This week was one other busy week for the cryptocurrency market. Bitcoin soars above $107,000, FTX to start out repaying clients in early 2025, CyberKongs receives 'regarding rhetoric' from SEC in Wells discover, US lawmakers say SEC Commissioner Caroline Crenshaw's Nomination voting canceled, and Injective and Sonic companion to construct the primary cross-chain AI agent hub.

Bitcoin surpasses $107,000 for the primary time

Earlier this week, Bitcoin reached new highs, surpassing $107,000. On the similar time, defunct cryptocurrency trade MtGox moved roughly 1,620 Bitcoins to an unknown pockets. The worth of Bitcoin transfers reached over $172.5 million.

The Bitcoin transfer comes on the heels of a switch made by Mt.Gox two weeks in the past. The platform then moved 24,000 Bitcoins to an unknown pockets. In accordance with Arkham, the bankrupt trade transferred 1,619.6 bitcoins in two separate transfers. The primary time he despatched 1,427.9 Bitcoins and the second time he despatched 191.7 Bitcoins to 2 new addresses.

Bitcoin hit $106,000 earlier than hitting $107,000 following information that President-elect Donald Trump is contemplating plans to create a U.S. Bitcoin Strategic Reserve. Traders consider it’s achievable for Bitcoin to achieve $120,000 by the top of 2024.

FTX to start out repaying digital foreign money in early 2025

Collapsed cryptocurrency trade FTX has introduced that it’ll start distribution to clients in early January. The court-approved Chapter 11 chapter reorganization course of will change into efficient on January 3, 2025.

FTX plans to collaborate with crypto asset administration firm BitGo and cryptocurrency trade Kraken to distribute property to retail and institutional traders. In November, it was reported that FTX would start distribution by March 2025.

FTX went bankrupt in November 2022, and 5 executives had been jailed or sentenced to jail. That features former CEO Sam Bankman Freed, who was sentenced to 25 years in jail in March.

CyberKongz receives Wells discover from SEC

CyberKongz, a non-fungible token (NFT) platform, has acquired a Wells Discover from the U.S. Securities and Change Fee (SEC).

In a publish to Blockchain video games can’t be issued with out being registered as securities.

The SEC believes it might have violated securities legal guidelines by issuing a Wells discover and is making ready to take motion towards the platform. One of many points the SEC has with CyberKongz is the “sale” of Genesis Kongz NFTs in April 2021. Nonetheless, CyberKongz said that this can be a contractual transition and never a sale.

Earlier this yr, cryptocurrency trade Coinbase acquired a Wells Discover from the SEC, adopted by NFT market OpenSea and blockchain gaming platform Immutable.

U.S. Congressman cancels vote on nomination of SEC Commissioner Caroline Crenshaw

The U.S. Senate's vote to renominate Democrat Caroline Crenshaw for a second time period on the U.S. Securities and Change Fee (SEC) was referred to as off this week.

The vote was initially scheduled for December eleventh. However Senate Banking Committee Chairman Sherrod Brown adjourned inside minutes, citing points between Democrats and Republicans.

Brown later issued a press release saying that company particular pursuits had been waging a “disgusting smear marketing campaign towards Caroline Crenshaw.”

Nonetheless, as a result of Congress adjourned for the vacations on December 20, Crenshaw was not nominated till President-elect Donald Trump's administration rejoins the White Home in January.

Following information of Crenshaw's reappointment, Coinbase CEO Brian Armstrong informed X: “She tried to dam Bitcoin ETFs, however on some points Gensler (I didn't suppose it was potential).''

Injective and Sonic staff as much as construct the primary cross-chain AI agent hub

Injective and Sonic are collaborating to construct the primary cross-chain synthetic intelligence (AI) agent platform.

The 2 crypto platforms mentioned the brand new AI agent hub leverages Sonic's HyperGrid know-how to combine the Solana and Injective ecosystems. The sensible agent hub additionally leverages the Inter-Blockchain Communication Protocol (IBC), an open-source protocol that permits blockchain interoperability.

In accordance with Injective Labs, AI Agent Hub offers builders with instruments to create, deploy, and monetize AI brokers throughout decentralized ecosystems.