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Ripple’s XRP token surged and crypto market chief Bitcoin (BTC) is edging nearer to the psychological $100K mark after US Securities and Trade Fee (SEC) Chair Gary Gensler introduced he’ll step down subsequent month.
Remittance token XRP soared greater than 24% prior to now 24 hours to commerce at $1.38 as of three:30 a.m. EST. Bitcoin climbed greater than 1% to $98,772 after earlier hitting a brand new all-time excessive (ATH).
Ripple CEO “Grateful” That Gary Gensler Is Stepping Down
This got here after Gensler shared his resignation announcement in a Nov. 21 thread on X. The SEC government disclosed that he’ll step down because the regulator’s chair on Jan. 20, 2025, after Donald Trump is inaugurated as president.
On January 20, 2025 I might be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
“It has been an honor of a lifetime to serve w/ them on behalf of on a regular basis Individuals & make sure that our capital mkts stay the most effective on the earth,” he stated.
Ripple CEO Brad Garlinghouse retweeted Gensler’s resignation thread on X, including that he’s “grateful” for Gensler’s resignation this Thanksgiving.
This follows a multi-year-long lawsuit between Ripple Labs and the SEC over XRP’s safety standing.
Bitcoin Nears $100K As Gensler Resignation Boosts Crypto Euphoria
With Gensler leaving the SEC and pro-crypto President-elect Donald Trump getting into the White Home subsequent yr, crypto costs have began to rally as a result of investor euphoria.
Market chief Bitcoin set a brand new all-time excessive of $99,467.89 earlier right now. With the brand new peak, BTC is lower than $1K from attaining the foremost $100K milestone.
Institutional traders are additionally dashing to purchase Bitcoin, with knowledge from Farside Traders exhibiting that US spot Bitcoin ETFs (exchange-traded funds) recorded over $1 billion in inflows yesterday.
BlackRock’s IBIT maintained its dominance after over $608 million entered the fund. Constancy’s FBTC took second place with its $301 million inflows on the day.
Along with BTC and XRP pumping, the cat-themed phase of the market was among the many greatest performing with a greater than 8% pump.
Mog Coin (MOG) led good points by the largest cat-themed tokens by market capitalization, nevertheless it was a brand new meme coin by the identify of CatSlap (SLAP) that stole the highlight.
CatSlap Token went viral on social media and has soared 1,756% within the final 24 hours.
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