Elon Musk Reverses Dogecoin Surge, while Crypto Takes Center Stage at the Republican Debate

Written by BTSE

December 7, 2023

As morning broke across Asia this morning, traders found Bitcoin to be holding on to its new $43K price point, following its astonishing rally this week. Bitcoin is currently priced at $43,965.59, almost 16% higher than a week ago, and up 25% from 30 days earlier, while Ethereum faces a slight dip at $2,248.42, down by 1.68% in the last 24 hours. The crypto market has witnessed significant movements, particularly in Bitcoin. Short traders betting against Bitcoin have incurred substantial losses, with $90 million lost on Tuesday and $70 million on Monday. Factors such as optimism for a U.S. spot ETF, potential U.S. rate cuts, and increased adoption in major economies are driving Bitcoin’s surge. Amidst these developments, Bitcoin jumped from $39,000 to $44,000. Will the spotlight remain on Bitcoin as the crypto market warms up, or could another token steal the show?


Crypto Takes Center Stage at the Republican Presidential Debate: In the latest Republican presidential debate, crypto was a hot topic, with discussions around Binance’s former CEO, CZ’s legal issues, and Sam Bankman-Fried’s FTX debacle. Vivek Ramaswamy, a pro-crypto politician, criticized the SEC’s approach and advocated for treating most cryptocurrencies as commodities. Meanwhile, Robert F. Kennedy Jr. suggested Bitcoin should be exempt from capital gains tax, while Florida Governor Ron DeSantis expressed strong opposition to Central Bank Digital Currencies. With these varied opinions, what direction do you think U.S. crypto regulations will take?


Blockchain Gains Ground in U.S. Legislation: The U.S. House of Representatives committee passed the Deploying American Blockchains Act, a step forward for blockchain technology. The bill would direct the U.S. secretary of commerce to support blockchain technology –  although small, this marks significant progress in integrating blockchain into U.S. commerce, and shows promise to pass the house floor – a milestone no crypto bill has ever achieved in the US. Could the first passage of a crypto bill signal further bullish sentiment in the crypto market?


Elon Musk’s Tweet Reverses Dogecoin Surge: Elon Musk’s recent tweet halted Dogecoin’s price rally, which had seen a 14% increase over the past day. Musk stated that his AI business, xAI, is not raising funds, contradicting earlier speculations from an SEC filing. Musk’s comments have a history of influencing Dogecoin’s price, and this time is no different. Could Musk’s comments help traders predict upcoming price trends for Dogecoin?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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