An SEC Chair favoring an end to litigation against crypto firms could drive XRP toward the May 2021 high of $1.8171. XRP broke above the September 2021 high of $1.4357 on Friday, climbing to a Saturday, November 23 high of $1.6299. Conversely, plans to pursue the appeal against Ripple could drag XRP toward $1.
While regulatory developments dominated the news, market focus remained firmly on BTC price trends. Investors reacted to the appointment of Scott Bessent as US Treasury Secretary. Bessent's stance on crypto raised the prospect of BTC becoming a US strategic reserve asset.
Senator Cynthia Lummis remarked on Scott Bessent's appointment, stating,
"Scott Bessent is an experienced champion on fiscal responsibility and is well-equipped to help President Trump address the economic challenges our nation currently faces. I look forward to working with Mr. Bessent to advance comprehensive digital asset legislation, establish a Strategic Bitcoin Reserve, and make our economy strong again."
Establishing BTC as a US strategic reserve would make the US government a BTC buyer and, significantly, HODLER. The US government currently holds 208,109 BTC in its stockpile, equivalent to $20.51 billion.
Earlier this week, Senator Lummis proposed the US government offload some gold reserves to acquire bitcoin. Selling gold to acquire bitcoin may allow the US government to avoid adding to the ballooning government deficit. Senator Lummis touted the Bitcoin Act, stating,
"If only there was a way to dig out nation out of debt while ensuring the strength of the US dollar. Oh wait. Bitcoin Act."
The Bitcoin Act proposes the US government acquire one million BTC, adding to its BTC stockpile, and potentially supporting extended BTC gains.
On Friday, November 22, BTC climbed to an all-time high of $99,319, short of the coveted $100k mark. US BTC-spot ETF inflows and speculation about BTC becoming a US strategic reserve asset fueled demand for BTC products.
The US BTC-spot ETF market reported net inflows of $1,005.1 billion on Thursday, November 21, the highest since November 11. Significantly, the US BTC-spot ETF market extended its net inflow streak to four sessions.
On Friday, November 22, a five-day inflow streak will hinge on iShares Bitcoin Trust (IBIT) flow trends. According to Farside Investors:
Excluding flow data for iShares Bitcoin Trust (IBIT), net outflows totaled $22.9 million. Despite Friday's flows, the US BTC-spot ETF market had an impressive week. Total net inflows currently stand at $2,839.9 million, the best week since launching in January 2024.
On Thursday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented on the US BTC-spot ETF market, saying,
"Speaking of "100" milestones, the US bitcoin ETFs hit $100b in assets (altho more like $104b given the price surge overnight) w/ YTD flows flirting with $30b (double our estimate). They're now 97% of way to passing Satoshi as biggest holder and 82% of way to passing gold ETFs."
On Friday, BTC advanced by 0.58%, following a 3.8% gain on Thursday, closing at $98,355.
Market focus may shift to the Bitcoin Act, SEC Chair developments, and demand trends. A break above $100,000 could fuel further gains, with $120,000 as a potential price target.
Stay tuned for updates on how regulatory shifts and market dynamics influence crypto trends.