging state attempts to block prediction markets. The platform argues that prediction markets fall under the jurisdiction of the Commodity Futures Trading Commission, not individual state gaming regulators.

Synthetix, a DeFi protocol for synthetic assets, has returned to Ethereum mainnet after three years on layer 2 networks like Optimism due to high gas fees and congestion. The relaunched perpetual DEX is now live on mainnet in a limited private beta.

The Senate's crypto market structure bill is set for a January committee markup, moving closer to a floor vote. The bill aims to establish a federal framework for digital assets, defining regulatory jurisdiction between the SEC and CFTC.

The bankruptcy court-appointed administrator of Terraform Labs is suing Jump Trading for allegedly profiting from its $40 billion collapse. Todd Snyder is seeking $4 billion in damages, accusing the trading company of manipulation and self-dealing.

Mike Selig, former chief counsel at the SEC's Crypto Task Force, was confirmed by US Senators to lead the Commodity Futures Trading Commission. Selig aims to promote freedom, competition, and innovation in the US crypto industry.

Bybit, the second-largest cryptocurrency exchange by volume traded, has resumed services in the U.K. after stricter regulations forced it out two years ago. The company, with 80 million users globally, is now offering spot trading on 100 currency pairs in compliance with FCA standards.

Magdaleno Mendoza, a senior promoter involved in the IcomTech crypto Ponzi scheme, was sentenced to 71 months in prison for orchestrating the scam that targeted Spanish-speaking investors. The scheme promised daily returns from crypto trading but operated as a Ponzi scheme, resulting in significant losses for victims.

The European Central Bank is prepared to introduce a digital euro, with technical work completed and the European Council and Parliament involved in reviewing the project. ECB officials emphasize the importance of political authorization for issuing the digital currency to support financial stability and privacy.