Crypto Weekly Recap: SOL Hits All-Time High; SEC’s Gensler to Resign; FTX's Gary Wang Sentenced; & More (Nov. 17-23, 2024)

Did you know the two pizzas Laszlo Hanyecz ordered for 10,000 Bitcoins in 2010 would be worth over $981 million today?!

This week, Bitcoin hit an impressive all-time high of $99,655.50, just shy of the $100K milestone. Georgii Verbitskii, founder of the TYMIO decentralized finance platform, predicts that Bitcoin could surge to $180,000 by the end of 2025!

At the same time, analysts are watching Ether closely, anticipating a potential peak of $20,000 as momentum builds in the first half of 2025.

It’s an exciting time for Bitcoin and the entire crypto community. Keep reading to study the latest news and key developments shaping cryptocurrency!

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TOP CRYPTO NEWS RECAP (November 17 - 23, 2024)

● Solana Surges to New All-Time High

● SEC Chair Gary Gensler to Step Down in 2025

● CFTC Commissioner Calls for Structured Crypto Regulations

● FTX Co-Founder Gary Wang Sentenced to Time Served

● BlackRock Bitcoin ETF Options Trade $1.9B on First Day

● MicroStrategy Raises $3B Through Convertible Senior Notes Offering

Solana Surges to New All-Time High

On November 22, Solana (SOL) prices hit an all-time high of $264.31, a level not seen since three years ago. The surge marks a remarkable recovery after the 2022 collapse of FTX, which had driven prices below $10. SOL has risen 160% this year, fueled by new filings for Solana-based exchange-traded funds and growing decentralized finance (DeFi) activity. Analysts are optimistic, with price targets reaching as high as $400. The broader crypto market also benefited from expectations of friendlier regulation under President-elect Trump.

SEC Chair Gary Gensler to Step Down in 2025

Gary Gensler, the SEC Chair known for his tough stance on cryptocurrency regulation, will depart from the agency on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Gensler, who led over 100 regulatory actions against crypto firms since 2021, had previously faced criticism from Trump, who vowed to replace him with a more crypto-friendly chair. Trump, aiming to position the U.S. as the "crypto capital of the world," may also appoint Summer Mersinger to head the CFTC as part of his push for pro-crypto policies.

CFTC Commissioner Calls for Structured Crypto Regulations

At the North American Blockchain Summit on November 21, CFTC Commissioner Summer Mersinger stressed the need for clear U.S. crypto regulations. She criticized the current “regulation by enforcement” approach, urging formal laws to prevent confusion and provide clear guidance to the industry. Mersinger highlighted challenges crypto entities face, such as decentralized finance, which are often charged without proper registration. She advocated engaging with the new U.S. administration early to push for necessary regulatory reforms, ensuring fair and consistent treatment for the crypto sector.

FTX Co-Founder Gary Wang Sentenced to Time Served

On November 20, 2024, FTX co-founder Gary Wang was sentenced to time served, plus three years of probation and forfeiture of illicitly gained assets, marking the final sentencing in the 2022 FTX collapse case. Wang had pleaded guilty to fraud charges alongside Caroline Ellison, the former CEO of Alameda Research. Judge Lewis Kaplan cited Wang's cooperation with authorities as a key factor in the lenient sentence. Wang expressed remorse, pledging to spend his life making amends. The case now moves forward with appeals from Sam Bankman-Fried's legal team.

BlackRock Bitcoin ETF Options Trade $1.9B on First Day

On November 20, BlackRock’s spot Bitcoin ETF options saw an unprecedented $1.9 billion in trades on its debut, setting a new record for a first-day launch. The options, which give investors the right to trade shares of the iShares Bitcoin Trust ETF (IBIT), contributed to Bitcoin's price surge to a new all-time high of over $94,000. Bloomberg analysts noted that this volume was remarkable compared to the $363 million from the first Bitcoin ETF, ProShares BITO. The bullish activity in IBIT options signals strong market confidence in Bitcoin’s price growth.

MicroStrategy Raises $3B Through Convertible Senior Notes Offering

MicroStrategy completed a $3 billion offering of 0% convertible senior notes due 2029 on November 21, 2024. The notes, sold in a private offering to institutional buyers, have an initial conversion price of $672.40 per share, representing a 55% premium over the stock’s recent price. The company plans to use the net proceeds, approximately $2.97 billion, to acquire additional Bitcoin and for general corporate purposes. This move underscores MicroStrategy's continued focus on Bitcoin as its primary treasury asset.

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