Crypto Surge: Trump-Backed Moves, Altcoin Gains, and Regulatory Developments

December 13, 2024 03:56 PM AEDT | By Team Kalkine Media

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Highlights

Bitcoin surpasses $102K, Ethereum sees $5M acquisition by Trump-backed firm.

Altcoins like Chainlink (LINK) and Avalanche (AVAX) lead market gains.

US regulators seek public feedback on crypto ETF proposals.

The cryptocurrency market has seen dynamic shifts, highlighted by Bitcoin's price climbing past $102,000 and a series of notable developments in the altcoin and regulatory spaces. Ethereum (ETH), Chainlink (LINK), and Avalanche (AVAX) were among the spotlighted assets, driven by strategic moves and market optimism.

Bitcoin's Momentum and Trump's Influence

Bitcoin’s impressive surge past the $102,000 mark came amidst remarks by Donald Trump at the New York Stock Exchange. As Trump emphasized broader support for cryptocurrencies, his backing resonated in the market. Notably, World Liberty Financial (WLFI), a Trump-affiliated initiative, acquired $5 million worth of Ethereum (ETH).

On-chain data from Arkham Intelligence reveals WLFI’s holdings now include over $50 million in ETH, alongside smaller allocations to Coinbase’s Wrapped Bitcoin (cbETH) and stablecoins such as USDC and USDT. WLFI’s shift of reserves towards ETH underscores its active positioning in the Decentralized Finance (DeFi) sector, with ETH emerging as a preferred asset amid concerns about inflation and monetary policy changes.

Altcoins in Focus

Altcoins also reaped benefits from market enthusiasm. Chainlink (LINK) prices surged beyond $28 following news of WLFI acquiring the token, which coincided with Chainlink's collaboration with a leading UAE-based financial institution. Similarly, Avalanche (AVAX) recorded double-digit gains, attributed to the Avalanche Foundation’s $250 million fundraise aimed at enhancing its blockchain infrastructure.

Regulatory Advancements and Broader Implications

Amid the bullish sentiment, US regulators made headlines with their open call for public feedback on proposals for cryptocurrency exchange-traded funds (ETFs). The potential listing of a spot Bitcoin and Ethereum ETF reflects increasing interest from traditional finance institutions in crypto-based assets.

Other developments include Grayscale's launch of new investment funds targeting Lido DAO and Optimism tokens. These additions to Grayscale's portfolio highlight a growing focus on Ethereum-centric solutions.

Further, the strategic partnership between Circle and Binance to expand USD Coin’s (USDC) adoption underscores stablecoins' critical role in advancing financial innovation and global commerce.

This wave of activity marks a vibrant period for the cryptocurrency market, driven by strategic acquisitions, regulatory milestones, and innovation in blockchain ecosystems.

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