“Trump’s Crypto-Friendly Picks and Bitcoin’s $100K Surge: What You Need to Know!”

Weekly Crypto Recap: Trump, Bitcoin & the SEC Shake-Up

As the crypto landscape continues to evolve, several key developments have emerged this week. From President-elect Donald Trump’s new appointments to Bitcoin’s near $100,000 rally, there’s no shortage of exciting news. Let’s dive into the highlights:

Trump’s New Nominees: A Win for Crypto?

In a move that could benefit the crypto sector, President-elect Donald Trump has nominated Howard Lutnick for Commerce Secretary and Scott Bessent for Treasury Secretary. Both have expressed strong support for cryptocurrencies in the past, signaling a potential shift toward more crypto-friendly policies in the new administration. This comes amid other significant changes in Washington, including the expected resignation of SEC Chair Gary Gensler on January 20, Trump’s inauguration day.

The Trump team is reportedly considering securities attorney Teresa Goody Guillén as a replacement for Gensler. Robinhood’s Dan Gallagher, however, has declined the offer. Meanwhile, Trump’s transition team has been meeting with key crypto executives to set up a council that would help shape crypto policy, with a focus on appointing a “crypto czar” within the White House.

SEC Shake-Up and FDIC Resignations

In other government-related news, FDIC Chairperson Martin Gruenberg, a key figure behind several crypto crackdowns, announced he would resign on January 19, 2025. The SEC’s shake-up, particularly with Gensler stepping down, could be a game-changer for the industry, potentially paving the way for more supportive regulation under Trump’s leadership.

GOP Senator Proposes Bitcoin as Reserve Asset

GOP Senator Cynthia Lummis has been pushing for a bold move: selling off the U.S. gold reserve to buy Bitcoin, rather than using the government budget to acquire crypto. While BlackRock, the world’s largest asset manager, has declined to support the initiative, VanEck, a well-known asset manager, has backed the proposal.

The idea of a U.S. Bitcoin reserve is gaining traction among crypto advocates, though it remains to be seen whether it can gather the necessary political momentum. Regardless, Lummis’ proposal signals a significant shift toward considering Bitcoin as a legitimate store of value at the government level.

Bitcoin Flirts with $100,000

Bitcoin’s price action this week has been nothing short of spectacular. After reaching a new all-time high (ATH) of $93,000 earlier this month, Bitcoin continued its surge, hitting $97,000 on November 21, with projections pointing to the possibility of a $100,000 price tag by the end of the month.

On November 22, BTC peaked at $99,800, driven by strong ETF inflows and a $1 billion surge in capital flowing into Bitcoin-related exchange-traded products. As of Sunday, November 24, Bitcoin was holding steady above $96,000, showing strong bullish momentum. With an 83% chance of breaching $100,000 by November’s end, the future looks bright for Bitcoin.

Institutional Interest in Bitcoin Grows

The institutional adoption of Bitcoin is on the rise, with several companies adding Bitcoin to their balance sheets. MicroStrategy, the business intelligence firm, made waves with a major Bitcoin purchase—51,780 BTC, worth $4.6 billion. This brings their total holdings to a staggering 331,200 BTC. The firm also completed a 0% convertible note offering to raise $2.97 billion, which will be used to buy more Bitcoin.

Other companies getting in on the action include Semler Scientific, which purchased 215 BTC for $17.7 million, and Metaplanet, a Japanese firm, which added 142 BTC to its holdings. Even Acurx, a pharmaceutical company, announced plans to buy $1 million worth of Bitcoin to add to its reserves.

XRP and Cardano Reclaim $1

XRP and Cardano, two assets that had struggled to stay above the $1 mark for years, have both managed to break through that threshold. XRP surged 41% on November 16 to reach a three-year high of $1.265, before briefly pulling back. By the end of the week, XRP had reclaimed the $1 mark, eventually topping $1.6.

Cardano followed suit with a 27% rally, pushing ADA to $1.0440, the highest it’s been since April 2022. Both coins have since managed to hold above the $1 level, marking a significant recovery for these altcoins.

Sui Blockchain Experiences First Downtime

In a less fortunate development, the Sui blockchain, a layer-1 protocol, suffered its first significant downtime. For over two hours, the network stopped producing blocks, causing a temporary disruption. However, developers were able to resolve the issue, and the network is now back online.

Looking Ahead

As we wrap up another eventful week in the world of crypto, all eyes will remain on the government’s stance toward digital assets, Bitcoin’s ongoing price movement, and the growing institutional interest in the space. With new nominations and regulatory shifts, the next few months could bring even more changes to the crypto ecosystem.

Stay tuned, the next chapter is just beginning.