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Home»Regulation»slides below $96,000, XRP jumps on regulatory hopes By Investing.com
Regulation

slides below $96,000, XRP jumps on regulatory hopes By Investing.com

December 3, 2024No Comments3 Mins Read
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Investing.com–Bitcoin fell slightly on Monday after falling into a trading range just below the coveted $100,000 level, while XRP performed particularly well on speculation that the SEC may drop its lawsuit against the transmitter.

The world’s largest cryptocurrency has fallen into a trading range between $90,000 and $100,000 over the past two weeks, after hitting a series of record highs. While Bitcoin still remained within sight of a peak above $99,000, some optimism about its prospects cooled in anticipation of new signals on US politics.

slipped 1.4% to $95,864.0 as of 8:55 a.m. ET (1:55 p.m. GMT). The recent rebound in crypto markets has been primarily driven by optimism over Donald Trump’s presidency, which is expected to result in more favorable crypto regulation.

Bitcoin hit by some profit-taking, traders seek clear policy

Bitcoin’s limited performance over the past two weeks has also been driven by a measure of profit-taking at record levels.

Traders were now seeking more clarity on what Trump’s policies would mean for crypto, after he promised to make the United States the crypto capital of the world, and even floated the idea of ​​a strategic Bitcoin reserve.

Trump’s picks for Treasury Secretary and Commerce Secretary both have pro-crypto views, while reports suggest he may also choose a pro-crypto candidate to chair the Securities and Exchange Commission.

XRP Becomes Third Largest Crypto on SEC Speculation

surged more than 28% to $2.44 on Monday, making the stablecoin the third-largest cryptocurrency by market capitalization, at around $139 billion, according to data from Coinmarketcap.

The token has been largely fueled by speculation that an imminent change in leadership at the SEC would see the regulator drop its long-running lawsuit against XRP issuer Ripple.

SEC Chairman Gary Gensler has said he will resign when Trump takes office in January, with recent reports suggesting former Commissioner Paul Atkins could replace him. Atkins has openly expressed his support for digital assets.

Traders also speculated that Trump could shift crypto regulation to the SEC’s Commodity Futures Trading Commission. The CFTC should take a less strict stance when it comes to regulating the industry.

Crypto Price Today: Altcoins Are Limited

Broader cryptocurrency prices were mostly range-bound Monday as traders looked for more clues on policy. Risk appetite was also dented by Trump’s threat to impose high tariffs on BRICS bloc countries.

The world’s No. 2 crypto fell more than 2% to $3,620.1.

plunged more than 5% while it rose about 3%. During this time, it increased by 4.2%.

Among meme tokens, lost 1.5%.

MicroStrategy buys more BTC

Business intelligence firm MicroStrategy Incorporated (NASDAQ:) continues to expand its Bitcoin holdings, acquiring 15,400 BTC for approximately $1.5 billion between November 25 and December 1. According to an 8-K filing with the SEC on Monday, the average purchase price was $95,976 per coin. Bitcoin.

This acquisition coincided with the company’s sale of an additional 3,728,507 shares during the same period, increasing the equivalent amount. As of Dec. 1, MicroStrategy said about $11.3 billion of remaining shares were available for sale as part of its $21 billion stock offering plan. Combined with $21 billion in fixed income, the company aims to raise $42 billion over the next three years to fund further Bitcoin purchases.

With this latest acquisition, MicroStrategy now owns 402,100 BTC, valued at over $38 billion. The total cost of the company’s Bitcoin investments stands at an average cost of $58,263 per BTC, including associated fees, totaling approximately $23.4 billion, according to co-founder and executive chairman Michael Saylor.

Ambar Warrick contributed to this report.





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