CF Benchmarks projects Bitcoin could hit $2.95M by 2035

David Sacks, the crypto czar under former President Trump, announced that the markup for the crypto market structure bill is scheduled for January, indicating a significant step towards regulatory clarity in the cryptocurrency sector. However, the delay in legislation has raised concerns about prolonged regulatory uncertainty, which could hinder market stability and innovation.

XRP exchange-traded funds (ETFs) have surpassed $1 billion in assets, driven by a notable inflow of traditional investor capital, according to CF Benchmarks CEO Sui Chung. This surge reflects a growing acceptance of XRP among institutional investors, highlighting its appeal in the cryptocurrency market.

Ethereum is currently experiencing significant selling pressure, with its price dropping to $2,933 after a 9% decline in just eight hours. This downturn has led to the liquidation of over $670 million in long positions, reflecting a broader market struggle characterized by fear and uncertainty. Analysts are increasingly predicting a prolonged bear market extending into 2026, as Ethereum remains below critical structural levels.

The U.S. Federal Reserve has revised its guidance on how banks can engage with cryptocurrency, allowing for greater participation in digital asset trading. This change reverses previous restrictions that limited the activities of uninsured state-chartered banks, enabling them to access core payment systems and Federal Reserve membership.

Bitcoin's price has plunged to approximately $84,500 following a series of aggressive sell-offs, raising concerns about its stability and potential further declines. This significant drop comes amid a broader bearish sentiment in the cryptocurrency market, with analysts warning of a possible retest of the $70,000 support level.

Bitcoin's price has struggled to maintain stability, recently floundering below $90,000 despite a cooling inflation rate and rising stock markets. The cryptocurrency ended the week under $89,000, losing gains due to liquidity concerns and market volatility, particularly influenced by the Bank of Japan's interest rate decisions.

Bitcoin's price briefly reached $90,000 following the November Consumer Price Index report, which indicated a decrease in US inflation. However, the cryptocurrency's ability to sustain this rally remains uncertain as key market indicators are lacking.

Recent data indicates that the anticipated impact of the Bitcoin mining crackdown in China, particularly in Xinjiang, has been overstated, with hashrate losses being temporary and influenced by external factors such as power curtailments in the US.