Bitcoin Reaches $97K and New Crypto Position on the White House - November 21, 2024
Also, SEC returns $46M to BitClave investors, and FTX co-founder avoids jail.
TL;DR: Crypto Insights in Seconds
SEC: Returns $46M to BitClave Investors.
Dogecoin and XRP: Take over in South Korea dominating trading volumes.
Phantom Wallet: Outperforms Instagram and WhatsApp in downloads.
U.S. Crypto Policy: Trump team considers new White House crypto advisory role.
FTX: Co-founder avoids jail.
Solana: Competes with Ethereum powering 89% of new tokens.
Coinbase: Introduces a 4.7% APY reward for USDC holders.
Russia: Plans to ban mining in certain regions.
South Korea: Plans to implement a 20% crypto tax in 2025.
Price Update
Bitcoin Breaks $97K Barrier
Bitcoin continued its record-breaking run, crossing $97,000 as institutional momentum keeps building post-election. The introduction of Bitcoin ETF options has deepened liquidity and provided traders with new hedging strategies. Analysts credit strong investor confidence and ETF inflows for the rally, with predictions for even higher highs in the coming months.
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Market Trends
Solana’s Rapid Growth Competes with Ethereum
Solana is emerging as a formidable competitor to Ethereum, powering 89% of new token launches and drawing significant developer activity. Its low fees and scalability make it a preferred choice for Web3 innovators.
International Crypto News
Russia and South Korea Ramp Up Crypto Regulation
Russia has proposed banning crypto mining in certain regions during winter to conserve energy, while South Korea plans to implement a 20% crypto tax in 2025. These developments highlight the global push to regulate the fast-growing digital asset space.
U.S. Crypto News
Trump Team Eyes White House Crypto Role
Reports suggest Trump’s administration is considering creating a White House position dedicated to crypto policy. This role would likely focus on fostering innovation while addressing regulatory concerns. Such a position could bridge the gap between regulators and the crypto industry, potentially setting a global standard.
SEC Distributes $46M to BitClave Investors
The SEC announced a $46 million payout to BitClave investors, marking a significant win for individuals affected by fraudulent crypto projects. This restitution demonstrates the agency’s commitment to investor protection, even as the crypto landscape evolves.
Don’t Miss Anything
Phantom Wallet Tops App Charts
Solana’s Phantom wallet has surpassed WhatsApp and Instagram as one of the most downloaded free iPhone apps. This shows the growing mainstream appeal of blockchain technology, encouraged by the platform's focus on speed and low transaction costs.
FTX Co-Founder Avoids Jail
Gary Wang, FTX co-founder, received no prison sentence after cooperating extensively with authorities and testifying against Sam Bankman-Fried in his criminal trial. Wang's testimony revealed insider practices, including privileges granted to Alameda Research by Bankman-Fried, who was sentenced to nearly 25 years in prison for fraud and other charges. Wang, who pleaded guilty in 2022, was praised for his cooperation.
Coinbase Wallet Introduces a 4.7% APY Reward for USDC
Coinbase Wallet has introduced a 4.7% annual yield reward for users holding USDC with payouts made monthly on the Base Layer 2 network. This feature is accessible globally, with U.S. users gaining access this week.
The crypto market’s momentum shows no signs of slowing down, with Bitcoin achieving historic highs and institutional interest driving innovation. Meanwhile, evolving regulatory landscapes in key regions like South Korea and Russia highlight the delicate balance between fostering growth and implementing safeguards. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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