Weekly Crypto News: Bitcoin ATHs, SEC changes, Meme coins spike, and More

Bitcoin had a record-breaking week, climbing past $80,000 (€75,800) on November 11 and reaching a new all-time high of $93,434 (€88,500) on November 13. This surge, boosted by the U.S. CPI report and renewed optimism after Trump’s election victory, pushed Bitcoin’s market cap above $1.83 trillion. After peaking, Bitcoin pulled back slightly to consolidate near $88,000, maintaining its dominance over the broader crypto market. Interestingly, Google search volumes for “Bitcoin” have tripled since early November, reflecting growing interest among investors.

Institutional inflows into Bitcoin ETFs have also been a driving force, with nearly $5 billion in net inflows recorded since the election. BlackRock’s IBIT ETF leads the trend with seven consecutive days of inflows, showcasing strong institutional confidence. Despite minor outflows later in the week, market sentiment remains bullish. Predictions for Bitcoin’s trajectory vary, with Michael Saylor forecasting $100,000 before 2025 and VanEck targeting $180,000 in 2025. As Bitcoin consolidates above $90,000, the crypto community eagerly awaits its next milestone.

With Donald Trump’s re-election, speculation about changes at the SEC has intensified. Trump has pledged to remove current SEC Chair Gary Gensler, who has been criticized for his aggressive stance on crypto (regulation). While firing Gensler outright might face legal hurdles, Trump could reassign him or encourage his resignation, paving the way for a pro-crypto chair. Such a leadership shift could potentially reshape the SEC’s approach to digital assets, offering hope for more collaborative regulation.

The SEC’s stance under Gensler has drawn criticism, with actions like lawsuits and heavy penalties sparking pushback from industry leaders and even state attorneys general. If a new chair is appointed, regulatory changes may take time, as ongoing cases cannot be dismissed unilaterally. Despite this, the crypto community remains optimistic that a new era of clearer and less restrictive policies could emerge, fostering growth and innovation in the sector.

Collapsed cryptocurrency exchange FTX has filed a lawsuit against Binance and its former CEO, Changpeng Zhao (CZ), in an effort to recover $1.8 billion. The legal action alleges that in July 2021, Binance sold its 20% equity stake in FTX for $1.76 billion, a deal that was reportedly funded using FTX customer deposits at a time when the company and its affiliate, Alameda Research, were insolvent. FTX claims the transaction was fraudulent and is part of its broader strategy to reclaim funds for creditors following its bankruptcy in November 2022.

The lawsuit also accuses CZ of making misleading statements about FTX’s financial health during the lead-up to its collapse, which allegedly worsened the situation. Binance has denied these allegations, calling them baseless and stating its intention to vigorously defend against the claims. This high-stakes legal battle underscores the ongoing fallout from FTX’s implosion and highlights the tensions between major players in the cryptocurrency industry.

Meme coins made a vibrant return this week, drawing attention back to the altcoin market. Dogecoin (DOGE) led the charge, reclaiming its position as a fan favorite and sparking discussions about its potential role in increasing financial inclusion, as noted by Coinbase CEO Brian Armstrong. Adding to the buzz, a two-year lawsuit against Elon Musk, which accused him of manipulating Dogecoin’s price, was withdrawn, clearing the air for DOGE enthusiasts and further fueling optimism around the token’s renewed momentum. This resurgence reflects the staying power of meme coins in the ever-changing crypto world.

Beyond Dogecoin, the broader altcoin market showed signs of revival. Coins like Pepe and Peanut the Squirrel emerged as standout performers, gaining traction among traders. This renewed enthusiasm for meme coins hints at a potential alt-season, where interest in smaller, speculative assets often signals a broader market rally. While these tokens may not always offer the fundamentals of larger projects, their ability to capture attention underscores the playful and dynamic nature of the crypto space.