Last week, the Nasdaq Crypto Index™ (NCI™) climbed 9.4%, continuing its strong upward trend. Bitcoin (BTC) rose 8.0%, maintaining its momentum as it approaches $100,000, while Ethereum (ETH) gained 8.7%, building on its post-election strength. Solana (SOL) also saw positive movement, up 6.3%, showcasing resilience amidst broader market dynamics. Since the US elections, the NCI has risen significantly, reflecting growing optimism in the crypto space, particularly with regards to assets beyond BTC and ETH. This continued upward trajectory highlights the outperformance of crypto assets against traditional markets, driven by increasing investor confidence and expectations of more favorable regulatory clarity in the near future.
Bitcoin topples Saudi Aramco to become world's seventh-largest asset
Bitcoin reached an historic milestone, surpassing Saudi Aramco to become the world's seventh-largest asset by market capitalization, valued at $1.82 trillion, just days after overtaking silver. This achievement places BTC behind only Alphabet, Amazon, Microsoft, Apple, NVIDIA, and gold. This milestone symbolizes BTC's remarkable evolution as it approaches 16 years since its creation, solidifying its position as one of the world's most valuable and influential assets.
SEC ccommissioner pledges crypto-forward approach after Gensler resignation
SEC Commissioner Mark Uyeda, a potential candidate to lead the agency following Gary Gensler’s resignation, has pledged to prioritize regulatory clarity for crypto assets if selected and criticized Gensler’s “anti-crypto” stance, proposing the creation of regulatory sandboxes to foster innovation in the US. This potential appointment could mark a turning point for the crypto industry, bringing clearer regulations, encouraging innovation, and creating a more favorable environment for market growth in the US.
Coinbase CEO plans to discuss personnel appointments with president-elect Trump
Brian Armstrong, CEO of Coinbase, plans to meet with Donald Trump, to discuss potential appointments in the new administration, including the plan to create a "Presidential Bitcoin and Crypto Council" for clear regulatory guidance. After facing actions from the SEC, Armstrong has taken a more active political stance, supporting pro-crypto candidates and contributing millions of dollars to the Fairshake PAC, an alliance to support political candidates committed to securing the US as the home to innovators building the next generation of the internet. This meeting highlights the growing interaction between the crypto industry and the political landscape and signals a potential regulatory shift in the US favorable to the crypto market, bringing greater political influence and growth opportunities for the sector.
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