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- 🚨 Is the FDIC on the Chopping Block? Trump & DOGE Eye a Major Overhaul
🚨 Is the FDIC on the Chopping Block? Trump & DOGE Eye a Major Overhaul
CoinGape Media
December 13, 2024
News
Pro-crypto Rep. French Hill has been selected to lead the House Financial Services Committee, succeeding retiring Chair Patrick McHenry. Hill’s appointment will shape the trajectory of cryptocurrency and financial legislation. Hill, known for supporting crypto and pushing digital asset bills, will align the committee’s work with President-elect Donald Trump’s administration.
US SEC Chair Gary Gensler slapped a notice to tech billionaire Elon Musk on Thursday, launching a fresh investigation into Neuralink, Musk’s brain-computer interface (BCI) company. The development comes just a month before Gensler steps down from the US SEC Chair position on January 20. Musk’s lawyer Alex Spiro has responded to this by putting out the details of the charges.
Donald Trump’s transition team is reportedly planning a major overhaul in the country’s banking sector by reducing, consolidating, and even eliminating key banking regulators in Washington. Advisors from the newly formed Department of Government Efficiency (DOGE), headed by Elon Musk, are mulling the possibility of abolishing the Federal Deposit Insurance Corporation (FDIC).
Markets
Today, the cryptocurrency market remains steady, with Bitcoin (BTC) and most major altcoins losing 1% to 2% in the last 24 hours. Bitcoin traded within a range, while Ethereum (ETH) trades in range. Aave (AAVE) and Chainlink (LINK) saw a 20% surge, but saw profit booking in early US hours. Trump family’s crypto project World Liberty again purchased large amounts of ETH, AAVE, and LINK.
The global cryptocurrency market cap fell by 1%, now at $3.58 trillion. Moreover, the overall trading volume declined by 8%, now at $199 billion. Meanwhile, the Fear and Greed Index indicated a score of 78, reflecting strong market greed. Here’s a closer look at some top cryptocurrencies by market cap and their prices today, December 13.
Regardless of this drop, Bitcoin price today is up -0.79% and trades at $99,963.0. After dropping 2% from the December 12 swing high of $102,636 BTC currently sits above a key support level, a breakdown of which could trigger another crash, but a bounce here could kickstart the bull run.
Ethereum price continues to hover around $4,000, showing strength while many altcoins fumble. A popular analyst forecasts that the next stop for ETH is $15,000. Let’s explore.