Weekly Recap: Bitcoin Reaches Historic Milestone, Trump Nominates SEC Chair, and More

Bitcoin has reached a new all-time high, surpassing the $100,000 milestone, while President-elect Donald Trump has nominated former SEC commissioner Paul Atkins to lead the agency. Meanwhile, XRP has finally breached the $2 mark after seven years, and Solana ETFs have hit a roadblock.

Bitcoin Breaches $100,000

On December 5, Bitcoin soared to a new all-time high above $103,000, with its price currently trading at around $99,554. The achievement has been met with congratulations from the crypto community, including President-elect Donald Trump. However, concerns have been raised after defunct exchange Mt. Gox moved 24,000 BTC, sparking fears of a potential selloff.

Trump’s SEC Pick and Crypto Czar

President-elect Trump has announced his decision to nominate Paul Atkins, a former SEC commissioner, to lead the SEC as chairman. The move has been met with support from the crypto community, including Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty. Atkins’ nomination has given the crypto industry a reason to hope for a more favorable regulatory environment.

In addition to Atkins’ nomination, Trump’s team has confirmed that venture capitalist David Sacks will lead the administration’s newly created White House artificial intelligence and crypto department.

XRP Finally Breaches $2

XRP has started the month of December on a strong note, quickly breaching the $2 milestone on December 1 for the first time in seven years. The altcoin soared to a peak of $2.9 before retracing. Amid the uptrend, XRP’s market cap has surpassed Tether and Solana, securing the third spot among the largest crypto assets.

Leading asset manager WisdomTree has filed with the U.S. SEC to launch an XRP ETF, becoming the fourth firm to submit such a filing.

Solana ETFs Hit Roadblock

Grayscale has filed with the SEC to launch a Solana ETF, aiming to convert its Grayscale Solana Trust, launched in 2021, to an ETF. However, the filings reportedly face delays until after Trump takes office.

Tax Regulations

South Korea has agreed to postpone a proposal to enact a 20% tax policy on crypto investments, with the proposal now set to take effect in 2027. Meanwhile, French lawmakers are mulling including tax on unrealized crypto gains, and Indian authorities are investigating Binance and 16 other entities for possibly evading tax payments.

The Czech Republic has passed a law to relax its capital gains tax policy on Bitcoin held by investors for more than three years.

Security Breaches

The X accounts of both WallStreetBets and Cardano were hacked, raising concerns about the security of the platform. Since Elon Musk’s acquisition of X (formerly Twitter), there has been a growing concern about an increase in security breaches.

For more news and updates on the crypto industry, visit Global Crypto News.

Stay informed about the latest developments in the crypto space, from regulatory updates to market trends.

Some key points to take away from this week’s recap include:

  • Bitcoin has reached a new all-time high, surpassing the $100,000 milestone.
  • President-elect Trump has nominated former SEC commissioner Paul Atkins to lead the SEC.
  • XRP has finally breached the $2 mark after seven years.
  • Solana ETFs have hit a roadblock due to regulatory delays.
  • Tax regulations are being updated in various countries, including South Korea, France, and India.
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