Dear PointPay Family,
Another week is behind us, and it’s time for a recap! We’ve rounded up the top 5 most exciting, important, and surprising events for you. Stay informed and catch all the updates in one place.
Trump’s SEC Pick Signals Crypto-Friendly Shift
Donald Trump has chosen Paul Atkins, a pro-crypto financial expert, to lead the U.S. Securities and Exchange Commission (SEC). Known for opposing excessive regulations, Atkins' appointment could steer the agency toward innovation in digital assets and capital markets. His leadership marks a potential pivot from current SEC policies, which have heavily scrutinized the crypto industry under Gary Gensler.
Bitcoin: Gold’s Digital Rival, Says Fed Chair
Federal Reserve Chair Jerome Powell compared Bitcoin to gold during the DealBook Summit, describing it as a speculative digital asset. He emphasized that Bitcoin isn’t competing with the U.S. dollar but serves as a virtual alternative to gold. Powell also stressed the importance of safeguarding financial institutions from risks posed by crypto-related activities.
Bitcoin Breaks $100K: What's Behind the Rally?
Bitcoin has surpassed the $100,000 milestone for the first time, driven by strong market optimism. Contributing factors include the April 2024 halving, rising demand for spot Bitcoin ETFs, and regulatory developments favoring the crypto sector. Positive sentiments were further fueled by Jerome Powell's remarks likening Bitcoin to gold and Trump’s pro-crypto policies.
Spot Bitcoin ETFs Attract Over $2 Billion in Five Days
Spot Bitcoin ETFs have recorded an inflow of $2.01 billion in just five days, with $556.82 million added on December 4 alone. BlackRock's IBIT fund contributed $571.7 million, holding over 500,000 BTC. Since January’s ETF approval, total inflows have reached $32.3 billion, boosting the sector's assets under management to $103.9 billion.
MicroStrategy Expands Bitcoin Holdings to 402K BTC
MicroStrategy has added 15,400 BTC to its reserves, investing $1.5 billion between November 25 and December 1. This brings the company’s total holdings to an impressive 402,100 BTC, worth $23.4 billion. Funded by a $1.48 billion equity raise, MicroStrategy plans to secure an additional $42 billion over the next three years to further grow its Bitcoin portfolio.
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