Crypto Weekly Roundup: BTC Hits New ATH Post-Trump Win, Polymarket Under French Scrutiny, & More
In a surge following recent election outcomes, Bitcoin reached a new all-time high, with altcoins like Solana and SHIB gaining significant traction. Meanwhile, regulatory actions intensify as France scrutinizes Polymarket and California revokes BlockFi’s license. Let’s explore further.
Bitcoin
Bitcoin briefly rose to $77,000 on Thursday as the U.S. Spot Bitcoin ETFs were recording their biggest daily net inflow since the funds were launched on 11 January this year.
Solv Protocol changed the classification of the assets contained in its SolvBTC reserve in order to enhance security as well as yield-generation opportunities. SolvBTC assets will now be divided into two categories, namely core reserve and innovative reserve.
Neil Bergquist, CEO of crypto exchange Coinme, believes that bitcoin ATMs serve as crucial on-ramps for fiat currency to enter the crypto ecosystem, and thus the uses for these ATMs are diverse.
Defunct crypto exchange Mt. Gox reportedly moved 500 Bitcoin worth $35 million to cold storage wallets. The news comes after the exchange announced it would delay customer repayments by a year following a major hack in 2014.
Altcoins
Following Trump’s victory, altcoins like SOL reached their highest price since November 2021, reaching $187, and have become the 4th largest cryptocurrency by market cap. SHIB gained over 6% over the month and appears ready to explode in the next bull cycle, while the $HINU presale has generated over $473,000.
$SHIB has a negative trend after it lost 77.04% from its March 2024 high of $0.00004613. Some analysts are dubious about whether $SHIB can “delete two zeroes” in the upcoming bull run on this path.
Dogwifhat’s meme-inspired surge is all about short-term hype, while BlockDAG offers a long-term approach to consistent growth.
The crypto market may have found a new headline in Rexas Finance (RXS), an emerging altcoin that’s sparked interest among early Solana investors.
As the Q4 bull run heats up, Solana and Raydium are capturing investor interest with potential growth signals. Solana is riding bullish momentum, pushing it toward anticipated all-time highs, while Raydium’s remarkable 276% rally highlights its strong position within the Solana ecosystem.
Altcoins have exploded in the wake of the election results and are expected to grow further in anticipation of the Inauguration in January 2025.
Business
Two years after bankruptcy, California’s DFPI has permanently revoked BlockFi’s license due to regulatory violations, concluding ongoing investigations into its lending practices and prioritizing consumer recovery over penalties.
Web3
The decentralized GPU infrastructure giant, io.net, has announced a strategic partnership with cloud gaming network YOM to broaden access to high-quality gaming experiences by leveraging io.net’s extensive network of globally distributed GPUs.
Regulation
The French National Gambling Authority (ANJ), responsible for overseeing legal gambling in the country, is examining whether Polymarket complies with local regulations. If deemed illegal, ANJ can block the platform’s domain within France and restrict its access.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
