November 2024 - CryptoCurrencyWire

FridayNov 29, 2024 8:00 am

Bitcoin Inches Closer to $100,000 as Post-Elections Euphoria Continues

Bitcoin’s value remained well below the much-anticipated $100,000 milestone over the weekend, disappointing many investors who had hoped the crypto would finally achieve this symbolic and psychological landmark. Digital assets, ranging from Bitcoin to lesser-known “memecoins,” have surged in popularity since Donald Trump secured a second term as president. Investors are optimistic about the possibility of more favorable regulations in the United States, coupled with increased public interest driven by Trump’s vocal support for cryptocurrencies. In the weeks following the election, the overall cryptocurrency market has seen a significant boost, with its total valuation increasing by roughly $1 trillion. However,…

TuesdayNov 26, 2024 8:00 am

Gary Gensler’s Rocky Relationship with the Crypto Industry, What Could Happen Next

Gary Gensler’s tenure as the Securities and Exchange Commission’s (SEC) chair is drawing to a turbulent and unexpected close. His time was marked by numerous battles with the cryptocurrency industry as the SEC pursued a flurry of enforcement actions and lawsuits against U.S.-based companies. Gensler, who once lectured on blockchain and digital assets at MIT, often labeled the cryptocurrency sector as a “Wild West” full of scammers. His approach to regulation earned him staunch critics, with many accusing him of overstepping his authority. One major contentious issue was Gensler’s reluctance to approve spot Bitcoin exchange-traded funds (ETFs)—with applications from prominent…

TuesdayNov 26, 2024 7:45 am

Crypto Fest 2024: A Resounding Success in Cape Town, South Africa

The 6th edition of Crypto Fest returned on 11 October 2024, held at the iconic DHL Stadium in Cape Town, South Africa. The event brought together a vibrant mix of 403 attendees, 29 industry-leading speakers, and representatives from 16 countries, making it one of the most anticipated gatherings in the crypto and blockchain space. Hosted by Bitcoin Events, Crypto Fest 2024 offered a dynamic program filled with keynote addresses, panel discussions, educational workshops, and unparalleled networking opportunities. Key speakers included Richard de Sousa, CEO of AltCoinTrader, and Hannes Wessels, General Manager of Binance for Southern and Francophone Africa, who delivered…

FridayNov 22, 2024 8:00 am

Baktt Shares Soar as Reports of Trump Media Acquisition Interest Emerge

Trump Media, known for operating the Truth Social app, is reportedly in advanced discussions to acquire Bakkt, a crypto trading firm, according to sources familiar with the matter. This news significantly impacted the stock prices of both entities. Trump Media’s shares saw a sharp rise, gaining double-digit increases shortly after the report was released. By the end of the trading day, the company, listed on the Nasdaq under the ticker DJT, recorded a 16% increase in its stock value. Meanwhile, Bakkt’s shares experienced an even more dramatic surge, climbing over 162%. This steep rise prompted multiple trading halts due to…

ThursdayNov 21, 2024 8:00 am

Crypto Industry Starts Looking for Payback After Investing Massively in Recent US Polls

Over the recent election, crypto-focused political action committees (PACs) invested approximately $131 million in congressional races to secure a government more favorable to digital assets and blockchain technology. Prominent industry billionaires also spent considerable sums supporting efforts to have Donald Trump re-elected. As the dust settles, the sector is now focused on reshaping its regulatory landscape in Washington. Key objectives include replacing Gary Gensler, the SEC chair known for his strict regulatory stance, with someone who takes a more favorable approach to crypto. In addition, industry leaders are lobbying Congress to introduce a comprehensive regulatory framework to integrate cryptocurrencies into…

TuesdayNov 19, 2024 8:00 am

US Hacker Gets 5-Year Jail Sentence for Billions’ Worth of Bitcoin Theft

A hacker tied to one of the biggest crypto thefts in history has been given a five-year sentence in a United States jail for money laundering. Ilya Lichtenstein admitted his guilt last year in a case involving the 2016 hacking of the Bitfinex exchange which resulted in the theft of almost 120,000 bitcoins. Lichtenstein conducted the laundering operation with Heather Morgan, his wife, better known by her rap name “Razzlekhan.” Back then, the stolen Bitcoin was worth approximately $70 million. However, by the time authorities apprehended the couple, the value of the cryptocurrency had skyrocketed to over $4.5 billion. Today,…

MondayNov 18, 2024 8:00 am

The Safe-Haven Asset Crypto Investors Are Missing

In recent years, cryptocurrency has captured the imagination of investors, who have embraced it as a revolutionary asset class offering high-growth potential. With Bitcoin and other digital currencies reaching new heights, many investors have turned to the crypto market as their hedge against inflation, government intervention and traditional assets. But there’s a time-tested asset that deserves more attention and has also been reaching all-time highs this year: gold. Much like Bitcoin, gold’s scarcity is one of the key factors driving its value. The finite nature of both assets appeals to investors who are drawn to the idea of owning something…

FridayNov 15, 2024 8:00 am

Coinbase Launches Crypto Index Similar to the S&P 500

Coinbase Global Inc. (NASDAQ: COIN), the largest cryptocurrency exchange in the U.S., has introduced a new market index called the Coinbase 50 Index (Coin50). Designed to function somewhat like the S&P 500, the index aims to give investors a broad, easy-to-understand overview of overall market performance in the crypto sector. As digital currency continues to gain traction, the need for reliable metrics and benchmarks is growing. Greg Tusar, Coinbase’s Head of Institutional Products, expressed confidence that the index could become the go-to measure of the crypto market’s overall state, much like the S&P 500 serves the traditional equity market. In…

ThursdayNov 14, 2024 8:00 am

Bitcoin Edges Past $89,000 as “the Trump Effect” Carries On

Bitcoin reached new peaks on Monday, November 11, as the crypto surge continued in the wake of Donald Trump’s recent election victory. Coin Metrics data showed Bitcoin rising over 12% to about $89,174 following an earlier climb to a fresh high of $89,623. Meanwhile, Ether also saw substantial gains, increasing by over 7% to $3,371.79. Ether’s jump follows a strong 30% increase in the last week, bringing it well above the $3,000 level over the weekend. Cardano’s DeFi token climbed 4.7% while Dogecoin surged nearly 24%. Crypto-related stocks reflected this momentum as well; Coinbase ended Monday’s session with a 19.8%…

TuesdayNov 12, 2024 8:00 am

Trump’s Win Triggers Crypto Rally, BTC Hits New Record

Bitcoin (BTC) surged to a record high on Wednesday, November 6, with the broader crypto market and crypto-related stocks enjoying a strong rally as investor confidence grew after Donald Trump’s presidential election victory. BTC jumped by almost eight percent in early trading, soaring past $75,000 and setting a new all-time high. This surge eclipsed its prior record from March, with other cryptos following suit. Ether, the second largest crypto after bitcoin, saw a similar 8% increase, while dogecoin spiked by up to 18%, bolstered by support from Elon Musk, who has been vocal about his interest in the asset and…