<h2>Strategic CFTC Appointments and Bitcoin’s Historic Milestone</h2>President-elect Donald Trump is considering crypto-forward candidates for key regulatory positions, emphasizing the Commodity&nbsp;<a href="https://coin360.com/glossary/futures-contract">Futures</a> Trading Commission (CFTC) as the primary agency for overseeing digital assets. This strategic pivot signals a shift in federal priorities, favoring a less restrictive approach to cryptocurrency regulation.&nbsp;According to&nbsp;<a href="https://www.foxbusiness.com/politics/perianne-boring-among-contenders-lead-agency-involved-crypto-trump-admin?%3Fintcmp=tw_fbn">Fox Business</a>, among the top contenders for the role of CFTC Chair is Perianne Boring, founder and CEO of The Digital Chamber, the largest blockchain advocacy group. Boring, a seasoned financial expert and former TV anchor, has gained recognition for her eloquent advocacy for blockchain technology, making her a strong candidate to spearhead a crypto-friendly agenda.Other notable candidates include current CFTC Commissioners Caroline Pham and Summer Mersinger. Pham, confirmed by the Senate in 2022, brings over two decades of expertise in financial regulation, advising policymakers on complex financial frameworks. Meanwhile, Mersinger is a vocal proponent of clear regulatory guidelines for cryptocurrencies, often defending firms navigating the murky waters of compliance. The emphasis on CFTC appointments reflects a calculated shift away from the Securities and Exchange Commission (SEC), marking a decisive stance by Trump’s administration to foster industry growth.December 5, 2024, became a landmark day for cryptocurrency as&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> surged to an all-time high of $103,679, surpassing the symbolic&nbsp;<a href="https://coin360.com/news/bitcoin-hits-100k-milestone">$100,000 threshold</a> for the first time.&nbsp;<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_ef903b1478.png" alt="chart (1).png">Trump celebrated the milestone on Truth Social, attributing the achievement to his pro-crypto policies, proclaiming, “Congratulations Bitcoiners. $100,000!!! You’re welcome!!! Together, we will make America great again!” This remarkable price rally followed a 47% surge in Bitcoin's value within 30 days of Trump’s election victory, highlighting a renewed optimism among crypto investors. Analysts noted strong buy-side support in the market, with robust order books helping sustain the milestone amid heightened sell pressure.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1864655677467042013_20241205_201333_via_10015_io_11zon_72336a69eb.jpg" alt="tweet_1864655677467042013_20241205_201333_via_10015_io_11zon.jpg"><figcaption>Source: X</figcaption></figure>Trump’s campaign has also laid out an ambitious pro-crypto platform. Key promises include freeing Ross Ulbricht, the Silk Road founder, nominating crypto advocate Paul Atkins as SEC Chairman, and promoting domestic cryptocurrency mining and the creation of a national Bitcoin reserve. Trump’s stance aligns with the Republican Party’s broader opposition to Central Bank Digital Currencies (CBDCs) and commitment to safeguarding self-custody rights for digital assets. The party has also pledged to counteract what it deems unlawful regulatory crackdowns on the crypto sector, portraying such actions as "un-American."This fusion of political advocacy and economic milestones underscores the growing influence of cryptocurrency in shaping policy and financial narratives. The Republican platform reflects a significant alignment with crypto enthusiasts, with Trump’s engagement at industry events and direct policy proposals further cementing his appeal among Bitcoin supporters. As Bitcoin reaches historic highs, its role as both a financial asset and a symbol of political leverage becomes increasingly apparent, showcasing its integration into America’s evolving economic landscape.This article has been refined and enhanced by ChatGPT.

Robot on Bitcoin monument celebrating amidst abstract crypto skyline

Robot on Bitcoin monument celebrating amidst abstract crypto skyline_11zon.webp

Trump Considers Pro-Crypto Candidates Boring and Pham for CFTC Chair

<h2>Insider Claims, Investor Fury, and Market Meltdown</h2><a href="https://dexscreener.com/solana/exygvxvrvujjryo65vyuhlaccxhwyztkqa7jxqit2tvr">Hawk Tuah (HAWK)</a>, a memecoin spearheaded by influencer Hailey Welch, ignited controversy within the cryptocurrency community after a dramatic rise and crash following its December 4 launch. HAWK initially saw an astonishing surge in&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a>, peaking at $490 million before collapsing by 91% within hours, plunging the price to $0.002627. The fallout has left the coin valued at $26.3 million, sparking allegations of market manipulation and insider profiteering.<figure class="image"><img alt="dexscreener.com_HAWK_SOL_2024-12-06_01-16-54.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dexscreener_com_HAWK_SOL_2024_12_06_01_16_54_6121eb5ac6.png"><figcaption>Source: Dexscreener</figcaption></figure><a href="https://coin360.com/glossary/blockchain">Blockchain</a> analytics from&nbsp;<a href="https://x.com/bubblemaps/status/1864439521523196046">Bubblemaps</a> have cast a glaring spotlight on the launch. Data revealed that wallets allegedly linked to insiders controlled 96% of the total supply at launch, a figure later reduced to 79%. One&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a>, in particular, drew ire after acquiring 17.5% of the total supply for $993,000 and flipping it for $1.3 million, triggering a wave of sell-offs. High transaction fees, purportedly implemented to thwart bots, are now under scrutiny as a potential tool for manipulation.<figure class="image image_resized" style="width:85.44%;"><img alt="tweet_1864439521523196046_20241206_012056_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1864439521523196046_20241206_012056_via_10015_io_11zon_699c4d30dd.jpg"><figcaption>Source: X</figcaption></figure>Welch, addressing the uproar,&nbsp;<a href="https://x.com/HalieyWelchX/status/1864448384326881713">denied</a> wrongdoing. She claimed her team abstained from selling any tokens post-launch and asserted that no influencers received free tokens. Welch further emphasized the use of Meteora, a decentralized platform, to counter bot-driven activities during the launch.&nbsp;<figure class="image image_resized" style="width:85.31%;"><img alt="tweet_1864448384326881713_20241206_012342_via_10015_io.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1864448384326881713_20241206_012342_via_10015_io_0c87efca5c.png"><figcaption>Source: X</figcaption></figure>Despite her defense, the outrage among investors remains palpable. One investor reported&nbsp;<a href="https://x.com/lynk0x/status/1864522405395194039">losing $43,000</a>, while another swapped $1.4 million worth of a different memecoin, incurring a staggering $1.3 million loss during HAWK’s collapse.Criticism escalated when crypto investigator Stephen Findeisen, popularly known as Coffeezilla,&nbsp;<a href="https://x.com/coffeebreak_YT/status/1864542784167796867">labeled</a> the launch "one of the most miserable and horrible" events in crypto history. In a heated X Spaces debate, Coffeezilla confronted Welch over accusations of insider trading and token sniping. The discussion took a contentious turn when Coffeezilla was removed, fueling further tensions within the community.<figure class="image image_resized" style="width:85.66%;"><img alt="tweet_1864542784167796867_20241206_012710_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1864542784167796867_20241206_012710_via_10015_io_11zon_c56b2b4834.jpg"><figcaption>Source: X</figcaption></figure>The legal and regulatory fallout has been swift. Law firms are stepping in to assist affected investors, and&nbsp;<a href="https://cryptodnes.bg/en/memecoin-skyrockets-before-plummeting-90-sparking-outrage-and-legal-concerns/">complaints</a> have reportedly reached the SEC alleging fraud and manipulation. Meanwhile, Welch pointed to HAWK's&nbsp;<a href="https://coin360.com/glossary/tokenomics">tokenomics</a> to counter claims of misconduct, highlighting that 10% of the supply allocated to her team was locked for 12 months with a three-year vesting period, and these tokens remained untouched during the crash.This article has been refined and enhanced by ChatGPT.

Robot holding scattered coins amid crumbling crypto vault

Robot holding scattered coins amid crumbling crypto vault_11zon.webp

Hawk Tuah’s Rapid Rise and Brutal Collapse

<h2>Bitcoin’s Record-Setting Momentum Reflects Global Shifts</h2><a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> reached a historic milestone today, smashing past the $100,000 mark to hit an all-time high of $103,700. This staggering growth, representing a 3.33 billion-fold increase since its humble beginnings at $0.03 in 2010, cements Bitcoin’s dominance as a financial juggernaut.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_c87510dfba.png" alt="chart.png"></figure>Its&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> has surged beyond $2 trillion, elevating it to the 7th largest global asset, surpassing industry giant Saudi Aramco’s $1.79 trillion valuation and trailing closely behind Alphabet at $2.14 trillion. On the currency front, Bitcoin now stands as the 10th largest, outpacing the GDPs of nations such as Mexico, Australia, and Spain.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/btc_market_cap_compared_to_other_assets_4eb30f77cb.png" alt="btc market cap compared to other assets.png"></figure>El Salvador's Bitcoin journey continues to be a standout narrative. The Central American nation, which adopted Bitcoin as legal tender in 2021, has seen its holdings soar to&nbsp;<a href="https://bitcoin.gob.sv/">over $600 million</a>, reflecting a 123.67% unrealized profit on its initial $269.7 million investment. The country's innovative use of geothermal energy for Bitcoin mining, combined with its infrastructure of over 200 Bitcoin ATMs, has turned early criticism into widespread acclaim. Even Elon Musk has&nbsp;<a href="https://x.com/elonmusk/status/1864511096045875570">lauded</a> El Salvador’s strategy, calling its profit-driven approach a vindication of bold policy moves amidst global skepticism.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/el_salvador_btc_holding_8d827faa48.png" alt="el salvador btc holding.png"></figure>Institutional adoption also hit a new high, with BlackRock’s Bitcoin ETF crossing&nbsp;<a href="https://twitter.com/EricBalchunas/status/1864476749792166370">$50 billion</a> in Assets Under Management (AUM) in a record 228 days. This development underscores the growing interest from traditional finance and positions Bitcoin as a key asset for institutional portfolios.&nbsp;<figure class="image"><img alt="tweet_1864476749792166370_20241205_195018_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1864476749792166370_20241205_195018_via_10015_io_11zon_b1d66f2834.jpg"><figcaption>Source: Eric Balchunas/ X</figcaption></figure>Meanwhile, a significant market event involving the Mt. Gox rehabilitation plan unfolded as 27,871&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>, valued at $2.8 billion, were&nbsp;<a href="https://intel.arkm.com/explorer/tx/695dc851e34d8726a2b0e7e5af5c7a5d9f96f1218d8e945a051b2132535f2841">moved</a> from dormant wallets. Despite fears of a price crash, the market remained remarkably stable, suggesting a level of maturity and resilience that analysts believe is emblematic of Bitcoin's evolving role in global finance.Globally, Bitcoin continues to gain recognition from high-profile leaders. Federal Reserve Chair Jerome Powell described Bitcoin as “<a href="https://www.youtube.com/watch?v=-oLfaksWj4o">digital gold</a>,” acknowledging its speculative nature and non-payment usage while distancing it from any competition with the U.S. dollar. Bitcoin Magazine reported a President Donald Trump's post following BTC's historic move.<figure class="image"><img alt="tweet_1864655677467042013_20241205_201333_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1864655677467042013_20241205_201333_via_10015_io_11zon_72336a69eb.jpg"><figcaption>Source: Bitcoin Magazine/ X</figcaption></figure>On the geopolitical stage, Russian President Vladimir Putin’s&nbsp;<a href="https://coin360.com/news/crypto-regulation-update">recent remarks</a> signaled a monumental shift in perception, as he deemed Bitcoin’s growth unstoppable, stressing its inevitability in the global financial landscape.Despite Bitcoin’s meteoric rise, it still faces resistance from traditional financial institutions. The IMF and other organizations remain wary of Bitcoin’s volatility, warning of potential systemic risks. However, market sentiment remains bullish, buoyed by projections of 100%-200% growth in the ongoing halving cycle. Industry experts argue that Bitcoin’s consolidation above $100K demonstrates stability amid increased adoption and global acknowledgment, painting an optimistic future for the world’s first cryptocurrency.This article has been refined and enhanced by ChatGPT.

Robot surfing digital wave with glowing Bitcoin; $100K celebration

Robot surfing digital wave with glowing Bitcoin; $100K celebration_11zon.webp

Bitcoin Surpasses $100K in a Historic Milestone

<h2>Market Dynamics Signal Growth and Innovation</h2><a href="https://coin360.com/coin/binance-coin-bnb">BNB</a>,&nbsp;<a href="https://coin360.com/review/binance">Binance</a>'s native cryptocurrency, achieved a remarkable milestone in the past 24 hours, climbing over 22% to briefly touch $793—a record high. This surge once elevated BNB to the position of the fifth-largest cryptocurrency, surpassing&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a> temporarily before settling at $735 by the end of the day. The coin's nearly 200% year-to-date gain cements its reputation as a standout performer in a volatile market.&nbsp;<figure class="image"><img alt="chart.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_3c3505dd24.png"></figure><a href="https://coin360.com/glossary/derivatives">Derivatives</a> trading further underscored this momentum, with volumes skyrocketing by 301% to $6.4 billion and open interest growing by 40% to $1.5 billion. Amidst this flurry of activity, $5.4 million in liquidated short positions demonstrated heightened speculative interest in BNB.<figure class="image"><img alt="bnb liquidation.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/bnb_liquidation_13f6b85295.png"><figcaption>Source: Coinglass</figcaption></figure>Despite concerns surrounding security vulnerabilities—such as the 35.5% of BNB Chain’s blocks targeted by Sandwich attacks affecting over 43,400&nbsp;<a href="https://coin360.com/glossary/Decentralized-Crypto-Exchange-dex">decentralized exchange</a> traders in November—the coin showed remarkable resilience. Decentralized exchange (<a href="https://coin360.com/glossary/Decentralized-Crypto-Exchange-dex">DEX</a>) trading volumes reached $9.232 million, with $1.322 million attributed to Sandwich Bot transactions. Analysts now&nbsp;<a href="https://x.com/ali_charts/status/1859470295280566766">suggest</a> that should BNB maintain a weekly close above $662, the coin may chart a trajectory toward $1,630, reinforcing its long-term bullish outlook.Amid BNB’s market movements,&nbsp;<a href="https://coin360.com/coin/pancakeswap-cake">PancakeSwap</a> launched a groundbreaking platform dubbed&nbsp;<a href="https://twitter.com/PancakeSwap/status/1864200755827364185">SpringBoard</a>, which simplifies meme token creation by offering a code-free experience. This innovative addition mirrors the success of Pump.fun and supports zero-fee token launches with&nbsp;<a href="https://coin360.com/coin/pancakeswap-cake">CAKE</a> tokens facilitating liquidity pairing.&nbsp;<figure class="image"><img alt="tweet-1864200755827364185_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1864200755827364185_11zon_2a96371822.jpg"><figcaption>Source: PancakeSwap/ X</figcaption></figure>Tokens launched via SpringBoard adopt a bonding curve model for initial trading, transitioning to PancakeSwap's primary DEX after amassing 24 BNB in liquidity. Notably, a 2% liquidity fee is charged during this transition, with half allocated to SpringBoard.Early adopters of SpringBoard have reported astonishing growth metrics. The Cava token, for instance, surged to a&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> of $116,000—an appreciation exceeding 362,000%. Similarly, other tokens launched on the platform experienced exponential gains, reflecting the platform’s potential.&nbsp;Beyond memes, SpringBoard supports the creation of diverse tokens, including community and&nbsp;<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a> projects, with supplies ranging from 1 million to 1 billion and no upper limit. It also integrates a warning system to flag high-risk assets, promoting transparency in the volatile token creation space.PancakeSwap’s dominance within the Binance Smart Chain ecosystem continues to grow, with its liquidity pairs totaling $2.1 billion, positioning it as a key competitor to&nbsp;<a href="https://coin360.com/coin/raydium-ray">Raydium</a>'s $2.31 billion. SpringBoard’s launch is expected to amplify activity on the platform significantly, aligning with Binance Smart Chain’s status as the third-largest network for meme tokens globally.The combination of BNB’s price dominance and PancakeSwap’s innovation reinforces Binance Smart Chain’s role as a hub for decentralized finance and meme token development. Together, these developments highlight the ecosystem's resilience and capacity for growth amidst a rapidly evolving cryptocurrency landscape.This article has been refined and enhanced by ChatGPT.

Robot stacking tokens on spring platform in yellow field

Robot stacking tokens on spring platform in yellow field_11zon.webp

BNB Hits New ATH, PancakeSwap Unveils SpringBoard

<h2>Institutional Momentum Builds Around Solana ETFs</h2>Grayscale Investments has taken a decisive step to expand institutional access to&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a> (<a href="https://coin360.com/coin/solana-sol">SOL</a>) by&nbsp;<a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/rule-filings/filings/2024/SR-NYSEArca-2024-110.pdf">filing</a> to convert its&nbsp;<a href="https://www.grayscale.com/crypto-products/grayscale-solana-trust">$120 million Solana Trust</a> ($GSOL) into a spot ETF. This move, announced on December 4, 2024, places Grayscale among an elite group of firms—VanEck, 21Shares, Bitwise, and Canary Capital—all vying for regulatory approval to launch Solana ETFs.&nbsp;<figure class="image"><img alt="grayscale filing.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/grayscale_filing_f2b8b2db5d.jpg"><figcaption>Source: Grayscale filing</figcaption></figure>Grayscale's application mirrors earlier strategies employed in the&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> ETF races, signaling a potential milestone for altcoin-focused financial products. With the New York Stock Exchange backing the proposal, the transition from trust to ETF underscores growing institutional interest in regulated crypto investment vehicles.Reports suggest that the U.S. Securities and Exchange Commission (SEC) is quietly engaging with Solana ETF issuers, reflecting a notable shift in its regulatory posture. The potential appointment of pro-crypto advocate Paul Atkins as the new SEC Chair under the incoming Trump administration has further fueled optimism, hinting at expedited approvals for altcoin ETFs. If granted, Solana ETFs would follow Bitcoin and Ethereum in opening doors for institutional adoption, a development poised to reshape the cryptocurrency landscape.Solana’s market performance has mirrored this optimism. The cryptocurrency surged nearly 5% after the ETF announcements, with its&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> climbing 45% in 30 days to surpass $112 billion.&nbsp;<a href="https://coin360.com/glossary/whale">Whale</a> activity has also increased, with a notable&nbsp;<a href="https://twitter.com/lookonchain/status/1864206800125592063">withdrawal</a> of 185,510 SOL tokens—worth $42.46 million—from&nbsp;<a href="https://coin360.com/review/binance">Binance</a>, signaling growing confidence among large-scale investors. Despite a volatile trading session, where Solana peaked at $240.99 before settling at $233, market sentiment remains overwhelmingly bullish.<div class="raw-html-embed"><blockquote class="twitter-tweet">Whales are accumulating <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>! In the past 24 hours, 4 whales withdrew 185,510 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> ($42.46M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a>. BnwZ...w6tR withdrew 100,010 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($22.46M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> 16 hours ago. CZwk...qjwN withdrew 46,103 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($10.81M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> in the past 18 hours. FxfH...T7wp… <a href="https://t.co/AFBWA9NQch">pic.twitter.com/AFBWA9NQch</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1864206800125592063?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Institutional and retail traders have echoed this confidence. Predictions for Solana ETF approval by mid-2025 rose to 56% on Polymarket, supported by over $15,000 in trading volume. On Binance, the long-to-short ratio reflects strong bullish sentiment, standing at 5.36 by account and 3.09 by position. Funding rates for open interest have risen sharply, now at 0.0379%, compared to just 0.0082% a month ago, indicating an uptick in leveraged bets favoring further price growth.The implications of Solana ETF approvals extend beyond the asset itself. Analysts anticipate an influx of institutional capital, paving the way for an "altcoin season" akin to the market boom seen after Bitcoin ETF approvals. Broader market impacts could include increased liquidity and a rise in the overall crypto&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a>, particularly as&nbsp;<a href="https://coin360.com/glossary/altcoin">altcoins</a> gain prominence amid Bitcoin's waning dominance. Industry observers are also speculating on whether BlackRock will join the Solana ETF race, given its history of capitalizing on institutional&nbsp;<a href="https://coin360.com/glossary/fear-of-missing-out">FOMO</a> in the Bitcoin ETF market.The total crypto market cap, excluding Bitcoin and Ethereum, stands at $1.12 trillion, highlighting the growing influence of altcoins like Solana. However, analysts warn that a sharp Bitcoin price correction, potentially to $90,000, could trigger&nbsp;<a href="https://coin360.com/glossary/understanding-liquidation-crypto-trading-guide">liquidation</a> events, dampening Solana’s upward momentum. Furthermore, regulatory clarity remains a critical factor, with the classification of Solana as a security presenting a potential obstacle—one that could be mitigated under a pro-crypto SEC leadership.As institutional interest accelerates and regulatory developments unfold, Solana’s path to mainstream adoption could redefine the crypto market, cementing its position alongside Bitcoin and Ethereum as a cornerstone of institutional portfolios.This article has been refined and enhanced by ChatGPT.

Robot dives into blockchain sea, reflecting Solana [ecosystem]

Robot dives into blockchain sea, reflecting Solana [ecosystem]_11zon.webp

Grayscale's Push for Solana Spot ETF Marks Regulatory Shift

While the crypto space in the United States is facing regulatory pressure, the situation is different in Hong Kong, which is taking steps towards broader adoption and embracing blockchain technology.

As of June 1st, 2023, Hong Kong will officially legalize the purchase, sales and trading of crypto for all its citizens. Recently, the Hong Kong government has also issued the world’s first tokenized $100 million green bond, representing a major milestone in adopting blockchain technology in the financial sector.

Meanwhile, <a href="https://coin360.com/coin/bitcoin-btc" target="_blank">Bitcoin (BTC)</a> has been making significant gains, soaring over $24,000 to reach its 8-month high, which has not been seen since mid-June 2022. [BTC](https://coin360.com/coin/bitcoin-btc) touched $24,700 before retracing a bit to around $24,500, with a remarkable 7.57% rise in the past 24 hours. Short trades made up 87% of $201 million in losses due to the price surge over the past 24 hours.

On-chain data indicates that the current price momentum can be traced back to a mysterious fund that <a href="https://cointelegraph.com/news/bitcoin-single-day-price-surge-linked-to-billions-in-usdc-inflow" target="_blank">started pouring money into the crypto market on February 10th</a>. Additionally, some investors speculate that recent movements by the SEC against stablecoins and staking have led investors to <a href="https://twitter.com/intocryptoverse/status/1625961659624816641?s=20" target="_blank">convert their altcoins into Bitcoin</a>, which has contributed to its recent surge.

Furthermore, BTC has just moved out of <a href="https://www.looknode.com/charts?chartId=NUPL" target="_blank">the Net Unrealized Profit/Loss (NUPL) negative zone</a>, which prompted bullish sentiments among some investors, who expected it to <a href="https://twitter.com/CryptoMichNL/status/1626137284599853056?s=20" target="_blank">move toward $25,000</a>. However, some investors remain cautious and warn of a possible “bear trap.”

The rest of the top 10 cryptos rallied, with <a href="https://coin360.com/coin/floki-inu-floki" target="_blank">FLOKI</a> extending its gains after Elon Musk&rsquo;s tweet to mark a daily surge of 44.88%.

<a href="https://coin360.com/coin/ethereum-eth" target="_blank">ETH</a> rose by 5.47% over the past 24 hours, while <a href="https://coin360.com/coin/polygon-matic" target="_blank">MATIC</a> (+7.24%) continued to be the best winner among the top 10 cryptos, thanks to the impact of positive news.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_168_a4eb2415f7.png" alt="Coin360 (168).png" />

<h1 id="top-altcoin-gainers-and-losers">Top altcoin gainers and losers</h1>

<h2 id="gainers">Gainers:</h2>

<ul>
<li><a href="https://coin360.com/coin/floki-inu-floki" target="_blank">Floki Inu FLOKI</a> (+44.88%)</li>
<li><a href="https://coin360.com/coin/optimism-op" target="_blank">Optimism OP</a> (+13.96%)</li>
<li><a href="https://coin360.com/coin/okb-okb" target="_blank">OKX OKB</a> (+12.49%)</li>
</ul>

<h2 id="losers">Losers:</h2>

<ul>
<li><a href="https://coin360.com/coin/binance-usd-busd" target="_blank">Binance USD BUSD</a> (-4.51%)</li>
<li><a href="https://coin360.com/coin/dai-dai" target="_blank">Dai DAI</a> (-2.86%)</li>
<li><a href="https://coin360.com/coin/pax-gold-paxg" target="_blank">PAX Gold PAXG</a> (-2.10%)</li>
</ul>

<h1 id="nft-market-map">NFT Market Map</h1>

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_169_642ecafdd6.png" alt="Coin360 (169).png" />

<a href="https://coin360.com/nft/0x764aeebcf425d56800ef2c84f2578689415a2daa" target="_blank">SewerPass</a> came back to the top with a 1,613.82% surge in volume traded as BAYC announced that holders can re-enter the sewer <a href="https://twitter.com/BoredApeYC/status/1625993558435012608?s=20" target="_blank">on February 22nd</a> for a separate leaderboard.

<a href="https://coin360.com/nft/0x769272677fab02575e84945f03eca517acc544cc" target="_blank">Captainz</a> (+611.86%) landed as the best performer among the top 10 NFT collections by daily volume as the community was talking about their <a href="https://twitter.com/Memeland/status/1625919697966501889?s=20" target="_blank">latest sneak peek</a>.

<a href="https://coin360.com/nft/0x34d85c9cdeb23fa97cb08333b511ac86e1c4e258" target="_blank">Otherdeed</a> (+119.46% ) saw the most volume in ETH today since its mint in May thanks to higher value trades.

<h2 id="coin360-daily-digest">Coin360 Daily Digest</h2>

Here&rsquo;s a rundown of the major crypto market news from today.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dailydigestfeb16_9d63e732b2.jpg" alt="dailydigestfeb16.jpg" />

For more daily updates and news, follow us on <a href="https://twitter.com/COIN360com" target="_blank">Twitter</a>.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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