Cryptocurrency

Trudeau to Resign as Canadian Prime Minister Amid Criticism

Tuesday. January 7 at 2:00 AM

1 min. read

Canadian Prime Minister Justin Trudeau has announced his intention to step down as leader of his political party and resign as prime minister once a successor is chosen. Trudeau made the announcement during a press conference on Jan. 6, stating that the Liberal Party would select the next leader through a competitive process. The decision comes after calls for his resignation from members of Parliament. Trudeau's resignation follows Finance Minister Chrystia Freeland's decision to step down due to disagreements with Trudeau over handling potential tariffs from US President-elect Donald Trump. Critics in the crypto industry have condemned Trudeau's response to a 2022 strike by Canadian truckers. The prime minister invoked the Emergencies Act to freeze protesters' bank accounts, including those involving digital assets. Political betting platform Polymarket saw increased activity, with users betting on Trudeau's resignation and potential successors for the next election.

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CoinSwitch Launches Recovery Fund for WazirX Hack Victims

Wednesday. January 8 at 4:00 AM

Indian cryptocurrency exchange CoinSwitch has introduced a recovery fund worth 600 crore Indian rupees ($69.9 million) to assist victims of the WazirX hack. The initiative, named 'CoinSwitch Cares,' aims to aid users who suffered losses due to a cyberattack in July 2024. Eligible users can claim funds by providing evidence of their losses through WazirX statements. The program offers sign-up bonuses, revenue sharing, and referral rewards, with plans to distribute funds over two years. CoinSwitch, a major player in the Indian crypto market, is funding the program internally and will screen affected users using balance statements. The move comes after WazirX faced a $235 million hack, leading to withdrawal suspensions. CoinSwitch's support program targets four million WazirX users and aims to strengthen the Indian crypto ecosystem.

Cryptocurrency

Bitcoin Price Action Analysis and Market Reactions

Wednesday. January 8 at 3:00 AM

Bitcoin's price dropped by 4% on Jan. 7, shedding $96,849 and drawing attention to whale activity. The dip below $98,000 coincided with US JOLTS data indicating a hiring surge. Traders like Matt Cowart and Keith Alan commented on the market dynamics, with Alan highlighting the impact of 'spoofing' on liquidity. The removal of liquidity blocks on order books led to volatile price swings, resulting in over $30 million in long liquidations in one hour. Traders, including Rekt Capital and Cheds Trading, analyzed the market retracement and potential invalidation of a bearish pattern. Scott Melker and Justin Bennett also shared insights on key support levels and potential price movements. Overall, the article emphasizes the importance of conducting thorough research before making investment decisions in the volatile cryptocurrency market.

Cryptocurrency

Empowering Crypto Travel with Bitcoin Incentives

Tuesday. January 7 at 11:00 PM

Travala, a prominent crypto-centric travel booking service, has introduced time-limited Bitcoin rewards to attract more crypto travelers and boost real-world transactions. The initiative aims to integrate Bitcoin into their platform to drive crypto adoption. The campaign, running in January, offers $20,000 in Bitcoin for travel bookings and referrals, along with $50 in Bitcoin for new users completing a booking. CEO Juan Otero emphasized the synergy between travel and Bitcoin, highlighting the financial revolution. Travala's AVA Smart Program already provides Bitcoin rewards, discounts, and loyalty perks. The company's Treasury Reserve Plan includes Bitcoin and AVA to enhance liquidity and support growth. By partnering with major travel marketplaces like Skyscanner and KAYAK, Travala is expanding awareness of crypto travel. With over $100 million in revenue in 2024, Travala continues to bridge the gap between blockchain and travel, driving crypto adoption in the industry.

Cryptocurrency

CFTC Reaches Agreement with Gemini Trust Company

Tuesday. January 7 at 12:00 PM

The US Commodity Futures Trading Commission (CFTC) has come to a settlement with Gemini Trust Company that could prevent a civil trial if approved by a judge. In a filing on Jan. 6 in the US District Court for the Southern District of New York, the CFTC submitted a proposed consent order to settle all claims against Gemini. If accepted, Gemini will need to pay a $5 million civil penalty and refrain from making false statements to the CFTC. The civil case, filed in June 2022, accused Gemini of deceptive statements regarding its 2017 plan to offer Bitcoin futures contracts. The proposed order requires Gemini to admit to this behavior. The CFTC has multiple cases pending against crypto firms for alleged violations of US commodities laws, having recovered over $17 billion in penalties and restitution in the 2024 fiscal year. President-elect Donald Trump was reportedly considering replacing CFTC Chair Rostin Behnam.

Cryptocurrency