Donald Trump

Bitcoin

<p class="is-style-lead">In today’s edition of the weekly recap: President-elect Donald Trump names two, new nominees that bode well for crypto, while a GOP Senator proposes ditching gold for Bitcoin.</p> 
<h2 class="wp-block-heading" id="sec-shakeup">SEC shakeup&nbsp;</h2> 
<ul class="wp-block-list"> 
 <li>SEC chair Gary Gensler <a rel="" href="https://crypto.news/anti-crypto-gary-gensler-to-resign-from-sec-when-trump-takes-office/">intends</a> to resign on Jan. 20, Trump’s inauguration day. The incoming administration is <a href="https://crypto.news/trump-favors-crypto-lawyer-and-former-sec-attorney-teresa-goody-guillen-to-head-sec/" target="_blank">considering</a> securities attorney Teresa Goody Guillén as his replacement. Robinhood’s Dan Gallagher <a href="https://crypto.news/robinhoods-dan-gallagher-declines-sec-leadership-role/" target="_blank">said</a> he wasn’t interested in the role.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>This week, the Trump team <a href="https://crypto.news/trumps-team-vets-for-first-white-house-crypto-role/" target="_blank">met</a> with multiple executives to assemble a council with the White House’s first “crypto czar.” </li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Last week, FDIC Chairperson Martin Gruenberg, who was pivotal in multiple crypto crackdown cases, <a href="https://crypto.news/fdic-chair-to-resign-as-trump-win-thaws-crypto-scrutiny/" target="_blank">disclosed</a> his intention to resign on Jan. 19, 2025.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Trump’s latest nominees — Howard Lutnick for <a rel="" href="https://crypto.news/trump-lutnick-to-expand-2b-tether-bitcoin-lending/">Commerce Secretary</a> and Scott Bessent for <a rel="" href="https://crypto.news/trump-taps-crypto-bros-in-charge-whats-at-stake/">Treasury Secretary</a> — are both vocal crypto advocates.</li> 
</ul> 
<h2 class="wp-block-heading" id="us-bitcoin-reserve-discussions">US Bitcoin reserve discussions</h2> 
<ul class="wp-block-list"> 
 <li>GOP Senator Cynthia Lummis, who champions a Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) reserve, <a href="https://crypto.news/us-senator-buy-more-bitcoin-by-sell-the-fed-gold/" target="_blank">proposed</a> that the government sell off its gold reserve to implement crypto purchases instead of using a government budget.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>BlackRock, the world’s largest asset manager, <a href="https://x.com/EleanorTerrett/status/1858939373116629205" target="_blank" rel="nofollow">declined</a> to support the initiative, but VanEck publicly <a href="https://crypto.news/vaneck-officially-supports-bitcoins-strategic-reserve/" target="_blank">endorsed</a> the plan.</li> 
</ul> 
<h2 class="wp-block-heading" id="bitcoin-flirts-with-100-000">Bitcoin flirts with $100,000</h2> 
<ul class="wp-block-list"> 
 <li>After breaching $93,000 two weeks back, Bitcoin hit new ATHs last week. Despite an initial drop below $89,000 on Nov. 17, projections of a run to $100,000 <a href="https://crypto.news/bitcoin-etf-outflows-slow-down-100k-2024-still-sight/" target="_blank">emerged</a> amid a slowdown in spot ETF outflows.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>On Thursday, Nov. 21, BTC <a href="https://crypto.news/bitcoin-hit-95000-heading-to-the-100k-target/" target="_blank">claimed</a> $95,000 as bulls strengthened their hold.&nbsp;</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>The firstborn crypto asset rallied further on Thursday, breaching $97,000, as the chances of it hitting $100,000 in November <a href="https://crypto.news/bitcoin-broke-97k-with-83-odds-of-reaching-100k-this-month/" target="_blank">spiked</a> to 83% on Polymarket.&nbsp;</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>BTC claimed a new peak of $99,800 on Nov. 22 amid strong ETF inflows, as $1 billion in net capital <a href="https://crypto.news/bitcoin-etfs-record-1-billion-in-inflows-as-btc-surpasses-99k/" target="_blank">flowed</a> into ETF products. Bitcoin closed the week at $97,775. On Sunday, it hovered above $96,000.</li> 
</ul> 
<h2 class="wp-block-heading" id="institutional-btc-interest">Institutional BTC interest</h2> 
<ul class="wp-block-list"> 
 <li>MicroStrategy <a href="https://crypto.news/microstrategy-added-4-6b-in-bitcoin-to-holdings/" target="_blank">announced</a> on Nov. 18 that it had purchased 51,780 BTC worth $4.6 billion, bringing its total holdings to 331,200 BTC.&nbsp;The software development firm <a href="https://crypto.news/microstrategy-gains-2-97b-to-buy-more-btc-after-convertible-note-offering/" target="_blank">completed</a> a convertible note offering at 0% on Nov. 21, raising a whopping $2.97 billion to buy more Bitcoin.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Meanwhile, medical equipment company Semler Scientific <a href="https://crypto.news/semler-scientific-buys-215-more-bitcoin-raises-21-5m-in-equity-offering/" target="_blank">revealed</a> 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.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Japanese firm Metaplanet also <a href="https://crypto.news/metaplanet-adds-142-btc-to-its-holdings-with-11-3m-purchase/" target="_blank">augmented</a> its stash, copping an additional 142 Bitcoin tokens worth $11.3 million, upsizing its total holdings to 1,142 tokens.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Acurx, a pharmaceutical company listed on the Nasdaq, joined the bandwagon. The firm <a href="https://crypto.news/nasdaq-listed-antibiotics-developer-acurx-to-put-1m-in-bitcoin-on-balance-sheet/" target="_blank">revealed</a> plans to buy $1 million worth of Bitcoin and hold it in its reserves.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="xrp-and-cardano-cross-1">XRP and Cardano cross $1</h2> 
<ul class="wp-block-list"> 
 <li>XRP (<a href="https://crypto.news/price/xrp/" target="_blank">XRP</a>) and Cardano (<a href="https://crypto.news/price/cardano/" target="_blank">ADA</a>), two assets that had languished underneath the $1 mark for at least two years, eventually reclaimed the elusive price mark.&nbsp;</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Notably, XRP <a href="https://crypto.news/xrp-price-surged-to-1-will-stellar-lumens-xlm-be-next/" target="_blank">rose</a> 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 <a href="https://crypto.news/xrp-continues-its-bullish-rally-with-price-nearing-1-20/" target="_blank">held</a> above $1, eventually topping $1.6 last week.&nbsp;</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>A week after XRP surged past $1, Cardano replicated the feat. ADA <a href="https://crypto.news/stellar-doge-cardano-rally-as-bitcoin-approaches-100k/" target="_blank">rallied</a> 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.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="sui-suffers-first-downtime">Sui suffers first downtime</h2> 
<ul class="wp-block-list"> 
 <li>Last week, layer-1 blockchain protocol Sui <a href="https://crypto.news/sui-network-blockchain-down-for-more-than-two-hours/" target="_blank">suffered</a> its first downtime. The network stopped producing blocks for over two hours. Developers eventually fixed the issue. </li> 
</ul> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators.<br><br>The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved. <a rel="nofollow" href="https://t.co/TJh2zwvQcD" target="_blank">https://t.co/TJh2zwvQcD</a></p>— Sui (@SuiNetwork) <a href="https://twitter.com/SuiNetwork/status/1859569509687849469?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 21, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<ul class="wp-block-list"> 
 <li>The setback did not inhibit ecosystem progress. A day after the issue, Sui <a href="https://crypto.news/sui-partners-with-franklin-templeton-to-boost-blockchain-innovation/" target="_blank">partnered</a> with $1.6 trillion asset manager Franklin Templeton to bolster blockchain innovation.</li> 
</ul> 
<p> Read more: <a rel="" href="https://crypto.news/gensler-to-resign-sec-chair-what-next-under-trump/"> Gensler to resign as SEC chair: What happens next under Trump? </a> </p>

Trump calls up crypto pals, Senator says sell gold for Bitcoin | Weekly Recap

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