Category: Cryptocurrency

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Bitcoin (BTC) is on the brink of a historic milestone, with market analysts projecting that its price could surpass $100,000 before the end of November. The cryptocurrency recently reached a record high of $90,000, bolstered by improving market sentiment and a pro-crypto policy environment expected under President-elect Donald Trump.

Record-Breaking Month for Bitcoin

Historically, November has been Bitcoin’s strongest month in terms of price performance, and 2024 appears to be no exception. Bitcoin’s price surged to $90,000 on Nov. 13, marking a 100% year-to-date rally. According to Ryan Lee, chief analyst at Bitget Research, this bullish trend is driven by growing investor demand and historical chart patterns.

“If history repeats itself, a 14.7% increase from the current price level will push Bitcoin beyond the $100,000 mark,” said Lee. This optimism is supported by increasing confidence in the cryptocurrency’s role as a hedge against traditional financial uncertainties.

Trump’s Crypto-Friendly Policies

Adding to the momentum, President-elect Trump is reportedly considering a crypto-friendly candidate for chairing the Commodity Futures Trading Commission (CFTC). Summer Mersinger, a current CFTC commissioner known for advocating a pro-crypto approach, is among those being considered.

The CFTC is a key regulator of cryptocurrency markets in the U.S., and Mersinger’s potential appointment could create a more favorable environment for digital assets. Trump’s support for crypto innovation and his administration’s potential policies may encourage broader adoption of cryptocurrencies like Bitcoin.

Institutional Adoption Drives Market Confidence

Bitcoin’s rally is further supported by the growing interest of institutional investors. According to a report by Swiss crypto bank Sygnum, a significant number of institutions plan to increase their long-term allocations to cryptocurrencies.

The approval and launch of U.S. Bitcoin Spot ETFs have been pivotal in driving institutional adoption. Martin Burgherr, Sygnum’s chief clients officer, noted that clearer global regulations and the availability of ETFs are fueling positive sentiment among major investors.

“Bitcoin is no longer just a speculative asset,” said Burgherr. “It is increasingly being recognized as a legitimate and valuable part of diversified investment portfolios.”

Bitcoin’s Appeal Amid Economic Uncertainty

The broader economic environment has also played a role in Bitcoin’s surge. As traditional markets face ongoing challenges, cryptocurrencies like Bitcoin are emerging as preferred “risk-on” assets for investors seeking higher returns.

Bitcoin’s decentralized nature and its potential to serve as a hedge against inflation continue to attract retail and institutional investors alike. The ongoing digital transformation and increasing use cases for blockchain technology further solidify Bitcoin’s position in the global financial ecosystem.

Challenges Ahead

Despite the optimism, some market watchers caution against overexuberance. Bitcoin remains a highly volatile asset, and rapid price increases often lead to significant corrections. Analysts suggest that while the $100,000 target is achievable, investors should exercise caution and consider long-term strategies when entering the market.

Future of Bitcoin Under Trump Administration

As the Trump administration prepares to take office, the potential appointment of a crypto-friendly CFTC chair could pave the way for a more robust cryptocurrency market. Coupled with increased institutional interest and technological advancements, Bitcoin is well-positioned for continued growth.

However, regulatory clarity will remain a critical factor. Market participants will closely monitor how the new administration navigates the balance between innovation and oversight in the rapidly evolving cryptocurrency landscape.

Conclusion

Bitcoin’s unprecedented rally to $90,000 has set the stage for what could be its most significant milestone yet: crossing the $100,000 mark. With favorable market conditions, increasing institutional adoption, and the possibility of pro-crypto policies under the Trump administration, Bitcoin’s future looks bright.

For investors, Bitcoin represents a unique opportunity to participate in a transformative financial revolution. However, navigating this dynamic market requires a balanced approach, considering both its immense potential and inherent risks.

As November unfolds, the world will watch closely to see if Bitcoin can achieve its long-anticipated $100,000 milestone, further cementing its status as a leading digital asset.

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Dogecoin (DOGE), the meme cryptocurrency famously associated with Elon Musk, experienced a dramatic surge in value after President-elect Donald Trump announced the creation of a new executive department focused on government efficiency. Dubbed the “Department of Government Efficiency” (DOGE), the initiative sparked excitement not only in political circles but also in the cryptocurrency market, driving Dogecoin’s price higher.

The Trump-Musk Partnership: What It Means for DOGE

In a surprising announcement, Trump appointed Elon Musk and Vivek Ramaswamy to lead the DOGE initiative. Their mission? To restructure government agencies, reduce waste, and streamline operations. Musk, known for his entrepreneurial approach, called the initiative a “game-changer” and pledged to deliver measurable results by July 4, 2026.

Trump’s vision for DOGE aligns with Republican goals of cutting regulation and bureaucracy. With Musk and Ramaswamy at the helm, the department promises to bring innovation and efficiency to government operations, aiming to make the U.S. government leaner and more effective.

Dogecoin’s Market Reaction

Dogecoin’s value skyrocketed following the announcement, trading at approximately $0.40 by Wednesday afternoon, according to CoinMarketCap. The cryptocurrency, initially created in 2013 as a parody of Bitcoin, has grown into one of the most popular and widely held digital currencies.

Elon Musk’s influence on Dogecoin is well-documented. The Tesla (NASDAQ:TSLA) and SpaceX CEO has often expressed his support for the meme coin, referring to it as his favorite cryptocurrency. Musk’s active promotion of DOGE on social media platforms, including X (formerly Twitter), has consistently driven market activity.

Musk’s Crypto Influence

Musk’s impact on Dogecoin cannot be overstated. Following Trump’s announcement, Musk took to X to share memes and AI-generated images of Dogecoin’s Shiba Inu mascot, further fueling investor interest.

Musk also hinted at plans to launch merchandise tied to both the new government department and the cryptocurrency. If these plans materialize, they could further integrate Dogecoin into mainstream commerce, enhancing its utility and market appeal.

Dogecoin Market Trends: Insights and Implications

The market capitalization of Dogecoin surged to nearly $58 billion after the announcement. This growth highlights the cryptocurrency’s resilience and its ability to capitalize on news-driven momentum.

Dogecoin’s appeal lies in its accessibility and the strong community that supports it. While initially created as a joke, DOGE has become a serious contender in the cryptocurrency market, often outperforming traditional coins during periods of high social media activity.

Trump’s association with the cryptocurrency, even indirectly, could lend Dogecoin an unprecedented level of legitimacy. By aligning DOGE with a government initiative, the announcement may encourage new adoption and elevate the meme coin’s status as more than just a speculative asset.

What’s Next for Dogecoin and DOGE?

The success of Dogecoin’s recent surge depends on several factors:

Sustained Promotion: Musk’s ongoing support and potential integration into the DOGE department could maintain investor interest.

Broader Adoption: If DOGE-themed merchandise and government-backed initiatives emerge, Dogecoin may see increased utility and acceptance.

Market Volatility: As with all cryptocurrencies, Dogecoin remains subject to rapid price fluctuations, requiring cautious optimism from investors.

Conclusion

Dogecoin’s latest rally underscores the cryptocurrency’s unique ability to thrive in unconventional circumstances. With Trump and Musk steering the narrative, DOGE has captured global attention, demonstrating its potential as a dynamic market force.

As Dogecoin continues to gain traction, its evolution from a meme to a legitimate cryptocurrency remains one of the most intriguing stories in the digital currency space. For investors, this latest surge presents both opportunities and challenges in navigating the ever-changing landscape of cryptocurrency markets.

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• DIN Launches as an AVS at Devcon Bangkok 2024
• 50+ partners offering connectivity to 12+ networks are already handling 100 million requests daily
• New din.build website and DIN whitepaper now available

FORT WORTH, Texas, Nov. 14, 2024 /PRNewswire/ — A year after announcing its initial list of providers building the public infrastructure for an improved internet, Consensys and Infura’s Decentralized Infrastructure Network (DIN) is now handling requests across a dozen blockchain networks. Today at the 2024 Devcon conference in Bangkok, DIN unveiled its plan to also launch as an EigenLayer AVS, marking a new chapter for connectivity and broader access to web3 across multiple blockchain networks.

DIN is a decentralized web3 API marketplace making web3 more accessible, reliable and efficient while providing a powerful new way for developers to connect to Ethereum and other top-tier blockchains. In 2024, new networks that have been decentralized by DIN include Blast L2, Mantle, Starknet, ZKsync, BNB Smart Chain (BSC), opBNB, and Scroll, providing developers new opportunities to build and scale their applications with significant infrastructure support.

Launching DIN as an AVS through EigenLayer will allow web3 builders and operators to tap into the security guarantee of staked ETH and the intersubjective nature of EIGEN to run a wide array of services. By harnessing the power of restaking and supporting infrastructure, DIN can further expand its decentralized infrastructure offerings to foster a more robust and resilient Ethereum ecosystem.

Less than a year after launching in its initial federated phase, over 40 of the 50 providers in DIN have been tested and over a quarter are serving traffic. This progress reflects the pioneering network’s progressive shift towards decentralization and its expansion into a permissionless marketplace and service discovery layer for web3, simplifying the launch of new services across additional web3 gateways.

“This is an important step in DIN building on-chain,” said Tom Hay, head of product for Infura DIN. “By leaning on Ethereum‘s economic security through EigenLayer, we continue to build on DIN’s steady progress creating a web3 permissionless marketplace for infrastructure services.”

DIN’s progress is a significant milestone in Consensys and Infura’s ongoing efforts to foster decentralized internet infrastructure. 

“Consensys has been a pioneer in building crypto user experiences, dev tooling and infrastructure, and has played an instrumental role in growing Ethereum,” says Sreeram Kannan, founder of EigenLayer. “We are delighted that Consensys and Infura are joining the EigenLayer ecosystem to enable Decentralized Infrastructure Network (DIN), the leading web3 rpc marketplace, to leverage Ethereum‘s economic security using EigenLayer. Building DIN as an EigenLayer AVS enables permissionless infrastructure provision, thus scaling the marketplace while simultaneously increasing reliability and reducing costs – another step forward in our mission of driving open innovation”

Why DIN Matters

The cooperative and competitive dynamics among DIN Providers drive down development costs and improve access to decentralized Web3 gateways. Taking a decentralized approach offers developers greater connectivity to emerging blockchain networks at a lower cost with increased reliability. DIN allows web3 gateway providers to simultaneously compete and cooperate, which means ultimately everyone wins, including users.
DIN providers collaborate on key components like router, node infrastructure kits, and payments, scaling decentralized RPC solutions for builders. Simultaneously, DIN provides a vital new solution for emerging blockchain networks looking to scale. 

To learn more or plug in to DIN right away, read the new DIN whitepaper at din.build. 

About Consensys 

Consensys is the leading blockchain and web3 software company. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through our product suite, including the MetaMask platform, Infura, Linea, Diligence, and our NFT toolkit Phosphor, we have become the trusted collaborator for users, creators, and developers on their path to build and belong in the world they want to see. Whether building a dapp, an NFT collection, a portfolio, or a better future, the instinct to build is universal. Consensys inspires and champions the builder instinct in everyone by making web3 universally easy to use and develop on. To explore our products and solutions, visit https://consensys.io/.

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As we progress through November 2024, the cryptocurrency market presents an exciting opportunity for investors to maximize returns. Among the top cryptocurrencies to consider are Qubetics, Bitcoin (BTC), and Ethereum (ETH), each offering distinct advantages and high potential for return on investment (ROI). Here’s why these three assets are the best crypto to buy now.

Qubetics: Transforming Ownership with Tokenized Assets

Qubetics is revolutionizing the digital asset landscape with its tokenized assets marketplace, allowing seamless conversion of physical and digital assets into tradeable tokens. This process, known as fractional ownership, democratizes investments in assets like real estate, commodities, and intellectual property, which have traditionally required significant capital. Through Qubetics, investors can diversify portfolios by gaining access to asset classes previously beyond their reach.

The marketplace’s core strength is its ability to address issues that affect traditional markets—such as limited liquidity and transparency. By offering a secondary market for these assets, Qubetics enables investors to buy, sell, and manage their holdings with ease, resulting in faster value appreciation. As a high-growth platform, Qubetics positions itself as a promising investment for those looking to capitalize on the early stages of tokenized asset trading.

Qubetics Investment Potential

Currently, Qubetics offers $TICS tokens at a presale price of $0.0212, creating a unique investment opportunity. For instance, a $1,000 investment at this stage would yield approximately 47,169 $TICS tokens. Should the token reach $10, the initial investment would appreciate to $471,000, representing a potential 47,069% ROI. With this level of growth potential, Qubetics is emerging as one of the best crypto to buy now.

Bitcoin: High Demand and 2024 Halving Impact

As the pioneering cryptocurrency, Bitcoin (BTC) remains a dominant player in the market, especially given the recent 2024 halving that reduced block rewards from 6.25 BTC to 3.125 BTC. This reduction in new Bitcoin supply has intensified demand, driving prices upward. Investors anticipate that the halving’s impact on supply could lead to further appreciation, as was seen following previous halvings.

Institutional interest has also surged with the introduction of Bitcoin exchange-traded funds (ETFs). On November 11, U.S. Bitcoin ETFs recorded an inflow of 13,940 BTC in a single day, significantly higher than the 450 BTC mined daily. This demand signals Bitcoin’s increasing role as a mainstream asset, with institutions seeking to lock in their share of a limited supply. The resulting supply shock is a strong indicator of potential price growth, making Bitcoin one of the top choices for investors looking to capitalize on high-growth crypto assets.

Ethereum: Whale Accumulation and Institutional Inflows

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has gained significant traction, especially with the recent influx of institutional interest and high whale activity. Ethereum’s price recently tested a key resistance level of $3,200, spurred by substantial volume accumulation. Whale activity has increased, with investors buying significant amounts of ETH, creating upward pressure on the asset’s price.

Notably, Ethereum ETFs saw their highest-ever inflows, totaling $154.7 million. Technical indicators, such as the On-Balance Volume (OBV) and Relative Strength Index (RSI), reveal strong accumulation by large investors, supporting a bullish outlook. Although the RSI indicates overbought conditions, suggesting a potential pullback, the positive sentiment and increased adoption in the decentralized finance (DeFi) space give Ethereum strong upward momentum.

Conclusion: Best Crypto to Buy Now – Qubetics, Bitcoin, and Ethereum

In November 2024, Qubetics, Bitcoin, and Ethereum stand out as the best cryptocurrencies to buy. Each offers unique benefits and high ROI potential. Qubetics leads the way with its innovative approach to fractional ownership through tokenized assets, making previously exclusive investments accessible to a broader audience. Bitcoin remains a strong investment choice due to its scarcity and demand dynamics, particularly following the halving event. Lastly, Ethereum shows promising growth, supported by whale accumulation and strong adoption in DeFi applications.

Whether you’re interested in the high-growth potential of Qubetics, the supply-driven price increases of Bitcoin, or Ethereum’s leading role in DeFi, these cryptocurrencies offer a diverse strategy for those looking to maximize their returns in the crypto market. Each asset represents a unique opportunity for investors to gain exposure to the rapidly evolving world of digital assets, making them the best crypto to buy now for a balanced portfolio with high ROI potential.

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The global crypto market has reached a record-breaking $3 trillion in total value, buoyed by optimism over regulatory changes and significant gains in major tokens. This surge comes amid pro-crypto sentiment surrounding the recent election of Donald Trump, who, along with other pro-crypto lawmakers, could usher in friendlier U.S. regulations for digital assets.

According to CoinGecko, the market hit a peak of nearly $3.2 trillion on November 14, surpassing the highs seen during the pandemic-driven speculative boom in 2021. The milestone also reflects renewed interest and investments in the crypto market, which had seen a prolonged downturn in recent months.

Bitcoin’s Record-Setting Rally Drives Market Growth

Bitcoin (BTC), which remains the largest player in the crypto market, has led the recent rally, climbing to a record price of $93,480 before stabilizing around $91,500. The cryptocurrency has doubled in value this year, gaining nearly 30% since the U.S. election on November 5, driven by enthusiasm around potential regulatory shifts in the U.S.

“Generally, the way this market goes is bitcoin will break out first, and then the altcoins follow,” said Matthew Dibb, chief investment officer at Astronaut Capital. This pattern has led to rising prices for other major tokens, such as Ether (ETH), which surged to $3,220, and Dogecoin (DOGE), which saw a remarkable 140% increase.

Pro-Crypto Policies and Potential U.S. Bitcoin Reserve

The Trump administration’s stance on cryptocurrency, along with an influx of pro-crypto lawmakers in Congress, has fueled optimism about reduced regulatory hurdles in the crypto sector. This favorable regulatory environment is seen as a significant driver of the recent market gains, as it could potentially clear the path for broader adoption of cryptocurrencies.

Adding to the excitement, Trump has hinted at establishing a “strategic bitcoin reserve” in the U.S., similar to the gold reserves held by the government. Although details remain unclear, this proposal suggests a long-term commitment to Bitcoin, aligning it with traditional stores of value like gold. David Glass, a digital assets strategist at Citi, commented, “The story of removing regulatory headwinds, coupled with the potential for a strategic bitcoin reserve, is boosting investor confidence.”

Institutional Investors Eye Crypto ETFs

The surge in the global crypto market has also been fueled by institutional interest, with a rise in crypto exchange-traded funds (ETFs) that offer an indirect route for institutions to gain exposure to Bitcoin and other digital assets. According to Refinitiv Lipper, spot Bitcoin ETFs have attracted $4.05 billion in net inflows since November 6, a notable indicator of demand from financial institutions that typically avoid direct crypto holdings.

Carl Szantyr, managing partner at Blockstone Capital, remains optimistic, stating, “Bitcoin enthusiasts are known for bold predictions, but hitting $100,000 by year-end seems feasible given the current momentum.”

Continued Caution Amid Market Growth

Despite the positive outlook, the crypto market still faces challenges. While Bitcoin’s market value continues to climb, the ecosystem remains volatile, with sectors like non-fungible tokens (NFTs) yet to recover fully. The average sales price for NFTs has only increased slightly, from around $2,000 to $2,700, highlighting limited growth in these more speculative corners of the market.

Singapore’s DBS Bank, which operates a digital exchange, has reported a surge in trading volume but noted that clients are not yet moving toward more decentralized exchanges or exotic platforms. David Hui, chief commercial officer of DBS Digital Exchange, explained, “We’ve not seen our clients shift their assets toward more obscure market segments.”

Broader Implications for DeFi and Blockchain Adoption

Industry experts believe that the heightened interest in the crypto market could drive further innovation in decentralized finance (DeFi) and blockchain-based services. Danny Chong, co-founder of the DeFi platform Tranchess, noted, “There’s increased interest and willingness to look at DeFi and other blockchain possibilities. If the market cap stays high, we could see deeper engagement in new and existing blockchain themes.”

The $3 trillion milestone could also stimulate interest in tokenizing real-world assets and expanding blockchain-based payment solutions, marking a shift towards a more integrated financial ecosystem powered by decentralized technology.

Future Prospects for the Global Crypto Market

As the global crypto market reaches new heights, investors and institutions alike are paying close attention to emerging trends. While the market remains volatile, the pro-crypto political landscape and continued interest in digital assets from both retail and institutional investors suggest a promising future. With Bitcoin leading the charge and institutional support through ETFs growing, the cryptocurrency market could continue its upward trajectory, paving the way for new possibilities in DeFi and blockchain innovation.

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The latest earnings season saw Bitcoin miners releasing mixed results amid a postelection Bitcoin rally. As Bitcoin (BTC) reached a record high of $89,995 on Monday, the cryptocurrency’s rapid ascent continued to fuel activity in the mining sector. Leading miners, including Hut 8 (NASDAQ:HUT), HIVE Digital (NASDAQ:HIVE), and MARA Holdings (NASDAQ:MARA), delivered quarterly results with varied financial outcomes.

Despite Bitcoin’s robust year-to-date gain of 112%, the quarterly reports indicate different growth strategies and financial performance among these industry players.

Hut 8: Expanding with AI Integration

Hut 8 posted a significant earnings improvement, with EPS of 1 cent compared to last year’s loss of 10 cents. The miner reported a 101% increase in revenue to $43.74 million, well above FactSet’s projected revenue of $34.6 million. In total, Hut 8 mined 234 Bitcoin during the quarter, generating an average revenue per Bitcoin of $61,025 against a mining cost of $31,482.

Hut 8 is also expanding into artificial intelligence (AI) services, introducing a GPU-as-a-Service business through its subsidiary, Highrise AI. The miner has entered into a five-year partnership with an AI cloud services provider, securing fixed infrastructure payments and a revenue-sharing agreement. CEO Asher Genoot shared that three of the company’s large-scale AI data center projects, with a combined capacity of over 430 megawatts, are scheduled to launch by 2025.

Further, Hut 8 is upgrading its ASIC Bitcoin mining equipment to improve mining efficiency by 37%, with updates expected to be completed in the first half of 2025. This investment in both AI and hardware upgrades reflects Hut 8’s commitment to diversification and technological advancement.

The strong earnings and growth potential saw HUT stock rise 6.2% early Wednesday, contributing to its year-to-date gain of nearly 79%.

HIVE Digital: High-Performance Computing Boosts Revenue

HIVE Digital reported a narrower-than-expected quarterly loss of 6 cents per share, outperforming analyst estimates of a 9 cent loss. Despite this improvement, revenue fell slightly by 0.5% to $22.65 million, falling short of FactSet’s $25 million estimate. Revenue from digital currency mining declined by 7.8% to $20.77 million, while revenue from high-performance computing surged to $1.88 million from $253,000 a year prior.

HIVE Digital mined 340 Bitcoin during the quarter and closed with a reserve of 2,604 Bitcoin, valued at $165.2 million. This revenue diversification, with a focus on high-performance computing, suggests HIVE Digital’s strategy to navigate the volatile crypto market.

HIVE stock saw a slight increase on Wednesday, bringing its year-to-date gain to nearly 16%, with a 12% jump earlier in the week following Bitcoin’s record high.

MARA Holdings: Production Increases, Earnings Miss

MARA Holdings reported a challenging quarter, with a loss of 42 cents per share, widening from a 34-cent loss last year and missing estimates for a loss of 26 cents. Revenue rose by 35% to $131.6 million but did not meet expectations of $140.3 million.

MARA mined 2,070 Bitcoin during the quarter and acquired an additional 6,210 Bitcoin. The company made this acquisition using proceeds from a $300 million convertible note offering at an average purchase price of $59,500 per Bitcoin. MARA now holds a total of 26,747 Bitcoin, a substantial reserve that reflects the miner’s long-term belief in Bitcoin’s value appreciation.

The company’s mining fleet grew by 7%, totaling 268,000 active miners. MARA did not sell any Bitcoin during the quarter, reinforcing its accumulation strategy. MARA stock initially dropped 4% in premarket trading on Wednesday but recovered later, driven by Bitcoin’s overall market gains. The stock is up 7.4% year-to-date.

Bitcoin Miners Look Ahead as Bitcoin Rallies

The earnings season highlighted various strategies and challenges for major Bitcoin miners. Hut 8’s diversified growth into AI, HIVE Digital’s focus on high-performance computing, and MARA’s aggressive Bitcoin accumulation all reflect unique approaches to capitalizing on the Bitcoin rally.

As Bitcoin miners navigate fluctuating prices and increasing operational costs, these quarterly results emphasize the importance of strategic adaptation. With Bitcoin hitting record highs and growing interest in blockchain technologies, the future appears promising for those equipped to innovate and scale.

The current postelection Bitcoin rally is driving market interest, yet the long-term performance of Bitcoin miners will hinge on efficient operations and continued adoption of crypto and blockchain technology.

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The cryptocurrency market experienced a remarkable surge as Bitcoin (BTC) soared to a fresh all-time high, surpassing $93,000 amid a “Trump crypto rally.” This rally has been fueled by the renewed optimism in the crypto community following Donald Trump’s recent election victory. Alongside Bitcoin, Dogecoin (DOGE), the popular meme coin often associated with tech entrepreneur Elon Musk, has seen its value skyrocket, gaining over 150% since election day. This extraordinary momentum suggests a promising yet unpredictable future for the digital currency landscape.

Bitcoin Reaches New Heights Amid Trump Crypto Rally

Bitcoin’s unprecedented rise past $93,000 marks an all-time high, driven by investor confidence that Trump’s presidency could usher in a more crypto-friendly regulatory environment. Since Trump’s victory, Bitcoin’s value has surged by over a third, reflecting the widespread anticipation of favorable policies and relaxed regulatory scrutiny for digital assets. The industry has long viewed the current administration as an obstacle, with leaders advocating for more straightforward guidelines and reduced oversight.

Dogecoin Soars After Trump Taps Musk for Government Efficiency

In a move that further invigorated the crypto market, Trump announced that Elon Musk and entrepreneur Vivek Ramaswamy would lead the newly formed Department of Government Efficiency (Doge). Dogecoin responded with a rapid increase in value, continuing to climb as Musk’s involvement heightened investor interest. The new advisory group, expected to bring innovative and cost-effective approaches to government operations, may also open avenues for blockchain integration within government processes, sparking even greater optimism in the crypto sector.

Crypto Advocates Find Renewed Hope in Trump Administration

Trump’s close ties to prominent figures in the crypto world, including Musk and Cantor Fitzgerald CEO Howard Lutnick, have been seen as promising signals for the industry. Lutnick, a key player on Trump’s transition team, has advocated for less restrictive crypto policies. His influence could bring more crypto-friendly figures into Trump’s economic advisory team, setting the stage for potential industry growth and expansion.

This administration change marks a stark contrast to the previous leadership under the Biden administration, which took steps to impose greater oversight and regulations on the crypto market. Gary Gensler, former chair of the Securities and Exchange Commission (SEC), was perceived as a critic of unregulated cryptocurrency, emphasizing investor protections after high-profile cases like the FTX and Binance collapses.

Crypto Community’s Role in Trump’s Victory

Throughout the election, Trump received substantial support from the crypto community, with many industry leaders rallying behind his campaign to unseat regulatory hawks. High-profile crypto enthusiasts like Brad Garlinghouse, CEO of Ripple, publicly voiced support for Trump’s approach, noting, “The Biden administration’s war on crypto is coming to an end.” Such endorsements underscore the widespread belief that Trump’s victory may signal a revival for the digital asset space in the U.S.

Dogecoin’s Role in Government and Musk’s Influence

Trump’s appointment of Musk to lead the Department of Government Efficiency solidified Musk’s role in influencing Trump’s administration. Under this initiative, Dogecoin is expected to partner with the White House’s Office of Management and Budget, advising on efficiency measures and cost-reduction strategies within government operations. Musk, known for his commitment to transparency, plans to document the department’s actions on his social platform, X (formerly Twitter), inviting public input on government spending decisions.

Musk shared his excitement on X, posting, “Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!” His proactive approach has resonated with both the public and investors, further fueling Dogecoin’s rising valuation.

Looking Ahead: Will the Trump Crypto Rally Sustain?

The Trump crypto rally underscores the cryptocurrency community’s optimism for reduced regulatory pressure and increased adoption. As Trump’s administration develops, industry stakeholders are closely watching for signals that might shape the future of digital assets in the U.S. However, experts caution that market volatility remains a factor, and investor confidence may hinge on the administration’s ability to deliver on pro-crypto promises.

For now, the Trump crypto rally has provided a significant boost to digital assets like Bitcoin and Dogecoin, reigniting interest and investment. As policies and appointments continue to unfold, the crypto market’s reaction will serve as a barometer for the administration’s impact on digital currencies. With the crypto industry entering a new phase under Trump’s leadership, investors and crypto advocates alike remain hopeful for a prosperous era of growth and innovation.

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Popular cryptocurrency tax software provider has expanded its offerings to support tax reporting for UK crypto investors.

AUSTIN, Nov. 12, 2024 /PRNewswire/ — CoinLedger, a leading tax reporting platform for cryptocurrency users, today announced its official expansion into the United Kingdom. Investors and cryptocurrency users in the UK can now use the platform to automate all of their capital gains, losses, and income tax reporting in accordance with UK tax laws.

“We’re extremely excited to be expanding our full suite of tax reporting tools and offerings to help UK cryptocurrency investors stay compliant with local laws,” said David Kemmeer, Co-Founder and CEO of CoinLedger. “We’ve seen incredible demand not just here in the U.S., but from crypto consumers all over the world who need help with tax reporting. With this rollout, crypto tax compliance for the average UK resident will be as simple as a few button clicks.”

The interoperable nature of cryptocurrencies and digital assets, with transfers across different blockchains, wallets, and exchanges, can create tax reporting nightmares for individuals. CoinLedger solves this problem by integrating directly with hundreds of cryptocurrency platforms to allow any user to track their digital-asset transaction history across the entire crypto-economy.

By syncing their wallets to CoinLedger, UK users can now automatically import and account for their historical transactions across all of their crypto platforms. From here, they can generate the relevant local tax forms with the click of a button.

HMRC, along with government agencies around the world, is quickly ramping up enforcement efforts with regards to the tax compliance for digital assets. Efforts include increased tax audits, compliance requirements for exchanges, and new intelligence units. These initiatives are expected to increase in years ahead as the digital asset industry continues to grow.

About CoinLedger

CoinLedger enables seamless portfolio tracking and tax reporting for participants of the digital asset economy. Founded in 2018, CoinLedger was built to reduce the friction of participating in the cryptocurrency ecosystem by making tax reporting as simple as possible. By directly integrating with major exchanges, wallets, blockchains, and NFT platforms, CoinLedger provides a unified dashboard for users to track and monitor their cryptocurrency activity. Whether you’re trading cryptocurrencies, buying and selling NFTs, or staking on DeFi protocols, CoinLedger makes tracking your portfolio and reporting your taxes more straightforward than ever. For more information on UK cryptocurrency taxes, visit https://coinledger.io/guides/crypto-tax-uk.

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NEW YORK and LONDON and SINGAPORE, Nov. 11, 2024 /PRNewswire/ — Taiko, Ethereum‘s first based rollup network, has just enabled multiple Zero-Knowledge (ZK) proofs powered by Succinct and RISC Zero. This enhanced multi-proof architecture, that currently includes SGX proofs, will help secure the network’s 5 million daily transactions.

As ZK-tech is still early in its development, Taiko’s multi-proof approach aims to address any possible bugs or concerns brought by a single proving system. The implementation of multiple provers allows for more oversight and strengthened security.

“We still appreciate SGX proofs but we have to acknowledge that they have the potential to be buggy. Now with ZK proofs, we can override this concern with them acting as another level of security. We’re aiming to add more ZK proofs when they become available, or even combine different types of ZK proofs into a single proof. Until ZK systems are fully mature and audited, the multi-proof setup is very important for us,” said Yue, Taiko’s proving-system engineer.

Taiko will now require 3% of all blocks proposed by its fallback proposer Taiko Beats to have either Succinct or RISC Zero proofs. This limited requirement is implemented to allow community proposers time to prepare. Taiko’s goal is to extend ZK proof requirements to all proposers in the near future.

In 2025, the percentage of blocks proven by ZK will ramp to 100%, positioning Taiko as a fully ZK-based rollup.

“Taiko is on the right path to scaling Ethereum the right way,” said Daniel Wang, Taiko cofounder.

Multi-proof designs are key in ensuring security for based rollups, especially when their contracts on Ethereum are immutable and cannot be swiftly upgraded or reconfigured by a controlling party.

With ZK proofs adding assurance without reliance on trusted parties, this multiple prover approach aligns with Ethereum‘s evolving vision for a trustless, secure ecosystem. This was even recently highlighted as the future of ZK technology by Vitalik Buterin, Ethereum‘s founder.

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SOURCE Taiko Labs

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