1-Cardano, Dogecoin, and Stellar soar as the cryptocurrency market reaches $3.5 trillion
The price of Bitcoin (BTC) increased by more than 8% as purchasers attempted to overcome the psychological barrier of $100,000, and the frenzy expanded to other cryptocurrencies.Dogecoin and Cardano both performed very well this week.
In the previous week, Stellar had a 190% increase, hitting $0.4436, which was its highest point in forty months. This made it the asset that performed the best among the top 100 cryptocurrencies, as shown by CoinGecko.
On November 23, the Federal Reserve said that it may power the blockchain component of its FedNow payment system. This announcement was the catalyst for the majority of these gains for Stellar.
The analyst said that if the price were to break over the neckline that connects Adam and Eve’s peaks, which is $0.8756, the price at which it reached its all-time high on January 3, 2018, it could send the price to $5, which would be nearly 1030% higher than the current price level.
Independent analyst Javon Marks said that a breakthrough above previous highs may potentially lead to a 52.2% increase in potential upside. If Marks is to be believed, the immediate objective range for Dogecoin is between $0.65 and $1.25.
Considering that the asset’s price has reached the upper Bollinger Band at $0.5084 and that its Relative Strength Index has increased over 82, it is overbought, which indicates that a pullback is likely to occur.
Over the course of the preceding week, Cardano has made a comeback, and it has now surpassed $1 for the first time since April 2022.
In the preceding week, the cryptocurrency had a 43.7% increase, reaching $1.08. Market activity may be inferred from the fact that its daily trade volume has surged by 86% to reach $8.1 billion.
Whales started purchasing other cryptocurrencies during the last two days, which is the primary cause of these increases. The netflow of whale holdings surged by 220%, going from $54.1 million on November 20 to $77.2 million on November 22. This information comes from IntoTheBlock.
2-Dan Gallagher of Robinhood rejects the SEC’s interest in leadership
Dan Gallagher, the chief legal officer of Robinhood Markets, has recanted his candidacy to lead the Securities and Exchange Commission (SEC) under the presidency of Donald Trump.
As a result of Gallagher’s departure, the search for Gary Gensler’s successor has been altered. Following his oversight and enforcement of legislation pertaining to the bitcoin industry, Gensler will depart on January 20, 2025.
As a senior officer in Trading and Markets and a commissioner of the Securities and Exchange Commission from 2011 to 2015, Gallagher had a wealth of regulatory knowledge.
Having joined Robinhood in the middle of the year 2020, he has been leading it via meme stock trading. Previous jobs that he held include those at WilmerHale and as the chief legal officer for Mylan Nevada.
Within the bitcoin sector, Gallagher was considered a potential collaborator in Trump’s initiative to promote cryptocurrencies.
A month ago, rumors began to circulate that Trump was interested in having Gallagher lead the Securities and Exchange Commission.
When Gallagher’s name was mentioned, tensions between the SEC and the cryptocurrency industry were at an all-time high. According to Gensler, the Securities and Exchange Commission (SEC) has taken a hard stance against Coinbase, Kraken, Ripple, and Binance, claiming that many cryptocurrencies are securities.
OpenSea, the largest marketplace for non-fungible tokens, received a Wells Notice three months after the first announcement. The SEC believes that some non-fungible tokens (NFTs) on the platform might be considered securities. As discussed in episode two of The Crypto.news Show, this allegation has the potential to have an impact on the whole NFT industry.
The cryptocurrency industry asserts that the SEC framework does not apply to digital assets, which increases the difficulty of complying with regulations.
The departure of Gallagher is detrimental to the business community’s hopes for improved regulation. He is familiar with both traditional finance and the markets for digital assets.
During his departure, Gensler placed a strong emphasis on the obligation of the SEC to protect investors and maintain market integrity. The SEC is just remarkable. According to what he mentioned on X, both the individuals and the commission are mission-driven.
As the search for a new head of the SEC continues, the bitcoin industry is waiting for regulatory reforms to be implemented by the Trump administration.
Cryptocurrency values increased as a result of Trump’s pro-crypto attitude and vows. The price of bitcoin also dropped to $98,000 after having risen beyond $99,000.
References
https://crypto.news/robinhoods-dan-gallagher-declines-sec-leadership-role
https://crypto.news/stellar-doge-cardano-rally-as-bitcoin-approaches-100k