Crypto News - 6 December 2024

Crypto News - 6 December 2024

Dec 6, 2024

Bitcoin achieved an historic high this week exceeding the USD $100K mark for the first time ever. This surge is largely attributed to President-elect Donald Trump’s favorable stance on cryptocurrencies including plans to appoint pro-crypto figures like Paul Atkins as SEC Chair. Atkins has been involved in cryptocurrency policy as co-chair of the Token Alliance, an industry-led initiative developing best practices for digital asset issuances and trading platforms. His nomination suggests a potential shift towards more industry-friendly and innovation-promoting policies at the SEC, particularly concerning digital assets.

President-elect Donald Trump has also appointed David Sacks, a former COO of PayPal and an advocate for blockchain innovation, as the first-ever "White House AI and Crypto Czar." This move signals a strong push towards integrating cryptocurrency and artificial intelligence into the national economic and technological agenda. Sacks, known for his deep understanding of fintech and decentralized systems, is expected to shape policies that foster innovation while addressing regulatory challenges. His appointment has been met with optimism from the crypto community, as it could pave the way for clearer regulatory frameworks and greater mainstream adoption of digital assets.

Bitcoin ETF flows this week showcased strong institutional interest, with significant inflows led by BlackRock’s IBIT and steady contributions from Fidelity and VanEck. While midweek outflows from Ark Invest and Valkyrie indicated some profit-taking, the late-week momentum reaffirmed confidence in Bitcoin’s long-term potential. These flows highlight Bitcoin's growing appeal as a key institutional asset amidst dynamic market conditions.

Ethereum ETF flows showed a strong recovery this week, highlighted by a surge on December 5th with $292.7M inflows led by BlackRock’s ETHA and $113.6M from Fidelity’s FETH. Despite some outflows earlier in the week, particularly from Grayscale’s funds, the total weekly inflow momentum suggests growing institutional confidence in Ethereum’s ecosystem. The shift reflects optimism around Ethereum’s scalability and DeFi adoption as key drivers for long-term growth.

Hedera leads the pack in our tracked portfolio, which saw an increase of 83.7% on the 7day followed by Metal Blockchain at 54.1%, Ripple XRP at 40.4%, buoyed by growing adoption in cross-border payments and positive sentiment around its legal clarity. Litecoin rose by 33.3% as it gained traction as a reliable peer-to-peer payment asset, while Ethereum, up 11.7%, benefited from renewed institutional interest and ecosystem growth.

These digital assets and more available for trading on Metal Pay.

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All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.’s licenses, and/or the applicable law depending on the jurisdiction. © 2024 Metallicus, Inc.

License issued to Metallicus by the Louisiana Office of Financial Institutions does not cover the exchange or transmission of virtual currency.

Experience swift, secure crypto trading with Metal Pay. Benefit from the lowest fees, easy card purchases, and dedicated 24/7 human support. Simplify your digital asset transactions with us.

Metal Pay is a service of Metallicus, Inc., a licensed provider of money transfer services (NMLS ID: 2057807).

All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.’s licenses, and/or the applicable law depending on the jurisdiction. © 2024 Metallicus, Inc.

License issued to Metallicus by the Louisiana Office of Financial Institutions does not cover the exchange or transmission of virtual currency.

Experience swift, secure crypto trading with Metal Pay. Benefit from the lowest fees, easy card purchases, and dedicated 24/7 human support. Simplify your digital asset transactions with us.

Metal Pay is a service of Metallicus, Inc., a licensed provider of money transfer services (NMLS ID: 2057807).

All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.’s licenses, and/or the applicable law depending on the jurisdiction. © 2024 Metallicus, Inc.

License issued to Metallicus by the Louisiana Office of Financial Institutions does not cover the exchange or transmission of virtual currency.