Welcome to our 200th issue of State of the Market, where we provide an overview of crypto market activity from November 28 – December 4, 2024.
This week in crypto markets:
- Federal Reserve Chairman Jerome Powell’s comments on Bitcoin’s speculative nature and lack of store-of-value status led to a 2% price increase, nearing its all-time high.
- The nomination of former SEC commissioner Paul Atkins as the new SEC chair under President-elect Donald Trump raises concerns over potential conflicts of interest in crypto regulation.
- Russian President Vladimir Putin acknowledged the benefits of cryptocurrencies and the futility of banning them, signaling a potential shift in Russia’s stance on digital assets.
- A $33.3 billion sell-off on South Korean crypto exchanges triggered by the declaration of martial law is expected to drive investors towards overseas platforms and delay key legislation.
- The growing political involvement and conflicting stances on cryptocurrencies, from U.S. Congressman Mike Collins’ meme coin investment to New York City Mayor Eric Adams’ controversial crypto holdings, illustrate the increasing intersection of digital assets and government.
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