Another week and the crypto industry is again proving why it is said to be the most dynamic and ever-evolving industry. Did you miss out on reading this week’s top crypto news? There’s nothing to worry about. We have compiled a detailed blog post to discuss the top news in the crypto industry that made noise around the globe. Without wasting much time, let’s analyze this week in cryptocurrency (December 4th – 8th, 2023). Read the top weekly crypto news under one roof.
Bitcoin & Ethereum Passes $44,000 & $2,200 Marks, respectively: This Week in Cryptocurrency
On Tuesday (December 5th, 2023), the crypto industry gained confidence when Bitcoin and Ethereum, two influential cryptocurrencies, breached the $44,000 and $2,200 marks, respectively. This is the best performance of both cryptocurrencies since May 2022. The Bitcoin price hike was visible on Monday morning when the leading cryptocurrency passed the $42,000 mark. But it was on Tuesday when Bitcoin surged to the $44,000 mark. Experts say the sudden growth might be due to people’s anticipation for the U.S. government’s report on the employment situation for November, which is scheduled to be out on December 8th, 2023 (Friday). Moreover, another possible reason can be the eventual approval of a Bitcoin ETF.
After showing tremendous growth over the first two days of the week, Bitcoin and ETH slowed down and took a minor dip; that was obvious.
(Bitcoin’s Weekly Price Index: Source – CoinDesk)
(Ethereum’s Weekly Price Index: Source – CoinDesk)
Experts also believe that U.S. government reports on federal reserve can help Bitcoin reach the 50,000 mark. The reason behind this is the crypto industry’s high expectation of cutting down the interest rates in 2024 through this report. If all goes well, Monday morning will be remarkable for the crypto industry, especially in the 2020s decade.
Victory of Another Crypto Bill in the U.S. House of Representatives: This Week in Cryptocurrency
This week, the House Committee on Energy and Commerce is in a session to discuss dozens of weeks in the U.S. The main highlight of the session was the panel’s unanimous approval of the crypto bill that would direct the U.S. Secretary of Commerce to promote the deployment, use, competitiveness, and application of blockchain technology.
This comprehensive 13-page legislative bill isn’t a landmark moment that the whole crypto industry is looking for. Still, the approval of the crypto bill is at least giving confidence among crypto enthusiasts that Congress is finally becoming crypto-friendly.
The statement by Ron Hammond (the Blockchain Association’s director of government relations), given in an interview, perfectly indicates the whole industry’s point of view. He says,
“At least on the tech side of things, Energy and Commerce is unanimously in support, and there’s nothing partisan about it.”
Is Changpang Zhao (Binance’s Ex-CEO) Finally Going Home? U.S. Court Judge Accepted the Guilty Plea: This Week in Cryptocurrency
Binance has been going through a rough time for the last few weeks. On November 22nd, Binance was made to pay a $4.3 billion fine to FinCEN and OFAC as part of the decision of a case where the leading crypto exchange was found violating the U.S. Bank Secrecy Act. As a part of the conditions, Changpang Zhao stepped down as Binance CEO.
Last week, the ex-CEO of Binance, moved to U.S. Court to permit him to visit UAE to meet his family. However, the Court strictly restricted him from going to the UAE before the trial ended.
However, on Wednesday, things finally took a 360-degree turn. On December 6th, Richard Jones, Federal Judge of the Western District Court of Washington, accepted Zhao’s plea to return to UAE.
The judge wrote,
“This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection…. hereby accepts the plea of guilty of the defendant…the defendant is adjudged guilty of such offense.”
U.S. Court has accepted Zhao’s plea to return his home back, however, it is yet to decide, whether Binance’s ex-CEO is retuning UAE or not.
According to the recent release of Zhao’s plea, if he gets the Court’s permission to move back to his country, he must have to return the U.S. two weeks before sentencing, which is scheduled for February 23rd, 2024.
Crypto Industry Discussed at Republican Presidential Debate! A Revolution in Process? This Week in Cryptocurrency
Though cryptocurrencies have become an integral part of today’s digital world, politicians still show no interest in discussing or supporting the industry. But things are changing, and the revolution is very near. On Wednesday (December 7th, 2023), the Republican Presidential Debate was held in Tuscaloosa, Alabama. In the interview rounds, the crypto-related question was made towards republican leadership candidate Vivek Ramaswamy. Instead of acting delusional and confused about this question, Ramaswamy confidently answered it.
The question was related to Binance CEO Changpeng Zhao being found guilty of violating money-transmitting laws.
Answering the questions, the republican leader said,
“Fraudsters, criminals, and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current model.”
He also added
“The fact that SBF was able to do what he did FTX shows that whatever they have in the current framework isn’t working.”
In support of his statements, he also mentions Gery Gensler. He said,
“It’s nothing short of embarrassing that Gary Gensler, the SEC chair, couldn’t even confirm in front of Congress whether Ethereum is a regulated security.”
After mentioning the top crypto scammers in his answer, he also shared his plan to reduce the SEC’s interference in irrelevant crypto topics.
Stay Tuned!
Well! That’s it for this week’s weekly crypto news roundup. It would be interesting to see if Bitcoin will reach the 50,000 mark in the future or not. Moreover, how can we forget about Zhao’s plea to return to the UAE? Let’s see, next week, what future developments the U.S. court will take in granting Zhao permission to return home. So, stay tuned with us. Coin Informer is the ultimate provider of the latest crypto news and trends. Have a nice weekend, ahead!
