Top Crypto Stories This Week: From Taking a DOGE Joke Seriously to Taking Gensler's Resignation Seriously
With the unfathomable often becoming reality in crypto, the entire concept of reality has become subjective, questionable, and down right obscure. This week's pinchable moments are brought to you by divisive tech billionaire Elon Musk and the equally stubborn but less-liked SEC Chair, Gary Gensler.
An avid fan of Dogecoin, Musk has never shied away from sharing his support for the memecoin online. Despite winning a legal battle over its price manipulation, there does seem to be a correlation between Musk's remarks and Dogecoin's price.
This week, the synergy between Musk and Dogecoin made yet another step in immortalising their partnership, thanks to incoming President Donald Trump. Yet to be sworn in, Trump is laying the groundwork for when he takes office in January and one initiative he has already committed to launch is titled the 'Department of Government Efficiency', which conveniently has the acronym, DOGE.
It sounds ridiculous, juvenile, and something even a comedy writer would reject as being too unrealistic, but here we are in 2024 reporting that DOGE billionaire fanboy Musk is heading up Trump's DOGE initiative.
Another highly anticipated Trump pledge the crypto industry has its eyes on is the firing of Gensler. “On day one, I will fire Gary Gensler,” Trump famously said. Although it's questionable whether the president actually has the power to fire the SEC chair, the mere thought of a Gensler exit inspired palpable excitement.
But it seems Trump might not even need to pull the trigger. In a speech titled "Car Keys, Football, and Effective Administration" at the Practicing Law Institute and the 56th Annual Institute on Securities Regulation, Gensler teased his potential resignation in what seems to be a farewell message.
“It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” he said, closing off with, "I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance."
No official resignation has been made as of yet but his language certainly points towards an exit. Basking in the excitement, Blockhead has ranked Gensler's potential replacements. You're welcome.
In any case, if we're going to take the Trump-Musk-DOGE initiative seriously, we might as well heed Gensler's words seriously too. Who knows what's real any more?
Over in the markets, Bitcoin has had a much better week than Ethereum. Up over 9% this week, BTC has beyond outperformed ETH, which has fallen more than 4.6%.
Risk appetites have intensified from last week's "Greed" position at 75 to "Extreme Greed" at 80.
The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
But extreme fear not. BRN is here. "The strong catalyst of Trump's election will keep having a very positive impact, especially during Q1 2025, when his first moves as president could generate a very strong momentum for a lasting bull market. We recommend staying heavily invested and favor Bitcoin over Ethereum," BRN analyst Valentin Fournier suggests.
Recent #macroeconomic data highlights ongoing inflation concerns, with both CPI and PPI coming in hotter than previous months. Although the figures met investor expectations, it remains a challenging signal for the Federal Reserve.
— BRN (@thebrn_co) November 15, 2024
Top Stories (In No Particular Order)
Gary Gensler Hints at SEC Resignation, Reiterates Bitcoin "Not a Security"
US Securities and Exchange Commission (SEC) Chair Gary Gensler has teased the industry about his potential resignation in what seems to be a farewell message.
Ranking Trump's Potential Gensler Replacements for SEC Chair
Donald Trump's victory continues to fuel the crypto market with Bitcoin breaking new highs on a seemingly daily basis. Yet to be sworn in, Trump's election win was enough to instill confidence in the crypto industry, which found themselves extremely enthused by the Republican candidate's pledges.
DOGE: Elon Musk Leading Trump's 'Department of Government Efficiency' is a Joke Worth Taking Seriously
Elon Musk, the world's most powerful internet troll, has found yet another joker mask to wear, which will undoubtedly trigger even more division online. If conquering the tech world with Tesla and irrevocably disrupting the social media world with X wasn't enough, Musk now wants to strengthen his influence in the political world.
Singapore Investors More Likely to Increase Crypto Allocation Than Global Average in 2025
Crypto appetite among investors in Singapore is surging, according to a new survey by Sygnum.
The global digital asset banking group's 2024 Future Finance survey reveals that 57% of institutional investors in the Little Red Dot plan to increase their crypto holdings next year - higher than the 47% global average.
Blackrock's BUIDL Comes to Five New Blockchains
BlackRock and Securitize are expanding access to their tokenized product, BUIDL, to five more blockchains: Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon.
Initially launched on Ethereum in March, the $522 million fund is the world’s largest tokenized fund - a title it secured in under 40 days. The current tokenized Treasury market is valued at $2.3 billion.
Polymarket CEO Becomes Target of FBI Probe: Allegations of Market Manipulation Surface
Federal agents arrived unannounced at Polymarket CEO Shayne Coplan’s New York City apartment early Wednesday morning and seized his phone and electronics, citing a Department of Justice investigation, according to sources.
Coincheck Approved as First Japanese Crypto Exchange on Nasdaq
Coincheck has been approved by the US Securities and Exchange Commission (SEC) to be the first Japanese crypto exchange to be listed on the Nasdaq.
The Tokyo-headquartered exchange is expected to debut on the US bourse as early as 10 December after the regulator issued its approval on 13 November.
Bitget Re-Enters UK Market With FCA-Compliant Operations
Following a six-month pause, Bitget has relaunched operations in the United Kindom, in compliance with the Financial Conduct Authority’s (FCA) stringent Financial Promotions Regime, the cryptocurrency exchange announced in a statement on Wednesday
Singapore FinTech Festival 2024 Wraps Up With 65,000 Attendees
Singapore FinTech Festival (SFF) returned for the ninth edition, attracting 65,000 participants from 134 different countries and regions.
The annual gathering brought together diverse stakeholders from finance, technology, and regulatory sectors, positioning it as one of the premier FinTech events worldwide.
FTX Seeks $1.8B From Binance, CZ for Fraudulent Sam Bankman-Fried Transfer
FTX has filed a lawsuit against Binance and its former CEO Changpeng Zhao (CZ).
The bankrupt crypto exchange is seeking nearly $1.8 billion from the world's biggest crypto exchange on the premise that FTX co-founder Sam Bankman-Fried (SBF) improperly transferred funds.
1 BTC = $180,000 Next Year?
Donald Trump's win has lit a fire under cryptos, with Bitcoin skyrocketing past $81,700 on Monday and widening the gap with Wall Street stocks despite their new record highs.
The OG token's historic record rally is being driven by Trump's embrace of cryptos and a pro-digital assets Congress.
QCP Moves Closer to Full Licensing in Singapore
QCP Trading, the dedicated OTC spot trading arm of Singapore-based QCP Group, has received an In-Principle Approval (IPA) for a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), the firm announced in a statement on Monday.
18 US States File Lawsuit Against SEC For "Unconstitutional Persecution" of Crypto
Republican Attorney Generals from 18 US states have filed a joint lawsuit against the Securities and Exchange Commission (SEC), its commissioners, and Chair Gary Gensler for the regulator's handling of crypto.
The lawsuit claims the SEC overstepped its constitutional authority by pursuing aggressive regulatory actions against the crypto industry.
Solana Joins $100B Market Cap Club Alongside Bitcoin, Ethereum, Tether
Bitcoin bulls might be relishing in the world's strongest crypto breaking new highs but layer-1 underdog Solana (SOL) continues to bark loudly.
Already up over 275% from last year, SOL has reached $212 for the first time since 2021. These gains have pushed its market cap above $100 billion, placing it in the exclusive $100 billion club with Bitcoin, Ethereum, and Tether.
Blockcast
This week's Blockcast features Aethir co-founder Mark Rydon, who tells Blockhead why he decided to take on the challenges with centralized GPU clouds, such as Google's Stadia, which struggled to provide low-latency gaming services economically.
Events
Consensus (Hong Kong, 18-20 February)
Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.
Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.
Use promo code BLOCKDESK20 at checkout for a 20% discount on tickets here.
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