The cryptocurrency market entered a new era this week as Bitcoin surged past the $100,000 milestone, Ripple’s XRP overtook Tether’s USDT in market capitalization, and President-elect Donald Trump announced a pro-innovation pick for the next SEC chair. These developments signal a powerful shift in both market dynamics and regulatory sentiment—fueling optimism across the digital asset ecosystem.
Below, we break down the key movements, analyze their implications, and explore how shifting leadership and technological momentum are reshaping the future of crypto.
Bitcoin Breaks $100K: A New Milestone Achieved
Bitcoin (BTC) officially crossed the symbolic $100,000 threshold on Wednesday night, briefly peaking near $104,000 before settling back slightly below the mark by Thursday afternoon. This surge marks a dramatic recovery from the 2022 bear market, when BTC dipped below $17,000 during the so-called "crypto winter."
Over the past 30 days alone, Bitcoin has appreciated nearly 50%, driven by several converging forces:
- Spot Bitcoin ETF inflows continue to attract institutional capital.
- MicroStrategy’s ongoing accumulation adds consistent buying pressure.
- Anticipation of a crypto-friendly administration under President-elect Trump is boosting investor confidence.
👉 Discover how major economic shifts are accelerating Bitcoin adoption.
Analysts at Bernstein have revised their price targets upward, now projecting Bitcoin could reach $200,000 by the end of 2025, assuming favorable regulation and sustained institutional demand.
In a notable comment during the DealBook Summit, former Federal Reserve Chair Jerome Powell compared Bitcoin to gold—though with caution. “It’s just like gold, only it’s virtual, it’s digital,” he said. “People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold.”
Despite Powell’s reservations, the market speaks differently. The BTC-to-gold ratio recently hit an all-time high of 39 ounces of gold per Bitcoin—underscoring growing perception of BTC as digital gold.
XRP Surpasses USDT: Ripple Claims Third Place in Market Cap
In a surprising turn, XRP has overtaken Tether (USDT) to become the third-largest cryptocurrency by market capitalization, with XRP’s valuation exceeding $141 billion compared to USDT’s $134.5 billion. This marks a significant milestone for Ripple Labs and its native token.
The surge follows multiple catalysts:
- The New York Department of Financial Services (NYDFS) may soon approve Ripple’s RLUSD, a regulated stablecoin.
- Anticipation around SEC Chair Gary Gensler’s departure in January 2025 has lifted regulatory uncertainty.
- Ripple’s ongoing legal battle with the SEC—initiated in 2020 over allegations of an unregistered securities offering—could see resolution under new leadership.
Currently trading around $2.30, XRP has also outpaced Solana in market cap this week—an indicator of renewed faith in Ripple’s enterprise-focused blockchain solutions.
Market analysts believe Gensler’s exit opens the door for clearer regulatory frameworks that could benefit assets like XRP, especially if the incoming administration prioritizes innovation over enforcement-by-litigation.
Trump Appoints Pro-Crypto Leader as Next SEC Chair
President-elect Donald Trump announced Wednesday his intention to nominate Paul Atkins as the next Chair of the Securities and Exchange Commission (SEC). The move is widely celebrated across the crypto industry as a pivot toward innovation-friendly regulation.
Atkins served as an SEC commissioner from 2002 to 2008 and is currently CEO of Patomak Partners, a financial advisory firm specializing in compliance and risk management. He also co-chairs the Token Alliance, an industry group advocating for responsible digital asset policies.
Trump praised Atkins on Truth Social:
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
This appointment signals a major shift from Gensler’s enforcement-heavy approach, which many in the crypto space criticized for stifling innovation through ambiguous regulations and aggressive lawsuits.
With Atkins at the helm, stakeholders anticipate clearer guidelines for token classification, reduced regulatory ambiguity, and faster approvals for crypto-based financial products.
👉 See how changing regulations could unlock new opportunities in digital finance.
Former Celsius CEO Alex Mashinsky Pleads Guilty to Fraud
In a pivotal moment for accountability in crypto, Alex Mashinsky, former CEO of collapsed lending platform Celsius Network, pleaded guilty to multiple charges including securities fraud, wire fraud, and market manipulation.
Mashinsky faces up to 30 years in prison after admitting in court that he misled investors by falsely claiming regulatory approval and hiding his personal token sales. “I knew it was wrong and illegal,” he stated during his plea.
Celsius halted withdrawals in June 2022 amid deteriorating market conditions and filed for Chapter 11 bankruptcy the following month. Internal audits later revealed a $1.2 billion deficit and extensive uncollateralized lending—practices Mashinsky had publicly denied.
His guilty plea marks one of the most significant legal resolutions since the 2022 market crash and underscores regulators’ determination to hold bad actors accountable.
DMM Bitcoin to Shut Down After $305M Hack
Japanese exchange DMM Bitcoin will cease operations following a devastating May hack that resulted in the theft of 4,502.9 BTC, valued at approximately $305 million at the time.
The platform confirmed it has reached an agreement to transfer user accounts and remaining assets to SBI VC Trade by March 2025. Since the breach, DMM Bitcoin suspended critical services including withdrawals and new spot trading orders.
While no group has claimed responsibility, cybersecurity experts suspect involvement by North Korea’s Lazarus Group, known for targeting crypto exchanges globally.
SBI VC Trade plans to integrate 14 cryptocurrencies previously listed on DMM Bitcoin and aims to restore full functionality for affected users.
Spotlight: Understanding Polymarket – The Decentralized Prediction Platform
Launched in 2020, Polymarket is a decentralized prediction market built on Ethereum that allows users to bet on real-world events—from elections and sports outcomes to economic indicators—using cryptocurrency.
Unlike traditional betting platforms:
- Polymarket is non-custodial: it never holds user funds.
- It takes no profit margin from wagers.
- All transactions are transparent and executed via smart contracts.
Users stake USDC on binary or multi-outcome event markets. If their prediction is correct, they earn payouts automatically. Incorrect bets are redistributed to winners.
Popular markets include U.S. presidential elections, Federal Reserve rate decisions, tech IPOs, and even cultural trends like AI adoption timelines.
As decentralized finance (DeFi) grows, platforms like Polymarket exemplify how blockchain can enable open-access forecasting tools with real-time sentiment aggregation.
👉 Explore how decentralized platforms are redefining financial participation.
Frequently Asked Questions (FAQ)
Q: What caused Bitcoin to break $100K?
A: A combination of spot ETF inflows, strategic accumulation by firms like MicroStrategy, and positive regulatory expectations under the incoming U.S. administration drove investor confidence and buying pressure.
Q: Why did XRP surpass Tether in market cap?
A: XRP’s rise was fueled by optimism around regulatory clarity, potential approval of Ripple’s RLUSD stablecoin, and anticipation of reduced SEC hostility following Gensler’s departure.
Q: Who is Paul Atkins, and why is his SEC nomination important?
A: Paul Atkins is a former SEC commissioner and fintech advocate. His nomination suggests a shift toward innovation-supportive regulation, potentially easing compliance burdens for crypto projects.
Q: Is Polymarket legal?
A: Polymarket operates under合规 frameworks but restricts access in certain jurisdictions due to gambling regulations. Users must comply with local laws.
Q: Can I recover funds if my exchange gets hacked?
A: Recovery depends on insurance coverage and post-hack response. In DMM Bitcoin’s case, asset migration to SBI VC Trade offers a path to continuity—but prevention through secure storage remains key.
Q: How reliable are prediction markets like Polymarket?
A: Studies show prediction markets often outperform polls and expert forecasts by aggregating decentralized wisdom. However, outcomes depend on market liquidity and participant incentives.
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