As a seasoned crypto investor with a decade of experience under my belt, I must say that this week has been nothing short of exhilarating. The rollercoaster ride we witnessed with Bitcoin reaching new heights and then consolidating, only to be predicted for another rally by Michael Saylor, is a testament to the unpredictable yet lucrative nature of this digital gold.
Today’s summary of our weekly roundup:
- Following the spike to the all-time high above $93,000, Bitcoin’s market cap surged above the $1.83 trillion mark, allowing the asset to overtake Saudi Aramco, Saudi Arabia’s state-owned petroleum firm, in valuation.
- Despite the pullback that ensued, Bitcoin held above the $90,000 mark, consolidating. Amid the range-bound, MicroStrategy Chairman and Bitcoin bull Michael Saylor predicted an imminent rally to $100,000.
- Peanut the Squirrel (PNUT) rose to above $1.6 on Nov. 13 and hit a new all-time high of $2.47 a day later, entering the top 100 list of largest crypto assets. Dogwifhat (WIF) spiked 37% in 24 hours following a Coinbase listing announcement.
- Also, Robinhood and Coinbase confirmed plans to list Pepe (PEPE) on Nov. 13, sparking a massive 42% rally in the frog-themed meme coin’s price. PEPE hit a new ATH of $0.00002597 the next day.
- Investors who had previously sued Tesla CEO Elon Musk over claims of Dogecoin price manipulation eventually withdrew their appeal.
Washington embraces DOGE
- Besides the broader market’s bullish atmosphere, political events in the U.S. also contributed to Dogecoin’s rally last week.
- On Nov. 13, President-elect Donald Trump created the Department of Government Efficiency. The agency, headed by Musk and Republican Vivek Ramaswamy, is expected to cut at least $2 trillion in federal spending.
FTX sues Binance
- Bankrupt exchange FTX filed a lawsuit against Binance, the world’s largest crypto exchange, and its former CEO Changpeng Zhao.
- Information from the filing suggested that the FTX estate is looking to reclaim $1.76 billion that was allegedly fraudulent purchased by Zhao and other Binance executives from Sam Bankman-Fried, the former FTX CEO.
- Trump promised to fire Gensler on his first day in office.
- Meanwhile, 18 Republican attorneys generals filed a lawsuit against the securities agency and its Chairperson last week, alleging that its actions in the crypto industry constituted “unconstitutional overreach”.
- As part of the probe, the FBI raided the home of Shayne Coplan, Polymarket’s CEO. The federal agents seized Coplan’s mobile device but didn’t give a reason for the raid.
- U.S. election betting is legal in certain scenarios, but not open to U.S. users per order of the Commodity Futures Trading Commission. Polymarket’s user base largely operates through cryptocurrency, which allows for easy anonymity.
- Meanwhile, in the U.S., the Crypto Market Integrity Coalition urged Congress to create a definite regulatory structure for cryptocurrencies in the country.
- As the forthcoming Trump administration hints at the introduction of a national Bitcoin reserve, the state of Pennsylvania already presented a bill to create such a reserve. If the bill passes, it will allow the government to invest in BTC.
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2024-11-17 18:20