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Bitcoin Gets Boost as Crypto Supporters Vie to Head US Regulators
Bitcoin resumed a climb toward $100,000 on signs that crypto-friendly candidates will likely shape US financial rules under Donald Trump.
The digital asset rose the most in more than two weeks on Wednesday to hit $97,361, before easing to $96,700 at 9:50 p.m. ET on Thursday. Crypto supporters emerged as leading candidates to run the Securities and Exchange Commission and the Commodity Futures Trading Commission, aiding sentiment.
Crypto stocks climbed in overnight trading. SOS Limited rose 9%; MicroStrategy rose 5%; CleanSpark rose 4%; MARA Holdings and Riot Platforms rose 3%; Coinbase rose 1%.
US Bitcoin ETFs Head for Record Monthly Inflow on Trump Optimism
A group of one dozen US Bitcoin exchange-traded funds is on the cusp of a record monthly net inflow, bolstered by the digital asset’s historic surge toward $100,000 on President-elect Donald Trump’s embrace of crypto.
The ETFs from issuers including BlackRock Inc. and Fidelity Investments have attracted $6.2 billion so far in November, data compiled by Bloomberg show. The previous peak of $6 billion was achieved in February amid investor euphoria over the launch of the products at the start of the year.
Bitcoin a week ago came within $300 of the landmark $100,000 level for the first time, lifted by Trump’s pledge to scrap a Biden administration crackdown on crypto and put in place friendly regulators. The Republican has also backed the creation of a US strategic stockpile of the original cryptocurrency.
Hong Kong to Offer Crypto Tax Exemption for Hedge Funds and Family Offices
Hong Kong plans to waive tax on investment gains from cryptocurrencies and other alternative assets for hedge funds, private equity funds and certain family offices as the city strives to enhance its appeal as a wealth management hub.
In a consultation paper circulated this week, seen by Reuters, the Financial Services and the Treasury Bureau proposes expanding the capital gains tax exemptions to cover overseas properties, carbon credits, private credit, virtual assets, among other assets, applicable to privately-offered funds and eligible single family offices' investment vehicles.
"Taxation is one of the key considerations for the wealth asset management sector to decide where to base their operations," said the proposal, adding that the government was committed to creating an environment conducive to the wealth management industry.
Ex-Binance Executive Brings Whistleblower Claim Alleging Bribery
A former Binance Holdings Ltd. executive sued the cryptocurrency exchange in the UK for whistleblowing, claiming a colleague asked for a bribe from a customer in order to give them preferential treatment.
Amrita Srivastava, a London-based senior employee, said at an employment tribunal that she was unfairly dismissed after raising concerns about the alleged bribery.
The tribunal hearing offers a rare glimpse into the secretive crypto trading venue while it grappled with a US investigation. Binance in November 2023 pleaded guilty to violations of US anti-money laundering and sanctions laws and was hit with a landmark $4.3 billion penalty.
Trump Win Fuels Bitcoin Derivatives Boom as Futures Open Interest Surges over $60 Billion
Since Donald Trump’s U.S. presidential election victory on Nov. 5, bitcoin futures open interest has risen sharply, signaling increased trading activity and market speculation. Despite the surge, analysts from Bitfinex maintain that leveraged trades are not at risk of an imminent market correction.
Bitcoin futures open interest jumped from $39 billion on Nov. 5 to currently stand at $60.9 billion, according to
Bitfinex analysts explained to The Block that the build-up in open interest appears organic, driven by expectations of future price appreciation. “Leverage build-up is a common tool for traders, including institutions, to position for anticipated price movements,” they said.
Bitcoin Spot ETF Flow
The US stock market was closed on Thursday due to Thanksgiving, and the Bitcoin spot ETF had no trading.
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