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BTC Touches $75K, Altcoins Up, DOGE Crosses $0.2

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The cryptocurrency prices today set off bullish waves across the broader industry, taking a noteworthy upside trajectory amid the ongoing U.S. elections. Bitcoin (BTC) price touched the $75K level on Wednesday, whereas Ethereum (ETH), Solana (SOL), & XRP prices gained 6%-16% intraday. Notably, Dogecoin (DOGE) leads the meme coins sector with phenomenal gans, crossing the $0.2 price level recently. Further, the total crypto market volume over the past day noted an 8% surge in value to $2.45 trillion. Moreover, the total market volume witnessed a 51.42% increase in value to $126.04 billion.

Here’s a brief report on some of the top cryptocurrencies by market cap and their price run today, November 6.

Cryptocurrency Prices Today: BTC & Altcoins Soar Amid Ongoing US Elections

The ongoing U.S. presidential elections appear to have positively impacted the digital assets landscape. Notably, as the Republican Donald Trump’s winning odds continue to rise substantially, per recent Polymarket data, a pro-crypto wave appears to have impacted the cryptocurrency sector. While BTC price traded at $74K amid the election buzz, top altcoins gained considerably. Similarly, Dogecoin noted remarkable gains in light of Trump and Musk’s D.O.G.E saga amid the U.S. elections. So, let’s dig deeper into the crypto prices today.

Bitcoin Price Today

BTC price surged nearly 9% in the past 24 hours and is currently trading at $74,366. The coin’s intraday low and high were recorded as $68,147.62 and $75,011.06, respectively. BTC’s market cap stood at $1.47 trillion today. Further, the flagship crypto’s market dominance witnessed a 0.24% increase to 59.60%. Intriguingly, this rising movement comes despite $72.67 million worth of outflows in spot Bitcoin ETFs as of November 5, excluding BlackRock data, sparking investor speculations.

Ethereum Price Today

ETH price chart indicated gains worth nearly 7% in the past 24 hours and is currently trading at $2,579. The coin’s 24-hour low and high were recorded as $2,402.50 and $2,631.72, respectively. ETH’s market cap rested at $310.25 billion today. However, spot Ethereum ETFs recorded net flows worth $0 million, excluding BlackRock’s ETHA, adding to the intrigue surrounding the coin’s price movements.

Solana Price Today

The crypto SOL witnessed a 16% rise in value and is currently trading at $184. The coin’s intraday low and high were recorded as $159.38 and $185, respectively. Solana’s market cap rested at $87.09 billion today. Conversely, a recent SOL price analysis by CoinGape Media indicated that Solana whale sell-offs signal a potential market shift ahead.

XRP Price Today

XRP price experienced a nearly 6% increase in value and is currently sitting at $0.5312. The coin’s intraday low and high were recorded as $0.5048 and $0.5359, respectively. XRP’s market cap rested at $30.22 billion today. Meanwhile, XRP whales transferred $814 million worth of coins, sparking investor speculations surrounding the asset’s price.

Meme Coins Sector Performance Today

Simultaneously, Dogecoin (DOGE) led the meme crypto sector’s gains, soaring nearly 27% intraday to $0.2074. Further, even Shiba Inu (SHIB) price soared nearly 11% to $0.00001928. Also, PEPE, WIF, and BONK prices gained 15%-20% over the past day.

Top Cryptocurrency Gainer Prices Today

Goatseus Maximus

GOAT price rallied nearly 50% intraday and is now trading at $0.7005. The coin’s intraday low and high were recorded as $0.469 and $0.7229, respectively.

Sui

SUI price upsurged 21% over the past day and is now trading at $2.29. Its intraday low and high were $1.88 and $2.29, respectively.

dogwifhat

WIF price gained followed, gaining 20% over the past day to reach $2.40. The coin’s intraday low and high were $2.01 and $2.42, respectively.

Top Crypto Loser Prices Today

TRON

TRX price slipped marginally by 0.21% in the past 24 hours and is now sitting at $0.1621. Its intraday low and high were $0.1599 and $0.1627, respectively.

Monero

XMR price followed, waning 0.2% intraday and reaching $159. The crypto’s 24-hour low and high were $157.21 and $162.84, respectively.

Besides, BTC and ETH prices gained 0.5%-1% during the hourly time frame, sparking further investor enthusiasm over cryptocurrency prices today.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elizabeth Warren Wins Third Senate Term Over Crypto Ally John Deaton

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Massachusetts’s Democratic Senator Elizabeth Warren has been re-elected for the third time after defeating the Republican candidate and the cryptocurrency advocate John Deaton on Tuesday.

Senator Warren’s win was confirmed by the Associated Press, which allows her to keep on being one of the leading advocates for financial reform and cryptocurrency regulation in the Senate. Warren, an outspoken opponent of the cryptocurrency industry, defeated Deaton, who ran with the backing of key players in the crypto space.

Elizabeth Warren Wins Senate Term Over  John Deaton

As a politician, Warren has been consistently critical of the cryptocurrency industry fearing its potential to facilitate fraud and dodge regulation. She has been quite vocal on advocating for policies that enhance monitoring of the digital assets. 

Warren has been a big advocate of an anti-money laundering bill that aims to expand the BSA, including KYC measures, to the cryptocurrency industry players including miners, validators, and wallet providers. This regulatory effort is to enhance compliance of the crypto industry to the normal finance, a thing she has emphasized in the debates and other rallies.

In an October debate, Warren brought up Deaton’s connections to the crypto industry and said that the industry was spending 90% of its budget to try to unseat her in Massachusetts. Warren used her opponent’s relationships with the industry to push her argument that crypto must be subject to traditional finance rules.

John Deaton’s Campaign and Crypto Industry Support

John Deaton, a lawyer and an expert on cryptocurrency, gained much sympathy from key stakeholders in the cryptocurrency markets. Other industry supporters of Deaton include Ripple CEO Brad Garlinghouse, Ripple co-founder Chris Larsen, and crypto investors the Winklevoss twins and Scaramucci. 

Such industry leaders supported Deaton’s campaign by contributing money to it; some of the payments were made to the Commonwealth Unity Fund, a PAC which works for the promotion of pro-crypto politicians.

Deaton, an attorney who has previously taken on the US Securities and Exchange Commission (SEC) over some aspects of cryptocurrency, aimed to paint himself as a Republican in tune with modern Democratic thinking on the cultural issues. He, as a result, promised to continue the efforts of legalizing Roe v. Wade if elected, sought to expand his base in a state that was largely Democratic. However, some of the largest crypto PACs that have previously focused on opposing the industry’s enemies, including Ohio Senator Sherrod Brown, have not gotten involved in the Massachusetts campaign.

Implications for Crypto Regulation

Elizabeth Warren’s re-election means that the crypto industry will remain under close watch in Congress, particularly by the Senate Banking and Senate Finance Committees, which she will remain a member of. 

This shows that more stringent policies will continue to be implemented in the future with regards to the regulation of virtual currencies. 

John Deaton had stated that Warren was wrong to focus on crypto, since there were other questions that needed answering, such as inflation and border control. However, the Massachusetts voters chose Warren’s strategy and endorsed her comprehensive view of financial supervision and consumer advocacy.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitwise CIO Shares Good News On Crypto Market Ahead US Election Results

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As the U.S. presidential election looms, Bitwise CIO Matt Hougan has expressed optimism about the crypto market’s long-term prospects, emphasizing that digital assets are well-positioned to thrive regardless of the election outcome.

While the US election results may bring short-term fluctuations, Hougan believes that the crypto market’s growth trajectory remains robust.

Bitwise CIO Shares Good News On Crypto Market

Bitwise CIO Matt Hougan maintains that Bitcoin, Ethereum, and stablecoins will continue their upward momentum, irrespective of which party prevails in the election. According to Hougan, “Washington can’t stop crypto.”

He argues that while government actions may temporarily influence the market’s pace or create regulatory challenges, they are unlikely to halt the industry’s expansion. The only potential setback, he noted, could come from a Democratic sweep, which might introduce more regulatory hurdles for the broader crypto space, particularly for altcoins.

Over the past few years, the crypto market has faced various challenges with respect to regulations and the market. Nonetheless, there has been a significant level of crypto assets’ stability in the face of SEC lawsuits and regulatory risk. Hougan has noted that even with the constant monitoring, the crypto market has seen significant growth, which can be attributed to the sound base and the growing adoption by institutions.

There is clear evidence of the crypto market’s growth since the last U.S. election in 2020. The TVL in DeFi platforms, the price of Bitcoin, and the transaction volumes of Ethereum have all risen.

From the Bitwise data, institutional investment in the crypto assets has been on the rise, as more and more traditional financial institutions are exploring blockchain and tokenization.

Furthermore, entrance of Bitcoin spot ETFs has brought new institutional investors to the market which in turn has increased the demand for cryptocurrencies. Stablecoins have also grown significantly with market capitalization increasing steadily implying that these virtual currencies are gaining traction in the global financial system. According to Bitwise CIO, Matt Hougan, these indicators are evidence that the crypto market is robust and was beginning to mature.

According to Matt Hougan another emerging trend is the involvement of institutional investors. Most of the big banks have changed their approach and have started allocating capital to crypto from a “zero allocation” policy. Hougan explained that this is expected to persist as more companies accept digital assets as an asset class in their investment portfolios.

Furthermore, the adoption of tokenisation and real-world assets as representations on blockchain networks by Wall Street is expected to gain more momentum. Hougan uses the case of traditional asset managers coming up with tokenized funds as an example of how investors are able to access new levels of liquidity.

These developments are consistent with a trend of the adoption of the blockchain technology by conventional financial systems, which can be helpful for the long term growth of the cryptocurrency industry.

While Bitwise CIO Matt Hougan acknowledges that the election results may influence short-term market volatility, he remains optimistic about the crypto market’s resilience.

Historical trends show that Bitcoin and other major crypto assets often stabilize after political events, providing investors with potential buying opportunities during temporary dips. He advises investors to keep a long-term perspective, as the fundamental drivers of the crypto market remain intact.

Despite factors like the recent Mt. Gox Bitcoin transfers, which have raised concerns about possible sell-offs, the market has shown resilience. According to Fundstrat’s Tom Lee, a post-election rally in risk assets, including Bitcoin, is likely, as investor caution gives way to renewed optimism. Lee’s projections suggest that favorable economic conditions and supportive Federal Reserve policies could benefit crypto assets, contributing to a stable and growing market environment.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Market Expert Explains Why Election Outcome Is Key For Solana And XRP ETFs

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President of The ETF Institute, Nate Geraci, says the upcoming election will profoundly impact the future of crypto ETFs.  The approval of new spot ETFs for assets such as Solana, XRP, and Litecoin is of particular interest.

A Kamala Harris administration, which many expect will be an extension of the Biden administration’s cautious approach to crypto, might delay progress in this area. Meanwhile, a Trump administration could finally mean a friendlier crypto environment in which ETF innovation accelerates.

Election Outcome Could Shape Future of Solana and Crypto ETFs

The future of crypto ETFs might take shape after this election, believes Nate Geraci, President of The ETF Institute. In particular,  the eventual approval of new spot ETFs for assets like Solana, XRP, and Litecoin is expected.

A Kamala Harris-led administration continuance from the Biden Administration that was being cautious might make things go slow. A Trump administration would create a more congenial atmosphere where innovation and approvals of ETFs would possibly hasten.

Nate Geraci said that successful spot Bitcoin and Ether ETFs have inspired a push for new crypto products. This includes potential spot ETFs for Solana, XRP, and Litecoin. Grayscale now wants to convert its Digital Large Cap Fund into an ETF.

Besides Bitcoin and Ether, the fund contains tokens from Solana, XRP, and Avalanche. Conversely, a Kamala Harris presidency would likely continue the same cautiousness toward crypto as the Biden administration. While there was a clear path that Bitcoin and Ether ETFs took about approval by the SEC, including futures-based products, there is no such framework for other crypto assets, and thus, a path forward is not well understood.

Trump, on his part, has indicated that his administration will be much friendlier toward crypto.

30+ Fund Firms, Including BlackRock, Seek SEC Approval for ETF Share Classes

Over 30 fund firms, including  BlackRock, Fidelity, T. Rowe Price, and John Hancock, have filed for exemptive relief from the SEC. They intended to add an ETF share class in their existing mutual funds. This way, these firms could keep their lucrative 401(k) mutual fund channels intact while entering the growing ETF market.

Also, just recently, Canary Capital, a crypto-focused investment firm founded by former Valkyrie Funds co-founder Steven McClurg, filed for a Solana ETF with the U.S. Securities and Exchange Commission (SEC).

According to industry participants, this model is more likely to get approved by a Republican-led SEC, while significant growth in ETFs could come in 2025 if the election goes this way. This could catalyze record fund launches and inflows as large asset managers race to combine ETFs and mutual funds.

Nate Geraci, said the US debt crisis, now at $36 trillion, has legislators looking everywhere for new sources of tax revenue—and ETFs could be next on the list. With him would agree an analyst Ran Neuner who recently shared disturbing trend in the United States – addiction to debt. Neuner said that with the country heading towards one of the most significant elections, Neuner noted that this addiction to spending would have no impact resulting from the election.

In the past, Senate Finance Committee Chair Ron Wyden drafted legislation to eliminate the in-kind redemption tax-deferral feature of the ETF.

This critical component makes ETFs so tax-efficient. Although this legislation did not move forward, Geraci noted that it showed how ETF taxation is still in some politicians’ minds. This is particularly referred to asset managers looking to create ETF share classes to give mutual funds tax benefits. Come election results, the shift in the landscape of tax policies can go any which way. The ETF industry is preparing itself for any changes in rules that may alter how its tax benefits are structured.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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