HIGHLIGHTS OF THE WEEK
Rising Solana ETF Applications Post-Gensler Announcement
On November 21, the Cboe BZX Exchange made waves by filing four applications under the 19b-4 rule to launch spot Solana exchange-traded funds.This development comes right in the wake of SEC Chair Gary Gensler’s confirmation that he will step down in January, hinting at a shift in the regulatory landscape. Should the proposed ETFs from companies like Bitwise, VanEck, 21Shares, and Canary Capital secure approval, they would be listed on the Cboe BZX Exchange.
This new route differs from the traditional Form S-1 registration process previously utilized by some firms aiming to launch Solana ETFs.
FTX Releases New Reimbursement Timeline for Creditors
After navigating through bankruptcy, FTX is gearing up to distribute reimbursements to its creditors and former customers.The updated timeline indicates that the reimbursement process should wrap up by January 2025, with initial payouts set to start in March.
The firm plans to kick off these reimbursements in early December, using distribution agents to streamline the payout process and manage the customer compensation portal.
Interim CEO John J. Ray III has reiterated the company’s dedication to maximizing recovery for its users.
Gensler’s Departure from the SEC
Gary Gensler, a pivotal figure in U.S. cryptocurrency regulation, is expected to leave his position at the SEC on January 20, 2025, coinciding with the commencement of Donald Trump’s second term as president.In his farewell remarks, Gensler described his tenure at the SEC as a significant honor.
MARKET PERFORMANCE OVERVIEW
As the week wraps up, Bitcoin’s price stands at $98,877, while Ethereum is valued at $3,319, and XRP reaches $1.47, contributing to a total market cap of approximately $3.31 trillion. Among the top 100 cryptocurrencies, Stellar (XLM) has surged an impressive 137.21%, followed closely by Hedera (HBAR) at 108.20%, and Mantra (OM) at 72.86%.On the other end of the spectrum, Peanut the Squirrel (PNUT) saw a significant decline of 35.62%, Goatseus Maximus (GOAT) fell by 29.96%, and Popcat (SOL) (POPCAT) dropped 23.72%.
MARKET OUTLOOK
Traders are currently weighing whether Bitcoin can reclaim the $90,000 level amidst notable selling pressure.Reports suggest $300 million in liquidity may pose a challenge to breaking past the coveted $100,000 price point.
Historically, Bitcoin often experiences resistance at key psychological price thresholds.
TOP NEWS AND CONCERNS
In a significant turn of events, a South Korean court declared the crypto deposit platform Delio bankrupt, revealing liabilities of 245 billion won (approximately $1.75 billion) owed to customers after halting withdrawals. Additionally, there are alarming reports about phishing scams targeting crypto executives, where fraudsters pose as Coinbase support staff, claiming to have lucrative earnings while exploiting leaked information.Furthermore, U.S. authorities have charged five individuals connected to an $11 million hacking scheme involving a group known as “Scattered Spider,” pushing for accountability against these extensive cybercrimes. “`html
Source: Cointelegraph.com
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