Bitcoin's Six Figure Scorcher

1️⃣ BTC Hits $100K Milestone, ETH Breaks $4K

It was another week of making history as Bitcoin surged past $100K for the first time. Continued ETF flows and excitement about President-elect Donald Trump's pro-crypto policies mixed with a strong injection of leverage to push Bitcoin over this psychological hurdle and into the headlines. Trump himself hailed this as a validation of his campaign promises to make the U.S. the crypto capital of the world.

Passing another major milestone, though not an all-time high, was Ethereum, which on Friday crossed the $4K mark. The fuel for ETH’s rise also came from ETF inflows, which reached as high as ~$425M on Thursday, dispelling worries that “Wall Street doesn’t understand ETH’s value prop.” Overall, this week marked another turning point for crypto, which many believe will have retail knocking on our doors soon.

2️⃣ Pump.fun Banned in the UK

Memecoin launcher Pump.fun’s controversy on the back of livestream antics intensified on Friday as  UK regulators banned the platform for “promoting financial services.”

The UK Financial Conduct Authority (FCA) issued a stern warning saying, “you should avoid dealing with this firm and beware of scams,” leading to an outright restriction of its operations within the country. Once again, the news has reignited debates over how to strike the right balance between investor protection and innovation in crypto.

3️⃣ Trump Appoints Crypto Czar and SEC Chair

Trump announced two key appointments influencing the future of crypto in the United States. David Sacks, the former PayPal COO, host of the All-In podcast, and Solana bull, will serve as the White House AI and Crypto Czar. Given the network these positions lend him, Sacks will have a lot of resources to pull on during his tenure.

Trump also named Paul Atkins, a seasoned SEC insider, as the new SEC Chair. Atkins has a reputation for regulatory pragmatism and a nuanced understanding of blockchains, having previously been a member of the XRP-associated advocacy group, The Digital Chamber. While industry leaders are cautiously optimistic, questions remain about how he will address the regulatory ambiguities that have plagued crypto so far.

Who is Future SEC Chair Paul Atkins? on Bankless

Trump has nominated Atkins to replace Gary Gensler in leading the SEC. Will he be good for crypto?

BanklessJack Inabinet Dec 4, 2024 • 3 min read

4️⃣ Potential SOL ETF Rejections Slow Momentum

Despite rumors of SEC engagement and continued filings, Solana’s ETF ambitions may have hit a roadblock this week. Fox Business reporter Eleanor Terrett shared that the SEC reportedly informed two applicants that their spot ETF proposals would be rejected.

The denials, attributed to the current administration’s cautious stance on crypto ETFs, reaffirm that there remains a ceiling on crypto progress until the new administration arrives. Solana's price remained generally unfazed by the news, though it has largely underperformed compared to BTC and ETH on the week.

5️⃣ Pudgy Penguins' Pengu Token Drop

Beloved NFT collection Pudgy Penguins made the big announcement — its PENGU token will launch this month. The token, set to debut on Solana despite Pudgys building their own L2, has a total supply of 88,888,888,888 and will be distributed to NFT holders of both Big and Lil Pudgys, as well as potentially toy holders too. 

Pudgy Penguins, known for its expansion beyond NFTs with retail giants like Walmart and Target to make plushies and other goods, sits at nearly a $650M market cap, as people scoop more Pudgies to qualify for the airdrop. Announcing the token before a snapshot has so far proven to be a smart move.