The price of Bitcoin suffered its steepest decline in over three months to briefly sink below the $100,000 threshold after the Federal Reserve revealed a more cautious approach to future interest rate cut decisions.

A federal judge has cleared the way for Nasdaq-listed cryptocurrency exchange Coinbase to delist wrapped Bitcoin (WBTC), rejecting a bid from BiT Global to block the move.

Exodus Movement, the developer of one of the oldest cryptocurrency wallets, made its debut on NYSE American on Wednesday, joining a small group of publicly traded crypto firms on major U.S. exchanges.

Top stories in the Crypto Roundup today:

• Bitcoin Sees Worst Drop in Three Months as Fed Signals Caution
• Coinbase Cleared to Delist Tokenized Bitcoin WBTC
• Cryptocurrency Wallet Provider Exodus Makes NYSE American Debut
• Timing The Market Cycle: When Does the Music Stop?

Bitcoin Sees Worst Drop in Three Months as Fed Signals Caution

The price of Bitcoin suffered its steepest decline in over three months to briefly sink below the $100,000 threshold after the Federal Reserve revealed a more cautious approach to future interest rate cut decisions.

Bitcoin dropped to a $99,000 low before recovering, to now stand at $101,700. The Federal Reserve, while implementing a third consecutive interest rate cut, tempered expectations for the number of rate cuts expected next year.

Fed Chair Jerome Powell said that more progress on inflation is needed before additional rate reductions. The Fed’s message, according to IG Australia Market Analyst Tony Sycamore, served as a catalyst to “wash away some of the speculative excesses that flowed into risk assets.”

The decision saw the dollar strengthen, while global stocks and bonds declined. 

Coinbase Cleared to Delist Tokenized Bitcoin WBTC

A federal judge has cleared the way for Nasdaq-listed cryptocurrency exchange Coinbase to delist wrapped Bitcoin (WBTC), rejecting a bid from BiT Global to block the move.

BiT Global sought a temporary restraining order last week, arguing that the delisting of the tokenized Bitcoin token would lead to imminent and irreparable harm. U.S. District Judge Araceli Martinez-Olguín, however, ruled that there was no basis to prevent Coinbase from delisting the token.

Coinbase announced plans to delist WBTC in November, months after the token’s custodian BitGo partnered with BiT Global to manage the $14 billion asset. In response, BiT Global sued the exchange, alleging that its plans amounted to unfair business practices.

It argued that the delisting along with Coinbase’s launch of a rival tokenized Bitcoin token, cbBTC, was anti-competitive behavior. In response, the exchange said its decision to delist WBTC was over the “unacceptable risk that control of WBTC would fall into the hands of Justin Sun.”

Sun is the co-founder of layer-1 blockchain TRON, who serves as an advisor to BiT Global.

Cryptocurrency Wallet Provider Exodus Makes NYSE American Debut

Exodus Movement, the developer of one of the oldest cryptocurrency wallets, made its debut on NYSE American on Wednesday, joining a small group of publicly traded crypto firms on major U.S. exchanges.

The firm’s stock, trading under the ticker EXOD, saw a 37% price rise by the close of trading, reaching an intraday high of $64.5, but lowered to around $53 at the close. Founded in 2015, Exodus operates a popular cryptocurrency wallet and generates revenue primarily from exchange services, staking, and consulting.

The firm reported $20.1 million in revenue and a net loss of approximately $800,000 in the third quarter of its fiscal year. Its shares were previously being traded on over-the-counter markets.

Timing The Market Cycle: When Does the Music Stop?

The price of Bitcoin started showing its characteristic breakout after the U.S. elections, and now a key question on investors’ minds surrounds the potential duration of the current market cycle.

Predicting the precise conclusion of Bitcoin’s current upward trajectory presents significant challenges. However, by analyzing data from previous market cycles, investors can pinpoint crucial timeframes that warrant close attention to assess and navigate market conditions effectively.

This cycle has seen BTC record a new all-time high ahead of the halving, an event that hasn’t happened in previous cycles. Nevertheless, BTC has reached a cycle top between 371 and 546 days after the halving.

Based on data from previous cycles, Bitcoin could see a peak at the start of the second quarter of next year, or it could mirror patterns seen in 2021 to reach a peak in November.

Dig deeper into the crypto market’s trends via CCData’s 2025 H1 Outlook Report.

State of the Crypto by Top Tier Exchange Volume

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