This week, Bitcoin reached an incredible all-time high of $93,434.36. Analysts are optimistic that it will surpass $100,000 by the end of 2024 and potentially hit $150,000 in 2025.
The excitement around Bitcoin has been palpable, especially with the proposed Bitcoin Reserve Strategy linked to Donald Trump's upcoming presidency in 2025, sparking speculation about its influence on digital finance.
In related news, President-elect Trump nominated pro-crypto Representative Matt Gaetz as Attorney General, leading to Gaetz's immediate resignation from Congress.
It's an interesting time for Bitcoin and the crypto community. Read on to explore the latest news and key developments shaping the world of cryptocurrency!
For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (November 10 - 16, 2024)
● Dogecoin Investor Lawsuit Against Elon Musk Dropped
● 18 States Sue SEC Over Crypto Crackdown
● NYSE Arca Seeks SEC Approval for Bitwise Crypto Index ETP
● South Korea Investigates Upbit for Massive KYC Violations
● Trump’s Victory Could End SEC Crypto Cases, Says Consensys CEO
● FBI Raids Polymarket CEO’s Home Amid Allegations
Dogecoin Investor Lawsuit Against Elon Musk Dropped
A $258 billion lawsuit accusing Elon Musk and Tesla of manipulating Dogecoin’s price was withdrawn by plaintiffs on Nov. 14, 2024. The lawsuit, filed in 2022, claimed Musk’s media appearances and social media posts, including his "Dogefather" persona on Saturday Night Live, constituted market manipulation. Both parties agreed to waive appeals and sanctions, but the withdrawal awaits approval from U.S. District Judge Alvin K. Hellerstein. Musk's legal team dismissed the claims as baseless, stating there’s no illegality in supporting a cryptocurrency.
18 States Sue SEC Over Crypto Crackdown
Eighteen U.S. states, including Texas, Wyoming, and Ohio, have filed a lawsuit against the SEC and Chair Gary Gensler, accusing the agency of overreach in its enforcement actions against the crypto industry. The states argue the SEC is seizing regulatory authority without congressional approval. Crypto firms have reportedly spent $426 million fighting SEC actions since 2021. President-elect Donald Trump, who has vowed to replace Gensler with a crypto-friendly leader, is expected to reshape SEC leadership when he takes office in January 2025.
NYSE Arca Seeks SEC Approval for Bitwise Crypto Index ETP
NYSE Arca filed with the SEC to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP). The $1.3 billion fund holds a diversified portfolio of top cryptocurrencies, including Bitcoin (75.1%), Ether (16.5%), and smaller allocations in Solana, XRP, and others. Bitwise CEO Hunter Horsley emphasized ETPs’ efficiency and regulatory advantages, aiming to enhance market access and align trading with net asset value. This filing reflects Bitwise’s efforts to transition its trust into a regulated ETP structure, offering improved investor protections and liquidity.
South Korea Investigates Upbit for Massive KYC Violations
South Korea’s Financial Intelligence Unit (FIU) is investigating Upbit for 500,000–600,000 alleged Know Your Customer (KYC) violations. The exchange reportedly accepted blurred ID submissions, violating anti-money laundering (AML) regulations. If confirmed, Upbit could face fines of $71,500 per violation and potential challenges in renewing its business license. This comes as the regulator scrutinizes the exchange amid its dominant market position and ties to K-Bank, which has a significant portion of its deposits linked to crypto. Upbit trades $2.2 billion daily, making it South Korea's largest exchange.
Trump’s Victory Could End SEC Crypto Cases, Says Consensys CEO
Consensys CEO Joe Lubin predicts ongoing SEC cases against crypto firms may be dismissed or settled under Donald Trump’s presidency. Following Trump’s election win, Lubin highlighted the potential for pro-crypto policies, including replacing SEC Chair Gary Gensler, a known crypto critic. Trump’s administration is expected to ease regulatory pressure, saving the industry "hundreds of millions of dollars." Lubin also pointed to Consensys’ lawsuit against the SEC, alleging efforts to classify Ether as a security, as part of a broader regulatory crackdown the industry hopes to overturn.
FBI Raids Polymarket CEO’s Home Amid Allegations
The FBI raided the New York home of Polymarket CEO Shayne Coplan on Nov. 13, seizing his phone and electronics. The decentralized betting platform, which handled $3.7 billion in bets on the 2024 U.S. presidential election, has been accused of potential market manipulation favoring Donald Trump. A Polymarket spokesperson dismissed the raid as "political retribution" by the outgoing Biden administration. Coplan was not arrested, and the platform has pledged to defend itself. Polymarket previously settled with regulators in 2022 over unregistered binary options markets.
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