Elon Saves USA could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did. Elon Saves USA (ELONUSA), a new Solana memecoin that was launched today, is set to explode over 12,000% in price in the coming days. This is because ELONUSA is set to soon be listed on numerous crypto exchanges, according to reports. This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up. Currently, Elon Saves USA can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early
Donald Trump’s election win is especially bullish for Ethereum, which has been held down by the SEC, says Consensys CEO Joe Lubin.
Good news could be ahead for this altcoin thanks to one certain update!
Bitcoin (BTC) has performed remarkably over the past week, surging 30% since the November 5 US election. The flagship crypto surpassed its March all-time high (ATH), recording a new high nearly every day for the last seven days. Bitfinex analysts noted that the market remains “relatively stable” despite increased speculative activity. Related Reading: Bitcoin Closing In On $80,000 For Record-Breaking Run After Trump Win Bitcoin ‘Fair Value’ Priced In At Higher Levels Following Donald Trump’s victory last Tuesday, the crypto market has seen a massive rally, surging to a market capitalization of $3.05 trillion. Bitcoin has led the post-election bullish run with a 30% price increase, nearing the $90,000 mark earlier today. According to Bitfinex Alpha report, the rally “highlights the positive reaction to the election outcome, with investors positioning themselves for potential economic stimulus and regulatory shifts.” During the March highs, BTC’s realized profit volume reached its peak of $3.1 billion. Since then, realized profit volumes have gradually decreased, “reaching an equilibrium.” As the report noted, there’s been a reset in supply and demand forces, which indicates, alongside the recent price surge, that “the market is now pricing in a higher ‘fair value’ for Bitcoin.” At the same time, the cryptocurrency continues its price discovery. Moreover, profit-taking above $70,000 has been significantly smaller than the past instances when Bitcoin traded above this range, despite a structural increase in profit-taking. Bitfinex analysts consider this to signal the “entry of a new wave of demand into the market,” backed up by Spot Bitcoin exchange-traded funds (ETFs) buying post-elections. Additionally, it suggests that fresh investor interest “could drive further upward momentum in the near term.” BTC Enters ‘A New Phase’ The report highlighted record-breaking BTC ETFs’ inflows, around $2.28 billion in three days. This performance represented a significant increase from the pre-election de-risking, which saw the crypto-based investment products record their second-largest single-day outflows. According to CoinShares data, Bitcoin ETFs closed the US election week with $1.8 billion in inflows and started this week with $1.1 billion in positive net flow. This performance displays a resurgence in demand for the flagship crypto as the market adjusts to BTC’s new price levels. Bitfinex analysts explained that from March to August, there was significant supply and insufficient sustained buying pressure to absorb it. The recent demand surge suggests a notable shift as buying interest is “absorbing selling pressure at all-time highs and stabilizing market dynamics: Now we appear to be entering into a new phase where the volume of profit-taking when BTC hits an all-time high is notably lower, given the amount of fresh demand entering the market post-election. This demand is helping to absorb the minor selling pressure still present, suggesting a healthier market environment and potential for further upward movement. Related Reading: Solana (SOL) Records 3-Year High As Price Hits $220, Is $260 Next? Meanwhile, Open Interest (OI) in Bitcoin futures and perpetual contracts reached ATH, hitting $45.43 billion. The report explains that this signals an increase in speculative activity but details that the market remains “relatively stable” since OI and BTC prices “are in equilibrium at elevated levels.” Ultimately, Bitfinex anticipates some consolidation soon, with a potential pullback to $77,000. A correction toward this level would close BTC’s CME gap and strengthen Bitcoin’s position to climb even higher levels. As of this writing, Bitcoin is trading at $86,225, a 5% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
The Central Bank of Brazil is preparing to open the cryptocurrency market to traditional finance institutions, which will be able to operate in this industry with clarity after the enactment of the upcoming regulation. Small crypto startups might face challenges in regularizing their situation due to the high bar this framework will impose. Central Bank
Could the next big crypto explosion come from unexpected places? Five meme coins are capturing attention with their potential for massive gains by the end of 2024. These digital tokens, once seen as jokes, might deliver astonishing returns. Explore the factors that could propel these coins to incredible heights and discover why they are stirring
Solana is gaining ground on Ethereum with a surge in economic metrics, including transaction value and application revenue, positioning it as a strong competitor in the blockchain landscape.
The post U.S. DOJ Seeks to Seize $16M in Crypto Linked to FTX and Sam Bankman-Fried appeared first on Coinpedia Fintech News After a year-long investigation, the U.S. Department of Justice is seeking to seize $16 million in crypto assets linked to FTX. The assets, held in a Binance account, are connected to bribes allegedly authorized by Sam Bankman-Fried. The account contains tokens like Solana (SOL), Avalanche (AVAX), and Ripple (XRP), with SOL making up over half …
Canary Capital Group filed an S-1 registration statement on November 12 with the U.S. Securities and Exchange Commission for an HBAR ETF. The HBAR exchange-traded fund will track the native assets of the Hedera network. According to the filing, the firm intends to “provide exposure to the value of the native asset of the Hedera network.”
The post South Korea Arrests 215 People in $222M Crypto Investment Scam appeared first on Coinpedia Fintech News In South Korea, police arrested 215 individuals, including a popular YouTuber with 620,000 followers, for orchestrating a crypto investment scam that defrauded 15,000 people out of 300 billion won (approx. $222 million). The group ran fake investment firms, lured investors with promises of “20x returns,” and issued worthless coins, some of which they manipulated on …