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Your weekly roundup of the 🔥hottest news in crypto:

Dec. 1 - 7

Bitcoin price hits $100K for first time in history

The price of Bitcoin reached $100,000 for the first time in history, marking a milestone for the cryptocurrency market after a year of significant growth.

Bitcoin hit the $100,000 price mark on Dec. 5, breaking a psychological level just weeks after reaching the $90,000 milestone on Nov. 12, according to TradingView.

Bitcoin also set a new all-time high of $104,000 at 3:08 am UTC — roughly 90 minutes after surpassing the $100,000 mark.

The year has seen more than $31 billion in net inflows from the spot Bitcoin exchange-traded funds in the United States, along with tightened supply from Bitcoin's fourth halving in April.

Republican Donald Trump's victory in the United States presidential election in early November, growing speculation of a strategic Bitcoin national reserve, and increased Bitcoin corporate adoption led by MicroStrategy's Michael Saylor have also contributed to Bitcoin's price rally.

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#2

Trump nominates Paul Atkins to replace Gensler as SEC chair

US President-elect Donald Trump has nominated pro-crypto Paul Atkins to replace Gary Gensler as the new chief of the Securities and Exchange Commission.

In a Dec. 4 announcement, Trump highlighted Atkins' track record and experience as a former SEC commissioner. Trump wrote on Truth Social:

"Paul is the CEO and Founder of Patomak Global Partners, a risk management consultancy. As Co-Chairman of the Digital Chamber's Token Alliance since 2017, he has worked on and studied the digital assets industry. A former SEC Commissioner from 2002-2008, Paul strongly advocated for transparency and protecting investors."

The nomination of a pro-crypto SEC commissioner to replace Gensler was one of Trump's promises to crypto voters during his campaign and a highlight of his keynote address at the Bitcoin 2024 conference in Nashville, Tennessee.

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#3

SEC to reject bids for spot Solana ETFs — Report

The United States Securities and Exchange Commission is set to reject applications in line for spot Solana exchange-traded funds (ETFs).

The agency has notified at least two of five issuers seeking approval for a Solana ETF, according to Fox News reporter Eleanor Terrett.

"The consensus here, I'm told, is that the SEC won't entertain any new crypto ETFs under the current administration," Terrett said on Dec. 6.

Several asset management firms have recently filed for SOL ETFs, aiming to provide investors with direct exposure to Solana's market.

VanEck was the first asset manager to submit a 19b-4 application with the agency on June 27, shortly followed by 21Shares on June 28 and Canary Capital in late October. Following Donald Trump's win in the Nov. 6 US presidential elections, Bitwise and Grayscale also applied for a SOL fund.

#4 Prediction of the week

Ether poised to outperform Bitcoin: Bybit

Ether outshined Bitcoin in the cryptocurrency spot and derivative markets after the Nov. 5 United States presidential election and keeps gaining momentum, according to a Dec. 2 report by crypto exchange Bybit.

In November, Ether "gained significant traction against BTC, as reflected by the sharp drops in the ratio between their spot prices," Bybit said in its November 2024 "Volatility Review," co-created by market researcher Block Scholes.

Growing demand for ETH options also indicates "[t]raders are increasingly favoring ETH," Bybit said in a statement.

Ether's outperformance accelerated after US Securities and Exchange Commission Chair Gary Gensler announced plans to step down on Nov. 21, bringing "additional momentum and attention" to the asset, according to the report. Since then, "[t]his most recent move has been sustained."

Bybit said ETH's mounting dominance is "clearest in spot," where the ratio of ETH to BTC has risen from around 0.0325 on Nov. 21 to more than 0.04 as of Dec. 6, according to TradingView.

#5

Potential charges Haliey Welch could face if SEC probes HAWK launch

The disastrous launch of influencer Haliey Welch's Hawk Tuah (HAWK) memecoin this week was marred by allegations of sniping and insider trading, with the token plunging 91% in just three hours.

Welch has denied these claims, and authorities have not announced any investigation.

However, if the United States Securities and Exchange Commission or the Department of Justice (DOJ) decide to investigate the controversial launch, Welch and her team could face significant legal scrutiny.

According to Yuriy Brisov, partner at law firm Digital and Analogue Partners, the SEC can pursue civil charges for securities fraud, alleging misrepresentation or deceit in the sales of securities if HAWK qualifies as a security under the Howey test. The DOJ might consider criminal charges like wire fraud or money laundering, especially if there's evidence of intentional deception or financial misconduct.

On Dec. 4, Welch launched the HAWK memecoin, which briefly surged to a peak value of $490 million before plummeting over 90% to $30 million in a few hours.

#6 FUD of the week

FDIC asked banks to 'pause' crypto activities — Court docs

Court documents filed in a Freedom of Information Act lawsuit against the United States Federal Deposit Insurance Corporation (FDIC) showed the US regulatory body asked certain financial institutions to pause crypto banking activities.

In a Dec. 6 filing in the US District Court for the District of Columbia, the court released "pause letters" sent by FDIC officials to the boards of directors for different US banks, whose names were redacted.

According to the letters sent in 2022, the FDIC requested the institutions "pause all crypto asset-related activity" in response to the uncertain regulations around digital assets.

"The FDIC will notify all FDIC-supervised banks at a later date when a determination has been made on the supervisory expectations for engaging in a crypto asset-related activity, including the need for any regulatory filings," said some of the letters.