Weekly Update: Crypto Market Surges, FCA Eases “Name and Shame” Policy, and More

Will Bitcoin Reach 100K?

This week, Bitcoin broke the $90k barrier, trading as high as $93k. Now, the cryptocurrency market is watching with strong positive sentiment as the top cryptocurrency inches closer to the coveted $100,000 mark. Since its inception in 2009, Bitcoin has seen dramatic price movements, but the current bull market suggests a six-figure price target is within reach. What is more, it can happen in the next few weeks.

The crypto industry has witnessed unprecedented growth, with Bitcoin reaching a new all-time high of $93,495 on Wednesday, according to Coinbase data. Multiple factors, including Trump's presidential victory and BlackRock's institutional involvement, contributed to Bitcoin's surge.

Elon Musk’s Tweet Reignites Dogecoin

Elon Musk, the world’s richest man and self-proclaimed Doge father, is back to promoting the meme token following its skyrocketing prices. Musk retweeted a post on X this week praising the achievement of the digital asset that once started as an internet parody but is now worth billions of dollars.

The Tweet came from Melissa Chen, the co-founder of Ideas Beyond Borders. In the post, which impressed the Tesla boss, Chen expressed her enthusiasm about how DOGE has gained popularity since starting as just a meme token.

DOGE 2024–2025 Predictions

Dogecoin captured headlines when it experienced a remarkable price surge, reaching $0.3292 in November 2024. This impressive rally has sparked renewed interest in whether DOGE can finally break the elusive $1 barrier. With a staggering 152% gain over the past month and an 86% increase in just seven days, Dogecoin's momentum has crypto enthusiasts watching closely.

The journey to $1 for Dogecoin depends on sustained market momentum and the continued development of its ecosystem. With the cryptocurrency market showing signs of recovery and Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term reaching new heights, Dogecoin's position as a leading meme coin could benefit from overall market growth. Market analysts suggest that while reaching $1 is technically possible, it would require significant buying pressure and favorable market conditions.

Elon Musk, the richest man in the world, is making me want to sell all my crypto and go all in #dogecoin 🚀🚀

Retweet if I should go all in $DOGE 🤝 $10 🔄

PS. Elon is soon to be part of the US Govt after funding over $100 million into Trump campaign! pic.twitter.com/7ebeOn07PA

— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) November 11, 2024

Why Dogecoin Price Is Surging?

The cryptocurrency market experienced a remarkable phenomenon DOGE price continues its extraordinary ascent, reaching $0.3292 and becoming the sixth-largest crypto by market value. This price action has created unprecedented excitement in the crypto space.

Dogecoin's success is driven by its vibrant community and social media presence. The combination of celebrity endorsements, community engagement, and viral marketing has created a powerful network effect that supports the cryptocurrency's value proposition.

Wall Street Isn't All In

The Department of Government Efficiency, aka “DOGE,” had crypto markets howling as Trump, Musk, and Ramaswamy aim to “streamline” D.C. In what could only be described as peak 2024 political theater, former (and soon-to-be) President Donald Trump has announced a new federal initiative titled the “Department of Government Efficiency”—abbreviated to “DOGE.”

Crypto traders around the globe took this as a cosmic sign, driving up Dogecoin’s value by a jaw-dropping 20% within hours of the announcement. The message? Washington may not change, but crypto’s meme culture is more alive than ever. Trump’s Department of Government Efficiency is no ordinary proposal. This isn’t just about saving taxpayer dollars; it’s about bringing the corporate world’s most outlandish efficiency experts into Washington.

SEC’s Chair Gensler Hints at Exit

On his campaign trail, US President-elect Donald Trump vowed to fire Securities and Exchange Commission (SEC) Chair Gary Gensler if elected. But even before Trump gets to the Oval Office, Gensler hinted at a possible exit from the agency. A recent speech by the SEC boss left many speculating about his potential resignation.

In what sounded like a reflective farewell, Gensler defended his regulatory approach, especially toward the crypto industry, and highlighted key accomplishments during his tenure.

JUST IN🚨 SEC Chairman Gary Gensler is expected to resign by the end of December according to an anonymous source

Chair Gensler was appointed by President Joe Biden in 2021

Repost if you support his resignation ✔️ pic.twitter.com/YXllry3NmL

— X Market News🚨 (@xMarketNews) November 9, 2024

Who Replaces SEC Chairman Gary Gensler?

Gary Gensler, the current Chairman of the Securities and Exchange Commission (SEC), may soon be replaced, with Donald Trump’s transition team reportedly considering potential candidates. Although Trump pledged in July to remove Gensler on the first day of a second term, he cannot technically do so without cause until Gensler’s term concludes in 2026.

Cryptocurrency policy remains central to Trump’s focus in selecting a new SEC head. Dan Gallagher, former SEC commissioner and current Chief Legal, Compliance, and Corporate Affairs Officer at Robinhood Markets, is a potential candidate.

Revolut Expands M&A Team and Rolls Out Revolut X to 30 EEA Markets

Revolut, a fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company, is expanding its mergers and acquisitions division, signaling a potential shift towards acquiring other businesses. Revolut is expanding its crypto platform, Revolut X, to 30 new EEA markets, offering access to over 200 tokens with competitive fees.

A recent job advertisement highlights the firm’s interest in building its M&A team. Despite an uncertain economic environment, which has led many tech companies to reduce spending, Revolut appears focused on growth.

CySEC Accepts Crypto Licence Applications Under MiCA

The Cyprus Securities and Exchange Commission (CySEC) announced this week that it is now accepting Crypto Asset Service Provider (CASP) license applications from prospective entities and individuals for preliminary assessment under the incoming Markets in Crypto-Assets Regulation.

The regulator's decision came ahead of the full implementation of MiCA for all European Economic Area members, which will become effective on 30 December 2024. “This initiative is designed to ensure a smooth transition to MiCAR, which represents a major step forward for the protection of investors in financial markets,” said the CySEC Chairman, Dr George Theocharides.

Crypto.com Cements Australia Presence

Crypto.com has enhanced its presence in Australia with its latest acquisition of Fintek Securities, a contracts for differences (CFDs) brokerage holding an Australian Financial Services (AFS) license. The acquisition of the Australian Securities and Investments Commission-regulated company will allow Crypto.com to offer deposit products, derivatives, securities, foreign exchange, managed investment schemes, and other products.

Although Crypto.com highlighted that the upcoming products in Australia will be available only to “eligible users,” it did not define the target group. The details of the launch of the new services and products have yet to be revealed.

Axi Bids to Acquire Aussie Broker SelfWealth

AxiCorp Financial Services, which operates a retail contract for differences (CFDs) brokerage under the brand Axi, is interested in acquiring the Australian trading platform SelfWealth and has submitted a bid of 23 cents per share. This would value the deal at AUD 52 million (about USD 34 million).

SelfWealth, a publicly traded company in Australia, saw its shares more than double over the past few days with the onset of the bidding war. Bell Financial's bid of 22 cents per share was already a premium over the company’s 0.12 cents per share market value at Tuesday’s market close.

Monaxa to Introduce Prop Trading Services

Forex and CFD broker Monaxa is launching a proprietary trading service, according to a post by the company’s CEO, Chris Trikomitis. Although the details about the new platform remain scarce, the service is branded Monaxa Prop. According to the Monaxa website, the company is comprised of several entities operating under one brand.

One of the entities is reportedly registered by the Financial Services Commission of the Republic of Mauritius with an investment dealer license. Trikomitis mentioned: “And we are finally ready. Our very own Monaxa Prop will be launching very soon.” Further, the post mentioned: “Your skills and our funding unlocks 85% profit share. Start your first challenge with $50.”

60% of Clients View Brokers-Backed Props as More Trustworthy

Although FX brokers have only recently emerged in the prop trading space, two out of three retail investors consider them more trustworthy than standard prop firms. The recent study also indicates that the profile of proprietary investors remains relatively stable, with a majority continuing to prefer CFDs over futures.

According to a survey conducted by PipFarm, regulated brokers entering the proprietary trading market are changing the established rules of the game. Currently, almost 60% of prop firm users believe that those operated by FX/CFD companies can be trusted more. Only 14% disagreed with this statement, while over 26% had no opinion.

Fixed-Fee Subscription Model Eliminates Brokers’ Revenue Risks

Paying a fixed monthly subscription for trading infrastructure can help smaller brokerage firms remain viable in a highly competitive market, but only if they can find the pricing sweet spot. The fixed subscription cost or flat rate model is well established across the publishing and streaming industries.

Therefore, it is no surprise that FX brokers are exploring its merits both as a means of reducing uncertainty around operational expenditure and attracting new trading businesses.

Banxso Allegedly Misleads South African CFD Clients

South Africa’s Financial Services Conduct Authority (FSCA) confirmed that it is aware of the allegations against Banxso, a local contracts for differences (CFDs) broker, for misleading clients about the reinstatement of its license. However, the broker’s license remains suspended.

“The Authority reiterates that Banxso’s license has not been reinstated and that it cannot lawfully conduct any financial services business or receive any deposits from clients for such purposes,” the regulator stated in its latest announcement.

Banxso Stopped Onboarding CFD Traders under Its Cyprus Licence

Banxso, a contract for difference (CFDs) broker facing trouble in South Africa, is no longer onboarding clients under its Cyprus Investment Firm (CIF) license. The retail broker's EU website also appears non-operational, with most services disabled.

“We would like to inform you that Banxso Ltd, with Licence Number 413/22 operating under the name banxso.eu, is not accepting any clients at the moment,” a notice on Banxso EU’s website stated.

CySEC Flags Multiple Unregistered Websites

The Cyprus Securities and Exchange Commission (CySEC) informed investors that several websites are not linked to any entity authorized to offer investment services or perform investment activities. It should be noted that some of these entities may be fraudulent clones, attempting to impersonate licensed companies by using their names, logos, addresses, and other details.

These firms include WeonMarket, along with its associated site platform.dashboardweonmarket.live; Nortenway and its registration page, cfd.nortenway.com/register; PrimusCFD and its client portal, client.primuscfd.net; Axiagroup.co; OctaMarketFX; Apmetrade; Investous.pro; Varkuti.eu and QuoMarkets.com.

"Our Legal Counsel Team Is Cooperating": Vantage after Dutch Regulator's Investigation

A Vantage representative told Finance Magnates that "anyone attempting to visit the Vantage website from the Netherlands would be immediately prompted that 'Vantage and its affiliated entities do not operate in your home jurisdiction."

The statement came as the Netherlands’ Authority for the Financial Markets (AFM) opened an investigation against Vantage Markets, a broker for different contracts (CFDs), and issued a penalty order for non-cooperation. If the broker continues to fail to provide the required information to the regulator, it will be fined €10,000 per day up to a maximum of €100,000.

FCA Eases “Name and Shame” Policy Following Industry Pushback

The Financial Conduct Authority (FCA) softened its plans to publicly disclose the names of companies under investigation following strong objections from the financial industry. The regulator aims to address the concerns about maintaining a balance between transparency and fairness.

In a recent session with the House of Lords financial services regulation committee, the FCA's Chief Executive Officer Nikhil Rathi acknowledged the backlash against the initial proposal introduced in February.

Corporate America Braces for Trump's Presidency

With whispers of tax cuts and deregulation in the air, Wall Street wonders if it’s time to break out the confetti—or the safety nets. Donald Trump, the headline-making maestro of market disruption, is once again in the spotlight, no doubt getting ready to bring his pro-business, deregulatory zest back to the main stage.

Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt.

That tax cut is going to expire.

If I’m reelected, it’s going to stay expired.

— Joe Biden (@JoeBiden) April 23, 2024

Corporate leaders are listening closely for what could be an encore of his 2017 tax cuts and sweeping rollbacks of regulations. If history is any guide, Wall Street is readying its dancing shoes, though perhaps with a little trepidation. During his first term, Trump’s Tax Cuts and Jobs Act of 2017 was hailed as a corporate miracle, slashing the corporate tax rate from 35% to 21%.