BTC Breaks Through the $100K Mark, and Altcoin Season Is Here- December 05, 2024

Also, Trump nominated Paul Atkins for the SEC, and Binance listed PEPE.

TL;DR: Crypto Insights in Seconds

• BTC: Touches the $100K mark.

• Altcoins: BNB, ETH, and TRON gain momentum.

• Trump: Nominates Paul Atkins to lead the SEC.

• South Korea: Political unrest fuels record crypto trades.

• HyperLiquid: HYPE token surged 200% since launch.

• PEPE: Binance.US listed memecoin PEPE.

Price Update

Bitcoin Surpass $100K as U.S. Buyers Fuel the Momentum

Bitcoin surged to $102K, driven by strong buying activity in the U.S., as evidenced by the Coinbase premium. Analysts suggested the road to $100K depended on new buyers absorbing sell pressure from long-term holders, winning the battle between demand and profit-taking.

Altcoin Rotation Heats Up: Ether, BNB, and TRON on the Rise

BNB: Binance Coin hit a fresh all-time high, breaking out of a three-year trading range. The rally is attributed to increasing adoption on Binance and broader altcoin rotations.

ETH: Ether rose by 8% as Bitcoin's dominance receded, marking a shift in market focus to other assets.

TRON: Surging 80% in a single day, TRON gained momentum amid political unrest in South Korea, with local traders driving record volumes​.

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Regulatory News

Pro-Crypto Advocate Paul Atkins Nominated to Lead the SEC

President-elect Donald Trump has named Paul Atkins, a former SEC commissioner and pro-crypto advocate, as his pick to replace Gary Gensler as head of the SEC. Atkins, known for his transparency efforts and blockchain expertise, has co-chaired the Digital Chamber’s Token Alliance since 2017. Gensler’s resignation in November followed widespread criticism of his aggressive actions against the crypto industry, costing firms over $426 million in legal fees.

South Korea's Political Unrest Fuels Record Crypto Trades

Following South Korea’s short-lived military rule and the impeachment of its president, the nation saw a record $34 billion in crypto trades in a single day. The crisis has turned cryptocurrencies into a haven, highlighting their role in times of political instability​.

Don’t Miss Anything

HyperLiquid’s Token Soars 200%

HyperLiquid's HYPE token has skyrocketed over 200% since its launch, achieving a fully diluted valuation of $12 billion. The surge reflects increasing investor appetite for high-growth, innovative platforms in the crypto sector.

PEPE and Memecoins Gain Exchange Support

Binance.US has listed PEPE, fueling a resurgence in memecoin trading. Crypto exchanges continue to compete for dominance in this speculative yet lucrative market segment.

From regulatory changes in the U.S. to Bitcoin’s historic rise and altcoin dominance, the crypto market remains dynamic even during geopolitical upheavals. As institutional and retail interest grows, the market is gearing up for an eventful end to 2024, with Bitcoin’s $100K milestone and altcoins poised for continued growth. 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.