Weekly Update: 27th of November
What happened between the 20th and 27th of November?
- As Bitcoin approached the $100,000 mark, altcoins awakened out of their slumber and gained momentum. Read more
- Gary Gensler, Chair of the Securities and Exchange Commission (SEC), announced that he will resign on January 20th, 2025. Read more
- Layer 1 network Sui and U.S. asset manager Franklin Templeton launched an ecosystem partnership to support builders on Sui and new blockchain technologies. Read more
The altcoin market wakes up
As Bitcoin approached the historic milestone of $100,000, altcoins finally awoke from their slumber. The market saw various legacy altcoins—established assets from the previous cycle—such as Ripple, Polkadot, and Cardano, rise by 24.3%, 35.8%, and 24.3%, respectively. A liquidity shift towards altcoins suggests a more risk-on approach by investors and hints at the potential start of a more altcoin-dominant phase.
This growth coincides with an increase in the stablecoin market, indicating that new capital is also entering the sector. However, Bitcoin fell short of reaching $100,000, experiencing a retracement to around $92,500. Still, this is not concerning, as Bitcoin and the broader market often experience retracements during an upward trend.
Read more about the cyclical nature of the market and its corrections in our latest report.
Gary Gensler (finally) resigns
On November 21, the SEC announced that its Chair, Gary Gensler, will step down in January 2025, coinciding with Donald Trump’s inauguration as President. While Gensler’s resignation had been widely anticipated, the digital assets market celebrated the official announcement. Over the past three years, Gensler emerged as the primary antagonist of the digital assets industry, aggressively pursuing lawsuits against numerous projects and companies.
With the prospect of a more digital assets-friendly Chair taking the helm, market participants expect these lawsuits to gradually wind down and be resolved amicably. Additionally, digital assets previously alleged by the SEC to be securities saw significant price surges following the news, with some gaining over 70% in just a week.
Sui and Franklin Templeton launch ecosystem partnership
On November 22, Layer 1 blockchain Sui announced a partnership with U.S. asset manager Franklin Templeton. The partnership aims to support the Sui ecosystem by assisting builders and deploying innovative technologies leveraging the Sui blockchain.
This isn’t Franklin Templeton’s first venture into digital assets. In 2021, it became the first asset manager to launch a tokenized investment fund—its Franklin OnChain U.S. Government Money Fund (FOBXX)—on the Stellar public blockchain. Since then, it has expanded the fund to five networks and is now actively pursuing partnerships with other networks.
In other digital assets news
- It’s almost becoming a weekly event but MicroStrategy has acquired an additional 55,500 Bitcoin for $5.4 billion, bringing its total holding to 386,700.
- Bitcoin miner Mara Holdings raises $1B for Bitcoin acquisition to add to its balance sheet, following a similar strategy of Microstrategy.
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