In this week’s roundup, former President Donald Trump’s moves signal increasing support for cryptocurrency, while a GOP Senator stirs debate by proposing the U.S. sell its gold reserve to fund Bitcoin purchases.
SEC Shakeup as Gensler Resigns
The U.S. Securities and Exchange Commission (SEC) is set for a major change as Chair Gary Gensler announced his resignation, effective on January 20, coinciding with Trump’s inauguration day. Teresa Goody Guillén, a securities attorney, is reportedly being considered as his replacement. This comes after FDIC Chair Martin Gruenberg also disclosed his intention to step down on January 19, 2025. Trump’s team is actively assembling a council, with plans to appoint the White House’s first “crypto czar.”
Trump’s Crypto-Friendly Nominees
Trump’s recent nominations have further raised expectations for the crypto industry. Howard Lutnick, nominated for Commerce Secretary, and Scott Bessent, nominated for Treasury Secretary, are both well-known crypto advocates.
U.S. Bitcoin Reserve Proposal
In another bold move, GOP Senator Cynthia Lummis has proposed that the U.S. sell its gold reserves to buy Bitcoin instead, bypassing traditional government budgeting methods. While BlackRock, the world’s largest asset manager, declined to support the plan, VanEck publicly endorsed it.
Bitcoin Nears $100K
Bitcoin continued its upward trajectory, hitting new all-time highs last week. After briefly dipping below $89,000 on November 17, the price surged past $95,000 on November 21, with Bitcoin nearing $100,000. On November 22, it peaked at $99,800, bolstered by strong ETF inflows, amounting to $1 billion in net capital. Bitcoin closed the week at $97,775, holding steady above $96,000 by Sunday.
Institutional Bitcoin Interest Soars
Several institutional players are increasingly turning to Bitcoin. MicroStrategy, for instance, bought 51,780 BTC worth $4.6 billion, raising its total holdings to 331,200 BTC. The company also secured $2.97 billion through a convertible note offering on November 21 to further expand its Bitcoin reserve. Other notable buyers include Semler Scientific, which added 215 BTC to its portfolio, and Japanese firm Metaplanet, which acquired an additional 142 BTC. Acurx, a pharmaceutical company, also revealed plans to purchase $1 million worth of Bitcoin for its reserves.
XRP and Cardano Break $1
XRP and Cardano, two assets that had long struggled below the $1 mark, surged past this threshold. XRP jumped 41% on November 16, hitting a three-year high of $1.265. Despite a brief pullback, it later surpassed $1.60. Cardano followed suit, climbing 27% to reach $1.0440, its first time above $1 since April 2022, and has maintained its position above the mark.
Sui Network Faces Downtime
The Sui blockchain protocol experienced its first downtime last week, halting block production for over two hours. Despite this setback, the network quickly recovered and continued its momentum, securing a partnership with $1.6 trillion asset manager Franklin Templeton to enhance blockchain innovation.
This week’s developments highlight significant shifts in the crypto landscape, with rising institutional interest, political support, and a continued surge in asset values.
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