Connect with us

Crypto

Trump's Election Odds On Polymarket, Gary Gensler's Doubts About Cryptocurrency's Future, Shiba Inu Lead Developer's Cryptic Post Sparks Intrigue And More: This Week In Crypto

Published

on

Trump's Election Odds On Polymarket, Gary Gensler's Doubts About Cryptocurrency's Future, Shiba Inu Lead Developer's Cryptic Post Sparks Intrigue And More: This Week In Crypto

The weekend was buzzing with noteworthy stories from the world of cryptocurrency. From the sudden surge in Donald Trump’s presidential election odds on Polymarket to speculations about the real identity of Bitcoin’s creator, and cryptic posts from Shiba Inu‘s SHIB/USD lead developer, the crypto community had a lot to talk about. Let’s dive into the top stories that kept the crypto world on its toes over the weekend.

Trump’s Election Odds Surge on Polymarket

The sudden increase in Donald Trump’s chances to win the presidential election on Polymarket has sparked discussions beyond the crypto community. Nate Silver, the founder of FiveThirtyEight, attributes this shift to the “doldrums” of the presidential campaign. He believes that market sentiment can sometimes have a mind of its own, especially during periods of relative calm between major events. Read the full article here.

Is Len Sassaman Bitcoin’s Creator?

Bettors on Polymarket are considering a high probability of Len Sassaman being identified as Bitcoin’s BTC/USD creator, Satoshi Nakamoto, in the upcoming HBO documentary titled ‘Money Electric: The Bitcoin Mystery’. Sassaman, a cypherpunk and developer of the PGP encryption and privacy technology, has often been linked to the mystery of Nakamoto’s identity. Read the full article here.

Advertisement

See Also: If You Invested $1,000 In Dogecoin When Rapper Meek Mill ‘Grabbed Some Doge,’ Here’s How Much You’d Have

Shiba Inu’s Lead Developer’s Cryptic Post

Shytoshi Kusama, the mysterious lead developer and co-founder of the Shiba Inu ecosystem, shared a cryptic post that sparked intrigue and speculation in the crypto community. The suspenseful figure reposted a message from another user, Tsukiyomi Mishima, captioned, “I think this will be the last chapter to my story…” Read the full article here.

Peter Schiff’s Advice to MicroStrategy’s Founder

Renowned economist Peter Schiff suggested that Michael Saylor, the boss of MicroStrategy Inc. MSTR, should buy the large stash of Bitcoin that the U.S. government plans to sell. Schiff’s comments followed the U.S. government’s decision to sell 69,370 BTC it had seized from the dark web marketplace Silk Road. Read the full article here.

Advertisement

Gary Gensler’s Doubts About Cryptocurrency’s Future

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler expressed his doubts about the potential of cryptocurrencies, including Bitcoin, to become widely accepted forms of payment. Gensler believes that cryptocurrencies are likely to continue being seen primarily as a store of value rather than a widely accepted medium of exchange. Read the full article here.

Read Next: Cybertruck Gets Dogecoin Makeover: Tesla Owner Unveils Unique Elon Musk’s Favorite Cryptocurrency-Inspired Vehicle Wrap

Photo courtesy: Unsplash

This story was generated using Benzinga Neuro and edited by Anan Ashraf.

Advertisement

Market News and Data brought to you by Benzinga APIs

Crypto

WisdomTree launches ETP focused on XRP cryptocurrency

Published

on

WisdomTree launches ETP focused on XRP cryptocurrency

WisdomTree has launched a new cryptocurrency exchange-traded product (ETP), the US asset manager announced today, with a focus on the XRP digital currency.

The new WisdomTree Physical XRP (XRPW), joins the firm’s $1.1bn lineup of physically backed cryptocurrency products, designed to provide European investors with a straightforward, regulated means of investing in digital assets without direct ownership.

The XRP asset, native to the XRP Ledger (XRPL), has carved out a unique role for itself in the digital currency landscape, as a blockchain optimised for cross-border payments and high-speed transactions.

Continue Reading

Crypto

Bitcoin Hits $95K For The First Time Ever, Ethereum, Dogecoin Flat As Trump's Crypto Policy Takes Shape: Top Analyst Describes BTC's Path To $135K – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Published

on

Bitcoin Hits K For The First Time Ever, Ethereum, Dogecoin Flat As Trump's Crypto Policy Takes Shape: Top Analyst Describes BTC's Path To 5K – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Bitcoin hit $95,000 for the first time ever, following reports of a cryptocurrency-focused role in the incoming Donald Trump administration.

Cryptocurrency Gains +/- Price (Recorded at 7:45 p.m. ET)
Bitcoin BTC/USD +2.73% $94,794.86
Ethereum ETH/USD
               
-0.98% $3,083.96
Dogecoin DOGE/USD           -0.87% $0.3845

What Happened: The leading cryptocurrency briefly surpassed the never-seen-before level overnight on Wednesday before rebounding.

With the latest uptick, Bitcoin’s weekly gains jumped to nearly 5%, while its market dominance reached 60%. Its returns for November have shot past 33% already, against the historical average of 45%. 

On the contrary, Ethereum, the second-largest cryptocurrency by market capitalization, slid below $3,100. It was down over 3.5% over the week.

Bitcoin’s rally followed reports of a dedicated cryptocurrency role in Trump’s administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.

Advertisement

Nearly $350 million in leveraged positions were liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $241 million.

Bitcoin’s Open Interest (OI) surged 6.52% in the last 24 hours, implying heightened speculative interest among derivatives traders.

Most of the new bets favored Bitcoin’s price increase as the number of long positions increased vis-à-vis shorts, according to the Long/Shorts Ratio.

Market sentiment remained in the “Extreme Greed” zone, as per the Cryptocurrency Fear and Greed Index.

Top Gainers (24-Hours)

Advertisement
Cryptocurrency Gains +/- Price (Recorded at 7:45 p.m. ET)
Floki (FLOKI) +14.94% $0.0002822
UNUS SED LEO (LEO) +6.46% $8.47
Tezos (XTZ) +5.35% $1.08

The global cryptocurrency market capitalization stood at $3.12 trillion, following an increase of 1.32% in the last 24 hours.

Stocks traded mixed on Wednesday. The S&P 500 ended the session flat, while the tech-heavy Nasdaq Composite slid 0.11% to close at 18,966.14. The Dow Jones Industrial Average

The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average was the outlier, surging 139.53 points, or 0.32%, to end at 43,408.47.

Nvidia Corp. NVDA shares finished 0.76% lower ahead of third-quarter earnings, which eventually turned out to be better than expected.

.See More: Best Cryptocurrency Scanners

Advertisement

Analyst Notes: Noted cryptocurrency analyst Ali Martinez drew a parallel with Bitcoin’s Dec. 2020 trajectory, observing a “nearly identical” Relative Strength Index (RSI).

“If true, BTC will go to $108,000, drop to $99,000, and bounce to $135,000,” Martinez added. 

Another widely-followed analyst, Rekt Capital, stated that Bitcoin dips from the previously broken resistance would mean a “post-breakout retest.”

“These retests aren’t always necessary but BTC’s most recent downside wicking demonstrates that there is at least retesting intent in the price action,” the analyst remarked.

Photo by SvetlanaParnikova on Shutterstock

Read Next:    

Advertisement

Market News and Data brought to you by Benzinga APIs

Continue Reading

Crypto

Trump advisers weigh White House crypto role – report (BTC-USD:Cryptocurrency)

Published

on

Trump advisers weigh White House crypto role – report (BTC-USD:Cryptocurrency)

Walter Bibikow/DigitalVision via Getty Images

President-elect Donald Trump’s team of advisers is holding talks with the digital asset industry about whether to form a new White House position focused on cryptocurrency policy, according to a media report.

The team is vetting candidates for such a

Continue Reading
Advertisement

Trending