Coindesk

There’s something about major psychological price levels, like bitcoin's (BTC) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.The ETF seeks to deliver twice the inverse daily price performance of...

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in Ionic Digital, which is a company formed from Celsius’ reorganized mining business.The upcoming payout...

Decentralized exchange HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.Points campaigns have become increasingly common in the decentralized finance (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of airdrop farmers, investors who...

Bitcoin layer-2 network GOAT will soon let dogecoin (DOGE) users stake their tokens to earn fixed yields in BTC, with plans for additional memecoin-based financial applications later for users to earn “even greater rewards” on DOGE holdings. GOAT Network, whose mainnet is yet to be released, has so far let users lock up BTC to earn network rewards in a process colloquially called staking. The network’s ecosystem — when built — will let bitcoin holders participate in various decentralized finance (DeFi), such as lending or trading, without giving up ownership of their assets.DOGE prices have more than doubled in the past 30 days on an Elon Musk-linked trade and the virality of non-governmental agency Department of Government Efficiency (D.O.G.E.)Besides its “long,...

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by ZachXBT shows that the tokens were distributed to 19 wallets across seven exchanges.Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to CoinMarketCap.Gifto's social media channels have remained silent...