Crypto News (11.18.24): Bitcoin Surges Past $90,000

Bitcoin Surges Past $90,000 Amid Anticipation of Pro-Crypto Policies Under President-Elect Trump

Bitcoin's price has shattered records, surpassing $90,000 for the first time in its history, following President-elect Donald Trump's victory in the U.S. elections. Investors are optimistic about potential deregulation and pro-crypto policies under his administration. Trump's selection of Robert F. Kennedy Jr., a vocal cryptocurrency advocate, for Secretary of Health and Human Services has bolstered market sentiment. Kennedy has referred to Bitcoin as "the currency of freedom," which many in the cryptocurrency space view as a signal of support for decentralization and financial innovation. Since the election on November 5, Bitcoin's price has surged by nearly 20%, driven by institutional buying and positive sentiment.

Market analysts predict that Trump's administration could adopt a more crypto-friendly stance, easing the regulatory pressures that have stifled innovation in the sector. Expectations include reforms that favor decentralized finance (DeFi), stablecoin usage, and blockchain adoption, paving the way for a more inclusive financial system. This policy pivot could also influence global crypto adoption, as the U.S. may position itself as a leader in digital assets. Traders and institutional investors are watching closely, with many speculating this rally could extend into uncharted territory.

Coinbase's Legal Chief Urges President-Elect Trump to Dismiss SEC Chairman Gary Gensler

Coinbase's Chief Legal Officer, Paul Grewal, has publicly urged President-elect Trump to replace SEC Chairman Gary Gensler, citing concerns over Gensler's enforcement-heavy approach to regulating cryptocurrencies. Grewal argues that Gensler’s tenure has created an overly restrictive environment, discouraging innovation and limiting opportunities for U.S.-based blockchain companies. His remarks reflect broader frustrations within the crypto industry, which has repeatedly clashed with the SEC over unclear regulatory guidelines and legal battles. Gensler's approach, including high-profile lawsuits against major exchanges like Binance and Coinbase itself, has been criticized for stifling growth.

Gary Gensler, the chairman of the US Securities and Exchange Commission (cc: thetimes.com)

With Trump’s administration signaling a potential shift toward more business-friendly policies, many in the industry are hopeful for significant leadership changes at regulatory agencies. Replacing Gensler could pave the way for clearer and more consistent crypto regulations, focusing on fostering innovation while ensuring investor protection. Grewal’s comments highlight the growing divide between the crypto community and federal regulators, and this call for change underscores the high stakes for the U.S. to remain competitive in the rapidly evolving global cryptocurrency market.

Analyst Projects Robinhood as Major Beneficiary of Anticipated Crypto Trading Reforms

Robinhood Markets Inc. is poised to be a significant beneficiary of anticipated crypto trading reforms under President-elect Trump, according to John Todaro, an analyst at Needham & Co. Todaro upgraded Robinhood’s stock rating to "buy," citing expectations of deregulation that could lower barriers for trading and listing cryptocurrencies. This development could enable Robinhood to expand its offerings and better compete with established players like Coinbase.

Robinhood App - Tiger Corp (cc: theverge.com)

The potential for broader access to crypto assets aligns with Robinhood's mission to democratize finance and could enhance its market share.

As one of the first platforms to introduce no-commission crypto trading, Robinhood is uniquely positioned to leverage any regulatory easing. Analysts suggest that reforms may also allow for streamlined licensing processes, reduced compliance burdens, and expanded opportunities for retail investors to trade new and emerging tokens. If realized, these changes could solidify Robinhood's reputation as a disruptive force in the financial sector while contributing to broader adoption of cryptocurrencies in mainstream markets.

Ohio Resident Sentenced for Bitcoin Laundering; Over $400 Million in Assets Forfeited

Larry Dean Harmon, an Ohio man behind the Bitcoin laundering service Helix, has been sentenced to three years in prison after pleading guilty to operating one of the largest money-laundering schemes in cryptocurrency history. Between 2014 and 2017, Helix facilitated the laundering of more than 350,000 Bitcoins, valued at approximately $311 million at the time, largely for darknet marketplaces. Harmon’s sentence also includes the forfeiture of over $400 million in assets, reflecting the substantial scale of his operations. Authorities revealed that Helix functioned as a mixer, obscuring the origins of Bitcoin transactions to evade detection.

Department of Justice - Federal Bureau of Investigation (cc: theverge.com)

Harmon cooperated extensively with federal investigators, which likely led to a reduced sentence. His case underscores the increasing scrutiny on cryptocurrency-related crimes and highlights law enforcement's growing ability to track illicit transactions on the blockchain. The sentencing serves as a warning to those attempting to exploit the pseudonymous nature of cryptocurrency for illegal purposes. Regulators and law enforcement agencies continue to advocate for stricter oversight of cryptocurrency mixers and tumblers, which are often linked to money laundering and other illegal activities.

Australian Billionaire Praises President-Elect Trump's Cryptocurrency Initiatives

Edward Craven, the co-founder of Stake.com and one of Australia’s youngest billionaires, has voiced strong support for President-elect Trump's pro-cryptocurrency stance. Craven believes that Trump’s proposed policies, including the establishment of a national Bitcoin reserve and the formation of a cryptocurrency advisory council, could have a transformative impact on the global crypto landscape. The election has already sparked significant market activity, with Bitcoin prices reaching an all-time high of $93,000 following Trump’s victory. Craven noted that such initiatives signal a shift toward mainstream adoption and greater government endorsement of digital assets.

Craven’s remarks reflect growing optimism among industry leaders about the potential for regulatory clarity under Trump's administration. By adopting policies that prioritize innovation while reducing compliance burdens, the U.S. could position itself as a global leader in cryptocurrency. Such changes are expected to attract institutional investment and encourage startups to build within the U.S., creating a thriving ecosystem for blockchain technologies. As one of the pioneers in crypto-based gambling platforms, Craven's endorsement of Trump's policies highlights the potential for a wide range of industries to benefit from a supportive regulatory environment.

Bitcoin's Identity Crisis: From Peer-to-Peer Currency to Institutional Asset

Bitcoin’s surge past $85,000 has reignited debates about its evolving identity within the financial ecosystem. Originally envisioned by Satoshi Nakamoto as a peer-to-peer electronic cash system, Bitcoin is now primarily viewed as a store of value and an institutional asset. A significant portion of Bitcoin trading is conducted through financial intermediaries such as exchange-traded funds (ETFs) and custodial platforms, contrasting with its initial ethos of decentralization. Critics argue that this institutionalization undermines Bitcoin's original purpose, as it becomes increasingly influenced by the same centralized systems it was designed to disrupt.

Supporters of Bitcoin’s institutional adoption, however, emphasize its role as a hedge against inflation and a means to bridge the gap between traditional and digital finance. The shift toward institutional use cases has also brought greater regulatory scrutiny, highlighting the need for balanced policies that accommodate both retail users and large-scale investors. As Bitcoin continues to break records, its role within the broader crypto ecosystem remains a topic of intense discussion, with implications for its future trajectory and the global adoption of blockchain technology.

Mysterious Bitcoin Investor's Fortune Soars to $21 Billion Following Trump's Election

An anonymous Bitcoin investor has seen their fortune skyrocket to $21 billion following the cryptocurrency's price surge to $84,000 after President-elect Trump's victory. Market insiders speculate that Trump's pro-crypto rhetoric and his plans to make the U.S. a global leader in digital assets have created a bullish environment. The investor, believed to have accumulated a significant amount of Bitcoin during its early days, has benefited immensely from the recent rally, which has attracted both institutional and retail buyers.

This unprecedented wealth highlights the potential for early adopters to profit from Bitcoin’s meteoric rise, especially as it becomes increasingly integrated into traditional financial systems. The investor’s success also underscores the importance of market timing and the role of macroeconomic and political factors in driving cryptocurrency prices. As Bitcoin continues to gain mainstream traction, stories like this are likely to fuel further interest in digital assets, reinforcing their status as a transformative asset class.