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NewsBriefs - Dogecoin surpasses XRP in market cap amid Elon Musk speculation

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  • Bitcoin Sistemi

    Dogecoin surpasses XRP in market cap amid Elon Musk speculation

    Dogecoin has overtaken XRP in market cap, reaching $35 billion after a 14% price increase in 24 hours and 55% weekly gain. The surge is linked to speculation about Elon Musk's potential role in a Trump administration, focusing on government efficiency. DOGE's price hit $0.23, a level not seen since November 2021, and it could soon overtake USDC if the momentum continues. Trump has expressed support for Musk to lead a government efficiency commission in a potential second term.

    Bitcoin Sistemi

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    • The Block

      Bernstein expects MicroStrategy to hold 4% of all Bitcoin within a decade

      Bernstein analysts predict that MicroStrategy will grow its Bitcoin holdings from 1.7% to 4% of the circulating supply within ten years, updating their price target for MSTR to $600 by 2025. The analysts attribute this growth to MicroStrategy's aggressive capital scaling and believe that the company's unique Bitcoin treasury model will continue to attract significant global investment. Despite some market fluctuations, the firm's solid investment strategy and extensive acquisitions portray promising growth prospects in the crypto space.

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      The Block

    • Bloomberg

      Singapore Gulf Bank looking to raise $50 million and acquire a stablecoin payments firm

      Singapore Gulf Bank is looking to raise at least $50 million to support product development and enhancements to its payment network and plans to acquire a stablecoin payments company by early 2025. The bank, established by the Whampoa Group and licensed in Bahrain, is negotiating with a Middle East sovereign wealth fund among other investors to sell an equity stake of less than 10%. This expansion aligns with broader industry growth, buoyed by anticipated supportive regulations in the US under the incoming administration.

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      Bloomberg

    • The Block

      Hong Kong's ZA Bank introduces retail crypto trading

      ZA Bank, a digital bank in Hong Kong, now allows its users to trade cryptocurrencies directly on its app in HKD and USD, making it the first bank in Asia to offer such services to retail customers. The bank has partnered with local crypto exchange HashKey for the integration of these trading capabilities using the institutional-grade service, HashKey Pro. The initiative aligns with ongoing efforts to expand the Web3 ecosystem and offer diversified financial services.

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      The Block

    • CNBC

      State Street warns Bitcoin rally may create false sense of security for investors

      State Street Global Advisors' strategist George Milling-Stanley cautioned that the recent bitcoin rally could mislead investors into feeling overly secure about their investments. Comparatively, he highlighted gold's stability and reliability, emphasizing that bitcoin, being primarily a return play, lacks the protective qualities of gold. Milling-Stanley's insights came during a period when the SPDR Gold Shares ETF, the world's largest physically backed gold ETF, marked its 20-year anniversary with significant historical growth. Meanwhile, bitcoin has seen considerable gains, reaching new highs post the November elections.

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      CNBC

    • The Block

      Solana ETFs could debut by 2025 as regulatory optimism grows

      The push for Solana exchange-traded funds (ETFs) in the U.S. market gained momentum as Cboe BZX filed four spot Solana ETF applications from VanEck, 21Shares, Bitwise, and Canary Capital. With a shifting regulatory landscape, driven by SEC Chair Gary Gensler's upcoming resignation and a pro-crypto administration taking office, industry leaders express growing optimism for SOL ETF approvals by 2025. Analysts cite the success of spot Bitcoin and Ethereum ETFs as a promising precedent, while Solana’s native token (SOL) has surged, nearing its all-time high, reflecting renewed investor confidence.

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      The Block

    • Cointelegraph

      Solana's SOL hits new all-time high amid Bitcoin rally and memecoin frenzy

      Solana's native token, SOL, reached a new all-time high of $264.50, driven by a Bitcoin rally toward $100,000 and increased interest in memecoins. Solana's market cap remains significantly below that of Ethereum, and with over $6 billion in daily DEX trading, it holds a 45% market share. The network's total value locked has grown substantially, achieving parity with Ethereum's top six layer-2 solutions. Analysts see potential for further SOL price increases, supported by robust onchain activity and a strong bullish sentiment in the futures market.

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      Cointelegraph

    • The Block

      Robinhood executive Dan Gallagher declines potential SEC chair position

      Dan Gallagher, an executive at Robinhood, has declined consideration for the chair of the US Securities and Exchange Commission (SEC), stating his commitment to Robinhood and his intent to work with the incoming administration and the new SEC chair. His decision comes amidst changes in the SEC that could significantly impact the future of crypto regulation.

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      The Block

    • Blockworks

      Solana is an ‘incredible emerging asset and story,’ says Bitwise CEO

      Bitwise has registered a trust in Delaware as a preliminary step towards launching a Solana (SOL) ETF, demonstrating growing interest in spot SOL ETFs. The crypto-focused asset manager's move aligns with a more proactive engagement from the SEC towards spot SOL ETF applications, reflecting a potential shift in regulatory attitudes following SEC chair Gary Gensler's resignation. Bitwise CEO Hunter Horsley highlighted the timing of the US presidential election and a constructive regulatory environment for their filing. Despite Solana not having a regulated futures market, which was previously considered essential for spot crypto ETFs in the US, the landscape appears to be changing.

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    • Cointelegraph

      Solana sets new record high on Coinbase two years after FTX crisis

      Solana (SOL) reached a new all-time high of $262.64 on Coinbase, spurred by recent strong performance and interest in Solana-related exchange-traded funds (ETFs). This milestone comes two years after the FTX collapse, which had drastically reduced SOL's value. Notably, SOL has surged 160% since the start of 2024, with momentum further fueled by positive regulatory news and overall altcoin market performance.

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      Cointelegraph

    • Cointelegraph

      BiT Global accuses Coinbase of delisting WBTC to favor its own cbBTC

      BiT Global alleges that Coinbase delisted Wrapped Bitcoin (WBTC) to push its own Bitcoin wrapper, cbBTC, thereby eliminating WBTC as a competitor. Coinbase, mentioning general review standards, announced that WBTC did not meet the criteria for continued listing and plans to suspend trading in December. In response, BiT Global criticized Coinbase for depriving investors of choice and directly competing against WBTC, which remains the most popular Bitcoin wrapper with a significant total value locked.

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      Cointelegraph

    • The Block

      Sui Network experiences major outage as validators go offline

      Sui Network, a blockchain platform developed by Mysten Labs, is currently experiencing a significant outage. The network has stopped producing blocks for nearly two hours, resulting in a stalled blockchain. This outage has led to a drop in SUI token value by nearly 10% over the last 24 hours, with its price at approximately $3.42. The team is investigating the issue, and no comment has been made by Mysten Labs or the Sui Foundation.

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      The Block

    • The Block

      Phantom crypto wallet climbs above WhatsApp and Instagram in free iPhone app rankings

      Phantom, a crypto wallet platform, has reached a record-high position in the iOS app store, ranking ninth among the top free iPhone apps and second among free utility apps. It has surpassed popular apps like WhatsApp and Instagram in the rankings. This growth marks a significant rise from its position at 377th just over a week ago. Phantom supports multiple blockchains including Solana, Ethereum, Bitcoin, Base, and Polygon.

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      The Block

    • Cointelegraph

      MicroStrategy market cap poised to surpass Intel

      MicroStrategy has reached a market capitalization of over $100 billion and is set to exceed Intel's nearly $102 billion. The company's stock, America's most traded on November 20, has seen significant growth due to its aggressive Bitcoin acquisition strategy, including a plan to spend $42 billion on Bitcoins over three years. Recent political shifts in the US and bullish analyst projections for Bitcoin's future value also contribute to MicroStrategy's market performance.

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      Cointelegraph

    • Hand-Picked

      Nasdaq-listed Hoth Therapeutics approves Bitcoin as treasury reserve asset

      Hoth Therapeutics, Inc., a biopharmaceutical company, announced its Board of Directors approved the purchase of up to $1 million in Bitcoin as a treasury reserve asset. The decision reflects the company's belief in Bitcoin's potential as an inflation-resistant store of value, in light of increasing acceptance and activity from institutional investors.

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    • Beincrypto

      Russia to prohibit crypto mining in occupied Ukraine territories

      Russian authorities will ban crypto mining in occupied Ukrainian territories starting December 2024, addressing electricity shortages exacerbated by mining activities. This restriction, intended to alleviate stress on local electricity grids, is part of broader regulatory changes impacting mining and cryptocurrency operations in Russia. The ban encompasses regions like Donetsk, Lugansk, Zaporizhia, and Kherson, and parallels similar seasonal mining suspensions in Siberia until 2031.

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      Beincrypto