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Avalanche has successfully raised $250 million in a token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 investment firms participating. This funding aims to support the upcoming launch of the Avalanche9000 upgrade, which seeks to significantly reduce transaction costs and enhance application deployment on the layer-1 blockchain.In a separate development, the renomination vote for SEC Commissioner Caroline Crenshaw has been postponed, amid criticism from crypto advocacy groups regarding her stance on regulatory policies. The delay raises the possibility of a Republican-majority SEC following the upcoming presidential transition.
Goldman Sachs CEO David Solomon stated that the bank will not engage in cryptocurrency trading until U.S. regulations change. He emphasized that as a regulated institution, they cannot own cryptocurrencies like Bitcoin as a principal, although they continue to advise clients on related technologies. This comes amid rising interest in crypto products, highlighted by BlackRock's Bitcoin ETF surpassing its gold counterpart.
Mark Cuban recently appeared on Jon Stewart's podcast, discussing the impact of crypto on the 2024 election and urging the Harris campaign to engage young male voters. He emphasized that the administration's stance on digital assets could significantly influence voter turnout. During the conversation, Stewart admitted his limited knowledge of blockchain, prompting Cuban to explain the fundamentals of cryptocurrencies, likening Bitcoin to digital gold and discussing regulatory challenges.
Donald Trump has been named Time Magazine's Person of the Year for the second time, recognized for his significant political influence and "comeback of historic proportions." This accolade may bolster his pro-crypto stance, as he aims to position the U.S. as the "crypto capital of the planet" and integrate Bitcoin into national financial strategy. Trump's administration promises to reshape crypto regulation favorably, with the recent appointment of Paul Atkins as SEC Chair seen as a move towards a more supportive regulatory environment for the industry.
Microsoft may consider investing in an Ethereum ETF if it meets the company's yield requirements, according to VanEck's Matthew Sigel. This follows CFO Amy Hood's remarks on the company's long-standing engagement with digital assets and ongoing evaluations at the board level. Despite a failed proposal to add Bitcoin as a reserve asset, the company remains open to exploring digital assets that align with its strategic goals.
Elon Musk is set to lead the Department of Government Efficiency (DOGE), a move expected to significantly impact the cryptocurrency market. Dogecoin (DOGE) may surge, potentially reaching $1, while Bitcoin (BTC) could rise to $115K, and Ripple (XRP) may see a positive outlook amid new SEC leadership. Current predictions suggest DOGE might drop to $0.38, BTC could rise by 15.18% to $115,871, and XRP may decline to $2.09, but overall sentiment remains bullish for these cryptocurrencies.
Bitcoin (BTC) surged over 4% to reclaim $100,000, driven by positive inflation data, while Ethereum (ETH) approached $4,000 with a 7% increase. Other cryptocurrencies like Solana (SOL) and Ripple (XRP) also saw significant gains, contributing to a nearly 6% rise in the overall crypto market cap to $3.65 trillion. Despite this recovery, US bankers remain cautious about the volatile crypto landscape, emphasizing the need for a clearer regulatory framework.
Bitcoin has surged past $100,000, driven by optimism surrounding a favorable regulatory environment under President-elect Donald Trump and the potential leadership of pro-crypto figures like Brian Quintenz at the CFTC and Paul Atkins at the SEC. This rebound follows significant net inflows into US spot Bitcoin ETFs and a bullish sentiment fueled by expectations of interest rate cuts by the Federal Reserve. Technical analysts suggest that major holders are accumulating Bitcoin, with projections indicating a potential rise to $275,000.
US bankers remain cautious about cryptocurrencies despite a pro-crypto administration under President-elect Trump. Executives from major banks, including Goldman Sachs and Bank of New York Mellon, emphasize the need for a clearer regulatory framework and appropriate safeguards before engaging with volatile assets. Past crypto crises, such as the FTX collapse, have heightened their skepticism, with client demand for crypto still limited.
A Senate committee vote to re-nominate SEC Commissioner Caroline Crenshaw has been postponed, leaving her future uncertain. The delay, attributed to Republican opposition, raises the possibility of a Republican majority at the SEC following the upcoming Trump administration. Current SEC Chair Gary Gensler will depart on January 20, 2025, and Crenshaw's critics within the crypto industry are vocal about their desire for her removal.
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