Weekly Crypto News: Bitcoin over 100k, Atkins new SEC chair, Ether rises, Solana ETFs under question, and more

Bitcoin reached a monumental milestone on December 5, breaching the $100,000 mark for the first time and peaking at $104,000 shortly after. This achievement reflects a year of substantial growth, driven by $31 billion in net inflows into U.S. spot Bitcoin ETFs and a tightened supply following April’s halving. Bitcoin’s market capitalization now stands as a testament to its increasing appeal as a reliable store of value.

As the week closed, Bitcoin traded around $99,550, showcasing its resilience despite slight retracements. Analysts attribute this rally to strong institutional interest, with ETFs driving demand and reinforcing Bitcoin’s position as a dominant asset. With momentum building, the crypto community is eager to see how high Bitcoin can reach in its upward trajectory in the weeks ahead.

President-elect Donald Trump has officially nominated Paul Atkins as the new SEC chair, fulfilling his campaign promise to bring pro-crypto leadership to the regulatory body. Atkins, a former SEC commissioner (2002-2008) and Co-Chairman of the Digital Chamber’s Token Alliance since 2017, has long been an advocate for transparency and investor protection in the digital assets industry. His nomination has been met with widespread support from the crypto community, including endorsements from Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty. This move marks a significant shift in the SEC's approach to crypto, with Atkins expected to prioritize innovation and fair regulatory practices.

In addition to Atkins, Trump’s team announced David Sacks as the head of a newly established White House Artificial Intelligence and Crypto Department. This department will act as a bridge between Congress, regulatory agencies, and the White House, aiming to streamline policies and foster innovation. The creation of this role underscores the administration’s commitment to supporting the growth of emerging technologies. These appointments have sparked optimism in the market, as industry leaders anticipate a more balanced and collaborative regulatory environment under the incoming administration.

Ethereum (ETH) broke past the $4,000 mark this past week, reaching levels not seen since March 2024. The milestone marks a 10.7% weekly gain and reflects the second-largest cryptocurrency’s growing momentum as the broader crypto market rallies. Analysts attribute this upward movement to strengthening retail accumulation, bolstered by rising interest in Ethereum exchange-traded funds (ETFs) and consistent developer activity on the blockchain.

Ether’s performance also signals the beginning of a secondary bull run, with projections suggesting it could reach $7,000 during the current market cycle. This optimism is supported by strong institutional inflows, which mirror Bitcoin’s trajectory, and an expanding ecosystem of decentralized applications and layer-2 solutions driving innovation on the network. As Ethereum solidifies its position as a market leader, excitement builds around its potential to set new records in the months ahead.

The United States Securities and Exchange Commission (SEC) is reportedly preparing to reject applications for spot Solana exchange-traded funds (ETFs). According to a Dec. 6 report by Fox News, at least two of the five pending applications have already received notifications of likely rejection. The SEC’s cautious stance signals that no new crypto ETFs are expected to be approved under the current administration, despite growing interest in Solana’s market.

Despite the setbacks, Solana’s strong performance in 2024 has kept investor interest alive. Analysts believe that upcoming leadership changes at the SEC in 2025 could lead to a more favorable approach to crypto ETFs, fueling long-term optimism for Solana and similar assets.

Global tax policies on cryptocurrency continue to evolve, with significant updates drawing attention from investors. South Korea has postponed its proposed 20% tax on crypto gains until 2027, offering relief and extended preparation time for traders. This delay reflects the country’s cautious approach as it evaluates the rapidly evolving crypto market.

In Europe, nations are taking divergent paths. France is considering a bold move to tax unrealized crypto gains, potentially reshaping how long-term investors approach their holdings. On the other hand, the Czech Republic has embraced a pro-investor stance, exempting Bitcoin held for over three years from capital gains tax. These developments highlight the dynamic and contrasting approaches to regulating crypto, as governments adapt to the growing prominence of digital assets.