President-elect Donald Trump has announced that Jay Clayton, former Chair of the United States Securities and Exchange Commission (SEC), would be appointed as the U.S. Attorney for the Southern District of New York (SDNY), leading the Department of Justice (DoJ) for the state.

Since stepping down as the SEC Chair in December 2020, Clayton has worked as an advisor to several cryptocurrency companies. He was involved in the 2017 SEC DAO Report, which claimed broad regulatory authority over the crypto industry, and is known for asserting that many initial coin offerings (ICOs) should be classified as securities, a stance also adopted by his successor, current SEC Chair Gary Gensler.

A Sensible Choice

Trump praised Clayton as a highly respected business leader, counsel, and public servant. Jay was also responsible for authorizing the lawsuit against Ripple Labs, which is still ongoing in federal appellate courts. A judge ruled last year that the sale of XRP tokens to retail investors did not violate securities laws. Clayton is now a senior policy advisor at law firm Sullivan & Cromwell and continues to hold various advisory roles.

Under current U.S. Attorney Damian Williams, the SDNY has handled several high-profile cases, including the prosecution of FTX founder Sam Bankman-Fried, who was convicted and sentenced to 25 years for fraud and conspiracy charges. Trump had previously nominated Clayton for the SDNY position to replace Geoffrey Berman as U.S. Attorney.

In With The New

In the week following his re-election, Trump has announced several other potential appointments, including Robert F. Kennedy Jr. as head of the Department of Health and Human Services, Representative Matt Gaetz for U.S. Attorney General, Senator Marco Rubio for Secretary of State, and former Representative Tulsi Gabbard as Director of National Intelligence.

Additionally, Trump proposed creating a new Department of Government Efficiency, with Elon Musk and Vivek Ramaswamy as co-heads, though this would require Congressional approval to become an official department.

Phantom, the company behind the widely used Solana wallet, recently issued a warning to iOS users after a new app update caused a significant issue for some. Certain users found themselves logged out of the Phantom app and unable to access their wallets after updating to the latest version.

Damage Control

The problem appears to be isolated to iOS users, and specifically impacts those who had not backed up their recovery phrase, also known as the seed phrase. A recovery phrase is crucial for wallet security, as it allows users to restore their wallets and access their funds in case of app issues or device loss.

For those affected by the recent bug, if the recovery phrase was not saved beforehand, it would be impossible to recover the wallet or its contents. Phantom clarified that there is no way for the company to help users recover lost funds in such cases, emphasizing the importance of backing up this critical information. They also urged affected users to contact their support team for further assistance, though recovery options would still be limited without the proper backups.

Not The First Time

This update issue marks the second significant technical problem that Phantom users have faced in the past month. Just weeks earlier, in late October, a glitch within the Phantom app and its browser extension caused a discrepancy in account balances, leaving users concerned about their funds. Phantom has not yet provided an explanation for the cause of the reset issue with the recent update, but they did remind users to always securely store their recovery phrases, as this is a fundamental security precaution for protecting their digital assets.

In light of these ongoing technical difficulties, Phantom has emphasized that maintaining a backup of recovery phrases is one of the most important steps users can take to ensure the security and recoverability of their wallets. Despite these challenges, the company is working to address the issues and provide further guidance to users who may be impacted.

Bitcoin (BTC) surpassed $93,000 for the first time in its history on Wednesday, triggering over $700 million in liquidations. According to Coinglass, a crypto exchange data aggregator, a total of $711.34 million in positions were liquidated within 24 hours, with short positions on Bitcoin accounting for the majority of the losses.

Solid Fundamentals

Binance saw the most liquidations, followed by OKX and Bybit. After peaking at around $93,400, Bitcoin corrected slightly and is currently trading at $92,462, reflecting a 5.5% increase over the past 24 hours and a 24% rise in the past week.

As Bitcoin enters a phase of price discovery, traders and analysts are predicting future price targets. Pseudonymous analyst Dave the Wave told his 147,000 followers on X (formerly Twitter) that Bitcoin is on track for significant rallies that could push it above $100,000 and potentially lead to a parabolic spike reaching as high as $130,000. He emphasized that while the numbers are becoming larger, the technicals remain solid, and a move past the six-figure mark could trigger a sharp rally.

No Time For Greed

In addition, Robert Kiyosaki, author of Rich Dad Poor Dad, shared plans to continue accumulating Bitcoin until it hits $100,000, cautioning against greed and advising followers not to be a pig after that point.

In a separate commentary, BitMEX founder Arthur Hayes speculated that a future administration under Donald Trump could initiate a large-scale quantitative easing (QE) program to support economic policies aimed at reshoring critical industries. Hayes suggested that such measures could drive the price of BTC to $1 million due to the resulting inflationary pressures on the dollar.

At Devcon in Bangkok, blockchain researcher Justin Drake introduced an exciting new vision for Ethereum (ETH) with the proposal of the Ethereum Beam Chain (EBC). This ambitious upgrade aims to consolidate some of the most critical advancements in the network, creating a more powerful and efficient Ethereum ecosystem.

The Beam Chain would unify native support for zero-knowledge (ZK) proofs and fast finality in a single upgrade, offering a streamlined solution to improve both scalability and transaction finality across the network.

Improving Efficiency

Drake framed the Beam Chain as a massive step forward, emphasizing that the current Beacon Chain, which launched five years ago, is now outdated. In the time since, the Ethereum ecosystem has made tremendous strides, particularly in understanding and mitigating Maximal Extractable Value (MEV) and in developing zero-knowledge technologies.

The Beacon Chain is now a bit behind, Drake said during his presentation at Devcon 2024, before adding that the specs were locked in five years ago, and since then, the team has made huge leaps, especially concerning the  ability to efficiently manage MEV.

He also highlighted the progress made in zero-knowledge technologies, with zk-SNARKs becoming more efficient and zkEVMs (zero-knowledge Ethereum Virtual Machines) now operational, delivering enhanced scalability and privacy for blockchain applications.

A Major Breakthrough

This proposal represents the first major technological leap since Ethereum transitioned to Proof-of-Stake (PoS), which took place over two years ago. The Merge was the last major event to spark excitement across the community. Since then, while there have been incremental improvements, the Beam Chain aims to bring these updates together in a comprehensive upgrade that sets the stage for Ethereum going forward.

The Beam Chain proposal suggests bundling major upgrades into one coordinated event every few years, alongside annual updates for smaller technical improvements. This approach promises a more cohesive, long-term strategy for the network, ensuring Ethereum stays at the forefront of blockchain innovation.

The Italian government is reportedly set to approve a more modest tax increase on cryptocurrency transactions, according to a Bloomberg report published on Tuesday, citing sources with direct knowledge of the matter. This move comes as part of ongoing negotiations over local tax policies, with an emphasis on how to handle the growing digital asset market.

Balance Is Key

Under the leadership of Prime Minister Giorgia Meloni, the proposal seeks to raise the tax rate on cryptocurrency trades to 28%, a modest increase compared to the current rate of 26%. This would reflect an attempt by the government to balance the need for higher tax revenues with the desire to remain competitive in the evolving digital economy.

This potential tax increase follows a proposal made last month by the Vice Minister of Economy, Maurizio Leo, who suggested a much steeper hike in the tax on Bitcoin-related gains, raising it to 42%. The proposal was part of discussions aiming to tighten tax regulations as part of broader fiscal reforms. However, the more moderate 28% rate now being considered is seen as a compromise between different political factions within the coalition government.

Some Pushback

In addition to the tax hike, the proposal includes an important amendment that would establish a permanent working group focused on the cryptocurrency sector. This group would bring together stakeholders from crypto companies, consumer associations, and regulatory bodies to work on educating the public about digital assets, risks, and best practices.

The goal is to foster a more informed investor base and ensure that digital asset investments are handled in a manner that protects consumers and supports market stability. Meanwhile, another coalition party, Forza Italia, has pushed back against the proposed tax increase. They have suggested scrapping the planned hike altogether and instead eliminating the current tax exemption for cryptocurrency gains of &euro2,000 ($2,120) or less.

By removing this exemption, Forza Italia argues that the government could simplify the tax system without imposing further burdens on crypto investors. Right now, the final decision remains in flux, as once the new tax rate is decided, it will be reviewed and refined by lawmakers before being formally approved and implemented.

The market cap of Bitcoin (BTC) has reached a significant new high, surpassing silver with a value of $1.736 trillion, positioning it as the 8th largest global asset, according to CoinMarketCap. This milestone comes as Bitcoin recently soared above $88,000, rising by 10% on the day, while silver dropped 2%, enabling Bitcoin to pull ahead.

A Remarkable Achievement

With this surge, Bitcoin now ranks behind only gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco. The Kobessi Letter, a prominent financial market commentary, highlighted this achievement, highlighting the fact that gold is still 10 times larger than Bitcoin is remarkable, as not only does this underscores the immense size of gold but also indicates the potential for Bitcoin and its long-term growth.

Still, although Bitcoin has already seen a remarkable year-to-date gain of over 100%, it would need to increase by a factor of 10 to reach the market capitalization of gold. The recent market movement has also been largely driven by institutional buying and the growing popularity of Bitcoin ETFs, as well as Donald Trump once again winning the United States Presidency.

$100K In Sight

Bloomberg Senior ETF Analyst Eric Balchunas observed that the BlackRock iShares Bitcoin Trust (IBIT) recorded $4.5 billion in trading volume today. Meanwhile, the broader Bitcoin industrial complex, which includes Bitcoin ETFs, MicroStrategy, and Coinbase, achieved a record trading volume of $38 billion.

Analysts believe that if this momentum continues, Bitcoin could indeed surpass the $100,000 mark by the end of 2024. Having recently reached an all-time high of $89,000, Bitcoin is now less than 14% away when it comes to reaching that illusive $100K target.

While some investors hesitate to acquire Bitcoin (BTC) as it reaches new record highs, MicroStrategy has reinforced its commitment to the flagship cryptocurrency. On November 11th, the business intelligence company announced that it had purchased 27,200 BTC for approximately $2.03 billion in cash.

These acquisitions took place between October 31st and November 10th, with an average purchase price of $74,463 per Bitcoin, including associated fees and expenses. MicroStrategy has been the most notable institutional name when it comes to buying Bitcoin over the years.

A Huge Investment

With this latest purchase, MicroStrategy now has a total Bitcoin holdings amount of 279,420 BTC, valued at almost $23 billion based on current market prices. To fund these acquisitions, MicroStrategy utilized proceeds via the sale of its own shares. The company had entered into sales agreements on August 1st and October 30th, and by November 10th, it had sold around 7.8 million shares, raising about $2 billion in the process.

MicroStrategy also reported that its Bitcoin yield, a key metric of its acquisition strategy, was 7.3% between October 1st and November 10th. Year-to-date, the yield stands at 26.4%. The announcement by MicroStrategy coincided with a significant increase in stock price, which surged 19.9% on November 8th.

Massive Returns

On November 10th, the Saylor Tracker revealed that the overall Bitcoin return on investment for MicroStrategy had already exceeded 100%. At that point, the total value of its Bitcoin holdings had managed to surpass $20.5 billion, even before including the recent purchase.

According to BitcoinTreasuries data, MicroStrategy has now acquired Bitcoin 42 times at an average price of $39,292 per coin. It remains the largest corporate holder of Bitcoin, followed by Marathon Digital and Riot Platforms, which hold Bitcoin valued at around $2.1 billion and $840 million, respectively.

Cardano (ADA) soared to its highest point in seven months after founder Charles Hoskinson announced his plans to play an active role in shaping cryptocurrency policy under President-elect Donald Trump and his new administration.

A prominent figure in the crypto world, Hoskinson is best known as the co-founder of both Ethereum (ETH) and Cardano, as well as for his early involvement with Bitcoin (BTC).

A Remarkable Surge

ADA, which serves as the native cryptocurrency for Cardano, surged 15% in the past 24 hours, with trading volumes skyrocketing by a whopping 353%. The ninth-largest cryptocurrency by market cap hit an intraday high of $0.65 before pulling back slightly below $0.60.

With a remarkable 78% increase over the past week, ADA stood out as one of the top-performing large-cap cryptocurrencies during that period. The rally was sparked by Hoskinson boldly proclaiming that he wants to work closely with lawmakers in Washington, D.C., to push for a clear and supportive regulatory framework for the crypto industry.

A Long Way To Go

Hoskinson expressed optimism, noting that with Republicans now holding the presidency and Senate, and likely to control the House as well, the crypto industry has an unprecedented opportunity to secure regulatory clarity.

While there is no official confirmation yet, speculation is swirling that Hoskinson could be appointed to a new cryptocurrency advisory council under Trump, a position the president-elect mentioned during his campaign. Known for his outspoken criticism of the Biden administration and their approach to crypto, Hoskinson has often pointed to the lack of regulatory clarity and the struggles of the industry against perceived hostility by the government.

Bitcoin (BTC) soared past $81,000 late Sunday, extending its record-breaking rally into a sixth day and boosting growth across major and mid-cap cryptocurrencies.

This surge follows a week of major events, including Donald Trump winning the presidential election and the Federal Reserve introducing the latest rate cuts. Bitcoin ETFs also saw a record $1.38 billion in inflows, driven by BlackRock, setting a new benchmark for crypto investments.

Impressive Trading Volume

Bitcoin rose 5.6% in the past 24 hours, with nearly $100 billion in weekend trading volume, a sign of strong market sentiment, despite typically lower weekend activity. Futures premiums also spiked, signaling a bullish outlook for Bitcoin, with traders focusing on the $80,000 level.

Alongside the likes of Cardano (ADA) and Ethereum (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB) also led the charge among altcoins, jumping up to 30%, fueled by renewed support by Elon Musk. DOGE experiencing a whopping 88% gain over the past month pushed it ahead of XRP and USDC to become the sixth-largest crypto by market cap.

$100K On The Horizon

Other major altcoins like ETH and BNB saw smaller gains, while ADA faced profit-taking after a strong run on Sunday. The weekend rally is seen as part of a broader trend following Trump winning the aforementioned election and ongoing favorable conditions for Bitcoin.

Traders are now eyeing $100,000 for Bitcoin in the short term, spurred by expectations that Trump may indeed establish a Bitcoin reserve after taking office in January.

StakeStone raised $22M in Undisclosed Funding with help by Polychain Capital. StakeStone is a liquidity staking derivatives basket (LSDb) token backed by ETH staking yield. It offers a highly adaptable staking yield-bearing underlying asset for protocols requiring liquidity staking derivatives.

CoW Protocol acquired an undisclosed amount in Strategic Funding with Greenfield Capital providing assistance. CoW Protocol is a fully permissionless trading protocol that leverages Batch Auctions as its price finding mechanism. The protocol enables batch auctions to maximize liquidity via Coincidence of Wants (CoWs) in addition to tapping all available on-chain liquidity whenever needed. 

BIO obtained an undisclosed amount with support by Binance Labs. BIO Protocol is a financial layer for decentralized science (DeSci) aimed at accelerating the flow of capital and talent into on-chain science.

MAP Protocol acquired $1M in Strategic Funding with help by Gryps. MAP Protocol (MAP) has rebranded to New Token Symbol MAP Protocol (MAPO). It is a Bitcoin layer-2 and P2P omnichain infrastructure built upon light clients and ZK technology.

Pond secured $7.50M in Seed Funding with support by Archetype Ventures Inc. Pond is focused on developing a user search engine powered by on-chain data, using a proprietary graph algorithm to explore blockchain connections. The company expanded to build crypto-native AI models and a unified graph network covering social, financial, and other on-chain data.

Cytonic raised $8.30M in Seed Funding with assistance by Lemniscap. Cytonic is developing a multi-virtual-machine blockchain that aims to integrate networks like Bitcoin, Ethereum, and Solana into a unified Layer 1 blockchain solution.

Rekt Brands Inc secured $1.50M in Seed Funding with support by GiulioX. Rekt Brands Inc. is the parent company behind the Rektguy NFT project, Rekt Drinks, and the Rekt brand intellectual property.

Usual obtained $1.50M in Undisclosed Funding with help by Breed VC. USUAL is a project focused on issuing secure and decentralized fiat stablecoins, redistributing ownership and governance through the $USUAL token.

Blum acquired an undisclosed amount with support being provided by The Open Platform. Blum is a hybrid exchange, that facilitates trading across multiple chains without the need to switch chains or pay native token gas fees. It combines an off-chain order book with on-chain settlements and offers both MPC and self-custody options.

HackQuest secured an undisclosed amount in Strategic Funding with assistance by KIP Protocol. HackQuest is a platform that provides a comprehensive, one-stop educational infrastructure to help developers and non-developers learn about Web3 development. It aims to minimize friction in onboarding users to the world of Web3.

The strong performance of Bitcoin (BTC) continued yesterday, reaching a new all-time high above $79,000 before experiencing a slight pullback. Still, some altcoins have emerged as the top performers today, with Ethereum (ETH), which had been relatively slow until this week, making notable gains.

The total market capitalization of Bitcoin has also now surpassed $1.5 trillion, making it the ninth-largest financial asset globally. However, its dominance over altcoins has decreased to 55.5%, with its peak being 57%.

A Recent Surge

At the start of the week, Bitcoin had a lackluster performance, dipping below $67,000 on Monday and staying around that level on Tuesday, but things quickly changed as the week progressed. After Donald Trump won the U.S. presidential race on Wednesday morning, Bitcoin surged, climbing by $8,000 to hit a new all-time high above $75,000. The momentum continued, and Bitcoin reached $77,000 on Thursday following the announcement of yet another interest rate cut.

Friday began with less volatility, with Bitcoin hovering around $76,000, but it spiked again in the evening to reach $77,240, marking its latest peak. Although it has retraced slightly to around $76,500, Bitcoin is still up 10% over the past week and more than 25% in the last month.

Altcoins Make a Comeback

While Bitcoin led the charge mid-week, altcoins have started to shine as well. Ethereum, which had been relatively flat until recently, has seen a significant rise, gaining over 4% in the last 24 hours and 21% over the past week. Ethereum is now trading above $3,000, its highest price in over three months.

Binance Coin (BNB), which was recently overtaken by Solana (SOL) for the fourth-largest cryptocurrency spot, has climbed 6% to reach $630. Other notable gainers include Avalanche (AVAX), Chainlink (LINK), and NEAR Protocol (NEAR). The total cryptocurrency market capitalization has increased by around $50 billion, now sitting at $2.73 trillion.

Other Markets

A recent cyberattack has disrupted the $1.2 trillion car market, while U.S. inflation showed little change in October. A wave of mergers and acquisitions is also expected to benefit debt bankers, and the S&P 500 recently hit its 50th all-time high of 2024. Wall Street remains optimistic, particularly with the influence of Donald Trump driving stock and dollar movements.

The Trump effect continues to shape the markets, drawing comparisons to the 2016 landscape, but with new challenges in 2024. Iran faces power plant issues, and last but not least, the oil and gas sector leads the U.S. in labor productivity growth over the past decade.

Richard Farley of Kramer Levin Naftalis and Frankel and Norm Champ of Kirkland and Ellis are among the individuals being considered for the position of U.S. SEC Chair. The development comes shortly after Donald Trump once again won the United States presidency and one of his main promises was replacing current SEC Chair, Gary Gensler.

Potential Candidates

Farley has worked with major investment banks such as Goldman Sachs, Credit Suisse, and UBS on several significant transactions. He also has connections to Robert F. Kennedy Jr., a prominent ally of former President Donald Trump.

Other potential candidates for the role include Robinhood Chief Legal Officer Dan Gallagher, SEC Commissioner Mark Uyeda, and Heath Tarbert, the former chairman of the Commodity Futures Trading Commission (CFTC).

Still A Ways To Go

The leadership shift of the SEC is expected to significantly impact the future of cryptocurrency regulation. Although talks with potential candidates began shortly after the election, an appointment is not expected for several weeks.

Under the Trump administration, a major focus is expected to be centered around revising current crypto regulations, particularly those that have been viewed as burdensome for the digital assets industry.

The hyper aggressive enforcement approach by Gensler has resulted in multi-billion-dollar penalties against some of the largest cryptocurrency firms. In contrast, the incoming Trump administration is likely to take a more relaxed approach to regulation.