Altcoins were in the spotlight on Wednesday as Bitcoin (BTC) remained flat following the recent debut of spot ETFs in the US. Chainlink, the decentralized oracle network that connects blockchains, saw its LINK token rise 6% on the day. LINK rose after the company announced on Tuesday the integration of its Cross-Chain Interoperability Protocol (CCIP) with Circle's cross-chain transfer protocol. Bitcoin remained around the $42,700 mark. Other altcoins that saw significant gains included Render's RNDR, which gained 12%. Render is a platform that allows users to deploy unused GPU power (a GPU or graphics processing unit is responsible for digital rendering in a computer system) from their home devices to support motion graphics and visual effects rendering projects. Solana's SOL also rose 5% over the same period.
While many contrarian bets about Bitcoin's price have proven correct following ETF approval, Fidelity's Jurrien Timmer doesn't expect the selloff to continue for long. In a thread on While some have predicted that Bitcoin could fall and find support somewhere between $32,000 and $38,000, Timmer expects a consolidation of recent gains. “The short-term question is whether this is a sell-the-news moment.” “My guess is that it will take a little time to consolidate recent gains now that the big moment has arrived,” Timmer wrote on or Bitcoin Sensitive Stocks.”
Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, have asked a court to dismiss a lawsuit filed by bankrupt cryptocurrency exchange FTX seeking to recover allegedly fraudulently transferred funds. FTX attempted to reclaim “millions of dollars” from Bankman and Fried in September 2023. Less than two months later, her son Bankman-Fried was found guilty on all seven counts of customer fraud and sentenced to the United States. His sentencing is expected in March. Bankman and Fried, both professors at Stanford Law School, argued that Bankman did not have a fiduciary relationship with FTX and was not acting “as a director, officer or manager,” and even if a fiduciary relationship did exist with FTX to plausibly claim, that a violation, according to a Jan. 15 court filing.
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