CRYPTO MARKET is on a bull run and it doesn't seem to be slowing. Bitcoin hit $80,000 on Sunday, the highest it’s ever been and has surged, hitting $81,000 at the time of publication. Ethereum, Ether is tagging along too, passing $3,000 over the weekend and trading at $3,203.10.
XRP shot up 11%, Cardano is up a whopping 40%, and meme coins like Dogecoin and Shiba Inu are having a field day with 17% and 31% gains, respectively. It’s a straight bull market, and everyone’s feeling it.
Bitcoin has always stood out, but now it’s gaining a status almost on par with gold. What’s fascinating is that, unlike stocks or bonds, the SEC doesn’t classify Bitcoin as a security. That’s a huge advantage because it means Bitcoin can dodge a lot of the regulatory heat.
Since the U.S election day, Bitcoin’s value has shot up 18%, and Ether isn’t far behind with a 32% jump. Coinbase, the top crypto exchange in the U.S. saw its best week since early 2023 with a 48% rise.
Trump’s team is reportedly stuffed with crypto advocates, family members, and old buddies who are ready to put in work. He says he wants to make America the “crypto capital of the world.” For the first time in history, there’s a self-proclaimed “crypto president” in the largest crypto market on the planet.
With the U.S. government finally loosening up on crypto, many are looking forward to institutional investors coming on board in bigger numbers. Hedge funds, asset managers—everyone is watching Bitcoin now.
Republicans are on track to win the US House of Representatives, completing a sweep that could see the party control the Congress and Presidency for the first time since 2019. According to Polymarket data, the party could secure a majority of 221 – 214 in the House.
The GOP has already secured a majority in the Senate with a 53 – 46 split, and a sweep is imminent with the House now all but certain. Expectations are high about how the party’s control at the federal level will impact crypto regulations over the next four years.
Many believe that this control will allow Republicans to pass most of Donald Trump’s policies, including those that impact the crypto industry. There are already speculations about how the president-elect could overhaul regulatory agencies by appointing pro-crypto executives in his administration, thereby enabling a change in regulatory approach.
At the center of this speculation is who will become the Securities and Exchange Commission (SEC) Chair. Robinhood chief legal officer Dan Gallagher is currently the favorite of many crypto stakeholders. Gallagher was an SEC commissioner between 2011 and 2015. However, other names, such as Paul Atkins and Robert Stebbins, have been involved in different roles with the SEC.
Meanwhile, other positions are also up for grabs, including the Treasury Secretary and potentially the Federal Reserves and Federal Deposit Insurance Commission board when the current heads’ tenure expires.
According to Polymarket, Scott Bessent currently has the best odds of becoming the Treasury Secretary, and there are reports that he is crypto-friendly.