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Bitcoin surged near $100,000 amid crypto optimism under President-elect Trump, while SEC Chair Gary Gensler announced his January resignation

World Street provides a concise overview of the latest business and economic news.

Bitcoin soared close to $100,000 amid optimism in the crypto market following President-elect Trump's victory, while SEC Chair Gary Gensler announced his January resignation, opening the door for a Wall Street-friendly replacement.

Alphabet shares declined by 4 percent after the DOJ proposed splitting off Chrome, and Citadel founder Ken Griffin hinted at the possibility of selling a minority stake in the future.

Meanwhile, Archegos founder Bill Hwang was sentenced to 18 years for fraud related to the firm's 2021 collapse.

In more detail:

SEC Chair to Step Down

The Securities and Exchange Commission announced that Gary Gensler, who has led the agency since 2021, will step down on January 20. This move clears the way for President-elect Donald Trump to appoint a new SEC Chair.

Gensler, known for his bold regulatory actions on crypto and other matters, was eligible to serve until 2026 but opted to leave early. The Trump administration's SEC chief is widely expected to align with Wall Street and cryptocurrency interests.

Alphabet Shares Fall

Alphabet's stock dropped by 4 percent on Thursday after the Justice Department proposed that Google divest its Chrome browser.

The DOJ argued that the measure would end Google's dominance over a critical internet access point and ultimately foster competition.

This antitrust battle, which has spanned several years, follows an earlier court ruling that found Google illegally monopolized search and advertising markets.

Citadel Founder May Sell Stake

Ken Griffin, the founder of Citadel, a hedge fund that manages $65 billion in assets, hinted at the possibility of selling a minority stake in the future.

Speaking at the Economic Club of New York, he mentioned a past deal with Sequoia Capital involving Citadel Securities, although he dismissed the prospect of an IPO for that entity in the near term.

Bitcoin Surges

Bitcoin soared to $98,550 early Friday in Singapore, approaching the $100,000 mark after briefly hitting $99,000 in the US on Thursday.

The cryptocurrency's rally was fueled by hopes for crypto-friendly regulations under President-elect Donald Trump and continued strong demand from investors.

Over the past month, the broader crypto market has surged by about $1 trillion following Trump's victory in the November election.

Archegos Founder Sentenced

Bill Hwang, the founder of Archegos Capital Management, was sentenced to 18 years in prison for fraud and market manipulation that led to the firm's 2021 collapse.

Hwang expressed remorse and asked for leniency, hoping to continue contributing to society. However, the judge ultimately decided that Hwang's actions warranted a substantial sentence.

Archegos' downfall resulted in significant losses for banks including Credit Suisse, Morgan Stanley, and UBS, sending shockwaves through Wall Street.