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“Unless the hearing unveils a near-term purchase plan or a major policy shift, the market’s response will likely be mild, as Texas’ pro-crypto stance is already well known,” he added.
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“Texas considering Bitcoin as a reserve asset is another chess move in BTC’s march toward institutional legitimacy, but state-level initiatives often make ripples, not waves, compared to ETF inflows or corporate treasury allocations,” Kalchev told Cointelegraph.
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Despite being a positive step for Bitcoin adoption, the hearing may only represent a “symbolic move” for cryptocurrency markets, according to Iliya Kalchev, dispatch analyst at Nexo.
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Earlier this week, SEC Chief of Staff Amanda Fischer announced her resignation and Internal Revenue Service Commissioner Daniel Werfel would reportedly step down on Trump’s inauguration day.
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Eric Balchunas, a senior ETF analyst, commented on the flurry of filings:
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Gensler’s tenure, which began in April 2021, featured high-profile lawsuits against Coinbase and Binance, as well as a crackdown on unregistered securities offerings. His last day of working is Jan. 20.
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Others like Coinbase chief legal officer Paul Grewal seemed to support the implications on the SEC for the US Supreme Court overturning the Chevron doctrine in 2024. The June opinion removed the practice of courts generally deferring to agencies’ interpretations of laws and regulations and required them to “exercise their independent judgment,” suggesting that judges could modify their approach to SEC cases involving digital assets.
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According to local media reports, prosecutors are seeking a six-month prison sentence for National Assembly member Kim Nam-kuk, who allegedly reported 1.2 billion Korean won worth of digital assets in 2021, despite owning 9.9 billion worth of crypto. He is also alleged to have concealed roughly 990 million won worth of digital assets in 2022.
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A lawmaker in South Korea could face six months in prison for allegedly refusing to report $4 million in crypto sales.
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However, Super Testnet, a Bitcoin developer behind BitVM, argues that any change to Bitcoin’s supply cap would effectively mean the new token isn’t the “official” Bitcoin.
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Investor sentiment in SOL was further boosted by a target price of $750 set by Bitwise, a cryptocurrency exchange-traded fund (ETF) provider. The firm cited growing institutional investment, an improved regulatory environment, and the arrival of "serious" projects on the network, which could further enhance its dominance in memecoins.
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After peaking at 6% per month on Dec. 5—signaling extreme optimism—the funding rate sharply declined on Dec. 9, following the forced liquidation of leveraged long positions. The current market conditions appear healthier, particularly considering that the total SOL futures open interest now stands at $5.2 billion.
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It is “highly probable,” he told SkyBridge Capital CEO Anthony Scaramucci this week, that BTC/USD will hit a quarter of a million dollars per coin next year — or more.
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Crypto is not short of six-figure BTC price targets, and Fundstrat’s Lee, known for years as a Bitcoin bull, remains optimistic on 2025.
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Speaking to YouTube channel Wealthion on Nov. 29, Tom Lee, co-founder and head of research at financial research firm Fundstrat Global Advisors, gave a 12-month deadline for $250,000 Bitcoin.
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Bitcoin could hit $1 million if the Trump administration approves a potential strategic Bitcoin reserve, according to Adam Back, co-founder and CEO of Blockstream, the inventor of Hashcash and one of the most notable cryptographers in the industry.
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Beyond the growing money supply, Bitcoin price received a substantial boost from Donald Trump’s victory in the Nov. 5 US presidential election.
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Based on the above weekly chart, Bitcoin has “fully transitioned into the parabolic upside phase of the cycle,” wrote crypto analyst Rekt Capital in a Nov. 29 X post.
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Based on historical data, Bitcoin could be set to absorb up to 10% of the newly printed money supply. This may attract $2 trillion worth of new investment into Bitcoin during 2025, based on a predicted $20 trillion liquidity increase.
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The potential correction below $70,000 will only be temporary due to what Pal called an “interim peak in liquidity,” which he expects to continue rising into the third quarter of 2025.
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