Bitcoin’s record rally topped $107,000 after United States President-elect Donald Trump reiterated that he plans to create a US Bitcoin strategic reserve similar to the country’s strategic oil reserve, stoking the enthusiasm of crypto bulls.Bitcoin, the world’s biggest and best-known cryptocurrency, extended gains to a session high of $107,148 and was most recently at $106,877, up 5.43 percent from late Friday. The number two digital currency, Ethereum or Ether, was up 1.85 percent at $3,975.70. “We’re in blue sky territory here,” said Tony Sycamore, an analyst at IG, an online trading provider. “The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.”Bitcoin and crypto have been catapulted into the spotlight as investors wager the incoming Trump administration will usher in a friendlier regulatory environment, boosting sentiment around the alternative currency. Bitcoin is up about 150 percent in 2024. Advertisement “We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump told CNBC late last week.When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: “Yeah, I think so.” He advocated the same move earlier this year.Governments around the world held 2.2 percent of Bitcoin’s total supply as of July, according to data provider CoinGecko, with the US possessing nearly 200,000 Bitcoins valued at more […]

Bitcoin has topped $100,000 for the first time, buoyed by United States President-elect Donald Trump’s decision to nominate a cryptocurrency advocate to lead the country’s securities regulator.The world’s most popular cryptocurrency peaked above $103,000 on Thursday, prompting cheers from crypto enthusiasts, who have seen their holdings more than double in value this year. “What an epic milestone,” Anthony Pompliano, a crypto enthusiast and founder and CEO of Professional Capital Management, said in a video posted on X.(Al Jazeera)“There are so many people around the world who did their homework, they thought independently and critically, and they bought this thing that no one had ever heard of before.”“$100,000 a Bitcoin doesn’t just represent a price,” Dan Held, a well-known crypto investor and enthusiast, said on X.“It represents that the world is gradually acknowledging Bitcoin as the reserve currency of the future. It represents a rejection of the existing financial system. It represents financial freedom.” Advertisement The latest surge comes after Trump named Paul Atkins, who is viewed as an advocate of looser regulation of digital assets, as his pick to lead the Securities and Exchange Commission.In an announcement on Truth Social, Trump described Atkins, the CEO of Patomak Partners, as a “proven leader for common sense regulations”.“He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors, and that provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America […]

Alex Mashinsky, the founder and former CEO of cryptocurrency lender Celsius Network, has pleaded guilty in the United States to two counts of fraud.Mashinsky, 59, was indicted on July 13, 2023, on seven counts of fraud, conspiracy and market manipulation charges. Federal prosecutors in Manhattan said he misled Celsius customers to persuade them to invest, and artificially inflated the value of his company’s proprietary crypto token. He pleaded not guilty later that day. On Tuesday, during a hearing before US District Judge John Koeltl, Mashinsky said he pleaded guilty to two out of the seven counts he was initially charged with: commodities fraud and a fraudulent scheme to manipulate the price of CEL, Celsius’s in-house token.In court, Mashinsky admitted to giving Celsius customers “false comfort” by giving an interview in 2021 in which he said Celsius had received approval from regulators for its “Earn” programme, which it had not. The Earn programme allowed users to deposit cryptocurrencies like Bitcoin, Ethereum and Tether and receive weekly interest payments, offering as much as 18 percent annually. Advertisement He said he also failed to disclose that he had been selling his holdings of CEL.“I know what I did was wrong, and I want to try to do whatever I can to make it right,” Mashinsky said.As part of his plea deal with prosecutors, Mashinsky agreed not to appeal any sentence of 30 years or less – the maximum he faces for the two counts.Celsius Network founder Alex Mashinsky pleaded guilty to two of […]

United States Securities and Exchange Commission Chair Gary Gensler will step down on January 20 when US President-elect Donald Trump’s administration takes over, the agency has said, ending an ambitious tenure that saw Gensler clash with Wall Street and the crypto industry.“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor,” Gensler, who was nominated by Democratic President Joe Biden in 2021, said in a statement on Thursday. Known for his hard-charging style, Gensler led an ambitious agenda to boost transparency, reduce systemic risks, and stamp out conflicts of interest on Wall Street, implementing dozens of new rules, some of which have been challenged in court.Among his major accomplishments were changes to boost the resilience and efficiency of US markets, including speeding up trade settlements and overhauling the $28 trillion US Treasuries market, as well as a number of rules boosting investor disclosures and corporate governance.The Baltimore native also successfully implemented rules mandated by Congress imposing SEC oversight on auditors of US-listed Chinese companies, ending a decade-long tussle with Beijing that lawmakers said had put US investors at risk.On the enforcement front, Gensler’s SEC broke new ground with a multi-year effort focused on Wall Street’s use of text, WhatsApp and other unauthorised channels to discuss business, levying more than $2bn in fines against dozens of firms, including JPMorgan and Goldman Sachs.He also took on the cryptocurrency industry, suing Coinbase, Kraken, Binance and others, alleging that […]

Bitcoin is nearing the $100,000 mark as crypto enthusiasts bet that United States President-elect Donald Trump will usher in a more welcoming regulatory environment for digital assets.The world’s most popular digital currency rose as high as $99,073 on Thursday, extending its surge since Trump’s re-election on November 5. The commodity has risen more than 60 percent since election day as investors anticipate Trump’s incoming administration to ease regulatory and legal hurdles to its use.Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and has pledged to make the US “the crypto capital of the planet” and accumulate a national bitcoin reserve.Trump and his three sons in September also announced the launch of their own crypto business, World Liberty Financial, which investors have taken as a promising sign of the president-elect’s belief in the sector.In another bullish signal for the sector on Thursday, United States Securities and Exchange Commission (SEC) chair, Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector, confirmed that he would step down in January.Trump had pledged to fire Gensler on “day one” of his administration, though the president does not have the authority to remove the SEC chair before the end of his or her term.While viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.After climbing to a record […]

Bitcoin is closing in on $90,000 as crypto enthusiasts bet on United States President-elect Donald Trump taking a hands-off approach to digital currencies.The world’s most popular cryptocurrency hit a record high of $89,637 on Tuesday, continuing its explosive rally since the US presidential election on November 5. The commodity has gained more than 30 percent since election day, with investors anticipating Washington to take a turn towards more crypto-friendly policies under Trump.During his first term as president, Trump called Bitcoin a “scam” and complained that the currency was “competing against the dollar”.The Republican, however, radically changed course during his re-election campaign to cast himself as a crypto champion.Among other promises, Trump has pledged to turn the US into “the crypto capital of the planet” and to replace the chair of the Securities and Exchange Commission, Gary Gensler, who led efforts by President Joe Biden’s administration to increase oversight of the sector.In September, Trump announced the launch of his own crypto venture, World Liberty Financial, along with his family members.“Obviously [it’s] a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves,” said Nick Twidale, chief market analyst at ATFX Global in Sydney.“The fact that Bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above.”Despite their enthusiastic following, Bitcoin and other cryptocurrencies are widely viewed as speculative assets and are known for experiencing wild […]