Weekly Crypto Recap: Bitcoin Milestone, Trump’s SEC Nominee, Solana ETFs, and Cardano Updates Bitcoin Surpasses $100,000 Milestone

Bitcoin made history this week, breaking past the $100,000 mark for the first time. On December 5, the cryptocurrency surged to a record high of $103,000 before stabilizing around $99,554 by Sunday. This monumental achievement was met with widespread celebration in the crypto community, including congratulations from President-elect Donald Trump. However, the optimism was tempered by concerns over a transfer of 24,000 BTC from the defunct Mt. Gox exchange, sparking fears of a potential market selloff.

Trump Announces New SEC Chair Nominee and Crypto Initiatives

President-elect Trump revealed his intention to nominate Paul Atkins, a former SEC commissioner, as the new SEC chair, replacing Gary Gensler. The announcement garnered support from prominent crypto figures, including Ripple CEO Brad Garlinghouse. Atkins’ nomination aligns with Trump’s pro-crypto stance, signaling potential regulatory changes favorable to the industry.

Additionally, Trump’s administration confirmed the creation of a White House department focused on artificial intelligence and cryptocurrency, to be led by venture capitalist David Sacks. This move underscores the administration’s commitment to fostering innovation in emerging technologies.

XRP Breaks Through $2 Barrier

XRP achieved a significant milestone, surpassing $2 for the first time in seven years. Starting December at $1.95, the altcoin surged to a peak of $2.9 before experiencing a slight pullback. The rally propelled XRP’s market capitalization above Tether and Solana, securing its position as the third-largest crypto asset.

In response to XRP’s resurgence, leading asset manager WisdomTree filed an application with the SEC to launch an XRP exchange-traded fund (ETF). If approved, it would become the fourth firm to offer an XRP ETF, reflecting growing institutional interest in the token.

Solana ETFs Face Regulatory Delays

Grayscale Investments also filed with the SEC to convert its Grayscale Solana Trust into an ETF. Despite the submission, regulatory delays are expected to postpone approval until after President-elect Trump assumes office. Solana enthusiasts remain optimistic about the eventual green light for such products, which could bolster the blockchain’s market presence.

Global Tax Developments on Cryptocurrency

In regulatory news, South Korea postponed the implementation of a proposed 20% tax on cryptocurrency investments until 2027. Meanwhile, French lawmakers are considering taxing unrealized crypto gains, while Indian authorities launched investigations into Binance and 16 other entities for alleged tax evasion.

The Czech Republic passed a law easing capital gains taxes for Bitcoin held longer than three years, signaling a more favorable stance toward long-term investors.

Cardano and WallStreetBets Accounts Hacked

Security breaches on social media platform X (formerly Twitter) continued to make headlines. The official accounts of Cardano and WallStreetBets were hacked, raising concerns over the platform’s cybersecurity measures. These incidents follow a series of high-profile hacks since Elon Musk’s acquisition of X, including the compromise of the SEC’s official account earlier this year.