Coinbase Sued for $1 Billion Over Wrapped Bitcoin Delisting

News on the Blockchain, December 16th, 2024

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🌍 Daily Crypto Market Overview

Global Stats:

• Cryptocurrencies: 2.4M+

• Exchanges: 765

• Market Cap: $3.69T (+1.63%)

• 24h Volume: $158.9B (+24.13%)

• Bitcoin Dominance: 56.1%

• Ethereum Dominance: 12.9%

• ETH Gas Price: 8.18 Gwei

• Fear & Greed Index: 80/100 (Extreme Greed)

🪙 Top 5 Cryptocurrencies by Market Cap:

💹 Market Highlights:

• Total DeFi Volume: $13.49B (8.49% of total market volume)

• Stablecoins Volume: $146.06B (91.92% of total market volume)

• Coin with Highest % Change: SHANG (+55.78%)

🔥Heat Map:

📈 Preview On Today’s News:

1. - Coinbase Sued for $1 Billion Over Wrapped Bitcoin Delisting

2. - South Korea Navigates Political Turmoil and Crypto Market Volatility

3. - MicroStrategy’s Potential Inclusion in S&P 500 Amid Bitcoin Accounting Changes

Keep reading for more!

Today’s News:

1)

Coinbase Sued for $1 Billion Over Wrapped Bitcoin Delisting

Crypto exchange Coinbase is facing a $1 billion lawsuit filed by BiT Global Digital Limited, alleging that Coinbase deliberately delisted Wrapped Bitcoin (wBTC) in November 2024 to promote its own product, cbBTC. The lawsuit claims that this action caused significant financial losses and undermined consumer confidence in wBTC, accusing Coinbase of attempting to monopolize the wrapped Bitcoin market through predatory practices and false statements about wBTC's compliance with listing standards. Coinbase has defended its decision by emphasizing its commitment to maintaining high listing standards, while BiT Global argues that the delisting was a strategic move to eliminate competition. The lawsuit seeks over $1 billion in damages and aims to prevent further harm through injunctive relief.

• Legal Action Against Coinbase: BiT Global Digital Limited has filed a $1 billion lawsuit against Coinbase, alleging that the delisting of Wrapped Bitcoin (wBTC) was intended to promote Coinbase's own product, cbBTC, resulting in financial losses and reduced consumer trust in wBTC.

• Coinbase’s Defense and Implications: Coinbase maintains that the delisting was based on wBTC not meeting its listing standards, while the lawsuit contends that this move represents an attempt to monopolize the market, potentially setting a harmful precedent for the cryptocurrency industry.

2)

South Korea Navigates Political Turmoil and Crypto Market Volatility

Following the impeachment of President Yoon Suk Yeol for attempting to declare martial law, South Korea is grappling with significant political and economic instability. Acting President Han Duck-soo has taken immediate steps to reassure international allies, particularly the United States, and stabilize the economy by collaborating with the Bank of Korea to control the weakened won and volatile stock market. Amid this chaos, the cryptocurrency market in South Korea has experienced dramatic fluctuations, with Bitcoin prices falling sharply on local exchanges and a surge in altcoin trading despite strict regulatory measures limiting options for investors. Additionally, external pressures such as anticipated trade tensions with the incoming U.S. administration under President-elect Trump pose further risks to South Korea’s export-driven economy.

• Political and Economic Stabilization: Acting President Han Duck-soo reassures international allies and collaborates with the Bank of Korea to stabilize the economy following President Yoon’s impeachment and martial law attempt.

• Crypto Market Turbulence: South Korea’s cryptocurrency market faces significant volatility with declining Bitcoin prices and increased altcoin trading, amidst strict regulatory controls and potential trade tensions with the U.S.

3)

MicroStrategy’s Potential Inclusion in S&P 500 Amid Bitcoin Accounting Changes

MicroStrategy is striving to join the S&P 500 following a recent change in Bitcoin accounting rules that allows the company to count Bitcoin valuations as net income, potentially boosting its profitability. Currently, MicroStrategy has only achieved positive profits in one of the last four quarters, making its eligibility uncertain. The final decision rests with the S&P 500 committee, which considers both financial metrics and broader market representation, as demonstrated by Tesla’s delayed inclusion despite meeting profitability criteria. Additionally, MicroStrategy’s recent inclusion in the Nasdaq-100 index strengthens its position in the tech and crypto sectors, although it does not directly impact S&P 500 eligibility. Experts remain divided, noting that while accounting changes and market presence enhance MicroStrategy’s prospects, significant challenges remain before it can secure a spot in the prestigious index.

• Accounting Rule Changes Boost Profitability Potential: New Bitcoin valuation rules may enhance MicroStrategy’s earnings, helping meet the S&P 500’s profitability requirements.

• Committee Discretion and Market Position Influence Outcome: Inclusion depends on the S&P committee’s subjective assessment and MicroStrategy’s recent Nasdaq-100 success, despite current profitability challenges.

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