2024-11-08 12:23

The proposed department, abbreviated as D.O.G.E, will seek to make government spending of taxpayer money more efficient while streamlining departments that handle spending. The parody Department of Government Efficiency (D.O.G.E) memecoin has surged by 100% in the last 24 hours, boosting its trading volumes and demand. Elon Musk's public discussions about forming a real "Department of Government Efficiency" (D.O.G.E.) to streamline government spending have spurred the rise of this parody token. A parody Department of Government Efficiency (D.O.G.E) memecoin has been up 100% in the past 24 hours as it has started to go viral within crypto circles, boosting trading volumes and demand. A CoinDesk analysis first flagged the Ethereum-based token in mid October, with prices increasing more than 600% since then. Entrepreneur and vocal dogecoin (DOGE) supporter Elon Musk first tweeted the Department of Government Efficiency in early August - spurring the creation of parody tokens - and further revealed plans for his proposed “Department of Government Efficiency” at a Pennsylvania town hall. The proposed department, abbreviated as D.O.G.E, will seek to make government spending of taxpayer money more efficient while streamlining departments that handle spending. Musk has previously suggested the proposed department could be run similarly to a corporate company at the Thursday town hall, with incentives for performers and penalties for those who fail to deliver results. And Republican Donald Trump’s win has pushed those plans closer to reality — pushing prices of the unrelated D.O.G.E token as traders seek to make money on the term’s virality and popularity. CoinGecko data shows the token is up 155,00% since early September, reaching a market capitalization of $153 million earlier Friday with nearly $30 million in trading volumes. Given the virality and appeal of the token, it may be headed for further price gains in the coming months as Trump takes office and D.O.G.E gains mainstream media coverage, some market watchers say. “There is going to be a media frenzy about Elon and D.O.G.E,” well-known trader ‘unipcs,’ told CoinDesk in an X message. “His aggressive backing ofTrump and the 'Department of Government Efficiency' narrative could have been a deciding factor for a Trump win. “That's going to end up being a key catalyst that fuels both Dogecoin and the D.O.G.E ETH memecoin much higher,” unipcs added. Dogecoin has gained more than 22% in the past seven days after Trump’s win given Musk’s closeness to the President-elect. https://www.coindesk.com/markets/2024/11/08/doge-memecoin-rockets-100-as-traders-savor-elon-musks-strong-link-to-president-elect-trump/

2024-11-08 12:13

Majors cryptocurrencies are surging as a bullish backdrop gives traders reason to set a $100,000 price target for BTC in the near term. Cardano's ADA has surged 16% in the past 24 hours, driven by marketwide increases, renewed interest in decentralized finance and growing appeal to retail investors. Bitcoin has traders eyeing $100,000 in the near term due to recent highs and the Federal Reserve's rate cut. Significant inflows into bitcoin ETFs signaled bullish market sentiment. Still, post-election market adjustments and policy uncertainties may lead to short-term pullbacks. Cardano (ADA) has surged 16% in the past 24 hours, leading gains among major cryptocurrencies, as traders look to a $100,00 price for bitcoin (BTC) in the near term following the Federal Reserve's interest-rate cut on Thursday. ADA rose above 42 cents in European morning hours Friday to reach levels last seen in late July. Recent price growth catalysts include a marketwide rally and resurging interest in decentralized finance (DeFi) that also spurred gains in ether (ETH) and Solana’s (SOL). Some observers also pointed to ADA's appeal among retail investors. Other majors were mixed after a two-day rally that saw BTC set a record high above $76,000. BTC rose 1.4% with xrp (XRP) and BNB Chain’s BNB also gaining less than 2%. ETH advanced more than 4%, while SOL jumped 7.5%. The broad-based CoinDesk 20 (CD20) Index rose 3.5%. The Fed cut interest rates by 25 basis points on Thursday, as expected. Lower interest rates typically support risk assets like bitcoin by increasing liquidity and weakening the dollar. Fed Chair Jerome Powell, speaking for the first time since President-elect Donald Trump's decisive victory, said that the election results would have no effect on the central bank's policymaking in the near-term, quelling fears of a hawkish surprise. Bitcoin exchange-traded funds (ETFs) in the U.S. recorded over $1.3 billion in net inflows on Thursday, breaking a March record of $1.1 billion, led by BlackRock’s IBIT. Against that backdrop, traders are ebullient about bitcoin's prospects. “In the short term, 100k will be the next major level of interest because of the symbolic nature of the number and the digit change,” Presto Research investment analyst Min Jung said in a note to CoinDesk.”Looking beyond that, we believe the U.S. could eventually add Bitcoin to its balance sheet—maybe as part of a 'strategic Bitcoin reserve' or something similar, but likely under a more low-key name. “With this in mind, our target is around the 110k range,” Jung added, referring to Trump’s campaign promise he would hoard bitcoin in the national treasury. Alex Kuptsikevich, senior market analyst at FxPro, mirrored the sentiment. “The first cryptocurrency rallied sharply on the US election results but is now defending its top and is likely to consolidate its strength before the next surge," Kuptsikevich said in an email to CoinDesk. "In general, we stick to the idea that the new highs have triggered a powerful new growth wave with the potential to rise to $100-110K within 2-3 months without any significant shakeout.” Some traders cautioned against a short-term pullback, even as they remained generally bullish on BTC. “Investors are beginning to pull back on some 'Trump trades:' the dollar has reversed much of its post-election gains, and Treasury yields have settled back into recent ranges after a brief whipsaw,” Singapore-based crypto fund QCP Capital said in a Telegram broadcast Friday. “As markets consider Trump’s proposed 60% tariff on China and fiscal concerns like the rising national debt, we expect BTC to carry less risk premium compared to equities, potentially positioning it to outperform other risk-on assets.” https://www.coindesk.com/markets/2024/11/08/cardano-pumps-16-bitcoin-could-pop-to-100k-after-fed-rate-cut/

2024-11-08 06:54

Trendline drawn off BTC's April and November 2021 highs signals resistance at around $90,000. Trendline drawn off BTC's April and November 2021 highs signals resistance at around $90,000. SOL's BTC-denominated price (SOL/ BTC) looks north. After months of struggle, bitcoin (BTC) bulls have finally managed to chew through the breakout level of $70,000 this week, setting new record highs above $76,000. With BTC in a price discovery mode on pro-crypto Donald Trump's return to the White House, the most pressing question for traders is: What's the next resistance level that could challenge the bulls? One of the straightforward ways to identify such a level is to examine the price chart. For instance, by drawing a trendline off the April 2021 peak of $64,898 and the November 2021 high of around $69,000 and extending it forward, we can see that the resistance lies around $90,000. Trendlines are a staple in technical analysis, helping traders identify the broader trend and potential support and resistance levels. In bitcoin's case, the upward-sloping trendline drawn from previous peaks can act as a target for potential sell orders or profit-taking, becoming a speculative resistance. Convergence of traders' actions could slow the ascent if and when the price nears $90,000. The latest move above $70,000, representing the unspooling of the prolonged consolidative pattern, indicates that the broader uptrend from the October 2023 lows has resumed. The breakout and a renewed positive flip in the MACD histogram, implying a strengthening of bullish momentum, suggest that the resistance at $90,000 could be tested soon. A move below the weekly low of $66,824 would invalidate the bullish technical outlook. Note that the activity in the options market suggests potential resistance at $80,000 and $100,000. SOL/BTC breakout Hopes for regulatory relief under Trump's presidency have led to bigger gains in alternative cryptocurrencies such as Solana's SOL token. Particularly noteworthy is SOL's BTC-denominated price (SOL/BTC), which has risen nearly 11% this week, hinting at a potential bullish resolution to months of tedious rangebound activity. A breakout from the triangular consolidation, represented by converging trendlines, would mean bulls are finally willing to lead the price action and open doors for a move toward 2021 highs. The weekly candle must close Sunday (UTC) above the upper trendline to confirm the breakout. https://www.coindesk.com/markets/2024/11/08/is-90k-bitcoins-next-big-test-trendline-analysis-reveals-insights-amid-solbtc-breakout-godbole/

2024-11-08 06:16

BlackRock’s IBIT accounted for most of the inflows at $1.1 billion, with zero net outflows from any product. Bitcoin ETFs saw a record-breaking $1.38 billion in net inflows post-Trump's election win. Ethereum ETFs recorded $78 million in inflows, buoyed by optimism in DeFi after Trump's victory. Bitcoin (BTC) exchange-traded funds (ETFs) listed in the U.S. logged a record $1.38 billion in net inflows on Thursday, a day after Republican Donald Trump won the U.S. presidency. BlackRock’s IBIT took on over $1.1 billion in net inflows, the most among all products, and its highest-ever since going live in January. Cumulative net inflows across all products crossed $25 billion for the first time. None of the twelve ETFs showed any net outflows. Ether (ETH) ETFs logged $78 million in net inflows on renewed bullishness for the decentralized finance (DeFi) space following Trump’s victory. ETH rose more than 10% on Thursday as expectations of pro-crypto policies and deregulation in a Trump regime boosted investor confidence in the asset. BTC trades above $76,000 in Asian morning hours Friday, up nearly 10% over the past week. In line with analyst expectations, the Federal Reserve cut rates by 25 basis points on Thursday in a move that typically supports risk assets like bitcoin by increasing liquidity and weakening the dollar. https://www.coindesk.com/markets/2024/11/08/bitcoin-etf-see-record-13b-inflows-on-trump-win-fed-rate-cuts/

2024-11-08 05:19

WonderFi CEO was forced into a vehicle but released after a ransom was paid. WonderFi CEO Dean Skurka was briefly held by unknown assailants in Toronto until a ransom was paid. Skurka is unharmed. The CEO of WonderFi, a publicly listed crypto holding company that owns one of Canada's largest crypto exchanges, has been safely released after he was kidnapped, Canada's CBC reported. CBC says that Dean Skurka was forced into a car during rush hour in Toronto, and the assailants demanded money for his release. Skurka was released unharmed after he paid a ransom of Canadian Dollar 1 million ($720,660). In a publicly released statement, Skurka said that "client funds and data remain safe, and were not impacted by this incident." Police in Ontario say crime in the province continues to rise, with gun violence in the Greater Toronto Area breaking records. Consensus 2025 will be held in Toronto in May. As the crypto bull market continues, with bitcoin (BTC) recently breaking through an all-time high, crypto kidnappings and extortion are also rising. Recently, police in Thailand arrested 12 people, including seven police officers, who were involved in a crypto kidnapping and extortion ring. The group had allegedly extorted a Chinese national for USDT 10 million after they reportedly fabricated charges and demanded payment to drop the case. https://www.coindesk.com/policy/2024/11/08/ceo-of-canadian-crypto-holding-returns-safely-after-paying-720k-ransom-report/

2024-11-08 01:52

This gives Donald Trump and his party leeway to do whatever they like at the federal government level. The Republican Party looks set to keep control of the U.S. House of Representatives, completing an electoral sweep of Congress and the presidency and the GOP leeway to pass whatever agenda they want. As of press time, the AP had called 409 (out of 435) seats, with Democrats winning 199 seats to the Republicans' 210. The first party to reach 218 seats will win the majority, and as of Thursday evening, Republicans appeared to be within reach of that goal — confirming odds on betting site Polymarket, where traders gave Republicans at least 51% odds and growing starting at 8 p.m. ET Tuesday night. As of press time, bettors gave Republicans a 98.5% chance of winning the House. As of 6:30 p.m. ET Thursday, Republicans led in at least 14 races, out of the 27 remaining, according to AP results, meaning if these results hold, they'll have the majority for at least another two years. Republicans also won control of the Senate and Donald Trump won the presidential election this week. For cryptocurrencies, this increases the odds the U.S. will become a far friendlier environment. In Alaska, Republican Nick Begich held a roughly 10,000-vote lead against Democrat Mary Peltola — who received backing from the crypto-aligned Fairshake super PAC — with 76% of votes counted. In Arizona, David Schweikert, a longtime Congressman who co-founded the Congressional Blockchain Caucus, held a roughly 10,000-vote lead with just under 70% of the total votes counted. Republican Eli Crane also held a slim lead. Democrat Greg Stanton held a much larger lead against his Republican opponent in the race for another of Arizona's House seats, while Juan Ciscomani — who also enjoyed Fairshake backing — trailed very narrowly with 70% of votes reported. In Iowa, Republican Mariannette Miller-Meeks held a 0.2% lead against Democrat Christina Bohannan, suggesting the race could go to a recount. In Nebraska, Republican Don Bacon held a somewhat larger margin, leading by 3% of the votes with 95% of the total votes counted. In Washington, Republican Dan Newhouse appears set to win against a fellow Republican, meaning this race will not benefit the Democrats at all. That brings Republicans to 217 seats. If these results hold, Democrats would need to sweep their races in California, which has 12 races yet to be called by the AP, as well as win in the other districts they're leading, to regain the House. Republicans are leading in seven of these races at press time, though some races have just over 52% of their results counted. Fairshake-backed Republican candidates in California include David Valadao (leading by 10% and 56% counted), Michael Garcia (leading by just over 2% and 69% counted), Young Kim (leading by 13% and 71% counted) and Michelle Steel (leading by just over 4% and 70% counted). Republicans Ken Calvert (just under 3% lead with 76% reporting), John Duarte (just under a 3% lead with 52% reporting) and Scott Baugh (0.4% lead with 73% reporting) are also in the lead in their races. While it is entirely possible some of these races flip by the time all votes are counted, as of press time Republicans look set to hold 224 seats, a two-seat improvement over the 118th Congress. On Polymarket, bettors gave this outcome an 86% chance as of press time, up from around 20% when polls began to close on Tuesday night. The scenario in which Republicans hold 215 to 219 seats has the second-greatest chance, at 21%. https://www.coindesk.com/policy/2024/11/08/republicans-look-set-to-clinch-electoral-sweep-echoing-polymarket-bets/