Ethereum Falls, Bitcoin Continues to Break Records 🚀
What's poppin' crypto homies? It's a new week, the airwaves are buzzing with some mind-blowing news!
From Bitcoin’s record-breaking streak which sees it smashing $99k, to ETH hodlers feeling the blues, the news never got any juicier. 😋
Meanwhile, Gary Gensler is packing his bags at the SEC, and there's a juicy $2B Bitcoin lending program cooking up with some serious players involved.
Oh, and remember FTX's Gary Wang? Well, let's just say Christmas came early for him this year (sort of).
Now let’s dive into it
- Ethereum falls to 4-year low against Bitcoin as BTC breaks above $94k
- US SEC chief Gensler to step down in January when Trump takes over
- FTX Co-Founder Gary Wang escapes prison sentence in $8 billion fraud case
- Donald Trump’s Commerce Secretary picks Cantor Fitzgerald to collaborate with Tether on $2B BTC project
Ethereum falls to 4-year low against Bitcoin as BTC breaks above $94k
Ethereum’s value against Bitcoin has reached a four-year low as Bitcoin’s price surpasses $94,000. The ETH/BTC trading pair fell to 0.03302 BTC, marking a significant decline from mid-2023 levels above 0.070 BTC. Bitcoin’s recent surge, hitting a new all-time high of $94,300 on Nov. 20, contrasts with Ethereum’s downward trend against Bitcoin. Since mid-2023, Ethereum has consistently lost ground, characterized by lower highs and lower lows on daily charts. The decline represents a 51.06% drop since May 2023, spotlighting Ethereum’s relative underperformance.
US SEC chief Gensler to step down in January when Trump takes over
WASHINGTON, Nov 21 (Reuters) - U.S. Securities and Exchange Commission Chair Gary Gensler will step down on Jan. 20 when President-elect Donald Trump's administration takes over, the agency said on Thursday, ending an ambitious tenure that saw him 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.
FTX Co-Founder Gary Wang escapes prison sentence in $8 billion fraud case
Gary Wang, co-founder of the cryptocurrency exchange FTX, was sentenced to time served and three years of supervised release on Wednesday for his involvement in a $8 billion fraud scheme. Wang is now the last former FTX employee sentenced related to the exchange's collapse, as reported by CNBC. Wang admitted guilt to four charges, including conspiracy to commit wire fraud and securities fraud, which could lead to a maximum sentence of 50 years. His extensive cooperation with authorities significantly influenced the court's decision.. In addition to his sentence, Wang must forfeit $11 billion, in line with the penalties imposed on his co-defendants.
Donald Trump’s Commerce Secretary picks Cantor Fitzgerald to collaborate with Tether on $2B BTC project
Financial services firm Cantor Fitzgerald, which serves as Tether’s banking partner, is looking to work with the stablecoin issuer on a program that will allow clients to borrow dollars against Bitcoin as collateral, Bloomberg reported on Sunday. While the firm will start lending against Bitcoin with $2 billion, it is expected to increase to tens of billions. Cantor Fitzgerald has been trying to recruit for the program that is yet to be officially launched. If Tether decides to collaborate, it will be one of several financial contributors, anonymous sources familiar with the matter told Bloomberg.
Other Highlights Worth Mentioning
South Korea confirms North Korea behind $50M Upbit hack - Binance
Bybit Launches $50,000 BTC Trading Competition To Celebrate ATH - CryptoTimes
Solana breaks all-time high on Coinbase, 2 years after FTX catastrophe - Cointelegraph
Binance user base surpasses 240 million as institutional onboarding doubles - Coinslate