Bitcoin faced resistance at the $100K mark this week, Solana ETF filings surged with SEC Chair Gary Gensler’s resignation announcement, and FTX provided updates on creditor payouts. Here’s the top crypto news of the week:

Top Stories of the Week

Solana ETFs in the Works as Gensler Announces Departure
The Cboe BZX Exchange submitted filings for four Solana-based exchange-traded funds (ETFs) on Nov. 21, coinciding with SEC Chair Gary Gensler’s announcement that he will step down in January. If approved, these ETFs, issued by Bitwise, VanEck, 21Shares, and Canary Capital, will list on the exchange. This marks a major step toward bringing Solana into the mainstream investment ecosystem. Gensler’s resignation, paired with President-elect Trump’s plans for a pro-crypto agenda, could signal a more favorable regulatory environment for digital assets in 2025.

FTX Sets Timeline for Reimbursements
FTX, the now-defunct cryptocurrency exchange, has updated its bankruptcy estate with plans to start creditor and customer reimbursements in March 2025. The estate intends to distribute the first round of payments in early December through distribution agents who will manage the process. The goal is to maximize recoveries and return assets to those affected by the exchange’s collapse.

Gary Gensler to Step Down
On Nov. 21, Gensler confirmed his resignation as SEC Chair, effective January 2025, coinciding with the start of Donald Trump’s second presidential term. Known for his strict stance on crypto regulations, Gensler’s exit could lead to a more lenient approach to crypto regulation. Trump, who had promised to fire Gensler, will now have the opportunity to appoint a new chair aligned with his pro-crypto vision.

MicroStrategy Completes $3B Offering to Buy More Bitcoin

MicroStrategy raised $3 billion in a convertible senior note offering, marking another bold step in the company’s Bitcoin accumulation strategy. Despite a 25% drop in its stock price, MicroStrategy continues to see Bitcoin as the cornerstone of its financial strategy. With plans to use the funds to buy even more Bitcoin, the company’s position as the largest corporate holder of Bitcoin remains unchallenged. The firm could acquire approximately 19,065 Bitcoin if it uses all the proceeds to purchase the cryptocurrency.

Coinbase CEO Meets with Trump

Coinbase CEO Brian Armstrong will meet with President-elect Donald Trump to discuss personnel appointments for his upcoming administration. While Armstrong has not publicly supported Trump’s 2024 campaign, Coinbase has expressed its willingness to cooperate with a Trump-led government, particularly on crypto regulation.

Market Movements: Bitcoin’s $100K Challenge

Bitcoin’s price hit $98,877 this week, nearing the elusive $100,000 mark before encountering heavy sell-side pressure. Some traders believe Bitcoin could pull back to $90,000 before making another attempt at the six-figure target. Crypto Chase, a pseudonymous trader, views a pullback to $90K as “healthy price action” for Bitcoin to continue its upward trajectory. Meanwhile, other analysts are eyeing mid-$90K levels as a potential consolidation point.

Winners and Losers of the Week
In the altcoin market, Stellar (XLM), Hedera (HBAR), and Mantra (OM) were the top performers, with gains of 137.21%, 108.20%, and 72.86%, respectively. On the downside, Peanut the Squirrel (PNUT), Goatseus Maximus (GOAT), and Popcat (POPCAT) saw the largest losses, shedding 35.62%, 29.96%, and 23.72% of their value.

Most Memorable Quotations

• Jeffrey Zirlin, Co-Founder of Sky Mavis:
  “The good thing about memecoins is that they get the people who are only in [crypto] for primarily speculative reasons and are thinking very short-term — it attracts those people.”
• Adam Moskowitz, Managing Partner at The Moskowitz Law Firm:
  “In this quickly changing crypto landscape, it cannot be overstated how important these federal judges and willing partners are for resolutions.”
• Gary Wang, Co-Founder of FTX:
  “I took the easy path, the cowardly path, instead of doing the right thing. I will spend the rest of my life trying to make amends.”

FUD of the Week

Delio Declared Bankrupt with $1.75B Lost
South Korean crypto deposit platform Delio was declared bankrupt, with $1.75 billion in lost assets. The company halted withdrawals last year and had deposited a significant portion of client funds with FTX, further complicating the reimbursement process. The court has set a creditors’ meeting for March 2025.

Coinbase Scammer Earns Five Figures a Week
Crypto phishing scams continue to plague the industry, with scammers impersonating Coinbase support to target crypto CEOs and engineers. One scammer revealed they earned five figures weekly, highlighting the lucrative nature of these attacks. The scammer was caught after a victim turned the tables, exposing the operation.

US Charges 5 in $11M Crypto Hacking Scheme
The U.S. Department of Justice charged five individuals in connection with a $11 million crypto hacking operation. The group reportedly used SIM swapping and phishing tactics to steal login credentials from crypto executives and businesses. The scheme resulted in the theft of millions in digital assets.

Prediction of the Week: Bitcoin’s Pullback to $90K

Traders are debating whether Bitcoin will pull back to $90,000 after facing significant resistance near the $100K level. Crypto Chase, a prominent market analyst, predicts this pullback would be “healthy price action” that could pave the way for Bitcoin to break past the six-figure mark. Despite the short-term challenges, many remain bullish on Bitcoin’s long-term prospects.

Conclusion

The week saw significant developments in the crypto space, from Solana ETFs to Gensler’s resignation. Bitcoin remains poised for a major breakout, though resistance near $100K and potential pullbacks keep traders on edge. As the market evolves, institutional interest in crypto continues to grow, and regulatory shifts could provide a more favorable environment for digital assets in the coming months.