Tron (TRX) Hits Record High After Gaining 80% in a Day

Tron (TRX) Hits Record High After Gaining 80% in a Day

Tron (TRX) surged past $0.43 this week, reaching its highest price ever amidst a broader altcoin rally. The market cap swelled to $35.1 billion as investors shifted funds away from Bitcoin and meme coins to undervalued, mature assets.

Analysts attribute Tron's rise to speculations about its inclusion in Grayscale’s investments and Tron founder Justin Sun's high-profile purchases, like the $6.2 million banana (that he also ate). TRON projects also saw gains, with $FOFAR rising by 240%, and $SUNDOG recording $163 million in trades.

The broader trend shows investor interest in older, fully circulated tokens, particularly those that have dropped significantly from peak valuations. Tron’s market positioning as a content distribution system, designed to compete with platforms like YouTube, continues to attract new investment.

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Trump Picks Pro-Crypto Paul Atkins as SEC Chair

Donald Trump announced the selection of Paul Atkins, a former SEC commissioner, to lead the regulatory body as its next chairman. Known for his pro-crypto stance, Atkins’ appointment marks a departure from the enforcement-heavy approach of outgoing Chair Gary Gensler. Trump emphasized that Atkins supports the promise of digital assets and believes in creating innovative capital markets.

Atkins has openly criticized the SEC’s lack of clarity regarding crypto regulations, referring to Gary Gensler’s calls for token issuers to register as disingenuous. As Trump’s appointee, Atkins will need Senate confirmation, although a recess appointment could fast-track his installment. His leadership is expected to bring regulatory clarity and a more constructive stance towards crypto.

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Celsius Founder Mashinsky to Plead Guilty to Fraud Charges

Celsius founder Alex Mashinsky will plead guilty to two federal fraud charges related to the collapse of the crypto lending firm, Celsius. In a court hearing, Mashinsky admitted to commodities fraud and conspiring to manipulate the price of Celsius' CEL token, in connection with $40m in fraudulent gains. His trial, set for Jan 2025, follows a series of legal challenges after Celsius filed for bankruptcy in Jul 2022.

The downfall of Celsius came during a period of declining market conditions, exacerbated by the Terra collapse in 2022. Mashinsky and his company were accused of misleading investors regarding the platform’s safety and its financial practices. Since the collapse, Celsius has managed to repay approximately $2.5bn to creditors, representing two-thirds of eligible claims.

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Putin Praises Bitcoin, Acknowledges Its Resilience

Russian President Vladimir Putin has publicly praised Bitcoin, asserting that the cryptocurrency cannot be banned. At a recent forum in Moscow, Putin argued that new technologies like Bitcoin are unstoppable and have the potential to revolutionize global payments. His comments come amid Western economic sanctions against Russia, illustrating the resilience of BTC in beating financial barriers.

Russia has gradually shifted its stance on digital assets, moving from outlawing to legalizing cryptocurrency mining in some regions. Putin hinted that Bitcoin and other digital payment systems would be crucial in reducing dependency on the US dollar. Despite ongoing sanctions, Russia has embraced new laws that allow crypto for international payments.

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Data of the Day

YouTube views of crypto influencer content surged to 4.72 million in the week of November 25, marking a 12-month high. Channels like Coin Bureau and Crypto Banter led the growth, contributing over a million weekly views each, suggesting renewed interest from retail investors.

However, current engagement remains below the all-time high of 9.3 million, indicating a gradual rather than explosive return of retail enthusiasm. The uptick in social media usage coincides with increased rankings for crypto apps like Phantom Wallet and Coinbase on app stores.

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More Breaking News

• US government transfers $33.6 million worth of crypto, including 5,024 ether and 13.5 million BUSD, from its FTX Alameda Seized Funds wallet.
• Meme coins gained over 30,000% in the past year, but recent market conditions spark concerns that the "memecoin supercycle" might be nearing an end.
• Monero hits a 19-month high at $211, leading to a surge in privacy-focused cryptocurrencies, with others like Haven, Verge, and Zcash also posting major gains.
• Botanix Labs launches the Aragog testnet for its Bitcoin layer 2 network Spiderchain, the final phase before mainnet launch early next year.
• Roger Ver, also known as Bitcoin Jesus, challenges the constitutionality of the IRS 'exit tax' in court, arguing it is vague and violates due process.
• Hyperliquid's HYPE token surges over 200% to $12, pushing its fully diluted valuation to $12 billion, with a current market cap of $4 billion.
• Sandwich attacks infiltrated over 35% of BNB Smart Chain blocks, affecting $1.5 billion in trading volume, showing vulnerabilities in decentralized exchanges.
• Grayscale Investments files for a spot Solana ETF, aiming to convert its existing Grayscale Solana Trust into an ETF to be listed on the New York Stock Exchange.

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