BlockFi Looks To Reopen Withdrawals For Some Users – December 20

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,841

Bitcoin price has crept back up slightly over the last day of trading, tapping the $17,000 mark earlier this morning.

Top-20 altcoins are also somewhat recovering, as Ethereum gains 3%, BNB rises 2% and Litecoin leads with a 4% gain.

Top Stories for December 20, 2022 πŸ”₯

πŸ‘‰ BlockFi Looks To Reopen Withdrawals For Some Users

Crypto lending company BlockFi has filed a motion in a US court, to allow it to honor withdrawals from wallet accounts and update its user interface.

The company has no legal or equitable interest in cryptocurrency held in the accounts, according to the filing. A hearing on the matter is scheduled for 9 January, with a separate hearing regarding accounts held by a Bermuda-based subsidiary scheduled for 13 January.

BlockFi clients were reportedly informed of the plan to reopen withdrawals for wallet users on 19 December.

πŸ‘‰ Troubled BTC Mining Company Greenridge Reaches Deal With NYDIG

Troubled Bitcoin mining firm, Greenridge Generation, has agreed to restructure $74.7m of debt with lender NYDIG, though the company may still file for bankruptcy.

If the deal with NYDIG is finalized, Greenidge will still require $20m in funding through 2023 to avoid bankruptcy. Under the current non-binding term sheet, NYDIG will purchase 2.8 exahash per second (EH/s) worth of Greenidge’s bitcoin mining machines and extinguish $57m-$68m of the debt.

Greenidge will host NYDIG’s machines, changing its business model from self-mining to hosting, a difficult business model in 2022 due to exposure to natural gas prices.

πŸ‘‰ One Step Closer To Expanding Services In The U.S.

The US arm of, the fourth largest cryptocurrency exchange by trading volume, has received operating licenses in “several” states as it prepares to launch services in the country.

Gate US has registered as a money services business with the Financial Crimes Enforcement Network (FinCEN) and has “obtained some money transmission licenses or similar to operate, and is currently working to obtain more”, according to a statement by founder and president Lin Han.