Decentral Block Post

Bitcoin (BTC) is displaying fresh bull run signals as BTC price strength produces 7% daily gains.

BTC price bounces after snap sell-off

Data from Cointelegraph Markets Pro and TradingView hints that upside momentum may continue as on-chain metrics reset.

Bitcoin “needed to cool off” after hitting $44,000 this month, analysis believes, and after a trip to near $40,000, conditions are improving.

In a post on X (formerly Twitter) on Dec. 13, Philip Swift, creator of statistics resource Look Into Bitcoin, showed profit-taking surging as BTC/USD hit its latest 19-month highs.

He flagged the value days destroyed (VDD) multiple metric, which multiplies coin days destroyed by the current BTC price and that, on Dec. 11, hit its highest level since May 2021.

Gemini Earn creditors are fuming over a proposed reorganization plan that could see their promised Bitcoin (BTC) payouts effectively slashed to about 30% of what they’re worth at current market rates.

In a post on X (formerly Twitter), Gemini Trust revealed it sent creditors an email on Dec. 13 outlining the proposed plan, which has now been put up for a vote.

Under the proposed plan, creditors will receive a payout equal to their Earn crypto balances as of Jan. 19, 2023 — the date that Gemini’s cryptocurrency lending partner Genesis Global Capital filed for bankruptcy.

Some observers, including Bloomberg exchange-traded fund analyst James Seyffart, described the plan as “brutal,” given that the prices of Bitcoin and Ether (ETH) were only $20,940 and $1,545 at the time. The assets have since rallied to $42,750 and $2,250, respectively, at the time of writing.

This would mean that in the worst-case scenario where creditors are given a 61% recovery, each Bitcoin that a creditor had on Earn would only be given $12,773, or 30% of what a Bitcoin is worth today.

Decentralized finance protocol Yearn.finance is hoping arbitrage traders will return $1.4 million in funds after a multisignature scripting error, resulting in a large amount of the protocol’s treasury being drained.

“A faulty multisig script caused Yearn's entire treasury balance of 3,794,894 lp-yCRVv2 tokens to be swapped,” according to a Dec. 11 GitHub post by Yearn contributor “dudesahn.”

The error occurred while Yearn was converting its yVault LP-yCurve (lp-yCRVv2) — earned from performance fees on vault harvests — into stablecoins on decentralized exchange CowSwap.

Yearn suffered significant slippage when it received 779,958 DAI yVault (yvDAI) tokens from the trade, resulting in a 63% fall in liquidity pool value from its treasury — relative to lp-yCRVv2’s spot price at the time.

Yearn confirmed the $1.4 million figure in a note to The Block.

Since bottoming around $16,800, Bitcoin (BTC) has displayed resilience throughout 2023, posting over 153% gains year-to-date and 143% over the last 12 months to outperform major tech companies.

Despite this impressive performance, the flagship cryptocurrency’s price is still 39% below the all-time high (ATH) level against the U.S. dollar reached in November 2021.

Meanwhile, Bitcoin continues to hit new ATHs in Argentina, Turkey, Egypt, Nigeria, Lebanon and Pakistan.

According to the Dec. 13 post, at one point on Dec. 12, the price of 1 BTC reached ATHs against the Argentine peso at 15,176,100.12 pesos. BTC was worth 1,202,109.40 Turkish liras, 32,703,517.06 Nigerian nairas and 1,280,955.47 Egyptian pounds.

The chart also showed that BTC has reached ATHs against the Lebanese pound and the Pakistani rupee at 622,548,74.67 Lebanese pounds and 11,736,063.26 Pakistani rupees, respectively.