Highlights from the Crypto News World
In the ever-dynamic world of cryptocurrencies, last week’s activities have further established the commanding impact of these digital assets in the global economy. Notably, the leading cryptocurrency, Bitcoin (BTC), transcended the $93,000 level for the first time, a significant development that now puts its market cap cautiously above $1.83 trillion. This figure is a turnover that ladles the cryptocurrency market’s capitalization above that of Saudi Aramco, Saudi Arabia’s government-owned petroleum corporation.
Bitcoin’s Impressive Ascent
Bitcoin’s record-high crossing of $93,000 breathes life to enthusiasts who anticipate the digital asset to continue its upward trajectory. This assertion by Bitcoin bullish Michael Saylor, a well-known cryptocurrency advocate and MicroStrategy Chairman, proposes an imminent rally to $100,000. Although the market saw a mild setback, which had Bitcoin’s value pull back from its peak; it has remained resilient, orbiting around the $90,000 level in a consolidation phase.
Surge in Meme Coins
Meanwhile, in a peculiar twist of events, as the broader market rally cooled off, certain meme coins – tokens based on Internet jokes or memes – saw significant price escalations. Notably, Dogecoin, the pioneering meme coin, marked a magnificent rise, facilitating it to reclaim its $60 billion market cap as its price peaked at $0.43. Interestingly, the squirrel-themed Peanut crypto and the ‘Dogwifhat’ also recorded significant feats within the same period. Peanut the Squirrel trekked above $1.6 and touched a new all-time high of $2.47, while Dogwifhat experienced a 37% jump in price following its listing on Coinbase – one of the biggest cryptocurrency exchanges. Moreover, meme coin Pepe experienced the resurgence of a 42% rally following its listing proposal by Robinhood and Coinbase.
US Political Climate and Dogecoin’s Rally
Zooming into Dogecoin’s surprising rally, it cannot be disentangled from the concurrent political events in the United States. Precisely, the establishment of the Department of Government Efficiency personally supervised by Elon Musk and Vivek Ramaswamy. The formation of this agency included in President-elect Donald Trump’s administration is anticipated to impact a deduction of at least $2 trillion in federal spending.
Legal Battle Between FTX and Binance
The financial landscape also witnessed the FTX’s bankruptcy ordeal spilling into a legal battlefield. FTX filed a lawsuit against Binance – the world’s largest cryptocurrency exchange, and Changpeng Zhao, its former CEO. The plaintiff is seeking to recover a whopping $1.76 billion, allegedly fraudulently purchased by Zhao and his co-executives at Binance from Sam Bankman-Fried, the erstwhile CEO of FTV.
Possible Exit of SEC Chair Gary Gensler
In a connected development, the climate of uncertainty enveloped the Security and Exchange Commission (SEC) as its Chair, Gary Gensler, hinted at potential resignation. The hint came alongside a forceful charge against the cryptocurrency industry to strictly uphold federal laws. Expectedly, President-elect Trump has already vocalized his plan to sack Gensler once he assumes office. Meanwhile, 18 Republican attorneys generals have filed a lawsuit against the SEC and its Chairperson; they accused the SEC of engaging in unconstitutional overreach in its dealings with cryptocurrencies.
Polymarket Faces Federal Investigation
Equally relevant in last week’s events is the commencement of a federal investigation into Polymarket, a popular betting platform, following bet volumes recorded during the U.S. Presidential Election. Shayne Coplan, Polymarket’s CEO, also had his home raided by the FBI as part of the investigation process. However, the core reason behind the raid remains elusive.
Global Regulatory Push
In response to the phenomenal growth and increasing complexity of the crypto-industry, global regulatory development emerged last week. Insiders hinted that British authorities are considering enacting stablecoin and staking regulations before December’s end. On the US’s side, the Crypto Market Integrity Coalition has channeled its energy towards urging the US Congress to enact a definite regulatory mechanism for cryptocurrencies. Hinting at the establishment of a national Bitcoin reserve, Pennsylvania’s government has already crafted a bill in anticipation. The bill is poised to give a governmental nod to Bitcoin investments, which is a promising step in the thriving world of cryptocurrencies.
