The cryptocurrency ecosystem has seen significant developments this week as President-elect Donald Trump prepares for office. One of the most significant developments was that of Securities and Exchange Commission Chair Gary Gensler announcing he would be stepping down in January when Trump takes office. Another development was Bitcoin miner MARA Holdings announcing it had purchased 5771 BTC for $572 million. Let’s look at some of the other big developments from the week gone by.
Bitcoin
Securities and Exchange Commission (SEC) Chair Gary Gensler has confirmed he will be stepping down in January. The crypto market rallied in response to the news of Gensler’s impending departure, with Ripple (XRP) registering a dramatic increase and BTC nearing the $100,000 mark.
MicroStrategy co-founder and executive chairman Michael Saylor is set to pitch a Bitcoin investment strategy to Microsoft’s board of directors. The proposal positions BTC as a treasury asset and comes amid growing support for the asset and its potential to enhance corporate balance sheets.
Altcoins
The Dogecoin (DOGE) rally has amplified interest in Shiba Inu (SHIB), another popular meme token. The popularity of both meme tokens has significantly increased thanks to prevailing market conditions and bullish sentiment.
Bitcoin (BTC) is on the verge of conquering the $100,000 price level. However, its market dominance has registered a marginal decline, with prominent altcoins stepping in and making double-digit gains.
A Singaporean man is facing charges in the United States after allegedly laundering $230 million in cryptocurrency. Lam and an accomplice are accused of executing one of the biggest crypto thefts by an individual in US history.
Bitcoin (BTC) is on the verge of reaching the coveted $100,000 level. As the asset nears this crucial level, altcoins are fighting for position and are ready, waiting for BTC to settle and go sideways before rallying.
The meme coin market has seen a spurt in activity as investors flock to smaller projects, hoping to find crypto’s next unicorn. Bonk (BONK) is proving to be a viable option after it put together a stellar run to reach a new all-time high and become the fourth-largest meme coin by market cap.
NEAR Protocol (NEAR), Cosmos (ATOM), and Polkadot (DOT) are presenting high-conviction setups deeply rooted in Wyckoff accumulation principles, showing explosive bull market potential.
The Securities and Exchange Commission’s (SEC) appeal against Ripple (XRP) has spooked investors and put XRP whales on edge as fears mount of potential regulatory upheavals that could impact the stability of their holdings.
With a potential Republican supermajority in the United States, a strategic Bitcoin reserve could become a real possibility. However, Dogecoin co-founder Billy Markus suggested creating a strategic Dogecoin reserve after changing its source code to tackle the unlimited token supply.
Business
Charles Schwab Corp’s incoming CEO Rick Wurster has revealed the firm plans to offer spot crypto trading once US regulations make it easy to do so. Wurster expressed optimism about regulations under Donald Trump, adding the firm will be ready for any changes in the regulatory landscape.
Bitcoin miner MARA Holdings has announced the purchase of an additional 5771 BTC for $572 million. The firm’s latest acquisition takes its BTC holdings to 33,875 BTC, valued at $3.4 billion at current prices.
Web3
Web3 gaming studio Drift Zone has secured a $190,000 grant from the SEI Network to integrate its ecosystem on the blockchain.
Decentralized Physical Infrastructure Network io.net has announced plans to expand its GPU Compute connection services to Zero1 as it looks to advance the development of decentralized AI.
Fhenix’s Nitrogen testnet has gotten a significant upgrade, introducing enhanced decryption capabilities that help bring the blockchain closer to its mainnet launch.
Dojima Foundation has unveiled the Omnichain Web, an infrastructure that can potentially transform Web3 interoperability and drive Web3 adoption.
Polygon software development kit-based Prom has announced its mainnet launch following an extensive test campaign involving over 25 million transactions from two million unique wallets.
Regulations
Solana Spot ETFs have registered a significant jump following the confirmation of Gary Gensler’s resignation. Gensler confirmed he will be stepping down in January.
Russia has taken steps to regulate its growing cryptocurrency ecosystem by proposing a 15% tax on crypto earnings, classifying crypto as property, allowing mining expense deductions, and enhancing regulatory oversight to increase tax revenue and transparency.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
