This news article provides a comprehensive overview of recent developments in the cryptocurrency market. Bitcoin briefly surged past $100,000, FalconX acquired a derivatives startup, and Do Kwon pleaded not guilty to fraud charges related to the TerraUSD collapse.
XDC was the best performing cryptocurrency for the week, rising 9.59%. Bitcoin surpassed $100,000 for the first time in two weeks following Donald Trump 's U.S. election victory confirmation. It reached a high of $101,180 on Monday, according to Bloomberg data. FalconX, a digital-asset prime brokerage firm, acquired Arbelos Markets, a derivatives startup founded in 2023 by two crypto veterans. The transaction terms were not disclosed, Bloomberg reports.
RUNE was the worst performing cryptocurrency for the week, dropping 32.01%. Investors withdrew a net $333 million from BlackRock's iShares Bitcoin Trust ETF (IBIT) on Thursday, the highest withdrawal since its launch, according to Bloomberg. Terraform Labs co-founder Do Kwon pleaded not guilty to U.S. fraud charges related to the $40 billion collapse of the TerraUSD stablecoin. Kwon entered his pleas before a U.S. judge in Manhattan, Bloomberg writes. Crypto trading and liquidity-providing firm GSR obtained approval from the UK's financial industry regulator. This allows GSR Markets UK Limited to operate as a registered crypto asset business and conduct services like crypto trading for UK clients, Bloomberg reports. The Winklevoss twins' Gemini Trust Co. crypto exchange has made several senior appointments in Europe to expand its presence in the region this year under the bloc's new regulatory regime, Bloomberg reports. Crypto prices are rising again with many Bitcoin alternatives outperforming on Thursday as investors diversify their holdings at the start of the new year. Market participants have started allocating capital to more speculative narratives, according to Chris Newhouse in a Bloomberg report. Gemini Trust, owned by the Winklevoss twins, agreed to pay $5 million to settle a Commodity Futures Trading Commission lawsuit alleging it misled the derivatives regulator to launch the first U.S.-regulated Bitcoin futures contract, Bloomberg reports. Do Kwon will face trial in 2026 in New York on U.S. fraud charges for the collapse of the TerraUSD stablecoin in 2022. U.S. District Judge Paul Engelmayer scheduled the trial for January 26, 2026, Bloomberg writes. Bitcoin's rally above $100,000 was short-lived. The token dropped the most in over two weeks on Tuesday, joining a retreat in U.S. stocks as fresh economic data sent Treasury yields soaring, Bloomberg reports.
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