During the day, $1.07 billion was liquidated on the cryptocurrency market

In the last 24 hours, the bitcoin (BTC) exchange rate has made an impressive leap, jumping by 8% and setting a new historical high at around $ 90,000. At the same time, a wave of liquidations totaling more than $1.07 billion followed. It is noteworthy that both long and short positions were closed, while the 1st accounted for about 52.24% of the total volume, which is about $ 559 million, and the 2nd - 45.56%, or about $487 million.

The highest volume of liquidations was recorded on Binance — $420 million. It is followed by OKX with $276 million and Bybit with $213 million. HTX and CoinEx close the list with $120 million and $27 million, respectively. The massive liquidation indicates that many traders were not prepared for such sharp spikes in the price of BTC, which led to significant losses for those who held positions with high leverage.

Analysts believe that this situation may indicate a growing interest in bitcoin from major players. Liquidations often fuel activity, as traders are forced to exit unprofitable positions, which causes additional fluctuations. In addition, mass liquidations can contribute to a short-term reduction in volatility, as the amount of borrowed funds decreases.

Experts note that volatility can attract new investors to the market, who see bitcoin not only as a speculative tool, but also as an asset for long-term investments. Such movements also intensify discussions about the role of BTC as "digital gold" and a "safe haven" for capital in an unstable global economy.

The current situation shows that interest in cryptocurrencies continues to grow, and increased liquidity creates conditions for larger-scale movements in the market. In the future, this may push the BTC exchange rate to new records if demand is supported by both retail investors and institutional participants.

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Italy Reduces Proposed Tax Increase on Cryptocurrencies to 28%

The Italian government has taken steps to reduce the proposed capital gains tax on cryptocurrencies from an initial 42% to 28%. The League, one of Prime Minister Georgia Meloni's partners in the ruling coalition, has proposed an amendment in this regard.

This was due to concerns that a higher tax could scare investors away from the fast-growing Italian digital asset market. The amendment, supported by the administration of Prime Minister Meloni, is expected to attract both crypto investors and companies in Italy. This is a League amendment.

The initial plan to raise taxes by 42%, proposed in the October draft budget, was aimed at increasing revenues as part of the economic plan for 2025. However, the high tax rate introduced has raised concerns about Italy's competitiveness in the global cryptocurrency market.

Industry representatives said that the 42% tax rate could negatively affect Italy's attractiveness for businesses related to cryptocurrencies, including blockchain, digital asset trading and investments. They argue that a lower rate will help Italy maintain its attractiveness to both local and foreign investors. It will also contribute to the growth of the financial innovation sector in the country.

Taking into account the proposed amendment, the tax rate of 28% will help Italy get closer to the current rate of 26%, thereby reducing tax pressure on crypto investors. This tax policy is currently awaiting government approval, and it is expected to be approved soon. If the amendment is approved, investors in cryptocurrencies in Italy will receive a clear and possibly favorable set of rules.

Another coalition partner, Forward Italy, has also put forward another amendment to completely eliminate the tax increase. The proposal also aims to eliminate the current capital gains tax exemption for income not exceeding $2,120.

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Keith's Investment in ACT Brings in Millions after Binance Listing

A well-known crypto miner recently invested heavily in the ACT token, spending a staggering $5.6 million to purchase 17.1 million ACT tokens worth $9.4 million at a price of $0.33 per token.

This major acquisition followed the announcement by Binance, one of the largest cryptocurrency exchanges, of the listing of ACT. The acquisition by Whaler allowed him to become the largest individual token holder, strategically positioning himself in the ACT ecosystem and potentially influencing future market trends.

Whaling: The whale spent $5.6 million to purchase 17.1 million ACT ($9.4 million) at a price of $0.33 after Binance announced the listing of ACT.

Keith became the largest individual holder of ACT with an unrealized profit of $3.8 million!

But keith lost $590,000 trading ACT earlier.

According to Lookonchain, the investment was likely influenced by Binance's announcement of a token listing, which has historically led to higher prices for newly issued assets. The purchase by kit was made on time, which allowed him to benefit from the increase in token prices. After Binance's announcement, trading activity on ACT increased and prices increased significantly, which allowed the whale to make an unrealized profit of approximately $3.8 million.

The unrealized profit of the "whale" in the amount of $ 3.8 million demonstrates the potential of strategic investments in the cryptocurrency market. By making a massive purchase after Binance's announcement, the "whale" effectively used the dynamics of the market to its advantage. Although the price of the ACT fluctuated, the purchase time at $0.33 per token suggests that the "whale" expected the price of the token to rise after listing, which is a common trend for recently placed assets on major exchanges.

Despite the recent growth, the history of this "whale" with ACT trading has not been profitable. Previous transactions with ACT resulted in the investor losing $590,000. The reasons for these previous losses are still being investigated, but they could have been caused by price volatility, unforeseen market conditions or incorrect trading strategies. However, this setback did not prevent the whale from returning to the market and doubling its assets in ACT.

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PEPE price hits highest level since May 2024

PEPE price is steadily rising, up almost 60% in the last seven days. The bullish momentum is supported by positive technical indicators, including EMA lines and a healthy RSI level.

However, some signs suggest that while buyers are still in control, the intensity of the uptrend may be starting to wane.

PEPE's Current Trend Still Strong

The PEPE ADX index is currently at 46.13, which is a slight decline from over 50 points just a day ago. This decline suggests that while trend strength remains strong, the intensity of the uptrend may be weakening slightly.

Despite this, the PEPE has been rising steadily, up 59.69% over the past seven days. This suggests that buyers are still in control, but momentum may be starting to slow.

The Average Directional Index (ADX) is a technical indicator that is used to measure the strength of a trend regardless of its direction. ADX values below 20 indicate a weak trend, while values above 25 indicate a strong trend. Since the ADX for PEPE is currently at 46.13, the uptrend remains strong, although the recent drop in ADX indicates that the strength of the trend may be weakening.

This suggests that while PEPE is still showing bullish momentum, investors should look out for signs that the strength of the move may be weakening, which could lead to a period of consolidation.

PEPE is no longer in an overbought phase

The PEPE Relative Strength Index (RSI) is currently at 60.56, down nearly 80 points from just a few days ago. This decline indicates that buying pressure has eased significantly after reaching an overbought condition.

The falling RSI suggests that while positive momentum still remains, it is no longer as strong as it used to be and the risk of an immediate correction has diminished.

As a rule of thumb, an RSI above 70 means that buyers have taken the asset into overbought territory, which could lead to a price correction. On the other hand, an RSI below 30 indicates that sellers have taken the asset into oversold territory, which could create a buying opportunity.

PEPE's RSI is currently at 60.56, which means it is no longer in overbought territory, but is still showing a healthy level of bullish momentum.

PEPE price forecast: highest price since May 2024?

PEPE's EMA lines are currently showing a very strong bullish configuration: the short-term EMAs are above the long-term EMAs, and price is holding firmly above them all.

If the uptrend continues, PEPE could test the next resistance at $0.00001580. If this resistance is overcome, the price could potentially rise to $0.00001726, which would be the highest level since May. This represents a possible upside of 30.85%.

However, if the bullish momentum fades and there is selling pressure, the PEPE price could correct to the support level around $0.00001084.

If this support fails, the price could fall even lower to $0.0000089, which means a potential 32% decline from the current level.

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BlackRock's spot bitcoin-ETF trading volume hits a record $4.5 billion

On November 11, the turnover of BlackRock's iShares Bitcoin Trust ETF reached the highest in history at $4.5 billion, according to Bloomberg analyst Eric Balchunas.

The previous record was $4.14 billion, which preceded the maximum ever inflow of $1.12 billion into the product (the sector as a whole - $1.38 billion)

The expert noted that we can expect a repetition of this situation.

According to Balchunas' calculations, the overall trading volume of bitcoin-related instruments amounted to $38 billion.

“Just a crazy day, it really deserves the name a la ‘Volmageddon ’,” he commented.

The backdrop was the continuation of the first cryptocurrency's rally with a new ATH near $89,000.

On Nov. 11, inflows into spot bitcoin ETFs totaled $357.6 million and trading volume was a record $7.3 billion.

Cumulative inflows since the approval of the BTC-ETF in January increased to $26.2 billion.

Recall, in Bernstein predicted that if Donald Trump wins, bitcoin will reach $80,000-90,000.

Earlier, the specialists of the company called for “as soon as possible” to add crypto-assets to the investment portfolio. They recommended buying a basket of digital assets including BTC, ETH, SOL, OP, ARB, POL, UNI, AAVE and LINK.

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HMSTR has grown ahead of the start of Hamster Kombat's second season

Hamster Kombat's token, HMSTR, has risen 83% over the past week, sparking a wave of excitement among the community

The recent jump in HMSTR's price coincided with hints of the upcoming launch of the second season. This has increased the excitement around the token. An announcement posted on Hamster Kombat's official channel has greatly fueled users' curiosity about the next phase.

Hamster Kombat aims for the stars ...

HMSTR's recent rise coincided with bitcoin rallying to new record highs. Positive trends in the market accounted for HMSTR's intra-week gain of approximately 83%.

On November ninth, the development team announced the suspension of token withdrawals. This decision was part of a strategy to incentivize players who left their HMSTR tokens in the game. According to an official statement, all such players will be rewarded. The move demonstrates a strong commitment to reward long-term holders and fight for their loyalty.

The developers promise that the second season will bring significant changes to the gameplay and tokenomics of the project. Among the planned innovations are the management of a virtual game studio, tools for creating personalized game spaces, a system for hiring team members, community-driven game challenges, and an improved token economy aimed at maintaining their sustainable value.

...But it goes through thorns

Hamster Kombat's path, however, cannot be called easy. After the first airdrop on Sept. 26, the platform faced a number of challenges. These included a drop in active users from 300 million to 49.9 million, community dissatisfaction with the airdrop, accusations of favoritism, and concerns about the fairness of anti-cheat measures.

"The second season of Hamster Kombat won't be a success unless they fix the big mistake that got over 65% of players disqualified. It seems like this was a planned move to get rid of many users after taking advantage of their efforts. Yes, cheaters should be penalized, but their system failed to identify the real cheaters. Many who used key generators are still empowered, while honest players who spent months collecting 100-200 keys were unfairly disqualified,” commented cryptoinfluencer Keyur Rohit.

Despite these difficulties, Hamster Kombat's unique features, such as the Hamster News update, continue to attract users and set the project apart from other Telegram crypto games such as Notcoin, Dogs, and CATS.

According to rumors, the platform will switch its focus from a cryptocurrency exchange simulation to a more expansive gaming ecosystem in its second season. The developers promise to fix past bugs, stabilize tokenomics, improve gameplay and optimize reward distribution. Ahead of the launch of Season 2, these efforts show a shift in focus to community needs and game development.

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Customers of NFT marketplace OpenSea have withdrawn the class action lawsuit

Two users of OpenSea, the largest marketplace for non-fungible tokens, accused the site of trading in unregistered securities. But have now withdrawn the lawsuit.

Plaintiffs Anthony Shnayderman and Itai Bronshtein have voluntarily withdrawn their complaint filed against Ozone Networks, which operates the OpenSea trading platform. The marketplace's customers made the decision after Judge Cecilia Altonaga allowed OpenSea to submit the case to arbitration. This is an alternative dispute resolution process that takes place privately: faster and at the lowest cost than regular litigation.

This implies that a class action lawsuit would not be able to set a precedent that could widely affect the NFT market.

OpenSea said the plaintiffs' clients have agreed to its terms that all claims can be resolved in arbitration. Plaintiffs' attorney Adam Moskowitz explained that the plaintiffs “had no choice but to dismiss the litigation.”

The users sued OpenSea in September, claiming that the NFTs they bought on the platform turned out to be unregistered investment contracts, so they were worthless in the United States due to their “illegal nature.” The plaintiffs mentioned that in August, the U.S. Securities and Exchange Commission (SEC) threatened the platform that it could sue it for digital art trading.

Given that OpenSea could find itself in a tight spot, Schneiderman and Bronstein took advantage of the situation and complained about the platform as well. In the lawsuit, they cited the SEC's successful actions against NFT projects Stoner Cats 2 and Impact Theory, where non-interchangeable tokens were deemed unregistered securities.

Last November, OpenSea was forced to lay off half of its employees, and in January, the platform's co-founder Devin Finzer announced his readiness to sell the company due to declining trading volumes.

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Former Pimco and Millennium executives have created a cryptocurrency consulting business

Two former executives from major US investment management firms Millennium Management and Pacific Investment Management Company (Pimco) are returning to cryptocurrencies amid a massive market rally.

Former Millennium portfolio manager Benoit Bosque and former Pimco executive vice president Michael Bressler have left their positions to form a new cryptocurrency advisory firm, x2B, Bloomberg reported Nov. 11.

Expected to launch in November 2024, x2B will advise crypto projects in sectors such as fundraising, tokenomics and market maker strategy, exchange listing and treasury management.

The co-founders of X2B have left GSR after a bearish cryptocurrency market in 2022

Prior to taking positions at Millennium and Pimco, both Bosk and Bressler spent a couple years in senior roles at crypto-liquidity provider GSR, with Bosk joining in 2022 and Bressler in 2021. They left GSR in 2023 after a significant downturn in the cryptocurrency markets in 2022.

Bressler, who previously spent nearly 14 years at Wall Street giant JPMorgan, said “very few people” at the intersection of traditional high-level finance and digital finance understand the “complex dynamics of token launches.”

He said x2B already has 10 customers, and will charge fees in the form of honoring future project tokens and cash.

Bosk, who spent more than nine years as a crude trader at Goldman Sachs, said the crypto industry would benefit from a “more professional and transparent approach.”

Bosk said x2B plans to seek “greater accountability” from the various market participants and service providers involved in the token launch.

Cryptocurrency consultancy launches amid bitcoin reaching $90,000

Bosk and Bressler's return to cryptocurrency comes amid a massive rally in the cryptocurrency market, with bitcoin (BTC) rising above $80,000 for the first time ever on Nov. 10 and already reaching nearly $90,000 on Nov. 11.

The bullish sentiment towards cryptocurrencies in 2024 has further intensified amid Donald Trump's victory in the U.S. presidential election, as many speculate that the Trump administration will have a positive impact on the growing crypto industry in the U.S. and around the world.

At the time of writing, bitcoin is trading at $88,522 with a rise of 8.61% higher in the last 24 hours. The cryptocurrency is up about 85% since the beginning of the year and is up 30% in the last 30 days, according to CoinMarketCap.

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GIGA's market capitalization fell almost 85% due to a massive sell-off

The market capitalization of the GIGA meme coin fell from $614.76 million to $92.1 million after a massive sell-off. Users suspect it's a “pump and dump,” but one trader claims malware emptied his wallets.

The GIGA market has since mostly recovered to $545 million, but the significant drop has triggered a bearish trend for the meme coin.

The confusion surrounding the temporary collapse of GIGA

According to Solscan, the sharp drop in Gigachad (GIGA) was due to a one-time sell-off that took place earlier today. The meme coin's price has also suffered as it has fallen more than 6% in the past 24 hours.

Meme coins are known to be very volatile, but a drop of this magnitude has led many in the community to suspect something amiss. For example, meme coin speculator 0xRamonos suggested that it was suspicious that a single user could have such a large impact, and this may explain why GIGA only recently listed on major exchanges.

In other words, this promising meme coin could have been part of a pump-and-dump scheme. Such covert tactics are surprisingly common in the meme coin industry, and there have been many prominent examples in recent weeks. However, in this case, one trader claimed to have been the victim of a malware attack and had his wallets hacked:

"Just want to be honest - the massive GIGA sell-off today was due to one of my wallets being emptied using a fake link to increase. It hurts, but I'll be back. I will always be in the game. Please be careful and never click on links from anyone you don't know. Please learn from my mistakes,” the meme coin trader wrote under the nickname ‘Still in the game’ on X (formerly Twitter).

While these claims are unconfirmed, this user has written about GIGA's potential on multiple occasions in the past. In addition, infamous meme coin trader Murad also called him a credible account last month. However, Murad has also participated in his own meme coin pumps and dumps, so that doesn't add to his credibility.

Whoever ran this massive sale was extremely inefficient at making a profit. The sale was for 85 million GIGA tokens, which would have been worth $6 million dollars beforehand. However, they only received $2.09 million dollars for these assets due to the price impact of such a dramatic action. They were transferred to the Jupiter aggregator for Solana token exchange (WSOL) in a wrap.

Despite this event, GIGA's current market capitalization is still higher than it was at the beginning of the month. Nevertheless, this massive sell-off has temporarily eroded confidence in the meme coin as the community remains skeptical.

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Pump Fun sells 43,000 SOLs

Exchange-launched meme coin Pump Fun has sold off most of its SOL holdings following Solana's recent surge to $220. This came amid predictions that Solana could soon reach its current all-time high (ATH) and possibly surpass it.

Pump Fun sells 43,000 SOLs amid Solana price gains

In X post, network analytics platform Lookonchain reported that Pump Fun sold 43,000 SOL ($9.46 million). The meme coin startup sold 793,243 SOLs ($132.5 million) out of total revenue of nearly 1.2 million SOLs ($263 million). Solscan data shows that the Pump Fun fee account still holds 220,865 SOL ($48.4 million).

This comes after the price of Solana hit $220, which was a one-year high for the cryptocurrency. The outlook for SOL is currently optimistic as the price of bitcoin is rising and bullish sentiment prevails in the broader cryptocurrency market.

The price of Solana is also on the rise given the influx of liquidity into the SOL ecosystem. Debridge data showed that over $160 million dollars has been transferred into the Solana ecosystem in the past seven days.

The meme coin frenzy on the Solana network has partially contributed to these inflows, as market participants are eager to trade meme coins on the network. Today, that frenzy has reached a peak as Solana ACT and PNUT meme coins have surged 1,300% and 250%, respectively, since listing on Binance.

Thanks to this hype around Solana meme coins, Solana is now leading the Ethereum Decentralized Exchange (DEX) in trading volume for the sixth week in a row. DeFiLlama data shows that Solana's trading volume totaled $17.484 billion over the past seven days, while Ethereum's trading volume on the DEX totaled $14.97 billion over that period.

SOL Soon to hit a record high

In his post, Altcoin crypto analyst Sherpa stated that the price of Solana will soon reach its current high of $260. He made this prediction noting that market participants should not discount “the biggest casino of this cycle,” alluding to the hype surrounding meme coins on the Solana network.

The analyst's chart accompanying the article shows that Solana's price could quickly rise to $290 once it breaks its all-time high of $260. According to CoinGape's market analysis, the next potential targets for Solana are $263 and $330 after the recent price increase. Meanwhile, there is a possibility that SOL could rise to $1,000 in this market cycle.

At the time of writing, Solana's price is around $219, up 4% in the last 24 hours. SOL trading volume is up more than 40%, with $10.17 billion traded during this period.

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Microstrategy shares hit an all-time high of $340

According to NASDAQ, the stock price of business intelligence company Microstrategy reached an all-time high of $350 on Nov. 11.

The rise in the company's stock coincides with the historic rise in bitcoin prices on Monday. Earlier in the day, the cryptocurrency broke the $87,000 mark.

Microstrategy raised a record $12 billion in a single day - six times the trading volume of JP Morgan or General Electric, Bloomberg senior ETF analyst Eric Balchunas said on social media platform X.

Microstrategy is the largest corporate bitcoin holder whose shares are publicly traded. On Monday morning, the firm announced that it had spent more than $2 billion to buy another 27,200 bitcoins, increasing the combined bitcoin holdings of its company and its subsidiaries to 279,420 bitcoins.

When MSTR fell sharply from its previous all-time high in 2000

Microstrategy's stock had previously reached an all-time high of $333 in 2000. However, in late March 2000, the company had to restate its financial results for fiscal years 1998 and 1999, and eventually 1997. The Securities and Exchange Commission said in a statement released Dec. 14, 2000, that the company had overstated its earnings for the three-year period and reduced the originally reported $365 million by $66 million.

“Approximately $54 million, or 80 percent, of these restated revenues relate to 1999,” the SEC said.

The agency also filed civil injunctive actions against three Microstrategy executives related to overstating the company's revenues and profits. Michael Saylor, Microstrategy's co-founder and CEO, was among those three. He paid $8.28 million in restitution for illegally obtained profits in addition to a $350,000 civil penalty.

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Don't miss the bullish reversal rally of Toncoin (TON)

Toncoin's price hasn't changed much in recent weeks, spending several weeks in a consolidation range. However, the current chart indicates a possible bullish reversal that could prepare TON for an upward rally.

The 50-day EMA, an important short-term indicator that traders often use to determine the start of bullish momentum, has been successfully broken by TON in recent days. In addition, the 100-day and 200-day EMAs, which are often considered important levels for determining medium- and long-term market trends, are approaching TON. A strong reversal could be confirmed by a break above these levels, which would attract more buyers hoping to profit from the altcoin rally.

There is still room for upside, although the Relative Strength Index (RSI) is close to the overbought zone with a reading in the mid-60s. This indicator indicates a positive setup for a long-term uptrend, implying that there is continued buying interest with no indication of an impending sell-off. Volume, the most important factor in confirming price moves, has also increased, giving the current rally additional support.

This increase in volume suggests that investors and traders are actively investing in this bullish reversal, reinforcing the possibility of further momentum if Toncoin can hold its current position. The 100-day EMA at around $5.27 and the 50-day EMA at around $5.05 are important support levels that investors should keep an eye on. Toncoin could indicate the strength and stability of the current uptrend and lay the groundwork for future gains if it maintains these levels.

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The expert did not rule out the growth of bitcoin to $100 thousand by the end of the year.

If U.S. President-elect Donald Trump continues to declare support for cryptocurrencies and specific actions in this direction, the value of bitcoin (BTC) by the end of this year may reach $100 thousand, Capital Lab partner Evgeny Shatov told “Izvestia” on Monday, November 11.

Earlier in the day, the cost of BTC updated the historical maximum, exceeding $82 thousand.

Shatov explained that such growth of the rate was influenced by the results of the elections in the United States.

“Newly elected President Donald Trump is in favor of supporting digital assets, and the prospect of pro-cryptocurrency lawmakers in Congress also added positivity. The digital asset industry has spent more than $100 million to support a number of crypto-friendly candidates and the election victory of the candidate from the Republican Party was a positive signal for it,” he said.

The expert recalled that Trump promised during the election campaign to put the US at the center of the digital asset industry, including the creation of a strategic bitcoin reserve and the appointment of regulators supporting digital assets. Meanwhile, his broader program to stimulate domestic economic growth, lower taxes and cut red tape has sparked a buying boom in stocks, credit and has not ignored cryptocurrencies.

“Bitcoin is up about 94% since the start of 2024, fueled by robust demand for cryptocurrencies, the start of U.S. exchange-traded fund trading and the Federal Reserve's interest rate cuts. It is highly likely that bitcoin's rise could continue. If the newly elected president continues to make statements about support for cryptocurrencies and specific actions in this direction, which he is going to take after coming to power, the value of bitcoin by the end of the year may reach $100 thousand,” - concluded Shatov.

In September, the director of the Association of Industrial Mining Sergei Bezdelov at the session “Industrial Mining” of the Eastern Economic Forum said that in 2023, 54 thousand bitcoins were mined in Russia. They can bring the treasury taxes in the amount of 50 billion rubles on the horizon of several years.

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Aggregate traffic on exchanges grew by 8% in October

Cumulative monthly traffic on the top 20 cryptocurrency exchanges rose 8% in October, reflecting increased investor interest and growing retail trader participation ahead of the US election in 2024.

According to ICO Analytics, memcoin platform Pump Fun recorded the highest monthly increase in percentage terms at 100% in October. Crypto exchange BullX followed with a 78% increase in web traffic from September to October, while decentralized exchange Uniswap ranked third with a 42% increase.

Binance, WhiteBit and Coinbase led in monthly traffic by total visits in October with 54 million, 33 million and 30 million visits respectively.

The increase in traffic led to a rally in cryptocurrency markets, consistent with the “uptober” narrative, or the expectation that digital asset markets typically rise in October after sideways trading trends during the summer months.

Evidence of a sustained rally

While cryptocurrency exchanges experienced an increase in web traffic ahead of the 2024 U.S. election, the results of the Nov. 6 race triggered a rally that lifted the price of bitcoin (BTC) to new all-time highs.

Several indicators suggest that the current rally may be sustainable and is just beginning. Factors include an additional $1.1 billion of open interest in bitcoin futures contracts on the Chicago Mercantile Exchange, anticipation of lower interest rates, and strong inflows into bitcoin ETFs.

On Nov. 6, BlackRock's Bitcoin IBIT ETF experienced its highest volume ever - trading at $4.1 billion - following the victory of pro-cryptocurrency Republican candidate former President Donald Trump.

Recent inflows to the exchange of stablecoins, which investors use as an indicator to gauge market interest, are another signal that traders expect the price to rise further. On Nov. 7, inflows to the Stablecoin Exchange reached $9.3 billion as the price of bitcoin continued to rise.

The recent rise has also led to a shift in investor sentiment toward Ethereum, as the price of Ethereum (ETH) surpassed the $3,000 level and inflows into the Ethereum ETF turned positive after months of disappointing price movement.

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Galaxy discontinues hosting for bitcoin miner Argo

Galaxy achieved a realized hash rate of 2.58 EH/s in the third quarter with 176 miners.

Galaxy Digital plans to finalize a contract to host 2.3 EH/s of Argo Blockchain's Bitcoin miners as it explores the possibility of moving its mining segment to high performance computing (HPC) hosting.

In its third-quarter earnings report, Galaxy said it recently signed a non-binding agreement with the U.S. hyperscaler to host HPC computers at its Helios facility in West Texas, which is currently used for bitcoin mining.

"The agreement includes options to dedicate all 800 megawatts of currently approved Helios capacity to hosting and supporting HPC. Completion of this transaction is subject to the execution of definitive documents, customary due diligence and party approvals,” Galaxy said in a press release.

The move positions Galaxy as the latest Bitcoin mining infrastructure operator considering a pivot to AI amid low post-Halving network mining revenue. Galaxy's own Bitcoin mining production fell from 373 BTC in the first quarter to 242 BTC and 176 BTC in the second and third quarters, respectively.

As of Sept. 30, Galaxy was managing a 6.2 EH/s hashrate, mainly due to 200 megawatts of working capacity at the Helios site, according to its quarterly filing. This includes Galaxy's proprietary hardware and 23,000 S19j Pro Bitcoin miners hosted by Argo.

On Thursday, Argo mentioned it received a notice from Galaxy, despite ongoing discussions, stating that Galaxy would not be extending its hosting contract beyond the current expiration date of Dec. 28 due to its HPC pivot plan. Argo indicated that it is evaluating the future of the S19j Pro, which at the current hash price generates revenue of about $65/mWh. The miners, which are currently deployed in Texas, make up the majority of Argo's total hashing capacity.

While Argo still owns and operates its own facility in Baie-Comeau, Quebec province, the company on Thursday proposed a plan to expand infrastructure capacity for potential HPC hosting as well, rather than the bitcoin miners that will soon go offline.

“The HPC expansion will require the company to incur capital expenditures at its Baie-Comeau site, which are expected to be covered by additional financing, some aspects of which may be subject to shareholder approval,” Argo said in a press release.

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Why did the price of Ripple (XRP) soar to an 8-month high above $0.7?

The bull market triggered and supported by Donald Trump's victory in the US presidential election on the 24th last week does not seem to have affected Ripple's own token, at least until this morning.

Over the past week, XRP has managed to grow in price a little, but this is nothing compared to the sharp rise in prices for bitcoin, Cardano, Dogecoin, Shiba Inu and many other cryptocurrencies

The situation with XRP, which this week gave way to DOGE in the top 10 digital assets by market capitalization, has changed today: it has significantly increased in price from $ 0.6 to $0.741 (on Bitstamp). This is the highest price that the cryptocurrency has reached in the last eight months.

The crypto community was delighted with the rise in the exchange rate, which many expected, and began posting festive tweets with even more impressive forecasts.

The reasons for this jump may be different. On the one hand, XRP may have just been late to the party hosted by Trump and joined it a week late. This seems to be a fairly simple explanation, since the company has not made any statements about it.

However, this may also be due to some speculative rumors circulating around X. One popular author covering financial markets recently wrote that Ripple CEO Brad Garlinghouse followed the lead of Charles Hoskinson of Cardano and actually met with Trump or someone from his future administration to discuss a potential regulatory framework for cryptocurrencies.

Although there was no official statement from Garlinghouse, the author — Zach Rector — posted a tweet in which he indicated that the CEO of Ripple liked his initial publication, which, in his opinion, is sufficient confirmation

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A Chinese citizen confessed to laundering $73 million through cryptocurrencies

Daren Li, a 41-year-old Chinese citizen, pleaded guilty to conspiracy to launder $73 million received from victims of cryptocurrency fraud. The money was converted into USDT stablecoins.

Attorney General Nicole Argentieri said that Daren Li, who has dual citizenship in China, as well as in Saint Kitts and Nevis, used a network of shell companies. Lee acted with accomplices, corresponding with them through encrypted messaging services. In order to hide the sources of funds, Lee instructed accomplices to open accounts in US banks created on behalf of fictitious organizations and track international bank transfers with funds that came to these companies from deceived victims. This illegally obtained money was converted into USDT stablecoins, and then distributed to the cryptocurrency addresses of Lee and his accomplices.

Despite the fact that Lee was outside the United States, this did not prevent law enforcement agencies from bringing him to justice, the prosecutor noted. The man was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport. The court is to sentence the offender on March 3, 2025. He faces a maximum sentence of 20 years in prison.

"We are cooperating with foreign law enforcement agencies to bring to law the crypto fraudsters who violate the rights of Americans, wherever the criminals are. In turn, investors should be skeptical of questionable investments and offers of quick enrichment in order to avoid financial losses," the prosecutor said.

In October, a hacker from the US state of Indiana, who stole more than $37 million in cryptocurrencies from 600 clients, also pleaded guilty to fraud and money laundering. Earlier, the organizer of the Forcount crypto scheme, who stole $8.4 million from Spanish-speaking investors, confessed to fraud.

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PayPal USD starts using LayerZero to enable transfers between Ethereum and Solana

US dollar-linked stablecoin PayPal is now using LayerZero to facilitate transfers between Ethereum and Solana

“The integration eliminates liquidity fragmentation and provides fast, secure and cost-effective transactions for users and businesses alike,” the statement said.

Ethereum's market capitalization has remained relatively flat at around $350 million in recent months, according to PYUSD that Ethereum's market capitalization has remained relatively flat at around $350 million in recent months, according to The Block Data Dashboard. However, according to Dune Analytics, the stackcoin's supply on Solana has shrunk from more than $660 million in August to $186 million.

“We believe PYUSD holders will welcome the flexibility and convenience that LayerZero offers,” said Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, cryptocurrencies and digital currencies, according to a statement released Tuesday.

The statement also said that LayerZero's Omnichain Fungible Token, or OFT, is what now makes transfers between Ethereum and Solana possible. “The OFT stan dart opens up a new level of interoperability for stablecoins,” added LayerZero Labs CEO Brian Pellegrino. “With the power of LayerZero, PYUSD can move seamlessly between Ethereum and Solana, helping holders move their tokens between blockchains to use them the way they want, when they want.”

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Leading analyst says Dogecoin's upward price channel could lift Doge to $18

Leading analyst Ali Martinez predicts Dogecoin could rise 4443% to $18, citing an ascending price channel amid the ongoing hype surrounding DOGE.

Dogecoin (DOGE) continues to attract significant attention as the bullish growth in the cryptocurrency market continues with no signs of slowing down. Dogecoin is up 53% today alone, rising from a low of $0.2846 to a high of $0.4359.

Notably, the king of memes was last seen at these price levels during the previous bull run in 2021.

Just nine days ago, Dogecoin was trading at just $0.1428. Since then, it has risen 205% in less than two weeks. On a monthly timeframe, DOGE is up 330%, rising from $0.1015.

Amid this unexpected turnaround, analysts are claiming that DOGE still has significant upside potential from the recent price action. One such analyst is renowned expert Ali Martinez.

Dogecoin still has the potential to grow by 4443%

In a post on X today, Martinez emphasized that Dogecoin is currently trading in an upward price channel. This channel has two key boundaries: the middle and upper boundary, which can act as resistance levels as the price moves upward.

Martinez noted that if Dogecoin's price tests the middle boundary, it could reach around $2.40. However, if the price rises even higher to the upper boundary of the channel, it could theoretically reach $18.

From Dogecoin's current price of $0.3962, the meme coin would need to rise 506% to reach the lower boundary of this target. However, if the upper bound is taken, it would mean a growth of 4443% from the current value.

Ambitious targets for Dogecoin

This latest bold target from Martinez builds on his earlier analysis where he proposed an even more aggressive upper target for Dogecoin using Fibonacci levels of historical trends.

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3 altcoins to watch out for

November met the expectations of crypto-enthusiasts. Since the beginning of the month, many assets, including bitcoin (BTC), have already managed to renew their highs. But there are still a few altcoins that have records just ahead of them

Here's a look at which altcoins are worth watching during the second week of November.

Aptos (APT)

Opening our list is the altcoin APT. It has gained nearly 40% over the past week and is trading at $11.56 at the time of publication.

The next important step for Aptos is to consolidate above $11.64, which coincides with the 61.8% Fibonacci retracement level. This will strengthen the bullish momentum and attract investors' attention.

dYdX (DYDX).

Another altcoin worthy of note is dYdX. At the time of writing, the token is trading at $1.23. Over the past 24 hours, the asset's exchange rate has slipped slightly by 1.6%. Meanwhile, on a weekly basis, dYdX has soared more than 35%.

In the long term, the cryptocurrency is still moving within the range established in August. A full-fledged bullish trend requires a breakout above the upper boundary of the channel at $1.33. That is why investors are closely watching this price level.

Artificial Superintelligence Alliance (FET)

Rounding out our top 3 is the AI token FET. Over the past seven days, its rate has soared by 32%, bringing the altcoin to the $1.50 mark, where it sits at the time of writing.

On the wave of growth, the cryptocurrency rose above the critical $1.40 level. Now the next significant mark will be the resistance at $1.71. If this barrier is successfully broken, FET will be able to get to $2.00, which will confirm a strong bullish outlook.

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The market has liquidated about $660 million in the last 24 hours

In the last 24 hours, the volume of liquidations on centralized crypto exchanges reached $659 million, and affected 200.72 thousand traders. The leader in terms of the amount of closed positions was Binance with $265 million (40.21% of the total volume), which once again emphasizes the dominant influence of this platform on the cryptocurrency market. OKX and Bybit also performed strongly with $178 million (27.01%) and $132 million (20.03%) respectively.

Liquidations on HTX totaled $66.7 million, giving the exchange 10.12% of the total. CoinEx and Bitfinex recorded much smaller amounts - $12.9 million and $3.2 million, taking up 1.96% and 0.49% of the share, respectively. The main liquidated assets were Bitcoin ($166 million), Ethereum ($96.9 million), Dogecoin ($69.8 million) and Solana ($29.3 million).

Analysts point out that such a large volume of liquidations is due to the current market uncertainty and sharp price movements. Bitcoin, for example, continues to be in the spotlight, with its liquidations dominating the overall pattern. Ethereum and Dogecoin also account for a significant share, indicating traders' preference to use them in risky, highly leveraged strategies.

Many experts warn that such a strategy becomes extremely dangerous against the background of market volatility and growth of BTC quotes. Risk management and careful analysis of market movements are becoming essential tools for traders. Such spikes in liquidations have happened before and serve as a reminder that the market can move unpredictably.

Liquidations are mostly related to long positions and not only cause financial losses to traders, but also create cascading effects in the market, amplifying price fluctuations. Thus, momentum remains an important indicator to track the state of the cryptocurrency market and potential changes in the near future.

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Bitcoin has overtaken silver in the capitalization ranking

Bitcoin has surpassed silver in the ranking of the most expensive assets by market capitalization. The cryptocurrency managed to pull ahead amid a wave of growth triggered by Donald Trump's victory in the US presidential election

As of the time of writing the review, BTC is trading at $88,114 and the coin's market capitalization has reached $1.744 trillion. At the same time, silver is trading at $30.64 with a market capitalization of $1.725 trillion.

Why bitcoin is growing

The crypto market went into growth in anticipation of the realization of Trump's promises. The politician plans to support the development of the crypto market. One of his initiatives involves the formation of a bitcoin reserve in the United States. Earlier, the editorial staff of BeInCrypto wrote that there are indirect signs of the beginning of the project.

Another factor in the growth of the crypto market was the movement of the U.S. Federal Reserve on the path of reducing the key interest rate. The changes increase the investment attractiveness of high-risk assets such as bitcoin.

Also, the behavior of the crypto market could be influenced by the delayed halving effect. The event halves the cryptocurrency's mining rate, leading to shortages over time. The change, as the history of observations shows, pushes the coin's exchange rate upwards.

BTC has outperformed silver

At the beginning of the growth wave, bitcoin managed to overtake Mark Zuckerberg's Meta, recognized as extremist in the Russian Federation, in the ranking of the most capitalized assets. Now BTC has overtaken silver as well, securing the eighth position in the overall standings. Earlier, bitcoin was already ahead of the precious metal at the moment amid the growth in the spring of 2024.

Next in line is UAE-based oil company Saudi Aramco. At the time of writing the review, BTC is only slightly behind it in capitalization.

At the same time, BTC is inferior to Tesla shares in terms of growth rates. Securities of the electric car manufacturer rose by 8.96% over the day, compared to 7.98% for bitcoin. Recall, the founder of Tesla Ilon Musk actively supports Donald Trump. Largely for this reason, against the background of the victory of the politician, the company's shares began to grow.

Continued growth may help bitcoin to climb higher in the ranking of the most capitalized assets. At the same time, BTC is still a long way from the leader, gold. Capitalization of precious metal, which investors traditionally use to protect savings from inflation, is $17.615 trillion, which is 10 times higher than the result of bitcoin. To get close to gold, the value of each of the 19.78 million BTC mined would have to exceed $890,000.

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Funds inflows on Binance exceeded $5 billion in November

According to statistics provided by DeFiLlama, Binance, which is the world's leading blockchain ecosystem and the largest cryptocurrency exchange in terms of trading volume and number of users, saw a billion dollars in inflows for two consecutive weeks.

This brings the total net inflows for November to more than $5 billion. This is five times more than the net fund inflows of the second largest platform. This exceptional expansion of Binance, which occurred at a time when market demand is growing and interest in digital assets continues to increase, further strengthens Binance's position as the preferred trading platform.

Following the results of the U.S. presidential election on Wednesday, November 6, Binance attracted more than 13 million visitors in a single day. This coincided with increased attention to the platform. As a result of this trend, the volume of user assets on Binance reached $130 billion, as confirmed by DefiLlama data. This is the largest volume of user assets on Binance since the company began disclosing reserves two years ago. In addition, CryptoQuant reported that Binance's reserve percentage, which shows the proportion of reserves held on Binance compared to the exchange's total reserves, increased to 25% this month, up 4% from 21% in November 2023. These significant gains reinforce users' unwavering faith in Binance as a platform to safely manage and protect their digital assets.

The recent surge in user activity also reflects larger market trends, with the price of bitcoin (BTC) up more than 20% since November 5 and the price of ether (ETH) up 30%. The price fluctuations underscore the importance of digital assets as an integral element of today's financial landscape.

Richard Tan, CEO of Binance, shared:

"This period of consecutive record-breaking performance, billions of dollars in inflows to Binance and an increase in our reserve percentage underscores the strength and resilience of Binance, which has been chosen by nearly 240 million users. It also reflects the growing acceptance and development of digital assets in the global financial industry."

The CEO added:

"The increased focus on cryptocurrencies during major political events, such as the US presidential election, also underscores the increasingly important role that cryptocurrencies are playing in shaping the future of finance and politics. Truly, we are experiencing a golden era of cryptocurrencies as their potential is realized and recognized around the world."

While the cryptocurrency sector is constantly evolving and engaging in topical discussions, Binance continues to offer a secure, transparent and comprehensive ecosystem to its customers around the world.

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Donald Trump is considering three pro-cryptocurrency candidates to replace Gary Gensler

Donald Trump and his transition team have begun considering candidates for key financial regulatory positions who favor a less rigid stance on digital assets.

Hester Pierce, Mark Ueda, and Paul Atkins are among the candidates being considered for SEC Chairman Gary Gensler.

The SEC will look different under the New Trump Administration

According to The Washington Post, Trump's team is considering nominations from current regulators, former officials and financial industry leaders, many of whom have expressed strong support for cryptocurrencies.

These appointments are significant. The next chairman of the Securities and Exchange Commission and other regulators will determine the future role of cryptocurrencies in the U.S. financial system.

Former SEC Commissioner Daniel Gallagher has previously criticized the agency's tough stance on cryptocurrencies. He is also a current board member of Robinhood.

Pierce and Uyeda have also expressed their disapproval of the SEC's policies under President Biden. Pierce is seen as a potential interim SEC chairman with the possibility of leading a federal task force to regulate cryptocurrencies.

Trump's team is also considering Paul Atkins, a former SEC commissioner who advised Trump during his previous campaign, and Chris Giancarlo, former head of the Commodity Futures Trading Commission (CFTC). Both are known for their support of cryptocurrencies.

"The new regulatory regime will make it much easier for tokenizers to profit from their protocols. Banks will be able to engage with the crypto industry where they couldn't before - institutional custody rules could become much simpler,” wrote popular crypto researcher Ailo in a post on X (formerly Twitter).

Under Gensler, the SEC has investigated high-profile cases against Binance, Coinbase and Ripple, accusing them of violating securities laws. Those companies have denied the charges, which include operating without proper registration and fraudulent activity.

Trump had earlier promised to fire Gensler during a major bitcoin conference, signaling his intention to change the agency's direction on digital assets.

U.S. election ignites bull market

The optimism generated by Donald Trump's election victory and its impact on cryptocurrency regulation is very visible in the market. Just days after the election results were announced, the market is experiencing one of the biggest bull markets in recent years.

Bitcoin hit new highs four days in a row after the election. Today, BTC hit a new all-time high of $89,000.

Trump's victory made millions for several bettors on Polymarket. Three crypto whales earned $47 million on the platform after the Republican's victory.

Investments in bitcoin-ETFs also rose after the election. On Nov. 7, the day after the official election results were announced, the bitcoin-ETF saw a record $1.39 billion in inflows.

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Stobox integrates Chainlink CCIP and Proof of Reserve for secure inter-network transfers

Stobox, a blockchain-based tokenization platform, has integrated Chainlink's Cross Chainlink Interconnect Protocol (CCIP) and Proof of Reserve (PoR) on Ethereum. This integration extends the cross-network processing capabilities of STBU tokens for efficient and transparent asset tokenization. The integration of Chainlink's decentralized oracle also improves security, especially for cross-network transactions and collateral validation.

Stobox improves inter-network transfers with Chainlink's CCIP

CCP provides cross-network transfer of the STBU token from Stobox. Through the integration, users can conveniently transfer tokens between networks and increase the interoperability of the STBU token with other networks. This cross-network capability solves key challenges in the DeFi domain. Moreover, it creates new opportunities for participation in DeFi and raises the profile of STBU in decentralized finance (DeFi).

In addition to CCIP, Stobox has integrated Chainlink's Proof of Reserve (PoR) to offer real-time cryptographic verification of the collateralization of tokenized assets. This integration ensures that tokens are fully collateralized with assets held in reserve.

Chainlink's technology provides security

Chainlink's oracle technology is used in CCIP and PoR, which are additional tools in the improved structure of the Stobox ecosystem. Chainlink's decentralized system enhances privacy and reliability by providing accurate and immutable data across different blockchains. By leveraging these features, Chainlink Stobox becomes the standard for security and reliability in the tokenization market.

The integration of Chainlink's technology into Stobox demonstrates a commitment to transparency in the blockchain-based tokenization industry. It also aims to expand the use of Stobox solutions and support the growing industry trend towards more secure and diverse tokenized assets on the blockchain.

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FTX has filed a lawsuit against Binance and Changpeng Zhao

The bankrupt cryptocurrency exchange FTX filed a lawsuit against Binance and its former CEO Changpeng Zhao (CZ)

FTX demands that Binance and Zhao reimburse the collapsed trading platform $1.8 billion, Bloomberg writes.

The history of the transaction and allegations of fraud

The lawsuit alleges that in July 2021, Binance and its management, including Changpeng Zhao, struck a deal with FTX co-founder Sam Bankman-Fried. As part of the deal, representatives of the world's largest cryptocurrency exchange sold about 20% stake in FTX's international division and 18.4% in its U.S. division.

Bankman-Fried paid for the repurchase of shares. The amount amounted to $1.76 billion in FTX tokens (FTT), Binance Coin (BNB) and Binance USD (BUSD). However, according to the plaintiffs, FTX was already financially insolvent at that time. Therefore, the transfer of funds to Binance management can be considered a fraudulent transaction.

FTX representatives also accused CZ of intentionally undermining the crypto exchange's reputation on the eve of its collapse. In November 2022, Zhao posted a series of “false and misleading” tweets aimed at destroying a competitor's image.

One of these tweets was a post from November sixth, in which the ex-Binance CEO announced plans to sell all of FTT's tokens (worth about $529 million). This triggered a massive outflow of funds from FTX, the lawsuit says.

So far, Binance representatives have not commented on the situation.

Amid the news of the lawsuit, the price of the FTX token (FTT) rose by more than 20% in the moment. According to CoinGecko, at the time of writing, the asset is trading at $2.14, having risen by a total of 11.8% over the past day.

The news is supplemented by

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Binance exchange announced the listing of ACT and PNUT tokens

Cryptocurrency exchange Binance continues to expand its range of cryptocurrencies. The platform's press service announced the addition of 2 new tokens - Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT). Trading for ACT/USDT and PNUT/USDT pairs opened on November 11, 2024 at 13:00 MSC, and withdrawals will be available the next day.

Both tokens run on the Solana blockchain and are meme cryptocurrencies that have recently caught the attention of users. However, they will be labeled Seed, which indicates the high risk and potential volatility of these assets. This means that they may be subject to significant fluctuations in value, and investors are advised to exercise caution and do their own research before trading.

Seed marking on Binance also involves going through a special quiz for customers to make them aware of the possible risks. Such events are held every 90 days and are aimed at informing traders about the specifics of such assets. This decision is especially important as ACT and PNUT have a high risk due to their recent appearance on the market and lack of liquidity.

In addition, Binance will support trading bots and copy-trading features for ACT and PNUT within 24 hours of their listing. This will give users additional flexibility and the ability to automate their trades, but also requires special attention to settings and risks associated with excessive volatility.

For meme tokens such as ACT and PNUT, the focus is not only on their entertainment value, but also on their possible speculative prospects. However, users should keep in mind that such cryptocurrencies often lack fundamental value and may represent only short-term investment instruments.

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Here's why Shiba Inu is rising with BTC and ETH: SHIB executive explains

Shiba Inu leader, Shitoshi Kusama, explains why the price of SHIB has skyrocketed along with other well-known cryptocurrencies such as bitcoin and etherium.

Shiba Inu (SHIB) has shown impressive growth over the past few days, pushing its price above $0.000027. This surge coincides with the strong gains registered by crypto assets such as bitcoin and etherium over the past week.

Shiba Inu, bitcoin and etherium are entering a massive rally

In particular, the world's largest cryptocurrency has surged, hitting new all-time highs (ATH) on a daily basis. The main asset's current ATH is $81,858, recorded in the early hours of today. At $81,170, bitcoin is up 29.53% over the past month, 17.82% over the past seven days and 2.88% over the past 24 hours.

Similarly, Ethereum rose above the $3200 price level, as predicted by Bitfinex experts, after a seven-day rise of 27.25%. Interestingly, Shiba Inu has also recorded significant growth, following in the footsteps of Bitcoin and Ethereum.

Yesterday, Shiba Inu hit a five-month high of $0.00002785. Although the token experienced a small correction that raised its price to $0.00002511, Shiba Inu is still up 13.8% in 24 hours, 49.02% in one week, and 40.11% in the last month.

Why SHIB has rallied along with Bitcoin and Ethereum

After SHIB's remarkable rally, Shiba Inu leader Shitoshi Kusama addressed market watchers who are surprised that a memcoin like SHIB can rise alongside big “bois” (boys) like Bitcoin and Ethereum.

The shiba inu leader suggested that shiba inu's success is not due to its meme status or just hype, but to notable factors such as technology and innovative thinking.

Kusama will discuss the potential of shiba-inu in an upcoming podcast

He hinted at an upcoming campaign to educate the wider crypto community about the potential of Shiba Inu and showcase how he helped SHIB survive the bear market.

Part of this campaign will include him as a guest on a podcast where he will discuss the potential of the siba inu in detail, including its technology, resilience in a bear market, and strength.

His commentary suggests plans to educate crypto-enthusiasts about how siba-inu's technology and innovative thinking has contributed to SHIB's success, rather than the origins of the token meme.

He did not provide details about the date and time of the podcast. In the meantime, he encouraged members of the Shiba Inu community to keep an eye out for updates.

While Shiba Inu was originally launched as a meme token in August 2020, its ecosystem team has launched major projects to turn SHIB into a utility token. These include Shibarium, Shiba Eternity, Agent Shiboshi, SHIB: The Metaverse, ShibaSwap, and the upcoming privacy blockchain.

Despite SHIB's recent rise, the asset is still 44.2% lower from its peak price of $0.000045 recorded in March. However, as the market continues to react positively to the re-election of Donald Trump, who has promised to support fairer and clearer regulation, SHIB could surpass the $0.000045 mark, approaching its previous ATH record of $0.00008616.

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AI advised on which cryptocurrencies to invest in in November

Artificial intelligence (AI) Perplexity AI has answered the question of which alternative cryptocurrencies to bitcoin are worth buying in November 2024.

To reduce risk and maximize potential returns, the AI recommends investing:

-- 25% of capital in Ethereum (ETH);
-- 15% each in Solana (SOL) and Uniswap (UNI);
-- 10% each in Cardano (ADA), Polkadot (DOT) and Aave (AAVE);
-- 5% each in MultiversX (EGLD), Chainlink (LINK) and The Graph (GRT).

Perplexity AI suggests investing half of the money in the leading altcoins Ethereum, Solana and Cardano, apparently considering them the most reliable, but inferior to lesser-known coins in terms of potential upside.

Investments in MultiversX, Chainlink and The Graph can bring impressive profits or turn into losses, so the AI has allocated a small portion of capital for their acquisition. Polkadot, Uniswap and Aave are able to significantly increase the invested funds due to the increased popularity of DeFi, which issued these coins.

Former Binance exchange director Changpeng Zhao recently emphasized the need to diversify a cryptocurrency investment portfolio, warning of the risk of “putting all your eggs in one basket.” Accordingly, Perplexity AI's advice to buy multiple digital assets is sound.

Chanpeng also cautioned virtual currency traders about the upcoming pumps and dumps that always occur in the digital asset market and should not take traders out of their mental equilibrium.

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Dogecoin rose 62% in a week

DOGE's current price pattern replicates the one seen in late 2020 and 2016.

For the first time since the beginning of January 2021, the ban will come into effect.

Dogecoin (DOGE), the world's largest meme-focused cryptocurrency, is gaining momentum, up 62% this week, its best performance since February.

A closer look at DOGE's weekly price chart shows that the cryptocurrency is repeating the momentum of late 2020, when the price rose 1,500% to reach 73 cents by early May 2021.

The latest DOGE price spike followed the conclusion of the U.S. presidential election and a year-long period of sideways movement reminiscent of what was seen in late 2020 and 2016.

The 50-week simple moving average is poised to cross the 100-week SMA. This technical analysis pattern gives the green light to traders who have been hesitant until now. A similar bullish crossover pattern was observed after the US election in November 2020.

Judging by history, DOGE could continue to rise in the coming weeks, potentially reaching new highs above the 73 cents level reached in 2021.

Other indicators support the positive outlook. For example, the 14-week relative strength index has risen above 70, indicating a strong uptrend. This threshold marks the FOMO (fear of missing out) phase of the bull market in 2021.

Note that meme coins tend to be more volatile than market leaders such as bitcoin and ether, and often change direction quickly. Their volatility requires constant monitoring of positions and strict adherence to risk management tools such as stop-loss strategies for traders.

Omkar Godbole, a Chartered Market Specialist, is a Senior Analyst at CoinDesk and one of the Managing Editors for Markets. The opinions expressed here are his own.

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