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With President-elect Donald Trump’s recent commitment to using Bitcoin as a strategic reserve asset for the United States, speculation regarding the timing and feasibility of this initiative has intensified within the crypto industry. 

This proposal, first articulated during the 2024 National Bitcoin Conference in Nashville earlier this year by Trump and pro-crypto Senator Cynthia Lummis, has garnered significant attention as major financial players weigh in on its potential implications.

Race To Implement Strategic Bitcoin Reserve

Notably, BlackRock, the world’s largest asset manager and a leading issuer of cryptocurrency exchange-traded funds (ETFs), has reportedly expressed support for establishing a strategic Bitcoin reserve. 

As revealed by Trump’s previous statements and Senator Lummis’ bill, this initiative aims to address the country’s staggering national debt, currently estimated at $36 trillion, by leveraging BTC’s unique attributes as a digital asset.

Dennis Porter, co-founder and CEO of the non-profit organization Satoshi Action Fund (SAF), confirmed BlackRock’s endorsement of the strategic Bitcoin reserve, while emphasizing that Trump’s administration is actively pursuing the creation of this reserve through an executive order. 

Porter has indicated that his discussions with US Senate offices reveal significant backing for this plan, stating, “Game on, President Trump. The race is on.” He highlighted the situation’s urgency, suggesting that Trump’s team is motivated to act swiftly to implement the reserve before any state can adopt similar legislation.

New BTC Legislation Ahead Of Trump’s Inauguration? 

Porter further noted that he is racing to pass the strategic Bitcoin reserve legislation at the state level, potentially ahead of any federal executive order, underscored by his confidence that such laws could be enacted within days of Trump assuming office. 

Interestingly, Trump’s proposal has found resonance outside the US, with Porter revealing that he has been invited to speak to members of Congress and parliament in two different countries, one in Europe and another in Latin America, about establishing a similar strategic Bitcoin reserve.

In parallel with these developments, BlackRock released a report indicating a renewed optimism surrounding regulatory clarity for Bitcoin and digital assets, particularly following the recent US elections. 

The report suggests that Trump’s campaign commitment to a strategic Bitcoin reserve, alongside the electoral success of pro-crypto politicians in both the House and Senate, could create a favorable macroeconomic environment for Bitcoin’s adoption.

Robbie Mitchnick, Head of Digital Assets at BlackRock, highlighted that while Bitcoin’s long-term adoption will largely be driven by its fundamental use case as a global monetary alternative, other factors, such as declining real interest rates, may also be catalysts for its increased acceptance.

When writing, BTC was trading at $92,330, approaching its all-time high of $93,300 reached during last week’s bullish trend.

Featured image from DALL-E, chart from TradingView.com 

Interest in Dogecoin appears to be rising once again with the meme coin demonstrating the potential for another notable price upswing, capturing the attention of investors and crypto enthusiasts as they anticipate a massive run-up to a new all-time high in the ongoing market cycle.

Dogecoin To Hit A New Peak In The Next Parabolic Run?

As Dogecoin gears up for another leg up, Trader Tardigrade, a market expert and crypto content creator, has forecasted an impending price surge for DOGE that could push the crypto asset to a new all-time high, sparking optimism within the community about its capacity in the short term.

Trader Tardigrade’s bold prediction shared on the X (formerly Twitter) platform implies that DOGE’s next rally could see the meme coin surpass its previous peaks, considering indicators and price trends seen in previous market cycles. It is worth noting that the market analyst anticipates an uptick due to DOGE reaching key Fibonacci ranges, paving the way for a rocket-like price rally.

According to Trader Tardigrade, Dogecoin has currently moved into the Fibonacci range between 0.618 and 0.88, a zone where DOGE entered a consolidation phase for several weeks as a stage station during the 2018 to 2021 market cycle.

In the event that Dogecoin breaks out from the zone, the analyst is confident that the meme coin is “bound for a rocket ride” to a new all-time high, reflecting the crypto asset’s resiliency over past cycles. Meanwhile, he claims that the present price peak is merely the first station, noting that DOGE still has a long way to go.

This prediction comes in light of a general belief about Dogecoin’s path to the $1 milestone in the ongoing cycle. With the current all-time high at the $0.7 level cited as the first station when DOGE goes on the anticipated rocket ride to new peaks, the $1 mark could be much closer than we think.

Trader Tardigrade also noted that Dogecoin’s anticipated price rally is gaining critical support from the mid-band of the Gaussian Channel, a technical indicator frequently used to examine momentum and price patterns.

The emergence of this bullish trend, which often preceded huge upswings marks its third time in history. Thus following this price action, the expert believes DOGE will witness an incredible pump, potentially to a new peak.

DOGE Regaining Its Upward Momentum

After experiencing a brief pullback, DOGE is currently exhibiting signs of a rebound, indicating renewed upside momentum. This renewed strength has triggered strong positive sentiment as huge capital has been flowing into the digital asset over the last few days.

At the time of writing, Dogecoin is gradually approaching the $0.40 price level with a daily surge of about 5%. Its trading volume has risen by nearly 26% in the past day, indicating growing investors’ confidence in the meme-inspired cryptocurrency.

Charles Hoskinson, the founder of Cardano, and David Schwartz, the Chief Technology Officer of Ripple, have unveiled details about a potential collaboration between their respective blockchain platforms. The partnership aims to integrate Cardano’s advanced decentralized finance (DeFi) capabilities with Ripple’s extensive liquidity network, potentially bridging two of the industry’s most prominent ecosystems.

Potential Cardano And Ripple Partnership Details

During the AMA on Saturday night, Hoskinson was asked about the extent of cooperation between Cardano and XRP. He highlighted the mutual benefits such a partnership could offer, expressing that Cardano could “add amazing DeFi components to XRP,” while XRP could contribute significant liquidity, a “wonderful stablecoin layer” and bridges to the Cardano ecosystem.

Hoskinson also mentioned the potential of integrating Cardano’s privacy-focused sidechain, Midnight, with XRP, stating, “It would be super cool to see if there’s a path to get Midnight working with XRP.”

He revealed ongoing communications with David Schwartz, noting that their teams are in discussions and that he’ll meet with Schwartz. “So we’re meeting with David Schwarz here in a little bit. I’ve been texting him back and forth, his people are talking my people. I sent him over some of our papers as well as the code for midnight and we’ll see,” Hoskinson remarked.

Confirming the meeting, Hoskinson posted on X on Monday, November 18: “It was great talking to David Schwartz about Midnight and XRP. Wonderful technical conversation.” David Schwartz responded positively, saying: “It was a pleasure talking to you. Midnight sounds extremely interesting.”

Midnight is Cardano’s upcoming sidechain designed to enhance data protection and privacy through advanced cryptographic techniques, including zero-knowledge proofs. Operating alongside the main Cardano blockchain, Midnight aims to offer greater confidentiality for transactions and communications, making it suitable for applications that require stringent data protection, such as secure messaging and private transactions.

The potential integration of Midnight’s privacy features with XRP could provide significant advantages for both platforms. For Cardano, tapping into XRP’s liquidity and stablecoin capabilities could bolster its DeFi ecosystem. Conversely, Ripple could leverage Cardano’s advancements in privacy to enhance data protection on the XRP Ledger.

The crypto community has shown keen interest in the potential collaboration. Pro-XRP attorney Jeremy Hogan humorously commented on the complexity of zero-knowledge proofs: “I got lost when the whitepaper talked about ‘zero knowledge proofs’ so I asked ChatGPT and it just said ‘Ask David Schwartz.'”

David Schwartz offered an accessible explanation, likening zero-knowledge proofs to a scenario where one proves the ability to unlock a lock without revealing which one it is. He emphasized that while traditional proofs require interaction, the ‘N’ in ‘Zk-SNARK’ stands for non-interactive, making them more practical for blockchain application.

“Imagine that you know the solution to a maze. Imagine that you want to prove to me that you know the solution to the maze but don’t want to reveal the actual solution to me,” Schwartz explained the mechanism of zk-SNARKs.

At press time, ADA traded at $0.74.

As the crypto market rallies, the PEPE has showcased impressive growth alongside the XRP price. As a result, investors are eyeing these top altcoins as potential investments for December 2024. Also, investors are embracing RCO Finance (RCOF), an emerging DeFi altcoin, that has secured over $5 million during its presale.

Why are investors rushing to buy PEPE, XRP, and RCO Finance (RCOF) before the year ends? Let’s find out!

PEPE Jumps 85% in a Week: More Explosive Growth Coming?

PEPE has performed exceptionally well over the past week. On November 10, PEPE was changing hands at around $0.00001159. Following days of range-bound trading, PEPE shot up alongside the broader altcoin market after Bitcoin (BTC) set a new ATH at $93,434 on November 13.

Additionally, Upbit listed PEPE on November 14, exposing the altcoin to millions of South Korean crypto enthusiasts. As a result, PEPE climbed as high as $0.00002524, setting a new ATH. However, traders started taking profits, and PEPE pulled back slightly.

By November 17, PEPE had stabilized at around $0.00002139. This price means PEPE has gained 85% in a week. Moreover, analysts expect PEPE to continue surging due to its position as a leading meme coin. This makes it a top pick among speculative traders who are always targeting tokens that can pump quickly during bull runs.

XRP Price Surges 78% in a Week: Will It Hold the $1 Level?

XRP has impressed Ripple investors over the past week after reclaiming the crucial $1 level. On November 10, the XRP price was hovering around $0.5771. After days of recording marginal gains, the XRP price gained momentum on November 13 after Bitcoin’s stellar performance.

The XRP price continued pumping due to the November 14 news of Societe Generale announcing plans to launch its EURCV stablecoin on the XRP Ledger in 2025. This bullish news saw the XRP price recover the $1 level and set a weekly peak of $1.19 on November 16.

By November 17, the XRP price had experienced a slight retracement before stabilizing at $1.03. This price means XRP has surged 78% in a week. Furthermore, experts expect the XRP price to continue surging following Donald Trump’s victory in the US election. Notably, Trump is pro-crypto and has even launched a crypto token.

RCO Finance Offers Investors Advanced Tools To Boost Profits

As the XRP price continues pumping alongside PEPE, investors are searching for high-performance DeFi platforms to increase their chances of profitability. This explains why RCO Finance has quickly gained popularity despite being a relatively new DeFi platform. RCO Finance has achieved this feat due to its revolutionary architecture.

Specifically, RCO Finance taps AI and blockchain technology to power multiple top-range trading tools. However, investors are primarily interested in the platform’s flagship feature, an AI-powered robo advisor. This tool stands out because it uses machine learning and advanced algorithms to offer custom investment advice.

This means the robo advisor analyzes your personal risk profile and financial goals before offering you custom, data-based investment recommendations. These recommendations help you spot the optimal time to enter or exit positions on assets matching your preferences.

This approach helps boost your chances of increasing profits. Also, this data-based investment strategy eliminates the need to include emotions of greed and fear in your plan, thus reducing your exposure to risky assets. Amazingly, the robo advisor can also trade on your behalf, spotting high-potential opportunities early.

With RCO Finance supporting over 120,000+ assets, you get infinite options for portfolio diversification. Impressively, this offering comprises crypto, decentralized derivatives, and tokenized real-world assets (RWAs) like real estate. As such, you can create a well-balanced portfolio for both stability and profitability in varying market conditions.

RCOF Steals The Show With Rapid Growth

Although the XRP price and PEPE are poised to jump further, savvy investors are rushing to buy RCO Finance’s native token, RCOF. RCOF has caught the attention of investors because it offers multiple perks within RCO Finance. These include dividends and voting rights.

RCOF has also won the confidence of investors because its smart contract was audited, making it a safe investment. Notably, the firm behind RCOF’s smart contract audit is SolidProof, a leading Germany-based blockchain security firm.

Coupled with RCOF’s limited supply of 800 million tokens, these features explain why RCOF has secured over $5 million during its ongoing presale.

RCOF Presale Promises Humongous Gains

Investors are also flocking to RCOF because its presale promises huge gains for early investors. As of November 17, RCOF was going for $0.0558 during Stage 3 of its presale. The next RCOF price is $0.0778 during Stage 4. When RCOF climbs to its listing price of $0.4-$0.6, Stage 3 investors will enjoy huge ROIs.

Furthermore, experts believe increasing demand will see RCOF outshine the 1,713% YOY pump in PEPE by December 2024. Going forward, experts foresee RCOF surging 34,203% by Q1 2024. This explains why you should not sleep on the opportunity to join the RCOF presale now.

For more information about the RCO Finance Presale:

 Visit RCO Finance Presale

Join The RCO Finance Community

 

Amid the market’s bullish run, Taiwanese financial authorities vowed to review tax regulations to tackle the country’s crypto tax evasion issue. However, local reports noted the regulators might face difficulties implementing an effective digital assets-related tax framework.

Taiwanese Authorities To Review Tax Laws

On Monday, Taiwan’s Ministry of Finance pledged to revisit the tax regulation regarding crypto gains amid the recent market rally. During a legislative hearing, finance Minister Chuang Tsui-yun reportedly admitted that the agency has yet to implement a system that effectively collects digital asset-related taxes from individuals.

Kuomintang lawmaker Lai Shyh-bao questioned the current regulations. Lai argued that cryptocurrencies are classified as digital assets in the country, meaning that investors profiting from their trading should not be exempt from income taxes.

Taiwan’s Director-general of the Taxation Administration, Sung Hsiu-ling, explained that investors must file income taxes accordingly. However, this claim was disputed by Lai, who suggested that Taiwanese investors won’t feel the need to file their crypto tax reports if no authority audits them.

At the hearing, Wu Lien-ying, the director-general of the National Taxation Bureau of Taipei, added that the existing policy collects business and corporate income taxes from 26 crypto exchanges that obtained anti-money laundering licenses from Taiwan’s Financial Supervisory Commission (FSC).

According to Focus Taiwan CNA’s report, Wu “struggled to provide clearer details of how income taxes are collected from investors trading in these platforms.”  Wu and Sung also revealed that the FSC is drafting a new digital asset-related tax law but didn’t offer further details.

The FSC has recently updated its regulatory framework to require stricter due diligence from crypto trading platforms. As reported by Bitcoinist, exchanges must closely monitor and review the listing and delisting of cryptocurrencies and establish measures against illicit trading.

A New Crypto Tax Framework Could Face Challenges

Per the report, Chuang and Sung pledged to review the current framework within the next three months to “better enable the government to tax cryptocurrency gains.” However, a legal expert familiar with crypto told Focus Taiwan that the current tax laws might pose challenges for the financial authorities.

Individual income tax is only charged on incomes generated within Taiwan, as it follows the principle of territoriality. This means that if an investor earns income from non-regular trading of digital assets within the country’s territory, the gains will be categorized as “income from property transactions.”

As a result, the territoriality principle might make enforcing strict tax laws on crypto transactions more difficult, as individuals trading on overseas exchanges could evade scrutiny if their gains remain below the threshold for taxable overseas income, which was set at $230,000 for the 2024 fiscal year.

As far as I know, the Finance Ministry can only monitor the currency flow of bank accounts used for transactions, similar to how it monitors stock trades. Taxes can easily be evaded by disguising the transactions as overseas activity conducted in U.S. dollars.

Focus Taiwan’s source ultimately suggested that these regulations must be amended to address the tax evasion issue and effectively collect crypto taxes from Taiwanese investors.

Dennis Porter, CEO and founder of the Satoshi Act Fund—a US nonprofit advocating for Bitcoin adoption—has claimed that former President Donald Trump’s team is considering an executive order to establish a national Strategic Bitcoin Reserve (SBR). This move aims to position the federal government ahead of individual states that are considering similar legislation.

Trump Considers Executive Order For The Bitcoin Reserve

“I’ve heard that the Trump team is considering an Executive Order for a National ‘Strategic Bitcoin Reserve’ in order to beat any state from passing it into law first,” Porter leaked on November 18 via X. “I can confirm that US Senate offices are backing this plan up. Game on President Trump. The race is on.”

Porter, who has been deeply involved in legislative efforts surrounding BTC adoption, added that his information comes from “private conversations with people familiar” with the matter and his direct involvement in promoting SBR language across the United States and internationally.

Supporting his claim, Porter pointed to his earlier prediction: “I was the first to announce that Donald Trump would create a ‘Strategic Bitcoin Reserve’ on July 18th 2024. How did I know this before anyone else? It’s the same reason I know that Trump’s team is pushing to create a ‘Strategic Bitcoin Reserve’ via Executive order.”

Indeed, ten days prior to Trump’s speech at the Bitcoin 2024 conference—where the former president announced plans to establish a national SBR using BTC confiscated by law enforcement—Porter had tweeted on July 18: “Trump to announce a USA Bitcoin strategic reserve in Nashville.”

On November 19, Porter also emphasized the urgency of Trump making the SBR happen as quickly as possible, stating: “Trump will not have much time to issue an executive order to create a ‘Strategic Bitcoin Reserve’ before one of the states beats him to it and begins buying Bitcoin first. It’s likely we pass an SBR bill at the state level within days of Donald Trump taking the Oval Office.”

Porter’s credibility stems from his close ties to political circles and his track record in advancing BTC-friendly legislation. He has been instrumental in securing laws that protect BTC mining and self-custody rights in several US states. Notably, last week, Pennsylvania introduced a SBR Bill allowing the State Treasurer to invest in BTC—a move in which Porter played a key role.

Furthermore, on Sunday, Porter announced that the Satoshi Act Fund had open-sourced its ‘Strategic Bitcoin Reserve’ model policy. “Within hours of ‘open-sourcing’ our ‘Strategic Bitcoin Reserve’ legislation, multiple lawmakers and a presidential candidate endorsed the policy and vowed to pass it into law,” he revealed.

Adding weight to Porter’s assertions, David Bailey, CEO of BTC Inc and a key advisor to the Trump team, also signaled imminent federal action. On November 15, Bailey declared via X: “SBR is happening.”

Later that day, he elaborated: “The verdict from the experts is the President has the authority to establish the SBR without Congress and implement a fairly large acquisition program (tens of billions of $). To go bigger we’ll need Congress, but we can start right away at a MicroStrategy-esque scale.”

As Bitcoinist reported, there are growing rumors that other nation-states are acting swiftly to establish their own BTC reserves, potentially outpacing the United States. Bailey underscored this concern: “Let me be clear, the United States is being front-run on its Bitcoin strategy and must stand up the SBR as quickly as possible. It’s literally a national security issue.”

On November 9, Bailey hinted at the scale of international accumulation: “There is at least one nation state that has been actively acquiring Bitcoin and is now a top 5 holder. Hopefully we hear from them soon.” He reinforced his assertion with a meme emphasizing that his information is based on concrete knowledge rather than speculation.

At press time, BTC traded at $91,955.

A quant has explained how Bitcoin could still have room to rise based on the trend forming in this popular on-chain indicator.

Bitcoin Short-Term Holder SOPR May Not Be Overheated Yet

In a CryptoQuant Quicktake post, an analyst has discussed the Spent Output Profit Ratio (SOPR) of the Bitcoin short-term holders. The SOPR refers to an indicator that tells us whether the BTC investors are selling their coins at a profit or loss.

This metric works by going through the transaction history of each token being sold to check the price at which it was transferred before this. If this previous transaction value for any coin was less than the current spot price it’s being moved at now, its sale contributes to profit realization.

Similarly, the transactions of the coins of the opposite type lead to loss realization. The SOPR adds up these profits and losses for the entire network, and calculates their ratio.

In the context of the current discussion, the Bitcoin SOPR of the entire userbase isn’t of interest, but rather that of only a specific segment of it: the short-term holders (STHs). The STHs include the BTC investors who bought their coins within the past 155 days.

This cohort represents the fickle-minded side of the BTC sector, which easily tends to sell whenever a notable change in the market occurs, like a price rally or crash.

Now, here is a chart that shows the trend in the Bitcoin STH SOPR over the last few years:

As is visible in the above graph, the Bitcoin STH SOPR has remained above the 1 mark in the last few months. In this zone, the profit-taking of the STHs outweighs the loss-taking, so this cohort as a whole could be considered to be making a net profit on its sales.

Recently, the indicator has seen a sharp rise inside this territory. The growth has coincided with the cryptocurrency’s rally to new all-time highs (ATHs), suggesting the STHs have been increasingly falling to the allure of profit-taking that the price surge offers.

Historically, profit-taking from this cohort has been something that has usually led to tops for the asset. As the quant has highlighted in the chart, though, the current value of the STH SOPR is still significantly under the zone that has historically signaled market euphoria.

That said, while the danger of a cyclical top may not be there right now, the indicator is nonetheless inside a zone where local tops have tended to occur for Bitcoin. The high in the first quarter of this year, for instance, also formed when the metric was in this region.

It now remains to be seen whether there is enough demand in the market to mow through this profit-taking spree from the STHs, or if another top would follow for the asset.

BTC Price

Bitcoin has slumped to sideways movement over the last few days as its price is still trading around $90,400.

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 United States.

Bitcoin And Ethereum To Serve As Hedges Against Inflation

On Monday, International Healthcare Group Cosmos announced its decision to incorporate Bitcoin and Ethereum (ETH) into its treasury reserve assets, as part of its “forward-thinking” investment approach. This decision follows the company’s recent acquisition of Cloudscreen, an artificial intelligence-driven platform for drug repurposing.

By adding Bitcoin and Ethereum, along with the potential for other cryptocurrencies and blockchain-related assets, Cosmos aims to diversify its balance sheet and capitalize on the growing global adoption of digital currencies. 

The company is also taking steps to accommodate customers wishing to make payments in cryptocurrencies. Greg Siokas, CEO of Cosmos Health, expressed the company’s commitment to innovation, stating:

Cosmos is a flexible, agile, and forward-looking Company. We believe this strategy will help us stand out by making a significant investment in the new era. Alongside our AI capabilities, we are now incorporating crypto assets and continually seeking additional future-focused investments to benefit our shareholders. 

Siokas highlighted Bitcoin and Ethereum as potential hedges against inflation and currency devaluation, while also serving as diversification tools with considerable upside potential. Siokas looks forward to building a sizable reserve in these digital assets.

Growing Acceptance Of Cryptocurrencies

In a parallel move, Semler Scientific, a company dedicated to developing technology products for healthcare providers, has also made headlines with its Bitcoin activities. 

Between November 6 and November 15, Semler disclosed it acquired 215 BTC for approximately $17.7 million, averaging $82,502 per Bitcoin, including fees. As of November 15, Semler holds 1,273 BTC, acquired for an aggregate price of $88.7 million, averaging $69,682 per Bitcoin.

Semler Scientific uses Bitcoin Yield as a key performance indicator (KPI) to evaluate its investment strategy. From October 1 to November 15, the BTC Yield was reported at 18.9%, and since adopting its Bitcoin treasury strategy in the second quarter of 2024, the yield has risen to 37.3%. Eric Semler, chairman of Semler Scientific, noted: 

We have achieved a BTC Yield of 37.3% since adopting our bitcoin treasury strategy. We believe this demonstrates substantial bitcoin accretion for our stakeholders.

Both companies are showcasing a growing trend among businesses and institutions to embrace digital assets, recognizing their potential as valuable components of a diversified investment strategy. 

When writing, the leading digital asset is trading at $91,855, recording a 1.5% increase in the 24-hour time frame and inching closer to its all-time high of $93,300 reached last week. On the other hand, Ethereum is trading at $3,180, also up nearly 3% in the same time frame. 

Featured image from DALL-E, chart from TradingView.com

The global cryptocurrency market continues to attract significant investor interest as crypto investment products recorded a substantial influx of funds last week.

According to CoinShares’ latest weekly report, crypto funds registered a net inflow of $2.19 billion globally, bringing year-to-date (YTD) net inflows to a record high of $33.5 billion.

The surge in inflows coincided with Bitcoin’s recent rally to a new all-time high of $93,477, which contributed to CoinShare’s total assets under management (AUM) for crypto funds reaching roughly $138 billion.

Global Distribution Of Crypto Inflows And Key Trends

US-based funds primarily drove the inflows, accounting for $2.21 billion of the total weekly inflow. Other regions, including Hong Kong, Australia, and Canada, contributed net inflows of $27 million, $18 million, and $13 million, respectively.

On the other hand, investors in Sweden and Germany opted to take profits, resulting in regional net outflows of $58 million and $6.8 million, respectively. Meanwhile. Bitcoin-based products continued to dominate the market, attracting $1.48 billion in net inflows globally over the week.

The renewed interest in Bitcoin coincided with its price surge but also spurred a notable increase in short-Bitcoin investment products, which received $49 million in new investments. This development reflects investor skepticism or hedging against potential price pullbacks following the recent highs.

Ethereum-based products, which have faced challenges in recent months, showed signs of recovery by registering net inflows of $646 million globally.

CoinShares Head of Research James Butterfill highlighted that the turnaround might have been influenced by a mix of market factors, including a proposed network upgrade dubbed the Beam Chain by Ethereum researcher Justin Drake and market optimism driven by the US elections. Ethereum inflows represented 5% of the asset’s total AUM, indicating renewed investor confidence.

Behind The Surge

Just as the inflow seen in Ettherum, Butterfill also noted that the overall spike in crypto fund inflows last week appears to be driven by a mix of market factors, including a shift in US monetary policy and the impact of the Republican party’s sweeping victory in the US elections.

Butterfill further revealed that although the week began with $3 billion in net inflows over the first few days, a subsequent $866 million outflows was observed following Bitcoin’s all-time high (ATH).

Speaking of BTC’s ATH, following the achievement of the peak above $93,000 on November 13, BTC has seen a noticeable correction in price.

So far, Bitcoin has dropped by 2.8% from this ATH of $93,477 as it currently trades for $90,334 at the time of writing albeit up slightly by 0.2% in the past day.

Interestingly, over the past few days since BTC started this correction, its daily trading volume has also seen quite a significant drop in valuation dropping from above $70 billion last week to $59 billion today.

Featured image created with DALL-E, Chart from TradingView

Nepal’s Financial Intelligence Unit (FIU), in its Strategic Analysis Report 2024, revealed that the country’s blanket ban on crypto trading has become a significant obstacle for fraud victims seeking to report their cases to authorities.

Digital Asset Ecosystem In Nepal At A Glance

The FIU is a division of Nepal Rastra Bank, the country’s central bank. It monitors and reports suspicious transactions, particularly those linked to illicit activities such as money laundering and terrorism financing.

The report highlighted an increase in fraudsters using techniques like “smurfing,” where large transactions are divided into smaller amounts to avoid detection. Additionally, these fraudsters convert illicit funds into digital currencies, making it harder for authorities to trace or freeze the assets.

The FIU further emphasized that many individuals are deceived into investing in digital assets with promises of extraordinary returns. The report noted:

The advertisements direct the potential prey to deposit amount in certain bank accounts or wallet accounts. The amount thus deposited is later not returned as promised. In countries like Nepal where investment in virtual assets like cryptocurrency is illegal, the victims rarely come up with complaints against such scams for potential repercussions.

Nepal banned digital asset trading and mining in September 2021. Subsequently, in January 2023, the Nepalese Telecommunications Authority ordered internet service providers (ISPs) to block access to all crypto-related websites, including trading platforms.

Social media and online advertisements are key channels through which fraudsters lure unsuspecting victims into fake digital asset investment schemes. However, the illegal status of digital asset trading in Nepal has discouraged victims from reporting these incidents to law enforcement, further enabling scammers.

The FIU has called for stricter oversight of crypto transactions in the country to curb these fraudulent activities. The report also underscored the importance of increasing public awareness, fostering inter-departmental cooperation, and creating a balanced regulatory framework to address crypto-related fraud more effectively.

Crypto Regulations In South Asia

Nepal is one of the few countries, alongside China, Russia, Iran, Bangladesh, and others, to ban all digital asset trading activity. However, other South Asian countries have adopted varying approaches toward digital assets.

For instance, digital asset trading is not outright banned in India. However, the country has imposed high tax on profits arising from crypto trades, without the option of using losses to minimize potential tax liabilities. 

In contrast, Pakistan recently took a significant regulatory turn by legalizing virtual assets, a radical departure from its earlier anti-crypto stance. However, analysts believe this policy shift primarily aims to introduce a central bank digital currency (CBDC) rather than fully embracing decentralized cryptocurrencies.

Bhutan is perhaps the most pro-crypto country in the region. The nation’s total BTC stash recently crossed $1 billion, bolstered by the cryptocurrency’s price appreciation. BTC trades at $89,856 at press time, down 0.9% in the past 24 hours.

Data shows the Bitcoin Open Interest has reached yet another all-time high (ATH), a sign that more volatility could be coming for BTC.

Bitcoin Open Interest Has Reached A Fresh High Recently

As pointed out by CryptoQuant community analyst Maartunn in a new post on X, the BTC Open Interest has shot up recently. The “Open Interest” here refers to a metric that keeps track of the total amount of derivatives positions related to Bitcoin that are currently open on all exchanges.

When the value of this indicator goes up, it means the derivatives users are opening up fresh positions on the market. Generally, the overall leverage in the sector rises when this happens, so an increase in the Open Interest can lead to more volatility in the asset’s price.

On the other hand, the metric registering a decline suggests the investors either are closing positions of their own will or are getting liquidated by their platform. The cryptocurrency may become more stable following this trend, due to the reduced leverage.

Now, here is a chart that shows the trend in the Bitcoin Open Interest over the last few months:

As displayed in the above graph, the Bitcoin Open Interest has been following an uptrend over the last few months, but recently, the indicator’s rise has been particularly sharp.

This rapid growth in the indicator, in which it has been setting record after record, has coincided with BTC’s explosive rally to new all-time highs (ATHs). The development isn’t anything unusual, as periods of sharp price action tend to attract a lot of attention, and with such interest naturally comes speculation on exchanges.

The scale of the increase that the indicator has seen, however, could be something concerning. Historically, whenever the Open Interest has risen too high, a mass liquidation event (popularly known as a squeeze) has generally followed. In such events, a swing in the price liquidates a large amount of overleveraged positions at once, kicking off a sort of feedback cycle where the liquidations amplify the price move and cause even more liquidations.

In theory, the volatility emerging out of a squeeze can take the cryptocurrency in either direction, but in bullish periods, an overheated derivatives market usually unravels in a correction for BTC, as long positions tend to accumulate when the price rallies.

During the last few days, the Open Interest had seen a bit off a cooldown, but it seems speculators have returned to start the new week as the metric has just witnessed another leg up. It now remains to be seen how Bitcoin would develop in the coming days and if another squeeze would take place.

BTC Price

At the time of writing, Bitcoin is trading at around $90,500, up almost 10% over the last week.

The Dogecoin price correction extended throughout the weekend, teasing what might be the steady end of a powerful rally in the previous four weeks. The popular meme-based cryptocurrency dropped to a low of $0.3431, retreating from a recent high of $0.4265. This 19.55% decline has sparked speculation on social media about the sustainability of its gains and whether the momentum that fueled its rise is actually fading.

This Dogecoin price decline can be easily attributed to a decline in interest among market participants. Social media sentiment, a key driver of Dogecoin’s popularity and price movements, has shown signs of weakness. However, according to a crypto analyst, Dogecoin still has room to run, especially in terms of indicators surrounding its popularity.

Interest In DOGE Yet To Reach Its Peak

Despite its status as a large cryptocurrency, Dogecoin’s price uptick is mostly tied to social sentiment among traders and not by any demand for its utility or parent company. This reliance on sentiment creates a cyclical pattern: periods of heightened interest often lead to price surges, followed by inevitable corrections when attention begins to wane.

The latest Dogecoin rally has been caused by a widespread interest tied to the US presidential election, Donald Trump, Elon Musk, and comical associations with the Department of Government Efficiency (D.O.G.E.). Social media played a significant role in amplifying this attention as mentions of Dogecoin surged across platforms. As it stands, it is looking like the interest is starting to fade, with the Dogecoin price correction relaying this trend well. 

According to crypto analyst Ali Martinez, who highlighted this trend on social media platform X, the Dogecoin popularity hasn’t even reached its peak yet. The analyst shared a chart depicting the social media interest in Dogecoin over time. Although the recent rally has led to a peak in interest, it is yet to rival that of the interest in 2021. Keeping this in mind, Martinez highlighted that the Dogecoin price has way more room to grow this cycle.

What’s Next For Dogecoin Price?

Interestingly, the recent Dogecoin price rally and subsequent correction have led to the creation of a bull flag pattern on the 1-hour candlestick timeframe. This pattern, which is associated with a continuation of the prevailing trend, indicates that the Dogecoin price is about to break to the upside and continue its rally. Now, all that needs to happen is for the Dogecoin price to close above $0.40, which could solidify the breakout from the bull flag. Ali Martinez highlights a price target of $0.85 in this case.

At the time of writing, the Dogecoin price is trading at 0.3691, meaning it has increased by about 7.6% since it reached the $0.343 low. The resumption of social interest towards the 2021 levels would effectively trigger another leg up in the Dogecoin price.

Cardano founder Charles Hoskinson has revealed that efforts to establish a comprehensive regulatory framework for cryptocurrencies in the United States are gaining significant momentum. In a “Surprise AMA” session on November 17, Hoskinson detailed his recent engagements with US senators and key figures in the crypto industry, outlining a multifaceted strategy to position the US as a global leader in the crypto space.

Cardano Founder Reveals His Plan

Hoskinson stated that he has been “talking with a lot of different senators and definitely engaging with the right people,” indicating that the next “60 to 90 days” will be crucial in seeing how these efforts come together. He mentioned the possibility of traveling to Washington, D.C., in the coming week, depending on scheduling and the availability of other stakeholders. “I already have some embedded people that have been in pretty deep conversations,” he added, emphasizing the depth of his team’s involvement in ongoing discussions.

He outlined a comprehensive plan involving three key avenues: administrative changes and rulemaking, executive orders, and lawmaking. “What can be done through administrative changes and rulemaking,” he said, noting these are the “easiest but very ephemeral.” Recognizing the temporary nature of executive orders, he stated that they “live and die by the administration.”

Lawmaking, described as “the hardest but most permanent,” is essential for creating lasting impact. “The hope is to figure out a consolidated package of the three to make America the best place in the world for crypto companies,” he explained. “So we can get them all to come here in the United States, and we can create a multi-trillion-dollar cryptocurrency industry onshore.”

The Cardano founder highlighted several critical areas that need addressing, including taxation, custody standards, consumer protection, and asset classification. He stressed the necessity of a “Bill of Rights for crypto,” advocating for the support and defense of non-custodial wallets. “Making sure that we can use crypto the way we want to use crypto,” he said, is essential for the industry’s growth.

Addressing regulatory overreach, Hoskinson called for resolving issues with the Securities and Exchange Commission (SEC). “So we can get the SEC out of this insanity that we’ve seen the last few years and the regulation through enforcement to come to an end,” he asserted.

In a move toward industry unity, Hoskinson has reached out to other crypto leaders. “I had a wonderful phone call with Brad [Garlinghouse] from the Ripple community,” he revealed. “He’s a good CEO. He’s a good guy too. I’ve known him for years, and it feels good to be back on the same team.”

He is also in the process of connecting with Leemon Baird, co-founder and Chief Scientist of Hedera Hashgraph. “We’re right now in the process of getting a call set up,” the Cardano chief said. “We’ve been going back and forth, and secretaries are working with each other.” He emphasized, “It’s time we come together, speak with one voice, and we get policy where it needs to be so crypto can get to the next level.”

Hoskinson expressed confidence in the current political climate. “The House, the Senate, and the presidency are all unified in wanting to get crypto policy passed that cleans up this mess,” he noted. With elections concluded, he believes there’s an opportunity for decisive action. “Whether you like them or not, they’ve got to lead, and they’ve got to get stuff done.” He has set an ambitious timeline: “In the next nine months, we’ve got to get a law passed, and we’ve got to figure out how to make that happen.”

To achieve these goals, Hoskinson called for comprehensive data gathering from US crypto businesses. “All the American crypto businesses need to get a survey and need to actually write down who they are, what they do, who their customers are, how they make their money, and most importantly, what’s been going on with the US government and them,” he explained. This information would feed into a unified effort to influence policy. “That can be used to get the policy changes, the executive orders, and also the laws to get the industry where it needs to go,” he said.

The Cardano founder also emphasized aligning US regulations with international standards. He mentioned looking at frameworks from the Monetary Authority of Singapore (MAS), regulators in Abu Dhabi and Dubai, and Switzerland’s FINMA. “We can say, ‘Okay, well, this is what they do, and this is what we’re going to do post-law and post-changes, and guess what? We’re going to be number one. That’s the goal,'” he declared.

Concluding his remarks, Hoskinson expressed optimism about the industry’s potential. “That will bring trillions of dollars into the industry, get us to the next level [of] innovation,” he said.

At press time, Cardano traded at $0.725.

MicroStrategy’s Michael Saylor is known for his unorthodox and bold investing style, which often attracts criticism. His Bitcoin focused strategy and buying the top digital asset at near-highs have their fair share of critics. But recent developments tell us that Bitcoin’s bullish sentiment has been right after all, well, at least for today.

According to Bloomberg, MicroStrategy’s current stash of $26 billion in BTC is now bigger than Nike and IBM’s cash holdings. Only a few top companies, led by Apple and Alphabet, hold more assets in their treasuries.

The $26 billion in Bitcoin is a significant milestone for MicroStrategy, which adopted an aggressive Bitcoin-focused strategy under Michael Saylor, and for the crypto industry in general.

MicroStrategy’s Bitcoin-First Policy

Saylor, MicroStrategy’s co-founder and chairman, started to invest in Bitcoin in 2020 as an inflation hedge. During this time, the company’s revenues and growth stagnated, and Saylor decided to invest in the leading digital asset.

MicroStrategy’s $26 Billion #Bitcoin Cache Is Larger Than IBM, Nike Cash Holdingshttps://t.co/E5Q3bgDUsA

— Michael Saylor (@saylor) November 16, 2024

The company used cash from its operations to buy BTC, then shifted to using the proceeds from the sales of stocks and convertible debt sales to boost its buying power.

With most market experts lambasting Saylor for his unconventional and risky venture, the financial gamble tended to pay off, eventually catapulting MicroStrategy to the seat of the largest publicly listed entity with the most substantial holding of the crypto.

The Virginia-headquartered company now takes pride in owning the biggest BTC inventory in the cryptocurrency sector, beating other key players like Riot Platforms and Marathon Digital.

According to Bloomberg’s data, MicroStrategy’s Bitcoin holdings are comparable to Exxon Mobil’s $26.9 billion cash and marketable securities holdings and Intel’s $26.6 billion, and they approximate General Motors’s holdings with $32.2 billion.

MicroStrategy’s Holdings Grow As BTC Price Surges

MicroStrategy is one of the top publicly traded companies significantly dependent on BTC. Since the company adopted a Bitcoin-focused investing policy, its growth and revenues are closely linked to the asset’s price.

However, Saylor’s aggressive strategy has a few detractors. Some observers have cautioned others about the risks of crypto investing, and some consider the strategy an opportunity to take advantage of the crypto’s bullish sentiment.

For MicroStrategy, the Bitcoin bet has paid off. The company’s Bitcoin holdings bought in August 2020 have already gained 2,500%, and its aggressive investing strategy is not slowing down.

MicroStrategy To Buy More BTCs

MicroStrategy plans to continue investing in Bitcoin and other crypto assets. The company has announced that it plans to expand its crypto portfolio by purchasing $42 billion in the next three years. Its plan to buy more BTC reflects the company’s bullish approach to crypto’s long-term future and as an inflation hedge.

MicroStrategy’s success has pushed other companies to increase their investments in crypto. For example, Metaplanet has integrated BTC into its portfolio, following MicroStrategy’s lead. MicroStrategy’s investing thesis has become a template for other companies looking to expand into crypto.

Featured image from Wikimedia Commons, chart from TradingView

President-elect Donald Trump is scheduled to meet with Brian Armstrong, the CEO of cryptocurrency exchange platform Coinbase, on Monday. 

According to the Wall Street Journal (WSJ), the meeting, which will be their first interaction since the presidential election on November 5th, is expected to focus on personnel appointments for Trump’s upcoming administration.

Trump’s Vision For Crypto In The US

As Trump works to finalize his cabinet and senior positions, his evolving stance on cryptocurrency has become a notable aspect of his leadership approach and key to his upcoming economic agenda, as revealed during his presidential campaign. 

Among key promises, the now 47th President of the United States expressed his intention to create a presidential advisory council dedicated to cryptocurrency during the National Bitcoin Conference in Nashville earlier this year. 

The Republican has also hinted at the possibility of firing the current chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, as he sees the move as key to a new regulatory framework for cryptocurrencies that could lead to further adoption and new investment vehicles in the country.

This has been a notable topic among investors over the past weeks, as speculation has grown that Gensler may resign in the coming days. 

Aiming For Pro-Crypto Leadership In Key Appointments

Armstrong has already made his preferences known regarding key regulatory appointments. He publicly endorsed pro-crypto Hester Peirce, a current commissioner at the SEC, as the ideal candidate to lead the SEC under Trump’s administration.

However, Trump and Armstrong’s meeting agenda could see the name of Howard Lutnick, chairman of asset manager Cantor Fitzgerald and also pro-Bitcoin, who has been floated for the position of Treasury Secretary. 

Overall, as Trump and Armstrong meet, the outcomes of their discussions could have significant implications for the regulatory landscape of cryptocurrency in the United States. 

These moves by President-elect Trump also show that he intends to keep the promises he has made over the past few months, promising to make the US the “crypto capital of the world” and taking into account the major players in the industry when making his decisions.

Featured image from BBC, chart from TradingView.com

Bitcoin has entered a brief consolidation phase after reaching new all-time highs last week, following an aggressive price surge that captured the market’s attention. The rally came on the heels of two significant events: former president Donald Trump’s victory in the U.S. election and the Federal Reserve’s decision to cut interest rates. These developments fueled optimism across markets, pushing BTC into uncharted territory.

Key data from CryptoQuant Founder Ki Young Ju provides further insight into this rally’s underlying drivers. According to Ju, retail investors are returning to the market in droves, a strong indicator that Bitcoin’s recent surge is not a short-lived event but the start of a more sustained bull run.

Historically, increased retail activity has coincided with explosive growth phases for BTC, adding weight to the narrative of further upside.

 Analysts point to robust demand and favorable macroeconomic conditions supporting continued bullish momentum. While the price may face short-term corrections, the influx of retail investors suggests a strong foundation for the next phase of this rally. Bitcoin’s resilience and rising popularity reinforce its position as a leader in the evolving financial landscape.

Bitcoin Party Has Just Started

Bitcoin has confirmed a bullish rally after breaking all-time highs multiple times over the past two weeks. This recent surge has many investors believing this is just the beginning of a larger upward movement, with some predicting that BTC could reach the $100,000 mark in the coming weeks.

The rally has been marked by strong momentum, consistently setting new price levels and demonstrating resilience despite potential market corrections.

Data from CryptoQuant CEO Ki Young Ju suggests that retail investors are starting to play a more prominent role in this rally. According to Ju, Bitcoin’s transaction volume under $100K has reached a three-year high, indicating retail participation is increasing. Retail investors have historically been a key driver of Bitcoin’s price surges, and when they enter the market, it often leads to massive gains for BTC and the broader crypto market.

This increase in retail activity could signal the start of another euphoric phase for BTC, similar to what was seen during past bull markets. As retail investors begin to show interest, the demand for BTC could surge, pushing the price higher and fueling the market’s overall bullish sentiment.

With Bitcoin breaking new highs and retail interest increasing, the stage is set for a potentially explosive run toward $100,000. If the current momentum continues, it could usher in a new growth phase for BTC, bringing fresh opportunities and further solidifying its position as the leading digital asset.

BTC Testing Crucial Supply

Bitcoin is pushing above $90,000, reaching a price of $91,777 after several days of consolidation just below its all-time high (ATH). This upward movement suggests that BTC is primed for a continuation, fueled by rising demand and an influx of retail investors entering the market.

As the price tests key supply levels near the ATH, it faces crucial support at the $87,000 mark, a significant demand level that could propel BTC toward the psychological $100,000 level. Holding this level is vital for maintaining upward momentum and confirming the bullish outlook.

If BTC loses support at $87,000, it risks prolonging the current consolidation phase or even triggering a correction to lower demand levels, potentially halting further price advances.

The coming days will be critical as the market evaluates BTC’s ability to hold above this key level. A break above $95,000 and a push toward $100,000 could materialize if successful, solidifying the bullish trend. However, failure to maintain support could lead to heightened volatility and a deeper retrace, creating uncertainty for investors watching the market closely.

Featured image from Dall-E, chart from TradingView

Dogecoin’s recent significant price surge may have slowed down, leading to a brief price pullback after hitting the $0.42 level. However, the dog-themed meme coin’s rally could only be the beginning, as several crypto analysts predict a possible upswing to new all-time highs, particularly the $1 milestone.

$1 Milestone Still Within Reach For Dogecoin?

In a comparative analysis, Master Kenobi, a market expert, reiterated his forecast for Dogecoin to unprecedented heights, expressing his confidence that the $1 milestone is within reach. This prediction is part of a broader outlook that the meme coin could hit this pivotal level in the ongoing cycle based on past cycle trends.

Prior to the $1 milestone, Kenobi highlighted that once prices begin to move toward a new level again, the current all-time high at $0.7, a zone that corresponds with a market valuation of almost $100 billion, would probably be the first stop for DOGE. The expert further noted that these two levels are crucial and psychological areas that reduce the likelihood of strong rejection.

While the all-time high can result in a rejection and period of consolidation when considered alone, DOGE hitting the $100 billion market cap in the ATH region would be a “mega free advertising” for the meme coin, which could bolster more price growth.

As for the $1 level, Kenobi contends that the milestone is even more important and is “not far off.” Since the inception of DOGE, there have been expectations of the range, and the expert claims that the excitement the development would create once DOGE hit the level could challenge Bitcoin‘s moment to $10,000 in November 2017.

However, in the event that the market surges in the upcoming days, he is confident that Dogecoin might surpass $1 by December 1, pointing out November 29 as a crucial day to keep an eye on. “Momentum could even push it higher, but I wouldn’t expect it to exceed $1.2–$1.3 before facing a more substantial pullback,” he added.

Two Scenarios That Could Play Out Next

Citing historical trends and indicators, Kenobi has underscored two key scenarios for investors to look out for as they navigate DOGE’s current price action. These include a brief stagnation followed by a smaller pump and a longer stagnation followed by a strong pump.

According to the analyst, the previous cycle had a period of stagnation at the intersection with the blue trendline indicated in his chart. Meanwhile, it appears that negotiations in this zone have gone more smoothly in the ongoing cycle.

Furthermore, at the intersection with the green trendline in the previous cycle, there was a period of stagnation, which lasted for nearly a month. When this occurred, Kenobi stated that the meme coin quickly rose after the green line was broken up, reaching the orange line within 10 days. Although the expert is uncertain of the duration of the consolidation phase this time, he is confident that it won’t last up to 1 month.

Over the last few days, the newly elected US President Donald Trump has filled a number of positions in his new cabinet, although the most important position for the Bitcoin community—the Secretary of the Treasury—remains open. The role of Secretary of the Treasury could be decisive for the establishment of a national strategic Bitcoin reserve, as promised by Trump during his election campaign.

According to rumors, it is a neck-and-neck race between Scott Bessent—former executive at George Soros’ hedge fund and founder of Key Square Hedge Fund—and Howard Lutnick, chairman and CEO of Cantor Fitzgerald. While Bessent has attracted attention in the past with pro-BTC comments, Lutnick is considered an absolute Bitcoin bull who is massively invested in BTC himself.

Lutnick revealed in a recent interview with Anthony Pompliano, “I own hundreds of millions worth of Bitcoin, and I expect that number to soon be in the billions.” During the Bitcoin 2024 conference, he stated, “Bitcoin is the same as gold. And Bitcoin should trade the same as gold—everywhere in the world, without exception.”

Lutnick Is The Perfect Pick For Bitcoin

Adding to the discourse, Tesla CEO Elon Musk voiced his support for Lutnick via a post on X on Saturday morning. Musk wrote, “Would be interesting to hear more people weigh in on this for Donald Trump to consider feedback. My view fwiw is that Bessent is a business-as-usual choice, whereas Howard Lutnick will actually enact change. Business-as-usual is driving America bankrupt, so we need change one way or another.” This statement came hours before Musk appeared beside Trump at Madison Square Garden for a UFC event.

Musk’s endorsement directly responded to a post by Kyle Bass, CIO of Hayman Capital Management, who argued for Bessent’s qualifications. Bass had stated, “Scott Bessent is eminently more qualified than Howard Lutnick to run the US Treasury. Scott understands markets, economics, people, and geopolitics better than anyone I’ve ever interacted with. Markets have already anticipated a Bessent choice. Lutnick is not Trump’s answer.”

Robert F. Kennedy Jr., recently appointed as the United States Secretary of Health and Human Services (HHS) by Trump, also weighed in on the Treasury Secretary debate. Kennedy commented on Bass’s assertion, saying, “Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans, a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt. Bitcoin will have no stronger advocate than Howard Lutnick.”

Tuur Demeester, a board member of the Texas Bitcoin Foundation, highlighted the massive impact which Kennedy could have with regards to US Bitcoin policies, stating, “Nov ’24: a Kennedy who is about to oversee 27% of US Federal spending gives Bitcoin his strongest possible endorsement—for individual liberty, to balance the budget, and to save the dollar.”

Notably, the contest for the Treasury Secretary position is complicated by reports from The New York Times and The Wall Street Journal. According to these sources, Lutnick, who co-chairs Trump’s transition team, has reportedly strained relations with the president-elect due to perceptions of overstepping and potential self-interest in the transition process.

Additional contenders for the role include former Federal Reserve Governor Kevin Warsh and Apollo Global Management CEO Marc Rowan. Both are under consideration as Trump’s advisors seek candidates aligned with the administration’s economic agenda, particularly the implementation of significant tariffs on imports—a cornerstone of Trump’s policy platform.

Moreover, there remains speculation about the emergence of a dark horse candidate. Robert Lighthizer, the former US Trade Representative during Trump’s first term and a key architect of the trade war with China, is being considered for a potential appointment as a “trade czar.”

According to Polymarket, it’s still a tight race. Scott Bessent is leading by a narrow margin with 36%, followed by Howard Lutnick with 34.9%. Kevin Warsh holds 16%, Marc Rowan 9%, Bill Hagerty 3%, and Robert Lighthizer 2%.

At press time, BTC traded at $91,908.

According to Coinbase CEO Brian Armstrong, the planned Department of Government Efficiency, or DOGE, offers incoming President Donald Trump a once-in-a-lifetime opportunity to fix the country’s bloated bureaucracy.

Armstrong shared his views via a Twitter/X post, saying that cutting the government’s size can boost economic freedom.

Boosting government efficiency and cutting “bureaucratic fat” have been part of Trump’s campaign battlecries. During the sorties, the then-Republican candidate teased that X and Tesla’s Elon Musk would head the new department.

Will DOGE Improve The Government’s Efficiency?

In a Twitter post shared on November 17th, the Coinbase CEO joined the growing chorus supporting the creation of DOGE. The new office will give Trump the rare opportunity to address a bloated bureaucracy, which can boost economic freedom.

Armstrong also explored a few suggestions that the new agency may consider. For example, he suggested an amendment calling for a cap on government spending at 10% of the GDP. He shared that America’s founding fathers were geniuses but admitted that governments grow over time and end up with plenty of promises for their people.

. @DOGE is a once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.

The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over…

— Brian Armstrong (@brian_armstrong) November 17, 2024

To address this, Armstrong suggests maximizing incentives, like punishing representatives for budget deficits by preventing them from running in an election. Also, the government can set up a sovereign wealth fund where every US citizen gets a share and offers dividends if a budget surplus exists.

Elon Musk And Vivek Ramaswamy Lead DOGE

The establishment of the DOGE has been getting a lot of buzz even before the November 5th US elections. Then, the candidate, Donald Trump, openly criticized the federal government for its bloated bureaucracy and mindless spending. He also teased the possibility of tapping Elon Musk to lead the new agency.

Immediately a week after his election, the incoming president formally announced the creation of DOGE and announced Elon Musk and Vivek Ramaswamy to head the agency. Trump has already outlined the possible roles of the new agency, including cutting excess regulations, restructuring agencies, and reducing expenses.

DOGE Announcement Gives Mixed Results

Although the DOGE announcement was widely expected, its creation gets mixed results and opinions. For a start, DOGE isn’t an official department, which puts into question the type of authority and roles of Musk and Ramaswamy. Under federal laws, Congress controls spending.

There are also winners in Trump’s recent announcement of this agency. In addition to Musk getting a more active role under Trump, the cryptocurrency market, mainly the meme coin Doge, receives full benefits.

The popular meme coin has surged in value days after Trump’s election. With DOGE and Musk getting a lot of media coverage, many analysts expect Dogecoin to hit $0.50 by January 2025.

Featured image from DALL-E, chart from TradingView

Spot Bitcoin ETFs hurdle its biggest legal roadblock to date after the US Commodity Futures Trading Commission (CFTC) clarified that it’s no longer taking a role in clearing BTC ETF options. In a staff advisory dated November 15th, the CFTC, through its Division of Clearing and Risk, announced that it was transferring the approving authority to the Options Clearing Corporation (OCC).

According to ETF analyst Eric Balchunas, the OCC is under pressure now and will probably list these ETFs soon. At this point, only the OCC has the mandate to settle the listing of the ETF options.

Approval of these products will give Wall Street access to spot Bitcoin ETFs, increasing trading volume and potentially pushing their price.

A Look At Spot Bitcoin ETFs In The US

Unlike traditional assets, these spot Bitcoin ETFs blend the conventional features of options trading with the volatility of cryptocurrencies. Spot ETFs allow retail traders to participate in the crypto market without spending much. More importantly, they enable individual traders to quickly buy and sell their shares in the open market.

BOOM: The CFTC just dropped a notice clearing the way for spot bitcoin ETF options to be listed. This is the second hurdle they needed to clear after the SEC. Ball now in OCC’s court and they are into it, so they’ll prob list very soon. pic.twitter.com/tRiwaPpoW4

— Eric Balchunas (@EricBalchunas) November 16, 2024

The Securities and Exchange Commission (SEC) has approved the application to list these options on the CBOE and the NYSE. According to the SEC, they decided that Nasdaq’s experience with iShares Bitcoin Trust (IBIT) was successful.

Analysts see the CFTC advisory as a massive development for Bitcoin ETFs and the crypto market. If the spot BTC ETF options are listed, they will attract more investors, further legitimizing the standing of cryptocurrencies.

Bitcoin ETF Options To Be Listed Soon?

Market experts and analysts expect these Bitcoin ETF options to be listed soon. According to Jeff Park of Bitwise Invest, these BTC ETF options will dominate the cryptocurrency market.

Park thinks the OCC will act immediately on this request but sees the end of 2004 as the most likely target for listing. However, he still believes that approval is flexible and that anything can happen.

British Hodl, a popular BTC commentator, estimates that the approval and listing will come this first quarter of 2025.

Spot ETH Options, Next?

With a growing possibility that the spot BTC ETF options will be listed, many in the industry have floated the same idea for the Ethereum blockchain. One Twitter/X user, Austin, asked if Ether would follow suit.

Austin wondered if it would be possible to re-submit a previous application today stating that Donald Trump has just be reelected as the next US president.

The SEC has already decided on ETH ETFs, saying they still need expert judgment and public comments. According to the agency, the transition of ETH into new products must comply with the country’s security laws.

Featured image from Blue Trust, chart from TradingView