Bitcoin MENA Buzz, SEC Shakeup, U.K. Regulation Roadmap, Hong Kong Crypto Leap, Market Update
M2 News
M2uned Episode 3, "Bitcoin Breakout: Riding the Wave to Bitcoin MENA," featured an exclusive interview with David Bailey, CEO of Bitcoin Inc., discussing the most prestigious Bitcoin conference coming to the Middle East for the first time. We also explored Bitcoin's recent rally and its potential implications for the broader crypto market.
Watch the full episode below.
SEC Chair to Step Down
Securities and Exchange Commission Chair Gary Gensler, known for his stringent cryptocurrency regulation approach, will step down on 20 January 2025 at the start of President-elect Donald Trump's second term. His departure marks the end of his tenure as a prominent regulatory figure in the U.S. securities landscape. The cryptocurrency industry is closely watching how this leadership change will impact regulatory clarity and the broader crypto space.
U.K. to Fully Regulate Crypto by 2026
The Financial Conduct Authority (FCA) has released a timeline for cryptocurrency regulation in the United Kingdom by 2026. This comes as crypto adoption grows in the U.K., with FCA research showing average crypto holdings among Brits increased to £1,842 in August 2024, up from £1,595 the previous year. The crypto industry is closely watching these developments, which are expected to shape the regulatory landscape for digital assets in a major financial hub.
Hong Kong's Largest Digital Bank Enables Retail Crypto Trading
ZA bank now offers users the ability to buy and sell Bitcoin and Ethereum directly through its app. Customers must establish an account and complete a risk assessment to access the crypto service. The launch provides residents streamlined access to major cryptocurrencies in a regulated banking environment, with the Securities Futures Commission signaling potential approvals for more digital asset firms by year-end.
Market Review
At the time of writing, the crypto market cap stands at $3.3 Trillion, representing a 4.1% increase over the past week. Bitcoin is hovering around $95K, having recently touched a new all-time high of $99K and nearly reaching the highly anticipated $100K milestone. The investment sentiment remains bullish, with the Fear and Greed index in the Extreme Greed zone just one point shy of last week's reading.
In the top altcoin market at the time of writing, XRP led the charge with a 33% surge, now trading at $1.49, while ADA followed closely with a 27% increase to $1.01. AVAX also demonstrated a strong performance, gaining 26%, now trading at $43. ETH maintained solid momentum with a 15% rise, now trading around the $3.5K mark.
Between 17-23 November, Bitcoin ETFs registered a record weekly inflow of $3.12 Billion, reflecting the ongoing bullish momentum in the cryptocurrency market.
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Quick News
U.S. President-elect Donald Trump named Scott Bessent, a cryptocurrency enthusiast, as his pick for Treasury Secretary.
The legislation proposes the establishment of the Sovereign Strategic Bitcoin Reserve (RESBit), which is designed to diversify the financial assets of Brazil’s National Treasury.
The legislation is intended to provide a legal framework for crypto transactions and usage in the country.
Mayor Ken Sim has put forward a proposal to incorporate Bitcoin into the city's financial strategy, aiming to diversify Vancouver's holdings and safeguard its purchasing power.
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