Bitcoin (BTC) remains stable with price currently retesting the resistance area around 23,700. On Dec. 22, the US Congress passed its recent $900 billion stimulus bill. This could be significant for BTC as it could affect the US dollars. Looking at the technicals, BTC successfully bounced at its immediate support around 21,800 (10-EMA trail). As of now, the structure is looking good and is giving a hint of a potential breakout. If price can sustain the break above 23,800 - 24,000, momentum could propel BTC to new ATH. Otherwise, price may struggle and slip into consolidation between 23,700 - 22,000.
Global market cap is at $644B, while BTC's market cap is at $439B.
After a year-long dispute between Bitmain co-founders Jihan Wu and Micree Zhan, both parties reportedly have reached a settlement. According to multiple local publications, both parties have agreed to a $600 million compensation for Jihan Wu, with Zhan taking control of the crypto miner maker operations. Wu will exit the mining firm taking the BTC.com mining pool, as well as Bitmain's overseas mining centers, while Zhan will be left with the Antpool mining pool and Bitmain's China-based mining farms. Zhan will also be in charge of the artificial intelligence (AI) division and the mining rig hardware manufacturing enterprise.
Zhan will temporarily mortgage his shares to raise the $600 million required to buy out Wu's stake in the company. Zhan will also reportedly complete an initial public offering in the US before the end of 2022, as both co-founders will be pitted as competitors moving forward.
The US Securities and Exchange Commission has taken legal action against Ripple and its CEO, Brad Garlinghouse and co-founder Christian Larsen. The SEC is alleging that the XRP token is classified as a security and is accusing Ripple and the two executives of raising more than $1.3 billion through an "unregistered, ongoing digital asset securities offering" to investors since 2013. Ripple is also alleged to have distributed XRP for "labor and market-making services" and that the two executives failed to register their personal XRP sales, estimated at $600 million.
Since the news of the lawsuit, XRP has seen a steep drop in price - with the token now valued at around $0.35, down over 23% since last week.
Huobi Group, the company behind major crypto exchange Huobi announced on Dec. 22 its plan to return to the US after ceasing operations back in 2019. According to the announcement, Huobi Trust has received a Trust Company License from the Financial Institutions Division of the Department of Business and Industry in Nevada. There are no additional information from the company, according to Cointelegraph.
Huobi US officially ceased its operations in December 2019 due to regulatory issues in the US.