This week, Bitcoin reached an incredible all-time high of $93,434.36. Analysts are optimistic that it will surpass $100,000 by the end of 2024 and potentially hit $150,000 in 2025. 
The excitement around Bitcoin has been palpable, especially with the proposed Bitcoin Reserve Strategy linked to Donald Trump's upcoming presidency in 2025, sparking speculation about its influence on digital finance.
In related news, President-elect Trump nominated pro-crypto Representative Matt Gaetz as Attorney General, leading to Gaetz's immediate resignation from Congress.
It's an interesting time for Bitcoin and the crypto community. Read on to explore the latest news and key developments shaping the world of cryptocurrency!
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TOP CRYPTO NEWS RECAP (November 10 - 16, 2024)
●      Dogecoin Investor Lawsuit Against Elon Musk Dropped  
●      18 States Sue SEC Over Crypto Crackdown  
●      NYSE Arca Seeks SEC Approval for Bitwise Crypto Index ETP  
●      South Korea Investigates Upbit for Massive KYC Violations  
●      Trump’s Victory Could End SEC Crypto Cases, Says Consensys CEO  
●      FBI Raids Polymarket CEO’s Home Amid Allegations  
Dogecoin Investor Lawsuit Against Elon Musk Dropped  
A $258 billion lawsuit accusing Elon Musk and Tesla of manipulating Dogecoin’s price was withdrawn by plaintiffs on Nov. 14, 2024. The lawsuit, filed in 2022, claimed Musk’s media appearances and social media posts, including his "Dogefather" persona on Saturday Night Live, constituted market manipulation. Both parties agreed to waive appeals and sanctions, but the withdrawal awaits approval from U.S. District Judge Alvin K. Hellerstein. Musk's legal team dismissed the claims as baseless, stating there’s no illegality in supporting a cryptocurrency.
18 States Sue SEC Over Crypto Crackdown 
Eighteen U.S. states, including Texas, Wyoming, and Ohio, have filed a lawsuit against the SEC and Chair Gary Gensler, accusing the agency of overreach in its enforcement actions against the crypto industry. The states argue the SEC is seizing regulatory authority without congressional approval. Crypto firms have reportedly spent $426 million fighting SEC actions since 2021. President-elect Donald Trump, who has vowed to replace Gensler with a crypto-friendly leader, is expected to reshape SEC leadership when he takes office in January 2025.
NYSE Arca Seeks SEC Approval for Bitwise Crypto Index ETP  
NYSE Arca filed with the SEC to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP). The $1.3 billion fund holds a diversified portfolio of top cryptocurrencies, including Bitcoin (75.1%), Ether (16.5%), and smaller allocations in Solana, XRP, and others. Bitwise CEO Hunter Horsley emphasized ETPs’ efficiency and regulatory advantages, aiming to enhance market access and align trading with net asset value. This filing reflects Bitwise’s efforts to transition its trust into a regulated ETP structure, offering improved investor protections and liquidity.
South Korea Investigates Upbit for Massive KYC Violations  
South Korea’s Financial Intelligence Unit (FIU) is investigating Upbit for 500,000–600,000 alleged Know Your Customer (KYC) violations. The exchange reportedly accepted blurred ID submissions, violating anti-money laundering (AML) regulations. If confirmed, Upbit could face fines of $71,500 per violation and potential challenges in renewing its business license. This comes as the regulator scrutinizes the exchange amid its dominant market position and ties to K-Bank, which has a significant portion of its deposits linked to crypto. Upbit trades $2.2 billion daily, making it South Korea's largest exchange.
Trump’s Victory Could End SEC Crypto Cases, Says Consensys CEO  
Consensys CEO Joe Lubin predicts ongoing SEC cases against crypto firms may be dismissed or settled under Donald Trump’s presidency. Following Trump’s election win, Lubin highlighted the potential for pro-crypto policies, including replacing SEC Chair Gary Gensler, a known crypto critic. Trump’s administration is expected to ease regulatory pressure, saving the industry "hundreds of millions of dollars." Lubin also pointed to Consensys’ lawsuit against the SEC, alleging efforts to classify Ether as a security, as part of a broader regulatory crackdown the industry hopes to overturn.
FBI Raids Polymarket CEO’s Home Amid Allegations  
The FBI raided the New York home of Polymarket CEO Shayne Coplan on Nov. 13, seizing his phone and electronics. The decentralized betting platform, which handled $3.7 billion in bets on the 2024 U.S. presidential election, has been accused of potential market manipulation favoring Donald Trump. A Polymarket spokesperson dismissed the raid as "political retribution" by the outgoing Biden administration. Coplan was not arrested, and the platform has pledged to defend itself. Polymarket previously settled with regulators in 2022 over unregistered binary options markets.
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Polymarket, a decentralized prediction market platform, has garnered significant user interest, yet many participants struggle with profitability. Several factors contribute to this phenomenon:
1. Market Volatility:
The unpredictability of outcomes can lead to substantial losses, even for experienced traders.
2. Complexity of Predictions:
Success often requires deep analysis and understanding of the events being bet on, which can be daunting for new users.
3. Transaction Fees:
High fees can erode potential profits, especially for smaller bets.
4. Learning Curve:
New users may find the platform challenging to navigate, leading to less informed decisions.
As interest continues to grow, users may need to refine their strategies and leverage data-driven insights to enhance their profitability.

$BTC
$SOL
$ETH

Polymarket, a crypto-based prediction market, is likely to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 U.S. presidential election. Since the global audience engaged in prediction platforms, Polymarket experienced a record jump, with $450 million expected to be distributed to users following the victory of Donald Trump.
This increase of betting volume and large stakes has become a matter of concern for the French regulator because the platform offers unlicensed gambling services.$450 Million in Payouts Expected After U.S. Election Bets
Prediction markets, which are expected to increase their payout to election bettors to around $450m following Donald Trump’s projected win, are attracting increasing attention.
Although conventional polls pointed to a closer contest, prediction markets such as Polymarket and Kalshi recorded a steep rise in Trump’s chances in the last few days, indicating a strong divergence with poll-based expectations.
Among the active users of Polymarket, a French trader called “Theo” made a $26 million bet on Trump’s win and won $49 million. This big bet made Polymarket popular, as the French authorities paid attention to the platform and its popularity among French residents, which led to concerns about the compliance of the platform with French gambling legislation.
France’s ANJ Considers Blocking Access to PolymarketThe ANJ has claimed that Polymarket is involved in gambling which is only allowed in France by licensed operators. According to local media, the regulator has the power to ban access to unlicensed gambling sites and is expected to restrict access to Polymarket soon.
An ANJ insider said: “Polymarket is just betting on something that is completely uncertain, which is exactly what gambling is.”
If put in place, the ban would prevent the usage of the application in France, despite the fact that users can still try to avoid the restriction by connecting to VPN. The ANJ could also try to influence media outlets and directories to stop advertising or linking to Polymarket and, thus, limit its audiences even more.
Regulatory Concerns Over Market ManipulationThe high level of activity on Polymarket has led to speculations that the platform may be used for market manipulation. Two blockchain analysis firms, Chaos Labs and Inca Digital, recently revealed that there was potential wash trading within Polymarket’s U.S. presidential betting market where the same assets are bought and sold to simply create a fake market. This type of trading is rather manipulative and can lead to the distortion of signals on the market and mislead other participants.
The US Commodity ""Futures Trading Commission also has concerns about prediction markets and put forward a rule in May aiming at stricter regulation of such markets due to the potential for manipulation.
Although no final (decision) has been reached, regulatory actions could impact Polymarket’s ability to operate- freely in other markets, including the U.S.
#polymarket #BTC☀ #trump #BinanceSquareFamily