The implementation of the Markets in Crypto Assets (MiCA) regulation in the EU aims to enhance oversight of crypto transactions but risks diminishing Europe's competitive edge in the global market. Tether's delisting from European exchanges due to non-compliance with new regulations may limit liquidity and trading options, pushing investors towards the Euro. As the U.S. prepares for a pro-crypto administration, Europe faces challenges in maintaining its appeal as a crypto hub, with venture capital investments expected to decline significantly in 2024.
A stopgap funding bill unveiled in Congress includes the "Deploying American Blockchains Act," which aims to bolster U.S. leadership in blockchain technology and establish a National Blockchain Deployment Advisory Committee. This initiative, supported by bipartisan negotiations, seeks to explore blockchain's potential benefits for federal agencies and national security. Meanwhile, President-elect Donald Trump has appointed Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary, positioning him to promote crypto-related technologies in the U.S.
Crypto.com has voluntarily withdrawn its lawsuit against the SEC, a surprising move following CEO Kris Marszalek's meeting with President-elect Donald Trump. The discussions included potential government appointments and a proposed national Bitcoin reserve, signaling a shift towards collaboration with the new administration, which is seen as more supportive of crypto innovation. Key appointments, such as Paul Atkins as SEC Chairman and David Sacks as the White House A.I. & Crypto Czar, further indicate a pro-crypto regulatory environment.
Ethereum spot ETFs have seen a significant net inflow of $145 million, reflecting growing institutional interest, with BlackRock’s ETHA leading at $3.365 billion. Grayscale’s ETH also contributed, increasing its net inflow to $616 million, while cumulative net assets for Ethereum spot ETFs reached $14.04 billion.In related news, President-elect Trump met with Crypto.com CEO Kris Marszalek to discuss establishing a U.S. Strategic Bitcoin Reserve, aimed at enhancing economic security and consolidating government-held Bitcoin. This initiative follows Trump's engagement with other crypto leaders and coincides with Bitcoin hitting an all-time high of $108,268.45.
President-elect Donald Trump met with Crypto.com CEO Kris Marszalek at Mar-a-Lago to discuss potential crypto appointments and Bitcoin reserves. The meeting aligns with Trump's strategy to appoint crypto advocates to key financial positions, aiming to establish clear regulations for the industry.As Trump transitions, he has already nominated Paul Atkins as SEC Chairman and is expected to announce the CFTC chair soon. Meanwhile, Crypto.com has filed a lawsuit against the SEC, challenging its jurisdiction over crypto assets and seeking clarity on regulatory oversight.
Bitcoin surged past $100K, driven by retail investor enthusiasm and strategic pro-crypto appointments in the Trump administration, including Scott Bessent as Treasury Secretary and Paul Atkins as SEC chair. Ethereum also saw significant ETF inflows, outperforming Bitcoin during market fluctuations, while bluechip NFTs and Ethereum Layer 2 solutions thrived. The return of retail investors, particularly older demographics, signals a shift in market dynamics as interest in both Bitcoin and altcoins grows.
Donald Trump rang the opening bell at the New York Stock Exchange, celebrating his election victory and outlining plans to enhance U.S. leadership in crypto and artificial intelligence. He emphasized the need to double energy production to achieve this goal and announced an economic agenda focused on tax cuts and deregulation. The event marked his recognition as Time Magazine’s 2024 Person of the Year, with a warm reception from the Wall Street crowd.
Donald Trump's incoming administration is set to feature a roster of ultra-wealthy appointees, including Elon Musk, who will co-lead an advisory group aimed at reducing government waste. With an average net worth of $616 million among Trump and his top picks, this administration could surpass the previous one, where the total wealth of Biden's Cabinet was estimated at $118 million. The influx of billionaires raises concerns about potential financial and ethical conflicts, as well as the impact on Trump's populist appeal.
Bitcoin has surged past the $100,000 mark for the first time, climbing over 50% since Donald Trump's election victory. The recent rise was fueled by the nomination of Paul Atkins as SEC head, a known crypto advocate, alongside other crypto-friendly appointments. With Trump aiming to position the U.S. as the "Bitcoin superpower," the market is experiencing unprecedented enthusiasm, reflected in the nearly 150% increase in Dogecoin since election day.
Howard Lutnick, the billionaire nominee for the U.S. commerce department, remains largely unknown in China, yet his potential influence on American trade policies is significant. Following Donald Trump's announcement of a 10% tariff on Chinese goods, concerns are rising among Chinese investors about the possibility of a 60% tariff on imports.
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