This week in Cryptocurrency: Bitcoin at $44K, Bill Approval

TL;DR

This week, Bitcoin surged to $44,000 and Ethereum reached $2,200. A new crypto bill was approved in the U.S. House, and Changpeng Zhao's legal situation took a turn as he seeks to return to the UAE.

Key Takeaways

Bitcoin and Ethereum hit significant price milestones this week.
A crypto bill was unanimously approved by the U.S. House Committee.
Changpeng Zhao's plea to return to the UAE was accepted by a U.S. court.
The Republican Presidential Debate featured discussions on cryptocurrency regulation.

Bitcoin & Ethereum Passes $44,000 & $2,200 Marks, respectively

On December 5th, 2023, Bitcoin and Ethereum breached the $44,000 and $2,200 marks, respectively. This marks their best performance since May 2022. The price increase for Bitcoin was evident on Monday when it surpassed $42,000, culminating in a rise to $44,000 on Tuesday. Experts attribute this growth to anticipation surrounding the U.S. government's employment report due on December 8th, and the potential approval of a Bitcoin ETF.

After initial gains, both Bitcoin and Ethereum experienced a minor dip.

Experts believe that upcoming U.S. government reports could help Bitcoin reach the $50,000 mark, driven by expectations of interest rate cuts in 2024.

Victory of Another Crypto Bill in the U.S. House of Representatives

This week, the House Committee on Energy and Commerce approved a crypto bill aimed at promoting blockchain technology. While not a landmark moment, the bill's approval signals a growing acceptance of cryptocurrency within Congress.

Ron Hammond, director of government relations at the Blockchain Association, stated, "At least on the tech side of things, Energy and Commerce is unanimously in support, and there’s nothing partisan about it.”

Is Changpeng Zhao (Binance’s Ex-CEO) Finally Going Home?

Changpeng Zhao, the former CEO of Binance, faced legal challenges after the exchange was fined $4.3 billion for violating the U.S. Bank Secrecy Act. On December 6th, a U.S. court accepted Zhao's plea to return to the UAE to visit family, although he must return to the U.S. two weeks before his sentencing on February 23rd, 2024.

Crypto Industry Discussed at Republican Presidential Debate

During the Republican Presidential Debate on December 7th, candidate Vivek Ramaswamy addressed questions about cryptocurrency regulation, particularly in light of Changpeng Zhao's legal issues. He emphasized the need for updated regulations to address current challenges in the crypto space, stating, "Fraudsters, criminals, and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current model.”

Stay Tuned!

This week’s developments in cryptocurrency are significant, with Bitcoin's potential rise to $50,000 and Zhao's legal situation evolving. Stay tuned for more updates next week!