This past week in crypto news was nothing short of eventful. Bitcoin flirted with $100,000 as altcoins like XRP and Cardano made their comeback. President-elect Trump’s bold crypto plans sparked market optimism, while the SEC gears up for significant leadership changes. Let’s dive into the key highlights shaping the crypto news over the past week.
Bitcoin Inches Toward $100K but Faces Key Resistance
Bitcoin’s price reached new milestones this past week, climbing to a record $99,800 (€94,500) on November 22. The rally followed a significant surge in ETF inflows, with $3.38 billion in net inflows reported over the week. Despite breaching $97,000 earlier and hovering above $96,000 on Sunday, Bitcoin faced resistance just shy of the $100,000 mark as sell-side liquidity formed a strong wall. Analysts believe this psychological barrier could temporarily halt the momentum, but projections remain optimistic for further gains.
As traders debate the next move, some suggest a healthy pullback to $90,000 (€85,000) could stabilize the market before Bitcoin crosses the six-figure mark. Predictions for its long-term trajectory remain bullish, with VanEck reaffirming a $180,000 target for the current cycle. Meanwhile, Polymarket data shows an 83% chance of Bitcoin hitting $100,000 in November, reflecting growing confidence among traders and institutions alike. With ETF demand surging and investor interest building, Bitcoin’s ascent seems far from over.
Altcoins and Memecoins Rally
Last week marked a resurgence in the altcoin and memecoin markets. XRP reclaimed the $1 mark for the first time in years, reaching new heights of $1.265 before climbing even higher to $1.6. Similarly, Cardano (ADA) broke past $1, signaling renewed interest in these once-overlooked assets. Analysts believe these gains could spark a broader alt-season, where smaller coins outperform Bitcoin in the market.
Dogecoin (DOGE) led the charge in the memecoin sector, spiking to $0.43 – its highest price in three years. This rally inspired gains across the memecoin market, with tokens like Bonk (BONK), Mog Coin (MOG), and Brett (BRETT) hitting all-time highs. BONK’s surge was driven by plans to burn up to 1 trillion tokens, while DOGE benefited from speculation around Elon Musk’s involvement in integrating DOGE payments into X (formerly Twitter).
Trump’s Bold Plans to Reshape U.S. Crypto Policy
President-elect Donald Trump is making waves in the crypto community with ambitious plans to revamp U.S. cryptocurrency policies. Among the highlights is the potential creation of a historic White House role specifically dedicated to crypto policy. This position would mediate between the White House, Congress, and regulatory agencies like the SEC and CFTC, aiming to create a favorable environment for digital assets. Coinbase CEO Brian Armstrong has already met with Trump’s team to discuss this initiative, which aligns with campaign promises to ease regulatory pressures on the crypto industry.
In addition, Trump is vetting crypto-friendly candidates for top government positions. Scott Bessent, a pro-crypto hedge fund manager, is reportedly being considered for Treasury Secretary, while Summer Mersinger is under review for CFTC leadership. Analysts believe this administration could create a supportive environment for blockchain innovation, reflecting Trump’s commitment to fostering crypto growth through clear and collaborative governance. With these plans, optimism in the market continues to rise, as industry stakeholders look forward to a more balanced approach to regulation.
SEC Shakeup: Gensler’s Departure and What Else Follows
SEC Chair Gary Gensler, known for his tough stance on cryptocurrency regulation, has announced his resignation, effective January 20, 2025 – coinciding with President-elect Donald Trump’s inauguration. Gensler, who has faced criticism for his “regulation by enforcement” approach, leaves a legacy of significant tension between the SEC and the crypto industry. His departure has been met with mixed reactions, with industry leaders welcoming the opportunity for a new era of collaboration.
The Trump administration is actively considering Teresa Goody Guillén, a securities attorney with blockchain expertise, as a potential successor. Goody Guillén’s pro-business reputation has sparked optimism within the crypto space, with expectations of a shift away from aggressive enforcement to clearer regulatory frameworks. Meanwhile, FDIC Chair Martin Gruenberg has also announced his resignation, signaling broader changes in U.S. financial oversight. Trump’s nominations for Treasury and Commerce Secretaries – both vocal crypto advocates – underscore his administration’s commitment to fostering a more supportive environment for digital assets.
New Satoshi Nakamoto Theory Surfaces
A fresh theory has reignited speculation about Bitcoin’s mysterious creator, Satoshi Nakamoto. Blockchain analysts have identified a “megawhale” who amassed over 1 million BTC in 2010, aligning with Nakamoto’s early mining activity. However, while the identity remains unconfirmed, the discovery adds a new layer of intrigue to the ongoing mystery surrounding Bitcoin’s origins. Still, some experts argue that this fascination distracts from Bitcoin’s broader purpose as a decentralized financial system and the innovation it continues to inspire in the global economy.
The crypto world continues to evolve at a breakneck pace, with Bitcoin nearing $100,000, a resurgence in altcoins, and sweeping regulatory changes on the horizon. As Trump prepares to take office, the market is buzzing with anticipation for a pro-crypto shift in U.S. policies. Stay tuned for next week’s updates, and don’t forget to catch up on last week’s crypto news to stay ahead of the trends.
