As a seasoned researcher with over two decades of experience in finance and technology, I find this week’s news particularly intriguing. The Trump administration’s new nominees, both crypto advocates, could potentially bring significant changes to the regulatory landscape for digital assets. The surge in Bitcoin’s price, coupled with institutional investments, underscores the growing acceptance of cryptocurrencies as a legitimate asset class.
Today’s weekly summary includes these points: President-elect Donald Trump has introduced two fresh appointees who are considered beneficial for cryptocurrencies. Meanwhile, a Republican Senator has suggested the idea of replacing gold with Bitcoin as a standard.
- This week, the Trump team met with multiple executives to assemble a council with the White House’s first “crypto czar.”
- Last week, FDIC Chairperson Martin Gruenberg, who was pivotal in multiple crypto crackdown cases, disclosed his intention to resign on Jan. 19, 2025.
- Trump’s latest nominees — Howard Lutnick for Commerce Secretary and Scott Bessent for Treasury Secretary — are both vocal crypto advocates.
- BlackRock, the world’s largest asset manager, declined to support the initiative, but VanEck publicly endorsed the plan.
- On Thursday, Nov. 21, BTC claimed $95,000 as bulls strengthened their hold.
- The firstborn crypto asset rallied further on Thursday, breaching $97,000, as the chances of it hitting $100,000 in November spiked to 83% on Polymarket.
- BTC claimed a new peak of $99,800 on Nov. 22 amid strong ETF inflows, as $1 billion in net capital flowed into ETF products. Bitcoin closed the week at $97,775. On Sunday, it hovered above $96,000.
- Meanwhile, medical equipment company Semler Scientific revealed last week it bought 215 BTC for $17.7 million earlier in the month. This brought its cumulative bag to 1,273 Bitcoin bought with $88.7 million.
- Japanese firm Metaplanet also augmented its stash, copping an additional 142 Bitcoin tokens worth $11.3 million, upsizing its total holdings to 1,142 tokens.
- Acurx, a pharmaceutical company listed on the Nasdaq, joined the bandwagon. The firm revealed plans to buy $1 million worth of Bitcoin and hold it in its reserves.
- Notably, XRP rose 41% to reach a three-year peak of $1.265 on Nov. 16. The asset had traded below $1 since December 2021. Despite a pullback on Nov. 16, XRP held above $1, eventually topping $1.6 last week.
- A week after XRP surged past $1, Cardano replicated the feat. ADA rallied 27% to reach a peak of $1.0440, breaking past the $1 mark for the first time since April 2022. Cardano has also held above $1.
The Sui network is operational once more, handling transactions, all due to the quick actions taken by the remarkable community of Sui validators. Earlier, there was a 2-hour interruption, triggered by a glitch in the transaction scheduling system that led to validators shutting down. However, this issue has been effectively addressed now.
— Sui (@SuiNetwork) November 21, 2024
- The setback did not inhibit ecosystem progress. A day after the issue, Sui partnered with $1.6 trillion asset manager Franklin Templeton to bolster blockchain innovation.
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2024-11-25 00:37