Bitcoin Pushes Past $100K, Ripple Surpasses Tether by Market Cap, and Trump Names Pro-Crypto SEC Chair

Takeaways

• Bitcoin breaks contain: The price of bitcoin surged past the $100,000 mark on Wednesday night, setting off celebrations within the digital asset ecosystem.
• XRP surpasses Tether’s USDT to claim the third spot in market cap: A new regulatory regime in the United States has boosted the coin’s prospects.
• Trump chooses crypto advocate for next SEC chair: President-elect Donald Trump has selected Paul Atkins, a long-time crypto industry advocate, to lead the Securities and Exchange Commission.
• Alex Mashinsky pleaded guilty to fraud related to Celsius’ collapse: Facing up to 30 years in prison, his plea represents a broader reckoning after the 2022 crypto winter.
• DMM Bitcoin will cease operations after a $305M hack, transferring accounts and assets to SBI VC Trade next year: The hack, linked to suspected Lazarus Group activity, caused widespread service disruptions and financial losses.

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Bitcoin Surges Past $100K Mark As Momentum Continues

The price of bitcoin surged past $100,000 on Wednesday night, breaking through significant selling resistance to reach an all-time high around $104,000 before dipping back below $100,000 Thursday afternoon. Still, the price of bitcoin has risen nearly 50% over the past 30 days, driven by steady spot bitcoin ETF inflows, continued buying from Michael Saylor’s MicroStrategy, and anticipation of a crypto-friendly administration from president-elect Donald Trump.

Bitcoin’s push past $100,000 set off a series of celebrations in the crypto community and served as a victory lap for bulls that endured a 2022 crypto winter that saw the price of bitcoin drop below $17,000. Now just two years later, traditional financial actors have increasingly embraced crypto, with analysts setting a $120,000 near-term price target. Analysts at Bernstein said the price could reach $200,000 by the end of 2025.

During an interview at the DealBook Summit on Wednesday, Federal Reserve chair Jerome Powell added more legitimacy to the asset class by comparing it to digital gold. The market price of bitcoin measured in gold has hit 39 ounces, an all-time high.

“It’s just like gold, only it’s virtual, it’s digital,” Powell said. “ People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold.”

XRP Becomes World’s Third-Largest Cryptocurrency, Surpassing Tether’s USDT

XRP has overtaken Tether’s USDT to become the world’s third-largest cryptocurrency by market capitalization, following bitcoin and ethereum. XRP’s market cap reached over $141 billion, surpassing USDT’s market cap of roughly $134.5 billion. Ripple also surpassed Solana’s market cap earlier this week.

Analysts have attributed XRP’s momentum to multiple factors, including reports that the New York Department of Financial Services (NYDFS) may soon approve Ripple’s RLUSD stablecoin. Additionally, the announcement that SEC Chair Gary Gensler will leave office in January has caused further investor optimism for the token, which is currently trading at around $2.30 as of Thursday afternoon.

Ripple has also been entangled in an SEC lawsuit since 2020 over allegations of raising $1.3 billion through an unregistered securities offering. Analysts have suggested that Gensler’s departure could lead to the lawsuit’s resolution, clearing the path for Ripple’s growth.

Trump Chooses Pro-Crypto Candidate To Lead SEC

President-elect Donald Trump said Wednesday he will nominate Paul Atkins to lead the Securities and Exchange Commission. The pick is widely seen as a positive for the crypto industry.

Atkins served as an SEC commissioner from 2002 to 2008 and has more recently worked as the co-chair of the Token Alliance, helping develop best practices for digital assets and trading platforms. He is currently the CEO of Patomak Partners, a financial services firm specializing in advisory services, risk and compliance management, and litigation support.

“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World,” Trump wrote on Truth Social. “He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Atkins will succeed Gensler, who announced last month he will step down when Trump is inaugurated on January 20, 2025. Gensler has taken an aggressive stance toward the crypto sector throughout his tenure, taking a regulation by enforcement approach that has had a chilling effect on the industry.

Alex Mashinsky, Former Celsius CEO, Pleads Guilty to Fraud Charges

Alex Mashinsky, founder and former CEO of the now-bankrupt Celsius Network, pleaded guilty to two counts of fraud in a federal court on Tuesday. He now faces a maximum sentence of 30 years in prison after admitting to repeatedly misleading investors, including falsely claiming regulatory approval and denying the sale of his CEL tokens.

Mashinsky’s plea marks a dramatic turn in his legal battle following his July 2023 arrest, where he was charged with seven counts, including securities and commodities fraud, wire fraud, and market manipulation. Initially pleading not guilty and attempting to dismiss two charges, his legal defenses were deemed “without merit” by the judge. Mashinsky stated in court, “I knew it was wrong and illegal.”

Celsius, once a prominent crypto lending platform, halted withdrawals in June 2022 amid “extreme market conditions” before filing for Chapter 11 bankruptcy the following month. Despite Mashinsky's public reassurances to users that Celsius avoided uncollateralized loans, court filings revealed the company had a $1.2 billion deficit and engaged in risky lending practices.

Japanese Crypto Exchange DMM Bitcoin to Shut Down After $305M Hack

Japanese cryptocurrency exchange DMM Bitcoin has announced its closure following a $305 million hack earlier this year. In a statement released on Monday, the company confirmed that its accounts and assets will be transferred to SBI VC Trade by March 2025, after striking a deal.

The decision follows a May security breach in which hackers stole over 4,502.9 BTC, valued at nearly $305 million at the time. Since the hack, DMM Bitcoin has restricted critical services, including withdrawals and new purchase orders for spot crypto assets. The identity of the hackers remains uncertain, but North Korea's infamous Lazarus Group has been suspected.

SBI VC Trade announced plans to incorporate 14 cryptocurrencies currently traded on DMM Bitcoin into its offerings, with the firm aiming to transition the assets and restore full trading services for affected customers.

-The Gemini Team