Bitcoin reached a monumental milestone on December 5, surpassing $100,000 for the first time and peaking at over $103,000. This record-breaking achievement has cemented its status as the top cryptocurrency.
By Sunday, Bitcoin slightly retraced, trading around $99,554. However, concerns emerged as the now-defunct exchange Mt. Gox moved 24,000 BTC, sparking fears of a potential selloff that could impact market stability.
Trump Announces Crypto-Focused Leadership
Former U.S. President Donald Trump stirred the crypto community with significant announcements on Truth Social. He revealed plans to nominate Paul Atkins, a former SEC commissioner, as the next SEC chairman. The move was widely celebrated by crypto leaders, including Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty, who praised Atkins’ regulatory expertise and crypto-friendly stance.
In a further nod to digital innovation, Trump’s team announced the creation of a new White House department dedicated to artificial intelligence and cryptocurrency. Venture capitalist David Sacks has been tapped to lead this initiative, signaling a potential shift in the U.S. regulatory approach toward emerging technologies.
XRP Rallies Past $2 for the First Time in Seven Years
XRP made waves in December, breaking the $2 barrier on December 1 and surging to a peak of $2.90 before experiencing a slight correction. The rally pushed XRP’s market capitalization past Tether’s, briefly positioning it as the third-largest crypto asset.
The rally has drawn significant institutional attention. Asset manager WisdomTree filed for an XRP-based exchange-traded fund (ETF), joining three other firms in seeking SEC approval.
Solana ETF Filings Face Delays
Grayscale Investments also made headlines by filing to convert its Grayscale Solana Trust into an ETF. While the move underscores growing institutional interest in Solana, reports suggest the filings may face delays, likely deferring any decisions until the next U.S. administration takes office.
Evolving Global Crypto Tax Regulations
Tax policies on cryptocurrency investments are shifting globally:
- South Korea postponed its proposed 20% crypto tax policy, pushing implementation to 2027.
- France is considering taxing unrealized gains on cryptocurrency, sparking debate among lawmakers.
- India is intensifying investigations into Binance and 16 other entities for alleged tax evasion.
- The Czech Republic passed a law relaxing capital gains taxes on Bitcoin held for more than three years.
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