Crypto Bull Market: Big News For Bitcoin, Solana, XRP And ETFs

Bitcoin broke its all-time high multiple times this week, and is currently sitting at around $98,000. Bitcoin isn’t the only crypto asset smashing

As Bitcoin continues its record-breaking rally, reaching new all-time highs multiple times this week, let's dive into the latest updates and developments in the crypto world.

Solana Surges, Surpassing Starbucks in Market Cap

Solana experienced a significant surge this week, with its market cap surpassing household names like Starbucks. The Solana blockchain is also leading all others in daily net inflows, even surpassing Ethereum, the second-largest cryptocurrency by market capitalization.

MicroStrategy Outperforms Bitcoin, Stock Surges Over 2,300%

MicroStrategy's Bitcoin strategy continues to pay off handsomely. Since adopting Bitcoin in August 2020, the company's stock has surged over 2,300%, outpacing Berkshire Hathaway's 36% growth during the same period. Notably, MicroStrategy's stock performance even outpaced Bitcoin's rise of around 600%.

The company, known for its large-scale Bitcoin purchases, now holds 331,200 BTC, acquired for approximately $16.5 billion, making MicroStrategy the largest corporate Bitcoin holder. CEO Michael Saylor remains bullish on Bitcoin, predicting it could hit $13 million within the next 20 years.

Spot Bitcoin ETFs Experience Record Inflows

Spot Bitcoin ETFs are also experiencing unprecedented momentum, with $1.7 billion in inflows last week alone. This marks the sixth consecutive week of positive activity for these ETFs. Total AUM for these ETFs now stand at over $95 billion, which is more than 5% of Bitcoin's market cap.

Meanwhile, Ethereum ETFs are also performing well, with record inflows of $515 million last week.

Gary Gensler Resigns as SEC Chair, Crypto Industry Celebrates

In a surprising move, SEC Chair Gary Gensler announced his resignation, effective January 2025, in an X post on Gary Gensler. This news sparked celebration across the crypto industry, as Gensler's departure could pave the way for a more crypto-friendly regulatory landscape.

Bitcoin Surges Past $99,000 Ahead of Trump's Return

Bitcoin experienced another surge this week, rising past $99,000 ahead of Donald Trump's return to the White House. This news comes as rumors swirled about Gary Gensler stepping down following Trump's re-election.

XRP Surges on Rumors, Potential Collaboration with Cardano Teased

Ripple's XRP surged almost 100% in the past week, fueled by rumors that SEC Chair Gary Gensler was stepping down following Trump's re-election. This news was later confirmed, with Gensler announcing his January 2025 resignation in an X post on Gary Gensler.

Speculation about Ripple CEO Brad Garlinghouse advising Trump on crypto policy further boosted bullish sentiment around XRP.

Adding to the excitement, Cardano founder Charles Hoskinson suggested potential collaborations between Cardano and Ripple to integrate DeFi components, enhance liquidity, and build stablecoin layers.

Trump Media in Talks to Acquire Bakkt, Stock Soars 160%

Donald Trump's media company, Trump Media and Technology Group, is reportedly in talks to acquire Bakkt, a crypto trading platform owned by ICE. This news sent Bakkt's stock soaring by over 160%.

The news highlights the growing intersection between traditional finance, crypto, and media ventures, unfolding within the context of the Trump administration's crypto-friendly stance.

Former Binance US CEO Eyed as Potential Gary Gensler Successor We also saw more speculation about regulatory shifts under Trump, with former Binance US CEO Brian Brooks being considered as a potential replacement for Gary Gensler. Brooks, known for his crypto expertise, could introduce a more favorable environment for crypto.