2024-10-29 08:45

Stablecoin margined futures on DOGE have spiked, with DOGE denominated bets rising 33% since Sunday. Interest in Dogecoin futures is approaching all-time highs from April, with a 33% increase in open interest since Sunday, now standing at 8 billion tokens. Traders are attributing this price movement to Trump's popularity and the potential establishment of a "Department of Government Efficiency" (D.O.G.E). Elon Musk's discussions on creating a D.O.G.E. for government efficiency, combined with Trump's promise to involve Musk in a government efficiency commission if re-elected, have fueled bullish sentiments among traders. Futures interest in dogecoin (DOGE) is swiftly rising and nearing record levels from April, thanks to renewed trading interest in the token on the possibility of its abbreviation becoming a part of Republican Donald Trump’s administration. DOGE prices are up 15% in the past 24 hours, CoinGecko shows, after an Elon Musk appearance at a Trump rally and a later X post of himself with the DOGE avatar. Traders are terming the price spike as a play on “Trump’s popularity,” as reported. DOGE-denominated futures have risen 33% since Sunday to 8 billion tokens as of European morning hours Tuesday. That’s just 12% away from a lifetime record of 9 billion DOGE in open interest. In stablecoin terms, the DOGE bets have spiked from $850 million to $1.3 billion, CoinGlass data shows. OI refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled. High open interest indicates that there is significant interest in a particular asset. When open interest increases along with rising prices, it suggests new money is coming into the market, indicating a strengthening trend - such as Tuesday’s. Higher open interest in token can lead to increased volatility, especially as contracts near expiration. Traders might rush to close, roll over, or adjust positions, which can lead to significant price movements. Musk has gotten closer to Trump in the past few months with increased donations and endorsements. On various talk shows, he has talked about creating a “Department of Government Efficiency,” abbreviated as D.O.G.E, in a quest to make government spending more efficient. Trump has said he would enlist Musk to run a “government efficiency commission” if he wins a second term as U.S. president, per BBC. Some traders have jumped on that narrative as a bullish catalyst in the near term. “Elon is memeing the idea of a 'Department of Government Efficiency' into reality and is able to tie it to DOGE somehow,” influential X account @theunipcs told CoinDesk in a message. “If we get a Trump win after the U.S. elections next week, i expect an even more parabolic move in dogecoin and the 'Department of Government Efficiency' ETH memecoin because it becomes a certainty that the department will be set up.” “There will likely a multi-month delay between Trump winning and his inauguration as well as such a department being actually set up, and that provides a solid trade opportunity,” @theunipcs added. The trader was among the first individuals to publicly state the D.O.G.E trade thesis. DOGE prices are up more than 30% since CoinDesk first reported on the D.O.G.E trade gaining interest among traders. https://www.coindesk.com/markets/2024/10/29/dogecoin-bets-spike-to-13b-as-trump-popularity-sees-doge-rocket-15/

2024-10-29 03:19

BTC added 5% in the past 24 hours, CoinGecko data shows, breaking out of a key $70,000 resistance with $48 billion in trading volumes, or nearly double the volumes from Monday. Bitcoin surpassed $71,000 in Asian trading hours, with a 5% increase over 24 hours, leading to significant trading volume and the liquidation of over $143 million in short positions. The rally was partly driven by whale activity on Binance and substantial inflows into Bitcoin ETFs, which saw a net increase of 47,000 BTC in the last two weeks. The surge is influenced by the upcoming U.S. elections, with traders betting on bullish market conditions regardless of the outcome. Bitcoin jumped above $71,000 in Asian morning hours Tuesday to lead a wider market move ahead, nearly a week ahead of the U.S. elections that traders largely consider a bullish catalyst for the market regardless of who wins. BTC added 5% in the past 24 hours, CoinGecko data shows, breaking out of a key $70,000 resistance with $48 billion in trading volumes, or nearly double the volumes from Monday. The move led to over $143 million in shorts, or bets against higher prices, to be liquidated in the past 12 hours, which may have contributed to a price spike higher as traders closed losing bets. BTC shorts lost $73 million, followed by $39 million on ETH shorts, data from CoinGlass shows. "We see some shorts against the 70k getting liquidated as the market seems to be pricing in increasing certainty of a trump victory," QCP Capital co-founder Darius Sit told CoinDesk in a Telegram message. CryptoQuant community analyst Mignolet attributed part of the buying demand to whales — a colloquial term for influential traders — on crypto exchange Binance, who are appearing to be net buyers of the asset largely in Asian hours. Bitcoin exchange-traded funds (ETFs) have further contributed to demand with a net inflow of 47,000 BTC over the past two weeks. Majors led by dogecoin (DOGE) surged higher. DOGE jumped 15% on continued Trump popularity, led by shiba inu (SHIB) at 8%. Ether (ETH) rose by 4.9%, while Cardano’s ADA, Solana’s SOL, and BNB Chain’s BNB jumped by more than 3%. The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, rose 3.3%. Tuesday’s move higher comes amid a shift of tone ahead of the November elections, with traders expecting BTC to set fresh highs regardless of a Republican or Democrat presidential victory in the U.S. Traders have long perceived Republican Donald Trump’s victory as a bullish catalyst for the industry for his pro-crypto stance and promises to make the U.S. a bitcoin powerhouse. Democrat Kamala Harris, on the other hand, has not made similar promises but said he would introduce regulations to protect certain groups. However, some say the asset is poised to go higher either way as several macroeconomic factors weigh in. Crypto options traders are increasing their bets that bitcoin will touch fresh highs by the end of November. Options due to expire on November 8 have their highest open interest at the $75,000 strike price, indicating a key market focus area for that period, as previously reported. https://www.coindesk.com/markets/2024/10/29/bitcoin-surges-above-71k-as-wild-crypto-market-pump-sees-175m-in-shorts-liquidated/

2024-10-29 02:43

As law firms and traditional finance companies cut back on office space, Yat Siu's Animoca is taking advantage of the renter’s market to expand its headquarters, reinforcing its commitment to Hong Kong as a global Web3 and digital culture hub. Animoca is bucking the trend of Hong Kong's TradFi sector, expanding as banks contract. Hong Kong is part of Animoca's DNA, and while the firm was once tempted to leave the city during COVID, it's staying put. Hong Kong is feeling the ripple effects of a slow mainland Chinese economy, and its financial sector, as well as professional services firms, are slimming down their real estate footprint to cope with slowing demand. Then there's Animoca Brands, a Web3 company known for its NFTs and GameFi verticals. It recently opened a new 28,000 square-foot (2,601-meter) office spread across two floors in an up-and-coming tech district on the south side of Hong Kong island. That's about 10 times the size of a tennis court. “We went from 7,500 square feet to 28,000 square feet,” said Evan Auyang, president of Animoca Brands, during an interview with CoinDesk. “It’s a renter’s market right now in Hong Kong, and we saw this as the perfect time to create a collaborative space not just for us but for other companies in our portfolio.” While crypto is having something of a bull market, Animoca had a rocky 2023 – like the rest of the crypto sector – battling layoffs and cutting the target size of its metaverse fund from $2 billion to $800 million. "As a company, we have to experiment. We have to accept failure as part of it,” he said, adding that Animoca, today, has pivoted a few times over the course of its short history. The company's evolution is driven by a culture of experimentation and by bringing on talent that naturally pushes the company in new directions. One thing that's new to Animoca, and different from other Web3 companies, is the amount of gray hair in the building. “Our executive team is fairly experienced. We’re not kids in our 20s. Most of us are in our 40s and 50s,” Auyang said. “We’ve been through a lot." Auyang highlights the importance of government backing in Animoca's decision to stay in Hong Kong, describing it as "invaluable" pointing to a pivotal moment when the Financial Services and Treasury Bureau announced its support for Web3 alongside Animoca’s co-founder and executive chairman, Yat Siu. “When the [FSTB] announced Hong Kong’s ambitions for Web3, they did it on stage with Yat Siu. That level of partnership is unique,” he said. Hong Kong’s unique creative energy, fueled by its rich heritage in film, music, and art, is something Animoca believes can’t be replicated elsewhere. While the company could theoretically operate from anywhere – and Auyang said that Hong Kong's prolonged Covid-19 lockdowns had Animoca on the brink of some tough decisions – it ultimately just couldn't leave the city. “During COVID, we thought about relocating. We could be anywhere.” Auyang said. “But ultimately, we were born here. Hong Kong is part of our DNA.” This series is brought to you by Consensus Hong Kong. Come and experience the most influential event in Web3 and Digital Assets, Feb.18-20. Register today and save 15% with the code CoinDesk15. https://www.coindesk.com/web3/2024/10/29/as-hong-kong-firms-downsize-animoca-built-a-workspace-the-size-of-10-tennis-courts/

2024-10-28 22:08

The price still remains below its record high of $73,700 hit in early March of this year. Bitcoin rose above $70,000 for the first time since June in the early evening U.S. hours on Monday. It remains about 5% below its record high around $73,700 from early March of this year. Rate cutting cycles among most major economies, renewed big inflows into the spot ETFs and rising betting market odds of a Trump victory next week are among the catalysts for the recent run higher. After an excruciating (for the bulls) more than seven months of sideways to lower price action, bitcoin (BTC) appears set for another challenge of its all-time high of roughly $73,700 hit in early March. Following what is now looking like a final washout plunge in the opening days of September that brought the price down to the $53,000 area, bitcoin has mostly been in rally mode since and finally took out the $70,000 level minutes ago. A fresh rate-cutting cycle from the major Western central banks (except the Bank of Japan) combined with sizable monetary and fiscal stimulus out of China may or may not be the key catalysts for this latest bull move. Also possibly at play are renewed big inflows into the U.S.-based spot bitcoin ETFs and the surge in prediction markets for the presidential election chances of crypto-friendly GOP candidate Donald Trump. The days ahead are likely to be busy ones, including what promises to be a frenzied end to the U.S. election season, the election itself on Nov. 5, a Federal Reserve rate decision on Nov. 6 and the U.S. October employment report on Nov. 8. This latest move higher brings bitcoin's year-to-date gain to about 65%. Gold and the S&P 500, both of which have been regularly notching new record highs over the past weeks, are ahead 32% and 24%, respectively. https://www.coindesk.com/markets/2024/10/28/bitcoin-tops-70k-for-first-time-in-more-than-four-months/

2024-10-28 20:18

Bitcoin's "bullish setup" into the U.S. election next week mirrors late 2020, which preceded a 120% rally in two months, Matthew Sigel of VanEck said. Bitcoin (BTC) rose to a three-month high on Monday, approaching the $70,000 level and moving to within about 5% of its record high of $73,700 from last March. BTC advanced 3% over the past 24 hours, changing hands at $69,800, while the CoinDesk 20 Index, which tracks the performance of 20 large-cap tokens, managed a more modest 1% gain during the same period. Ethereum's ether (ETH) was up 0.5%, while native tokens of Polygon (POL), Near (NEAR) and Hedera (HBAR) dragged the index lower. It was dogecoin {DOGE}} that defied the broadly lagging altcoin market, surging 10% during the day, as the token attracted trader attention after being mentioned during a Donald Trump campaign event on Sunday. The largest and oldest market cap canine-themed crypto has been closely associated with Trump lately after Elon Musk, who has been increasingly involved with the Republican candidate's campaign, proposed the “Department of Government Efficiency,” abbreviated to D.O.G.E., focused on reining in U.S. government spending. Excitement rose a bit further as Musk, following his appearance at the Trump rally, tweeted a meme of himself with the DOGE avatar. "It's a play on Trump's popularity," Paul Howard, senior director at crypto trading firm Wincent, said in a Telegram message. "DOGE is now being closely tied to the U.S. presidential outcome by virtue of its popularity with [Elon] Musk. Bettors on blockchain-based prediction market Polymarket now give a nearly 66% chance for Trump to win the U.S. presidential election next week, up from 61% a week ago. The crypto action happened as U.S. stock indexes closed the day higher, with the Dow Jones climbingby 0.7%, while the Nasdaq's and the S&P 500 each gained 0.3%. Crude oil prices tumbled more than 5% after Israeli airstrikes against Iran didn't hit oil facilities, allaying concerns of escalation in the Middle East. Bitcoin setup mirrors late 2020 There could be more gains ahead, as BTC's current setup resembles late 2020's big rally to all-time highs, according to Matthew Sigel, head of research at asset manager VanEck. "This is a very bullish setup for bitcoin into the election," Sigel said on Monday in an interview with CNBC. "We saw the exact same pattern in 2020 when bitcoin lagged with low volatility and once the [election] winner was announced, we had a high vol rally as new buyers came in," he added. BTC surged roughly 120% between the 2020 November election and the end of the year. https://www.coindesk.com/markets/2024/10/28/dogecoin-jumps-10-outperforming-on-trump-popularity-as-bitcoin-nears-70k/

2024-10-28 17:29

Yip said the panel will include representatives from each licensed exchange and would build community transparency and shared responsibility among licensees. The SFC’s Eric Yip said the panel will include representatives from each licensed exchange. He expects the panel to develop a roadmap for crypto products and services. The Hong Kong Securities and Futures Commission (SFC) plans to create a consultative panel for licensed cryptocurrency exchanges in the city next year, said Eric Yip, the SFC’s Executive Director, Intermediaries. Speaking at Hong Kong Fintech Week on Oct. 28, Yip said the panel will include representatives from each licensed exchange and would build community transparency and shared responsibility among licensees. “We expect the panel deliberation will result in a comprehensive virtual assets white paper that outlines the development roadmap for products and services, as well as potential enhancement in compliance and risk management,” he said. The move will be part of the city’s effort to establish a comprehensive framework for digital assets, which includes upcoming legislation for OTC trading and stablecoins. Earlier this year, Hong Kong brought in a new licensing regime for virtual asset trading platforms. Three are currently licensed in the city and Yip said the SFC was currently processing the application of another 14, 11 of which have pre-existing businesses in Hong Kong. He added that he expected more licenses to be granted by the end of this year. But Yip also cautioned that while virtual assets were at the forefront of the agenda for financial regulators globally, investors still need to be protected through regulation and education. In the first half of this year, HK$1.5 billion ($193 million) was lost to investment fraud in the city, while fraud and scams accounted for almost half of reported crimes, according to a police statement. It did not publish results on how many of these cases involved cryptocurrency but figures from 2023 show that crypto-related fraud accounted for more than half of investment fraud losses. “At the SFC, we firmly believe the future of virtual assets lies in a regulated marketplace that balances its development with investor protection. We do not need to reinvent too many wheels, as our experience in securities regulation lays a strong foundation,” Yip said. He called for greater cooperation between different regulators around the world to prevent exchanges from playing “regulatory arbitrage”. Yet it is proving to be a challenge. Some of the biggest exchanges globally have dropped out of the Hong Kong licensing application process, including OKX, HTX and a local Binance-backed exchange. The small amount of tokens available on licensed exchanges and the lack of complex financial products mean retail traders are continuing to use overseas exchanges not licensed in Hong Kong. Without mentioning this issue explicitly, Yip said that regulators needed to stay on their toes to keep up. “If virtual asset liquidity still resides in unregulated VATPs after all our efforts, and regulated entities cannot operate a sustainable business model, then we need to reflect on why investors didn't pick our state-of-the-art regulatory framework,” he said. “In short, we need to listen to the market and balance between regulatory perfection and market development.” This series is brought to you by Consensus Hong Kong. Come and experience the most influential event in Web3 and Digital Assets, Feb.18-20. Register today and save 15% with the code CoinDesk15. https://www.coindesk.com/policy/2024/10/28/hong-kong-sfc-to-establish-consultative-panel-for-licensed-crypto-exchanges/