Crypto Roundup: Bitcoin Hits $107,000, FTX Plans Rep

In
the
ever-dynamic
cryptocurrency
market,
Bitcoin
is
currently
making
headlines
again,
this
time
for
topping
above
$107,000.
This
milestone
comes
on
the
heels
of
a
significant
Bitcoin
transfer
by
the
defunct
crypto
exchange,
Mt.
Gox.
Over
1,620
Bitcoins,
valued
at
over
$172.5
million,
were
moved
to
an
unidentified
wallet.
This
follows
a
previous
transfer
of
24,000
Bitcoins
by
Mt.
Gox
to
unknown
wallets
two
weeks
prior.
As
Bitcoin
continues
its
upward
trajectory,
investors
are
optimistic
about
the
possibility
of
Bitcoin
reaching
$120,000
by
the
end
of
2024,
a
sentiment
fueled
by
rumors
of
President-elect
Donald
Trump
considering
the
creation
of
a
US
Bitcoin
strategic
reserve.

In
other
news,
FTX,
the
collapsed
crypto
exchange,
has
announced
the
commencement
of
customer
repayments
in
early
January
2025.
The
exchange
is
working
in
collaboration
with
BitGo
and
Kraken,
crypto
custodian
and
crypto
exchange
respectively,
to
distribute
assets
to
its
retail
and
institutional
investors.
The
move
comes
after
the
collapse
of
FTX
in
November
2022
and
the
subsequent
sentencing
of
five
top
executives,
including
former
CEO
Sam
Bankman-Fried.

CyberKongz,
a
platform
for
non-fungible
tokens
(NFTs),
has
received
a
Wells
notice
from
the
U.S
Securities
and
Exchange
Commission
(SEC).
The
notice,
which
indicates
potential
securities
law
violations,
stems
from
SEC’s
concern
about
the
issuance
of
an
ERC-20
token
with
a
blockchain
game
without
it
being
registered
as
a
security.
CyberKongz
has,
however,
maintained
that
its
Genesis
Kongz
NFTs
issued
in
April
2021
were
not
a
sale
but
a
contract
migration.

In
related
news,
the
renomination
of
Caroline
Crenshaw
for
a
second
term
at
the
SEC
has
been
halted
following
a
canceled
US
Senate
vote.
The
vote,
initially
scheduled
for
December
11,
was
postponed
amid
discord
between
Democrats
and
Republicans.
This
has
sparked
criticism
from
Brian
Armstrong,
CEO
of
Coinbase,
who
expressed
his
disapproval
of
Crenshaw’s
stance
on
Bitcoin
ETFs.

Lastly,
Injective
and
Sonic
are
partnering
to
build
the
first
cross-chain
artificial
intelligence
(AI)
agent
hub.
Utilizing
Sonic’s
HyperGrid
technology,
the
AI
agent
hub
will
integrate
Solana
and
Injective
ecosystems
and
offer
developers
the
tools
needed
to
create,
deploy,
and
monetize
AI
agents
across
the
decentralized
ecosystem.
This
innovative
move
is
a
testament
to
the
continuous
evolution
and
potential
of
the
crypto
market.