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- US Supreme Court Upholds Crypto Class-Action Lawsuit Against Nvidia
US Supreme Court Upholds Crypto Class-Action Lawsuit Against Nvidia
News on the Blockchain
December 12, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 763
Market Cap: $3.63T (+5.24%)
24h Volume: $220.31B (-20.40%)
Bitcoin Dominance: 54.8%
Ethereum Dominance: 13.0%
ETH Gas Price: 14.54 Gwei
Fear & Greed Index: 80/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $101,049.81 | +3.22% | $2.00T | $80.12B |
Ethereum (ETH) | $3,919.67 | +6.23% | $472.11B | $36.50B |
Tether (USDT) | $1.00 | +0.03% | $139.75B | $183.20B |
BNB (BNB) | $715.86 | +5.25% | $103.09B | $2.40B |
Solana (SOL) | $230.64 | +5.08% | $110.45B | $5.20B |
💹 Market Highlights:
Total DeFi Volume: $18.49B (8.39% of total market volume)
Stablecoins Volume: $204.51B (92.83% of total market volume)
Coin with highest % change: PEPU (+118.86%)
📈 Preview On Today’s News:
- US Supreme Court Upholds Crypto Class-Action Lawsuit Against Nvidia
- Crypto Industry Faces Regulatory Delays and Dynamic Market Trends
- Riot Platforms Secures $525 Million to Expand Bitcoin Holdings and Diversify Operations
Keep reading for more!
Today’s News:
1)
US Supreme Court Upholds Crypto Class-Action Lawsuit Against Nvidia
The US Supreme Court has denied Nvidia's appeal to dismiss a class-action lawsuit that alleges the company misled investors regarding its GPU sales to cryptocurrency miners. This decision reinstates an appellate court ruling reviving the 2018 lawsuit, where shareholders claim Nvidia concealed over $1 billion in GPU sales to the crypto sector, resulting in a significant drop in the company's share price. Supported by evidence from former executives and the Securities and Exchange Commission (SEC), the lawsuit asserts that Nvidia understated its cryptocurrency revenue. Despite preferring a dismissal on the merits, Nvidia has stated it is prepared to continue its defense to protect shareholder interests and uphold consistent standards in securities litigation.
Supreme Court Decision: The Supreme Court's dismissal reinstates the class-action lawsuit against Nvidia, which alleges the company misled investors about substantial GPU sales to cryptocurrency miners.
Allegations and Support: Shareholders' claims are backed by evidence from former executives and the SEC, asserting that Nvidia understated over $1 billion in cryptocurrency-related GPU sales, compelling the company to continue its legal defense.
2)
Crypto Industry Faces Regulatory Delays and Dynamic Market Trends
The cryptocurrency sector is navigating significant regulatory challenges as the Senate Banking Committee postpones the vote on Democrat Caroline Crenshaw’s renomination to the SEC, with Republican senators blocking a procedural waiver and pro-XRP lawyer John Deaton labeling Crenshaw a "disgrace." This delay underscores ongoing tensions between crypto advocates and regulatory bodies. Meanwhile, the crypto market remains active and diverse, featuring rising altcoins like Qubetics, Solana's potential bull run supported by favorable on-chain data, and influential voices like Ray Dalio promoting Bitcoin and gold over debt assets. Additionally, meme coins such as Dogecoin continue to engage the community, and new projects like BTFD are launching innovative products, reflecting the sector's continuous evolution and volatility.
Regulatory Setbacks: The SEC nomination of Caroline Crenshaw is delayed due to Republican opposition, sparking criticism from the crypto community and highlighting regulatory tensions.
Market Developments: Active trends include the rise of altcoins like Qubetics and Solana, increased advocacy for Bitcoin and gold, ongoing interest in meme coins like Dogecoin, and the launch of new projects such as BTFD, demonstrating the market's dynamic nature.
3)
Riot Platforms Secures $525 Million to Expand Bitcoin Holdings and Diversify Operations
Riot Platforms has successfully raised $525 million through a senior note offering to enhance its Bitcoin reserves, increasing its total holdings to 12,000 BTC and positioning it as the second-largest publicly traded Bitcoin holder behind Marathon Digital. This strategic investment aligns with Riot’s aggressive growth plan amidst a competitive mining landscape and follows its recent acquisition of 705 BTC. Despite experiencing a net loss in the third quarter of 2024, Riot remains committed to Bitcoin while actively diversifying into artificial intelligence and high-performance computing. This diversification aims to leverage the company’s substantial energy capacity and infrastructure, opening new revenue streams and fostering partnerships with leading technology firms.
Expanded Bitcoin Holdings: Riot Platforms raised $525 million to increase its Bitcoin holdings to 12,000 BTC, making it the second-largest publicly traded Bitcoin holder after Marathon Digital.
Diversification Strategy: In addition to strengthening its cryptocurrency portfolio, Riot is diversifying into AI and high-performance computing to create new revenue opportunities and sustain growth despite financial challenges.
