Crypto Weekly 11/24/24
A weekly summary of the latest crypto news...
Crypto weekly is authored by maaria and serdave
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($3.45T): +10% / +95%
- BTC ($97,047): +9% / +129%
- ETH ($3,347): +9% / +47%
- SOL ($251): +8% / +146%
- UNI ($10.76): +24% / +47%
- POL ($0.55): +42% / -42%
- Tether Mkt Cap ($132B): +4% / +45%
- USDC Mkt Cap ($38.9B): +5% / +59%
- BTC / ETH Dominance: 56% / 12%
THIS WEEK IN CRYPTO
- The crypto market cap reached an all time high of nearly $3.5 trillion this week, with Bitcoin nearly eclipsing $100k for the first time ever and Solana reaching an all time high of $264. Link Link
- Bitcoin ETFs saw record daily inflows above $1 billion amongst speculation that the Trump administration will buy Bitcoin as a strategic reserve asset. Link Link
- SEC Chairman Gary Gensler and Commissioner Jaime Lizárraga will step down before Donald Trump’s inauguration on January 20, leaving three commissioners: Republicans Mark Uyeda, Hester Pierce, and Democrat Caroline Crenshaw. Link Link
- Donald Trump nominated Cantor Fitzgerald CEO Howard Lutnick to be Commerce Secretary and hedge fund manager Scott Bessent as Treasury Secretary. Both have expressed pro-crypto stances, with Lutnick’s Cantor Fitzgerald currently servicing USDT issuer Tether. Link Link
- A Texas judge ruled in favor of the Blockchain Association in their lawsuit against the SEC over its broad definition of broker/dealer for DeFi, which could treat retail investors like professional traders. The judge granted a summary judgment, meaning the case does not proceed to trial. Link Summary Judgment
- The FTX estate expects to start repaying customers in March. An exact date will be announced in December. FTX recovered $16.5 billion, or 119% of the cash value of customer’s deposits the day the exchange went bankrupt in 2022. Link
- Donald Trump’s transition team is holding discussions with the digital asset industry about whether to create a new White House post solely dedicated to cryptocurrency policy. Link
- Coinbase’s iOS app ranked first in downloads finance apps, and crypto wallet Phantom ranked in the top 10 of all free iOS apps in downloads this week. Link Link
- A federal judge ruled that Lido DAO can be treated as a general partnership, which would prevent active DAO participants from evading liability in litigation. The ruling came in a class action lawsuit against Lido for selling their token as an unregistered security offering. Link Ruling
- Cantor Fitzgerald is in talks with Tether about starting a lending program that uses Bitcoin as collateral. The firm is led by incoming commerce secretary Howard Lutnick and already custodies Tether’s billions of US treasuries for USDT. Link
- A federal judge ruled former FTX CTO Gary Wang will not serve prison time due to his cooperation with authorities in Sam Bankman Fried’s trial. Wang pleaded guilty to four counts of fraud in 2022. Link
- Microstrategy CEO Michael Saylor will give a presentation to Microsoft leadership on Bitcoin investment strategies. Microsoft shareholders are scheduled to vote on whether the company should conduct a formal assessment of Bitcoin as an investment on Dec. 10. Link
- The U.K. plans to draft a regulatory framework for the crypto industry by early next year, according to Economic Secretary Tulip Siddiq. Link
- Charles Schwab incoming CEO Rick Wurster said the firm will start offering spot crypto trading once the U.S. regulatory environment changes. Link
- Donald Trump is meeting with Coinbase CEO Brian Armstrong this week to discuss potential appointments in his upcoming administration. Link
- Trump Media and Technology Group, the operator of Truth Social, is in advanced talks to buy crypto trading platform Bakkt. Link
- NFT marketplace Magic Eden announced their solana based token $ME will launch on December 22. Link