In a significant win for the crypto market, US Securities and Exchange Commission (SEC) Chair Gary Gensler has announced he will step down from his position on January 20, 2025, coinciding with the presidential inauguration of President-elect Donald Trump. This news has been met with optimism among crypto advocates, who view Gensler’s departure as a […]
A prominent player has dominated the limelight in the crypto circle by buying more than 105 billion PEPE tokens at a cost of $2 million. The token has fluctuated wildly over the course of the last several months and this particular exchange on November 20, has caused significant interest due to its enormity and the prevailing market tendencies. Related Reading: Upbit Listing Sends BONK Skyrocketing 67% For A Fresh ATH In Memecoin Mania Investor Confidence In The Face Of Volatility A bold move from an anonymous investor comes at a time when the meme coin is seeing some volatility. PEPE has been down, trading at about $0.00002027 as of November 19 after hitting an all-time high of about $0.00002457 earlier this month. Based on data from Lookonchain, the unknown investor shelled out $2 million worth of USDC to purchase 105,328,301,633 (approximately 105.33 billion) PEPE in a single transaction. Someone spent 2M $USDC to buy 105.33B $PEPE in a single transaction! Address: 0xd71c6b3760cfd22e50e5514d163986552a96930b pic.twitter.com/kDKmgptPEc — Lookonchain (@lookonchain) November 21, 2024 The investor thought it would be smart to buy more of the joke cryptocurrency at a lower price, even though the price was going down. Some investors might agree with the choice. This includes “whales,” who have been buying PEPE during market swings. PEPE: Market Trends And Performance Since its April 2023 launch, PEPE has undergone significant transformation. Starting extremely modest at $0.00000001, its market value skyrocketed in a few weeks to over $1 billion. This coin got rather more well-known as prominent exchanges like Robinhood and Coinbase started trading it. Still, PEPE is vulnerable to market patterns swayed by more general economic events and social media, just as many cryptocurrencies are. Among the meme coins that have lately gone somewhat popular are PEPE, Dogecoin, and Shiba Inu. Actually, PEPE saw an amazing increase of more than 106% just in mid-November. Prospects And Obstacles Although the recent acquisition indicates robust investor interest, PEPE and comparable meme currencies are confronted with numerous obstacles. Market volatility continues to be a significant concern, as prices can fluctuate significantly in response to regulatory news or social media trends. Related Reading: Poland Could Lead With Bitcoin Reserve, Presidential Hopeful Says PEPE’s standing in the market could potentially be impacted by rival coins. To maintain its drive, PEPE needs to draw in fresh investors while also showing practical usefulness that goes beyond its status as a joke. For those investors pondering an initiation or increase of their stakes in meme currencies like PEPE, keeping abreast with the shifting rhythm and patterns of the cryptocurrency ecosystem is of utmost importance, given its constant advancement. The most recent large-scale transaction is indicative of the risks and opportunities that are inherent in this rapidly evolving market. Investors are closely monitoring the outcome of this audacious maneuver to determine whether it will prove advantageous or whether the volatile nature of cryptocurrencies will generate additional uncertainty in the near future. Featured image from DALL-E, chart from TradingView
In a step toward regulatory clarity for Bitcoin holders in China, a Shanghai court has issued an opinion stating that personal ownership of digital assets is not illegal under Chinese law. Personal Bitcoin Ownership Legal The opinion, articulated by Sun Jie, a judge at the Shanghai Songjiang People’s Court, was published on the official WeChat […]
On Wednesday afternoon, Bitwise Investment, a prominent asset manager and exchange-traded fund (ETF) issuer, submitted an S-1 form application for a spot Solana ETF to the US Securities and Exchange Commission (SEC) in the state of Delaware. This move positions Bitwise in the race for regulatory approval to launch an index fund that invests in […]
According to a Bloomberg report, President-elect Donald Trump’s transition team is considering the establishment of a new White House position dedicated exclusively to crypto policy. This development coincides with growing speculation about the inclusion of pro-crypto leaders in key positions within the new administration, as Trump’s advocacy for digital assets has been evident during his […]
According to recent reports, Howard Lutnick, the CEO of asset management firm Cantor Fitzgerald and a prominent supporter of crypto initiatives, is anticipated to be nominated by President-elect Donald Trump to head the US Department of Commerce (DOC). This nomination comes amidst growing speculation regarding Lutnick’s influence in shaping policies that could significantly impact the […]
Bitcoin (BTC) continues its historic price trajectory, trading in the low $90,000 range at the time of writing. However, a trading firm suggests that Bitcoin dominance (BTC.D) falling below a crucial level could signal the start of the long-anticipated altcoin season. Interest Rate Cuts, Trump Administration To Propel Crypto In a recent Telegram broadcast, Singapore-based trading firm QCP Capital shared its crypto market analysis. The firm highlighted Solana’s (SOL) recent performance, noting that it outpaced Bitcoin and Ethereum (ETH) over the weekend, surging more than 17% from Friday’s lows. Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why Despite this, QCP Capital acknowledged that many investors remain hesitant to embrace the prospect of an imminent alt season, given Bitcoin’s steady climb toward the psychologically significant $100,000 mark. Rekt Capital’s analysis supports this sentiment, suggesting BTC is just beginning its parabolic phase. QCP Capital, however, predicted that a combination of Donald Trump’s victory in the US presidential election and interest rate cuts by the Federal Reserve (Fed) could set the stage for a full-blown altcoin season in the coming months. Trading Firm Identifies Key Bitcoin Dominance Threshold For Altseason According to QCP Capital, altcoins historically outperform major cryptocurrencies once the latter consolidate after significant rallies. The firm explained: Historically, we’ve seen altcoins outperform whenever the majors consolidate after a significant rally as profits rotate into smaller-cap coins. BTC’s dominance is around 60% now and it will probably need to be around
On Monday, Bitcoinist reported that President-elect Donald Trump was scheduled to have a private meeting with Brian Armstrong, the CEO of US-based crypto exchange Coinbase, expected to influence the landscape of cryptocurrency regulation in the United States. Coinbase CEO Discusses Crypto Landscape With Trump Fortune confirmed on Tuesday that the discussion took place over a […]
A financial research company analyst expects Bitcoin to continue its price surge until year-end as it rides on bullish technical indicators and increasing market demand. In a CNBC interview uploaded via YouTube, Fundstrat’s Tom Lee shared his thoughts on Bitcoin’s continuing dominance in the context of incoming US President Donald Trump’s convincing election. Related Reading: […]
In the wake of President-elect Donald Trump’s victory on November 5, there has been a notable surge in interest surrounding Bitcoin (BTC) and other digital assets. This trend is prompting global firms and governments to explore integrating leading cryptocurrencies into their treasury reserves, a shift that reflects a broader acceptance of digital currencies, particularly in the […]
In an announcement today, Japanese firm Metaplanet revealed plans to increase its Bitcoin (BTC) holdings by issuing $11.3 million worth of bonds to fund the purchase. Metaplanet To Increase BTC Holdings Through Bond Issuance The Tokyo-listed company announced on November 18 that its Board of Directors had approved a debt sale with a guarantee worth 1.75 billion yen, or approximately $11.5 million. The bonds will have a one-year maturity period, maturing on November 17, 2025, and will carry an interest rate of 0.36% per annum. Related Reading: MicroStrategy’s Bitcoin Bet Pays Off In Multiple Ways As Stock Surges 317% The proceeds from the bond issuance will be used solely to purchase BTC. It’s worth noting that Metaplanet already holds 1,018 BTC on its balance sheet. Often referred to as “Asia’s MicroStrategy,” Metaplanet’s latest BTC acquisition announcement comes just a week after the US-based business intelligence firm MicroStrategy purchased 27,200 BTC, worth approximately $2.03 billion at current market prices. Metaplanet began acquiring BTC as a strategic treasury reserve asset in April. The company announced it was adopting a “Bitcoin-first, Bitcoin-only” approach, mirroring MicroStrategy’s BTC investment strategy. Since April, the early-stage investment firm has steadily expanded its Bitcoin portfolio. For instance, the company acquired an additional 20.195 BTC in June, worth roughly $1.2 million. It added another 38.464 BTC in September, valued at approximately $2 million. Most recently, in October, the firm announced it had purchased 156.78 BTC, bringing its total holdings to over 1,000 BTC. Despite the announcement of the bond issuance, Metaplanet’s share price saw little movement. The firm’s share closed the day with a modest 0.81% increase on Monday. However, since the company began its Bitcoin acquisition strategy, its stock has experienced explosive growth. On April 4, 2024, Metaplanet’s shares traded at 190 yen ($1.23). Today, they trade at 1,994 yen ($12.86), reflecting gains of nearly 950% in just over seven months. Bitcoin Supply Scarcity To Further Propel Price? With increasing retail, institutional, and even sovereign demand, Bitcoin’s limited supply could lead to a supply shock, potentially driving the digital asset’s price to unprecedented levels. As a reminder, BTC’s total supply is capped at 21 million by design. Related Reading: Bitcoin Continues To Exit Exchanges As Supply Drops To New 2024 Low According to a recent analysis by a CryptoQuant analyst, BTC reserves on cryptocurrency trading platforms have fallen to a five-year low. The analyst also noted that more investors hold Bitcoin long-term as a hedge against rising inflation and currency debasement. Similarly, a recent report suggests that BTC demand vastly exceeds its supply. This growing supply-demand imbalance may set the stage for Bitcoin’s next major price breakout. BTC trades at $90,909 at press time, up 0.1% in the past 24 hours. Featured image from Unsplash, Charts from Yahoo! Finance and Tradingview.com
The US Attorney’s Office in Manhattan is reportedly shifting its approach to crypto crime enforcement, allocating “fewer resources” to this area following a series of significant convictions, including that of FTX founder Sam Bankman-Fried. Southern District Of New York To Scale Back Crypto Prosecutions Scott Hartman, co-chief of the securities and commodities task force at […]
As President-elect Donald Trump prepares to take office on January 20, Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), is finally pushing to establish a regulatory framework for the crypto market. With the Trump administration signaling a pro-digital asset stance, Gensler’s comments come at what could be a pivotal positive moment […]
In a significant challenge to the US Securities and Exchange Commission (SEC) and its regulatory approach toward the crypto industry, 18 states have filed a lawsuit against the agency and its commissioners on Thursday. SEC Accused Of ‘Unfair Persecution’ Of The Crypto Sector FOX journalist Eleanor Terret reported that this legal action accuses the SEC […]
As President-elect Donald Trump prepares to take office again in January, his proposal to create a national Bitcoin reserve is gaining momentum across the United States. Several states are now reportedly considering plans to establish their own cryptocurrency reserves, reflecting a broader movement to recognize Bitcoin as a legitimate store of value. Pennsylvania’s Bitcoin Strategic […]
FBI agents conducted a raid on the Manhattan apartment of Polymarket CEO Shayne Coplan early Wednesday morning, just a week after the election-betting platform accurately predicted Donald Trump’s victory. Political Allegations Surround Polymarket According to a report by the New York Post, Coplan was awakened at 6 am by law enforcement who demanded his phone […]
Roger Ver, often hailed as “Bitcoin Jesus,” is currently at the center of a high-profile legal battle with US authorities. Ver is facing serious tax evasion charges, allegedly failing to pay more than $48 million in taxes after selling approximately $240 million in digital tokens. The Journey Of Roger Ver Ver was arrested in Barcelona […]
Michael Novogratz, the billionaire founder of crypto investment firm Galaxy Digital, expressed skepticism regarding the likelihood of the United States establishing a Bitcoin strategic reserve, a proposal put forth by President-elect Donald Trump. Novogratz Predicts $500,000 BTC Price Surge In an interview with Bloomberg Television, Novogratz stated, “I still think it’s a low probability,” highlighting […]
According to Bitwise Chief Investment Officer (CIO) Matt Hougan, entering the Bitcoin (BTC) trade may not be too late. The executive recently said that until the flagship cryptocurrency hits $500,000, it’s “still early.” Potential Investors Should Not Be Discouraged By Bitcoin Price Action In a client memo shared yesterday, Bitwise’s CIO Hougan stated that while […]
Crypto watchers and investors in Italy have received encouraging news: Prime Minister Giorgia Meloni’s government is considering a watered-down tax hike. From the initial proposal of 46%, which was announced last second week of October, the Italian government is currently re-evaluating the plan to limit the increase “to just 28%”. Related Reading: No! Judge Rejects […]
As President-elect Donald Trump prepares to assume office on January 20, there is growing anticipation regarding how his administration will influence the cryptocurrency sector. Ron Hammond, Director of Government Relations at the Blockchain Association, has shared insights on what to expect from the new administration and its legislative agenda related to digital assets. Trump’s Crypto […]
President-elect Donald Trump is poised to reshape the US government’s approach to crypto, actively seeking candidates with industry-friendly views for key regulatory positions. According to the Washington Post, as part of his strategy to establish the United States as the “crypto capital of the world,” Trump’s transition team is consulting with cryptocurrency executives to explore […]
As crypto prices begin to recover from a prolonged period of consolidation and retracement observed during the second and third quarters of the year, the market is entering a phase of renewed optimism. This shift has been notably influenced by Donald Trump’s recent victory over Democrat Kamala Harris, which has coincided with Bitcoin (BTC) recording […]
Huangzhou-based crypto mining chip maker Nano Labs saw its share price rise slightly after announcing it will start accepting Bitcoin as payment.
Bitcoin is currently rewriting its all-time high, thanks primarily to the results of the recently concluded US elections and increasing inflows into Bitcoin ETFs. Days before the election, Bitcoin struggled to hold the $70k level, briefly hitting $73k. Related Reading: Cardano Soars 32% Amid Buzz Around Hoskinson As Trump’s Crypto Advisor Immediately after the elections, […]
Bitcoin continues its march to a new all-time high after hitting $79,645 today, November 10. The crypto asset’s latest strong performance is backed by on-chain data, suggesting an increasing demand from US-based traders in recent weeks. And with the US Federal Reserve’s rate reduced by 25 basis points, many market analysts are looking forward to […]
The crypto market has seen significant inflows over the past 30 days, a trend that has intensified notably in the last two weeks. Interestingly, most of the inflow has been into Bitcoin, which has caused the leading cryptocurrency to break into new all-time highs back to back. Related Reading: The $12.1 Billion Trump Effect: Binance’s […]
State authorities in China are now patching loopholes in the national confidentiality regulations after they discovered that one of their colleagues assigned in a confidential unit sold state secrets to foreign contacts to pay off its debt incurred from crypto investment losses. This incident prompts Chinese officials to assess their confidentiality system closely to address […]
The momentum is on Bitcoin and crypto’s side, and it wouldn’t be surprising if the price surge continues until the end of the year. One of the biggest drivers of the current performance of Bitcoin is the election of Republican Donald Trump. Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As Token Rallies 11% Trump’s rhetoric and friendly pronouncement on crypto helped propel the asset’s price past $76k, beating this year’s March record. Now, many market analysts remain bullish days after the US elections. Thomas Lee, CNBC contributor and the CIO of Fundstrat Capital, even pushed a bolder claim, saying that Bitcoin could trade in six digits by year’s end. Lee states that the current market and political environment favor the top coin and expects more upside for digital assets. Trump’s Election Boosts Crypto Industry This Friday, the Fundstrat Capital CIO shared his thoughts on Trump’s elections and BTC’s future at CNBC’s Squawk Box. In the same discussion, Lee shared that Bitcoin and most altcoins will have a price rally in the short term. “It’s going to be very difficult to fix the deficit with just changes in taxes and spending,” says @fundstrat‘s Tom Lee. He says bitcoin is “potentially a Treasury reserve asset. If Bitcoin rises in price, it actually helps offset the liabilities, which is the deficit.” pic.twitter.com/tVrnE37dhS — Squawk Box (@SquawkCNBC) November 8, 2024 Lee shared that right before the elections, the global markets faced plenty of uncertainties. However, with Trump winning the US elections and his favorable proposed policies on Bitcoin, the crypto industry can expect better days. Lee added that changes in regulations and pro-crypto policies could power the digital asset’s short run. He also credits Trump for his experience as a former president, which can help him better navigate future challenges. With Trump’s support and a favorable market environment, Lee reflects on his initial target of $150k for BTC, saying this is possible. Bitcoin, Digital Assets Can Help Offset US Debt One of Trump’s campaign promises is to cut the country’s growing budget deficit, which now stands at more than $35 trillion. Lee explained that it’s difficult for Trump to cut taxes and spending to address the deficit. Instead, Lee sees Bitcoin as the key to solving the country’s growing budget deficit. He sees the potential in BTC as a future Treasury asset, noting its increasing market value over the years. Interestingly, Trump has also explored the idea, saying that as president, he can arrange the country’s budget woes by handing “a Bitcoin check.” Bitcoin Act Gaining Momentum After The US Elections Before Lee’s comments, there had been discussions on Bitcoin’s growing role in the country’s financial system. Senator Cynthia Lummis filed a bill, the Bitcoin Act, to legitimize the crypto asset as an economic asset. Related Reading: SEC Shake-Up: Robinhood Legal Boss On Shortlist For Top Spot—Report According to Senator Lummis, Trump’s win will favor the push to make Bitcoin an asset to help combat economic uncertainties. One of the bill’s recommendations was to hold up to 1 million BTC over five years as a hedge against inflation. Featured image from UpFlip, chart from TradingView
The cryptocurrency industry has emerged as a notable political force, with over $135 million spent in the 2024 election cycle to support more than 50 candidates across the political spectrum. As of Friday morning, all 48 candidates backed by major crypto political action committees (PACs) have been declared winners, according to Bloomberg, marking a significant […]