Crypto Weekly Roundup: Gary Gensler Steps Down, Marathon Steps Up BTC Purchases, & More

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As a seasoned crypto investor with over a decade of experience navigating this ever-evolving landscape, I must say that the past week has been nothing short of thrilling! The news of Gary Gensler stepping down as SEC Chair and Bitcoin miner MARA Holdings purchasing 5771 BTC for $572 million are two significant events that have sent ripples across the crypto market.

This week, the digital currency sector has experienced notable advancements with President-elect Donald Trump’s impending inauguration serving as a backdrop. One of the major events was Securities and Exchange Commission Chair Gary Gensler announcing his resignation, effective in January following Trump’s assumption of office. Another key occurrence involved Bitcoin miner MARA Holdings disclosing its acquisition of 5771 Bitcoins for approximately $572 million. Here are some other significant events that took place during the previous week.

Bitcoin

It has been announced that Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), plans to leave his position in January. This news caused a surge in the crypto market, with Ripple (XRP) experiencing a significant rise and Bitcoin (BTC) approaching the $100,000 milestone.

Michael Saylor, the co-founder and chairperson of MicroStrategy, plans to present a strategy for investing in Bitcoin to Microsoft’s board. This plan views Bitcoin as a valuable addition to a company’s reserves, with increasing backing for the digital currency and its potential to strengthen financial portfolios.

Altcoins

The surge in Dogecoin (DOGE) has sparked more attention towards Shiba Inu (SHIB), another well-known meme coin. The growing appeal of these two meme coins can be attributed to favorable market circumstances and a generally optimistic outlook.

Bitcoin (BTC) is almost reaching the significant milestone of $100,000 per coin. Yet, it’s worth noting that its control over the crypto market has experienced a slight decrease recently. Meanwhile, notable alternative cryptocurrencies have been experiencing double-digit growth.

A resident of Singapore stands accused in the U.S., following claims that he laundered approximately 230 million dollars worth of cryptocurrency. According to reports, Lam, along with a confederate, is said to have carried out one of the largest individual crypto heists in U.S. history for which they are being charged.

Bitcoin (BTC) is about to break through the highly-anticipated $100,000 mark. With this significant level in sight, other cryptocurrencies are jostling for position and standing by, eagerly awaiting Bitcoin to stabilize and trend sideways before they can gain momentum.

The activity in the market for meme coins has significantly increased, with investors drawn towards smaller projects in search of the next big crypto success story. Notably, Bonk (BONK) is emerging as a promising choice following its impressive surge to attain a new record high, making it the fourth-largest meme coin by market capitalization.

The digital currencies NEAR Protocol, Cosmos, and Polkadot exhibit strong investment opportunities that align with the Wyckoff accumulation strategy, suggesting they could experience significant growth in a thriving bull market.

Investor worry and unease among large XRP holders, known as whales, have been sparked by the Securities and Exchange Commission’s (SEC) challenge against Ripple. This is due to growing concerns about possible regulatory changes that might disrupt the security of their investments.

In light of a possible Republican majority with significant power in the U.S., establishing a strategic Bitcoin reserve might actually materialize as an option. Contrastingly, Billy Markus – one of the creators of Dogecoin – proposed setting up a strategic Dogecoin reserve following his adjustments to the code aimed at addressing the coin’s infinite supply issue.

Business

The incoming chief executive of Charles Schwab Corporation, Rick Wurster, has disclosed their intention to provide direct cryptocurrency trading services once U.S. regulations become more accommodating. Wurster expressed confidence about the regulatory environment under President Donald Trump and emphasized that the company will adapt swiftly to any changes in the regulatory climate.

In simpler terms, MARA Holdings, a company involved in Bitcoin mining, has revealed it bought an extra 5,771 Bitcoins for approximately $572 million. This recent purchase increases their total Bitcoin holdings to about 33,875 Bitcoins, which is currently worth around $3.4 billion.

Web3

Drift Zone, a gaming studio specializing in Web3 games, has been awarded a $190,000 grant by the SEI Network for the purpose of incorporating their system into a blockchain network.

io.net, a Decentralized Physical Infrastructure Network, has revealed intentions to broaden its GPU Compute link offerings to Zero1, aiming to foster the progression of decentralized Artificial Intelligence (AI) development.

Phoenix’s Nitrogen test network has undergone a substantial update, incorporating advanced decryption features that move the blockchain one step closer to its mainnet debut.

The Dojima Foundation recently introduced the Omnichain Web, a groundbreaking infrastructure with the potential to revolutionize interoperability within Web3 and boost the widespread adoption of this technology.

As a researcher, I’m excited to share that after a rigorous testing phase involving more than 25 million transactions from approximately 2 million distinct digital wallets, the Polygon Software Development Kit (SDK) has officially launched its mainnet. This marks a significant milestone in our journey!

Regulations

The surge in Solana Spot ETFs can be attributed to Gary Gensler’s announcement that he will be leaving his position, effective from January.

Russia intends to manage its expanding digital currency market by suggesting a 15% tax on income from cryptocurrencies, categorizing cryptocurrencies as assets, permitting write-offs for mining costs, and strengthening regulatory scrutiny to boost tax revenue and promote openness.

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2024-11-24 19:09