Crypto News on 06 Nov, 2024

NEW YORK (AP) — The U.S. stock market, Elon Musk’s Tesla, banks and bitcoin are all storming higher Wednesday as investors bet on what Donald Trump’s return to the White House will mean for the economy and world. Among the losers the market sees: the value of the Mexican peso and potentially anyone worried about higher inflation. The S&P 500 was jumping by 2.1% in early trading and on track to top its all-time high set last month. The Dow Jones Industrial Average was up 1,292 points, or 3.1%, as of 9:35 a.m. Eastern time, while the Nasdaq composite was 2.1% higher. The U.S. stock market has historically tended to rise regardless of which party wins the White House, with Democrats scoring bigger average gains since 1945. But Republican control could mean big shifts in the winners and losers underneath the surface, and investors are adding to bets built earlier on what the higher tariffs, lower tax rates and lighter regulation that Trump favors will mean. “The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook,” Peter Esho of Esho Capital said. Of course, how much change Trump will be able to effect will likely depend on whether his fellow Republicans win control of Congress, and that’s still to be determined. That could leave room for snaps back in some of Wednesday’s big knee-jerk movements. Nevertheless, the market is cleaving between rather clear winners and losers following Trump’s dramatic win. Among them: BANK STOCKS, up Bank stocks led the market higher, in part on hopes that a stronger economy would mean more customers getting loans and paying them back with interest. They also rallied on hopes for lighter regulation from a Republican White House, which could also spur more mergers and buyouts where investment banks could earn fees. JPMorgan Chase rose 8.3%, and the 5.1% jump for financial stocks in the S&P 500 was by far the biggest gain among the index’s 11 sectors. Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. The price of bitcoin hit an all-time high above $75,000, according to Coindesk, and was recently up 7% at nearly $74,000. Other cryptocurrencies also rallied, including dogecoin, which is a favorite of Musk. Companies in the crypto industry jumped, including trading platform Coinbase’s 19.4% leap. Musk has become a close ally of Trump, exhorting the former president’s run. While Trump may end up hurting the electric-vehicle industry broadly by pulling government subsidies, analysts say Tesla could gain somewhat of an advantage by already being such a big player in an industry. Tesla revved 15.1% higher, while rival Rivian Automotive fell 7.3% TREASURY BOND PRICES, down Investors see Trump’s policies potentially leading to stronger economic growth, which helps to push prices down and yields up for Treasurys. The yield on the 10-year Treasury jumped to 4.47% from 4.29% late Tuesday, which is a major move for the bond market. It’s up substantially from August, when it was below 4%. INFLATION WORRIES, up Investors also see Trump’s policies adding to future inflation, which likewise pushes up Treasury yields. “Trump keeps openly telling people that he will increase tariffs not just on China but with every trade partner,” said Andrzej Skiba, Head of BlueBay U.S. Fixed Income at RBC Global Asset Management. “We’re talking 10% tariffs across all global partners. This is a big deal because this could add 1% to inflation. If you add 1% to next year’s inflation numbers, we should say bye to rate cuts.” Much of Wall Street’s run to records this year was built on expectations for coming cuts to interest rates by the Federal Reserve, now that inflation seems to be heading back down to its 2% target. The Fed will announce its latest decision on interest rates on Thursday, where the expectation is still for a cut, according to data from CME Group. But traders are already paring back their expectations for how many cuts the Fed will make through the middle of next year. FOREIGN CURRENCY VALUES, down against the dollar Trump has talked about raising tariffs, which would likely mean Trump has also vowed to sharply raise tariffs on imports from China, Mexico and other countries, darkening the outlook for Chinese exporters at a time when Beijing has relied heavily on ramping up manufacturing to try to revive its slowing economy. The value of the Mexican peso fell another 2.3% against the dollar. RENEWABLE ENERGY STOCKS, down Trump is a fan of fossil fuels, encouraging production of oil and natural gas. His win sent solar stocks sharply lower, including a 15.1% fall for First Solar.

 2024-11-06 15:16:36

read more

The financial markets divide the days between risk-on and risk-off days – do traders want to buy more, do they think prices will go up? Well today is one of those risk-on days. The big winner is the US stock market. US futures – from big mega companies, to tech firms, all the way down to small cap companies – will see hundreds of billions of dollars added to their value, as traders bet a second Trump Presidency – from a corporate perspective – will look similar to the first, delivering whopping tax cuts and deregulation. While the dollar is soaring, Asian currencies and markets are in the red, with expectations rising that Trump will ramp up trade wars. But far and away, the stand out winner from the Trump Trade is crypto. Bitcoin overnight hit an all time high of over $75,000. A decade ago it was just $800. The Bitcoin Bros have been Trump’s biggest corporate funder – he’s campaigned with them, launched his own stablecoin, and promised to sack the head of the financial regulator if elected. The bigger questions on economic growth, immigration and tariffs will take a bit longer to digest. The Democrats may have been neutered last night – but the bond markets certainly won’t be. There’s been a rise in yields – not quite enough to subdue the buying we’re seeing today – but the bond vigilantes will be worried about extra spending and inflation driven by tariffs. Economists think the Federal Reserve – an organisation Trump wants more control of – will now slow the pace of rate cuts. On tariffs, the question will be whether it’s delivered in one big swoop – 60% on China would double US inflation, say some analysts. Or does the new president start with 10% and threaten more. But given the kind of mandate he’s picked up, he’ll be convinced his economic policies are the right ones. Long term, almost every economist on the planet thinks the immigration strategy of mass deportation will be hugely disruptive and negative for US growth. But today – so far – it’s all about buying.

 2024-11-06 14:47:34

read more

Bitcoin prices soared on Wednesday following news that Donald Trump had won the US presidential election - with investors betting he will look favourably on the digital currency. The price of bitcoin leaped up nearly 8% in early trading, hitting a record high of $75,345.00 before the price fell back to around $73,500.00. Former crypto sceptic Trump has had a change of heart regarding cryptocurrencies ahead of the election, and made strong pro-crypto statements during his campaign. He pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a Bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. “Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said.“ Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. In the UK, the FTSE 100 soared 125 points to 8297 in early trading, with the strong dollar expected to boost earnings of UK-listed multinationals on the index that make the bulk of their money abroad. Meanwhile in the longer term UK economic growth could be slashed if Mr Trump enacts a raft of threatened policies, including tariffs on imports, some experts have warned. The US is the world's largest economy and whatever happens is felt around the globe. The cost of US and UK borrowing rose in the run-up to the election amid concerns about the price-rising impact of a Trump presidency. Trump campaigned on a promise to impose tariffs of between 10% and 20% on foreign imports as much as 60% on Chinese goods. Analysts warned that would be "bad news for Europe", and the UK. Ahmet Kaya, a NIESR economist, said: “The UK is a small, open economy and would be one of the countries most affected.” NIESR warned the impact of tariffs on UK goods, plus higher prices due to a weaker pound against the US dollar, could slash UK economic growth next year from its previously predicted 1.2% to just 0.4%, and in 2026 from 1.4% to barely any growth. Those forecasts are based on Mr Trump imposing 10% tariffs on all goods and services to the US, with the possibility that there may be lower rates for certain products, which would lessen the impact.

 2024-11-06 14:17:16

read more

Share to Facebook Share to Twitter Share to Linkedin CHICAGO, ILLINOIS - AUGUST 22: Alabama Congressional candidate Shomari Figures arrives to speak on ... [+] stage during the final day of the Democratic National Convention at the United Center on August 22, 2024 in Chicago, Illinois. The DNC takes place from August 19-22. (Photo by Justin Sullivan/Getty Images) Getty Images Crypto was a big winner on Election night. The path towards a policy and regulatory framework for Web3 and DeFi is no longer murky. That is in part due to the election of a new incoming class of diverse legislators who are champions of crypto. In key competitive Congressional races across the nation, candidates stumped on an agenda that embraced blockchain technology and digital assets. Here is a lineup of projected winners who support the nascent $2 trillion market. PHOENIX, ARIZONA - APRIL 23: Yassamin Ansari, Phoenix City Council member speaks at the Fight For ... [+] Our Future AZ: Rally For Climate, Care, Jobs And Justice at the state capital on April 23, 2022 in Phoenix, Arizona. (Photo by Jason Wise/Getty Images for Green New Deal Network, Climate Action Campaign) Getty Images for Green New Deal Network, Climate Action Campaign Elected Members Of The 118th Crypto Congress Alabama 2: Shomari Figures won election to Alabama’s 2nd Congressional District. Arizona 3: Yassamin Ansari prevailed in contest to represent Arizona's 3rd Congressional District. Nevada 4: Incumbent Steven Horsford was reelected in Nevada's 4th Congressional District. North Carolina 1: Incumbent Don Davis emerged victorious in a competitive fight to keep North Carolina’s 1st Congressional seat. Ohio Senate: Businessman Bernie Moreno defeated incumbent Senator Sherrod Brown in a fight to the finish. MORE FOR YOU Election Betting Odds: Trump Hits 99% On Polymarket, Kalshi As More Election Results Come In Election 2024 Live Updates: Donald Trump Wins Presidential Race—Again New Chrome, Safari, Edge, Firefox Warning—Do Not Use These Websites Texas 32: Julie Johnson broke down barriers to clinch the open seat to represent Texas in Congress. Follow me on Twitter or LinkedIn. Check out my website. Cleve Mesidor Editorial Standards Forbes Accolades

 2024-11-06 14:00:28

read more

London: The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump’s victory in the US presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%. Trump was previously a crypto sceptic but changed his mind and took a favourable view of cryptocurrencies ahead of the election. He pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. Bitcoin is up 77% this year. “Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000,” he said. “Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. Crypto industry advocates welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. “Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges. “Americans disproportionately care about crypto and want clear rules of the road for digital assets.

 2024-11-06 13:50:18

read more

Bitcoin hit a record high on Wednesday morning as it looked increasingly likely that Donald Trump would take the White House. The cryptocurrency hit a new peak of $75,273.47, soaring past the $75,000 mark for the first time a Trump took the lead in the presidential race. With the Trump victory confirmed, bitcoin has slipped back from its peak, but is trading up more than 6.31 per cent at $73,759.29 as of midday on Wednesday. The currency has largely been trading below the $70,000 mark so far this year, having last fallen below this point in June before posting large enough gains last week. Donald Trump has long supported a decentralised approach to cryptocurrencies, meaning less restriction on the market. As a result, crypto investors are hopeful of new policy favourable to the crypto space. Simon Peters, market analyst at Etoro, told This is Money: 'Although both candidates expressed support for the US crypto industry, Trump was more vocal and convincing during his campaign, even going so far as to headline Bitcoin 2024 in July, becoming the first US president, current or former, to speak at a crypto conference. 'With a 'clean-sweep', presidency and congress, the initiatives proposed by Trump during his campaign to boost the US crypto industry could face fewer roadblocks and be far easier to push through.' One such initiative is to sack crypto regulator Gary Gensler, which Trump has promised to do 'on day one' of his presidency. This, according to Glen Goodman, author of The Crypto Trader, 'brought the audience to their feet, cheering and applauding.' Goodman told This is Money: 'Gary Gensler has been the bane of crypto businesses in America and across the world, bringing court cases against some of the biggest companies in the industry, such as Coinbase. 'So firing Gary Gensler is number one on the crypto community wishlist. And that's one of the main reason bitcoin's price has been soaring today.' The surge in bitcoin's value comes as part of the 'Trump trade', with investors flocking to assets expected to perform well under a Trump presidency. Other cryptocurrencies also jumped in value, with ethereum rising 8 per cent and dogecoin up 18 per cent. Publicly listed crypto mining companies and crypto proxies have posted gains. Bitcoin development company MicroStrategy is up almost nine per cent in pre-market trading. Similarly, Trump Media rose 31 per cent in pre-market trading on the back of the election result, while Elon Musk's Tesla rose 13 per cent. With Bitcoin having hit a new record high, experts say it could be on the way to breaking further boundaries in coming weeks and months. Joel Kruger, market strategist from LMAX Group, said: 'Bitcoin has officially broken out to a fresh record high clearing the next major psychological barrier at $75,000. 'As per our technical insights, this now opens the door for a push to $100,000 in the weeks ahead. 'This will likely set the stage for an impressive wave of bullish momentum for crypto assets into year-end.' Echoing this, Peters added: 'With the previous all-time high now broken, the bitcoin price is now in price discovery and where we see a peak is anyone's guess.' Peters said the incoming interest rate decision from the Federal Reserve could also boost cryptocurrencies in the cases of the expected 25 basis point rate cut. Is now the right time to buy bitcoin? With Trump in the White House, the outlook for crypto looks more promising than in recent years. Peters suggests that despite prices being at an all time high, it could be a good time to invest in bitcoin. He said: 'Looking back at previous presidential elections, the bitcoin price has never retraced below its election-day price after the results are in. Historically prices have gone parabolic after. 'One such proposal that could act as a massive tailwind for the bitcoin price is if the US adopts bitcoin as a strategic reserve asset. 'With a limited supply of bitcoin available to buy, other countries and nations may also move sooner to adopting their own bitcoin treasury strategy for fear of missing out.' On top of this, inflation rates in developed countries are beginning to fall back to target levels, which could provide a positive environment for the crypto market. Goodman said: 'Bitcoin's price has so far moved in four-year cycles and we're now entering the third year, where the price tends to rocket. With Trump's election, all the pieces are in place for a big rally in the coming months. 'Of course nothing's inevitable and once the honeymoon's over, if Trump's crypto policies prove disappointing, an upward price move is not guaranteed. But so far, it's looking promising.' With crypto investing considered high risk, Peters says investors should only commit what they can afford, with crypto assets only forming a small part of their portfolios. He said: 'Finally, rather than going 'all-in' with a planned investment and buying at one price level, dollar-cost averaging - i.e investing small amounts at regular intervals - takes away some of the timing risk and maybe a better approach for investing.

 2024-11-06 13:48:31

read more

Having thrown his weight fully behind Donald Trump, Elon Musk's support has paid off as the Republican was elected the 47th president of the United States on Wednesday.The owner of X (formerly Twitter) began his support of the Trump campaign after the now president-elect narrowly avoided assassination in Butler, Pennsylvania in July, which prompted Musk to issue his full endorsement. Months later, when Trump returned to the scene of the crime, Musk went with him and spoke alongside him onstage.Since then, the world's richest man (according to the Bloomberg Billionaires Index) has backed the Trump campaign with $132 million of his own money, via a PAC he set up specifically to elect the former president.Musk has made it clear what he likes about an incoming Trump administration. He hopes that there will be significant deregulation and greater investment in space exploration, but also that Trump's second administration will push back on so-called culture-war talking points, such as transgender rights.However, Musk also stands to benefit financially in a big way from the next Trump term.Trump has already begun to sing Musk's praises. At Trump's election night party in Florida, Musk was the guest of honor, speaking privately with Trump during the event and getting a shout-out in the president-elect's speech to supporters.Trump said, "We have a new star: Elon. He is an amazing guy. We were sitting together tonight- you know he spent two weeks in Philadelphia and different parts of Pennsylvania campaigning? He's a character, he's a special guy. He's a super-genius, and we have to protect our geniuses, we don't have that many of them. We have to protect our super-geniuses."With Trump's gratitude plain to see and a foot in the door at the incoming administration, Musk is poised to be one of the key players and beneficiaries of Trump's second term. Here's how.TeslaMusk's most well-known venture could benefit heavily from policies that Trump has already floated on the campaign trail. In October, during a rally in Michigan, Trump said that he was considering a ban on self-driving cars from Chinese markets- something that could potentially remove a lot of competition for electric-vehicle giant Tesla.That same week, Musk had unveiled the Tesla Cybercab, a self-driving taxi. If Asian companies were to be locked out of the U.S. autonomous vehicle market, Musk would be able to solidify Tesla's dominance in the space, paving the way for future sales.In premarket trading on Wednesday, Tesla stock soared more than 15 percent, hitting $289.58 per share at 05:20 a.m. ET, extending a rally that started on Election Day. Much of Musk's wealth comes from his shares in Tesla, which currently has a market cap of $807 billion.SpaceXSpaceX already benefits massively from government policy, as it is the recipient of large government contracts and grants to supplement NASA voyages.Musk has repeatedly said that Trump's administration will be "pro-space", and any ramping up of exploration is likely to involve SpaceX, giving Musk the chance to secure more funding.Additionally, Trump's first administration outlined plans for a long-term Mars expedition. If his administration decides to pick up where they left off, perhaps with a nudge from Musk in government, then SpaceX would be one of the top beneficiaries.DeregulationThe most concrete way that Musk could benefit from Trump's incoming administration is with regards to deregulation. In September, Trump outlined plans for Musk to lead a "government efficiency commission", which would cut down on government spending and remove regulations.Trump said at the time: "I need an Elon Musk—I need somebody that has a lot of strength and courage and smarts."With a direct hand on policy, Musk could influence the industries that he has the most stakes in, such as technology and social media. At one of Trump's final rallies in New York, he claimed that he could reduce the federal budget by $2 trillion.Steven Wang, CEO and founder of online investment platform Dub, told Newsweek ahead of the election that Trump's deregulation would be a boon for the technology sector, and that it would also help other areas that Musk is steeped in, such as cryptocurrency."As president, Trump has been a big advocate for tax cuts and deregulation," Wang said. "Whether it's crypto or other areas, a Trump win could mean that the stock market is likely to go up."TaxationDuring the campaign, Musk was extremely critical of the Democrats' approach to taxation, saying, "Eventually, they run out of other people's money and then they come for you."Musk also said that he pays around $10 billion in tax annually, making him the largest taxpayer in the world. He is worth $262 billion, according to Bloomberg.Trump's first term saw a host of tax cuts that benefited higher earners, with the top 20 percent of Americans receiving around 65 percent of savings from his 2017 cuts. His 2025 plans include making those tax cuts permanent, and he has suggested lowering the corporate tax rate further, potentially to 15 percent for domestic producers. This reduction would lower the tax burden on Musk's businesses, such as Tesla and SpaceX, potentially increasing their profitability.Analyses indicate that these measures would disproportionately favor the top one percent of earners, providing them with substantial tax cuts.Do you have a story we should be covering? Do you have any questions about this article? Contact LiveNews@newsweek.com.

 2024-11-06 13:45:35

read more

LONDON (AP) — The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%. Another token, dogecoin, rocketed as much as 18%. It’s the favorite cryptocurrency of billionaire Elon Musk, one of Trump’s most prominent supporters. Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election. He has pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. Bitcoin is up 77% this year. “Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000,” he said. “Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. But other experts warned of the risks. “Investors should only dabble in crypto with money that they can be prepared to lose,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Because we’ve seen these wild swings in the past.” Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. “Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges. “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X. Streeter said Trump’s administration would most likely pursue “light touch regulation” for the crypto industry. “Certainly that’s what crypto fans would want,” she said. “They want the sheen of legitimacy to be brought to crypto, but they don’t want regulations to be too onerous to stop opportunities and innovation.” Associated Press writer Danica Kirka contributed to this report.

 2024-11-06 13:33:00

read more

Share to Facebook Share to Twitter Share to Linkedin Ransomware gang demand payment in baguettes There is little in the world of cybercrime that truly surprises me these days, and even less when it comes to ransomware. Yet I admit to being caught a wee bit off guard when a new ransomware player opted to ask a victim for payment in French bread. But don’t be fooled by the apparent humor, the Hellcat crime group is deadly serious and wants $125,000 in the cryptocurrency Monero as well. There’s not much to laugh at in this story, when it comes down to it. Here’s what is known so far. ForbesGoogle’s New 2FA Update Warning—Act Now, The Clock Is TickingBy Davey Winder The Hellcat Ransomware Crime Group Little is known about the new ransomware crime group calling itself Hellcat, other than it has a spokesperson called Grep. It was this spokesperson who first claimed that the French multinational, Schneider Electric, had been compromised by the group and demanded the ridiculous baguette ransom payment. The breach appears to have been of one of the Schneider Electric developer servers, with as much as 40GB of archived data exfiltrated by the attackers. A posting to the Hellcat leak site, a model used by most every ransomware group to threaten victims and leverage payment before a set date when the stolen data will be sold or published, made the bizarre extortion claim for payment in French bread. ForbesFBI Warns Gmail, Outlook Users Of $100 Government Emergency Data Email HackBy Davey Winder MORE FOR YOU Election Betting Odds: Trump Hits 99% On Polymarket, Kalshi As More Election Results Come In Election 2024 Live Updates: Donald Trump Wins Presidential Race—Again New Chrome, Safari, Edge, Firefox Warning—Do Not Use These Websites Hellcat ransomware group's bizarre demands Davey Winder According to Cyberscoop reporters, however, the joke statement about baguettes was just that, a joke. “In reality, the attackers are looking for payment in Monero, a privacy-focused cryptocurrency,” the publication said. Schneider Electric Issue Statement Regarding The Ransomware Incident A Schneider Electric spokesperson issued the following statement: "Schneider Electric is investigating a cybersecurity incident involving unauthorized access to one of our internal project execution tracking platforms which is hosted within an isolated environment. Our Global Incident Response team has been immediately mobilized to respond to the incident. Schneider Electric's products and services remain unaffected." “Ransomware is a business model, and we can think of this bizarre baguette demand as a marketing stunt,” Hüseyin Can Yuceel, a security researcher at Picus Security, said, adding that the group demanded that Monero crypto ransom payment. ForbesGmail 2FA Cyber Attacks—Open Another Account Before It’s Too LateBy Davey Winder Hüseyin Can Yuceel went on to say that it’s likely Hellcat, being a new player to the ransomware crime sector, is “trying to get attention and establish trust for future victims and associates for a possible Ransomware-as-a-Service operation.” Leaking the stolen data proves their capability, Can Yuceel said, and if Schneider pays up “it would prove their capabilities and trustworthiness to others.” Follow me on Twitter or LinkedIn. Check out my website or some of my other work here. Davey Winder Editorial Standards Forbes Accolades

 2024-11-06 13:31:48

read more

Donald Trump's projected victory at the polls is giving a fresh boost to stocks.Dow futures soared nearly 1,400 points, or 3.2%, lifting the blue-chip market into record terrain before the start of trade on Wednesday. S&P 500 futures were up more than 2%, while the tech-heavy Nasdaq Composite also looked set to open strong. Cryptocurrency is also surging as investors bet that the second Trump administration will benefit the volatile sector. Bitcoin prices rose nearly 8% to a record $75,345.00 in early trading, before dipping to about $73,500. Trump, who was once critical of digital currencies, pledged during his campaign against Vice President Kamala Harris to make the U.S. the "crypto capital of the planet" and to create a bitcoin "strategic reserve.""Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. "Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go," he added.The Republican Party's electoral success on Tuesday, which included winning control of the Senate, is also benefiting Trump's personal finances by boosting the stock price of Trump Media & Technology Group. Shares in the company, which owns the social network Truth Social and in which Trump owns a stake valued at more than $5 billion, jumped nearly 38% to $46.80 before markets opened. Although markets have pushed to new highs this year, Wall Street analysts warn that some of Trump's key policy proposals could rekindle U.S. inflation, dampen economic growth and drive up the nation's debts. The Federal Reserve will offer its latest readout on the state of the economy on Thursday, with Wall Street analysts expecting the central bank to lower its benchmark interest rate by a quarter of a percentage point. The Fed in September dropped borrowing costs by 0.50 percentage points, its first cut since 2020.

 2024-11-06 13:18:08

read more

The French ‘Trump whale’ known as Theo has successfully netted a profit of almost $50 million on several bets related to Donald Trump winning the 2024 presidential election. What Happened: The ‘Fredi tracker‘ monitoring the several accounts linked to the same pseudonymous Frenchman, shows Theo's total gains reaching almot $49.5 million, with his current portfolio value at $100.7 million. Operating under aliases like Fredi9999, Theo4, PincessCaro, Michie, and RepTrump, his accounts have bet on various topics, including Donald Trump winning the electoral college, the popular vote, the state of Pennsylvania and other Trump-related bets. Anonymous trader zxgngl, focused exclusively on Trump's election victory, netted $11.4 million. The third largest gainer, walletmobile, also bet solely on a Trump win, profiting $6.1 million. Also Read: Bitcoin’s Future Under President-Elect Donald Trump: A Look At His Crypto Policies Why It Matters: Since early October, Theo and his linked accounts have significantly impacted the betting landscape. Initially, his five accounts held a combined position of $6.4 million, with total investments growing to $52 million by the end of October. In an interview, Theo estimated Trump's chances of winning at 90%, with a 65% likelihood of securing the popular vote. The prediction proved to be prescient, as the former President has become the President-elect and become the first Republican candidate to win the popular vote since George Bush in 2004. What’s Next: The influence of prediction markets is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Read Next: Trump Gives Victory Speech In Florida As Winning Pennsylvania Puts Him At Brink Of Victory, Vows To ‘Fix Everything About Our Country’ Image: Shutterstock Market News and Data brought to you by Benzinga APIs © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

 2024-11-06 13:12:33

read more

The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump’s victory in the US presidential election will be a boon for cryptocurrencies. Bitcoin Surges as Trump’s Victory Fuels Crypto Momentum Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%. Trump’s Crypto Evolution: From Skeptic to Advocate Trump was previously a crypto sceptic but changed his mind and took a favourable view of cryptocurrencies ahead of the election. He pledged to make America ”the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Crypto-Backed Campaign Sets New Precedents His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. Market Enthusiasm Surges: Bitcoin Set for New Heights? Bitcoin is up 77% this year. “Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” AP quoted Russ Mould, investment director at AJ Bell, a British online investment platform, as saying. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000,” he added. “Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. Crypto Industry Hails Trump’s Win as Regulatory Turning Point Crypto industry advocates welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. “Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges. “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it.” (With agency inputs)

 2024-11-06 13:11:47

read more

The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%. Trump was previously a crypto skeptic but changed his mind and took a favorable view of cryptocurrencies ahead of the election. He pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. Bitcoin is up 77% this year. “Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000,” he said. “Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. “Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges. “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X.

 2024-11-06 13:10:06

read more

Donald Trump’s triumph in the 2024 US presidential election has elated China’s cryptocurrency community, who expect a bright future for digital assets and related policies on the mainland and Hong Kong, as bitcoin prices hit a record high. “Trump’s pro-crypto stance is expected not only to invigorate the US virtual-asset industry, but also to encourage Hong Kong to further relax its own virtual-asset policies in its quest to become a global Web3 hub,” said Livio Weng, chief executive of Hong Kong-based cryptocurrency trading platform HashKey Exchange. “This shift could also positively influence regulatory attitudes toward virtual assets in mainland China,” he added. That reflects the enthusiasm of many Mandarin-speaking crypto-focused users on Elon Musk’s X, as they posted their congratulations to Trump on the social-media platform formerly known as Twitter, while also extolling a new all-time high reached by bitcoin on Wednesday, with some expressing good days ahead for the industry. At one point on Wednesday, bitcoin prices reached above US$75,000, having gained more than 66 per cent since the start of this year. Once a cryptocurrency critic, Trump in July vowed during his campaign that the US would become the “bitcoin superpower of the world” under his administration and that he would fire “on day one” Securities and Exchange Commission chair Gary Gensler, who ramped up scrutiny of the crypto sector. Hong Kong’s three exchange-traded funds (ETFs) that directly invest in bitcoin saw about HK$97.69 million (US$12.57 million) change hands across Hong Kong dollar, US dollar and yuan counters, representing the biggest trading volume in more than a month. The Hong Kong government in late 2022 declared its ambition to turn the city into a virtual-asset hub, as the US cracked down on the cryptocurrency industry. Over the past two years, local authorities rolled out a slew of initiatives to boost the sector, while ensuring investor protections. Still, the looming support for digital assets in the US has recently taken some wind out of Hong Kong’s virtual-hub sails. Spot cryptocurrency ETFs in the US have attracted more interest than similar products in Hong Kong. Hong Kong regulators may speed up virtual-asset approvals in the face of increased competition from the US, HashKey’s Weng told the Post in August. Meanwhile, more experts have called on Beijing to review its rigid ban on crypto businesses on the mainland. A professor at the Hong Kong University of Science and Technology in July said banning crypto mining in China was “very unwise”, as it drove related businesses to the US, contributing to US tax income.

 2024-11-06 13:00:13

read more

LONDON (AP) — The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump's victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world's second most popular cryptocurrency after bitcoin, which rallied 8%. Trump was previously a crypto skeptic but changed his mind and took a favorable view of cryptocurrencies ahead of the election. He pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. Bitcoin is up 77% this year. “Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said. “Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. Crypto industry players welcomed Trump's victory, in hopes that he would be able to push through legislative and regulatory changes that they've long lobbied for. Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. “Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges. “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X.

 2024-11-06 13:00:02

read more

Trump was previously a crypto skeptic but changed his mind and took a favorable view of cryptocurrencies ahead of the election. He pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. Bitcoin is up 77% this year. “Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000,” he said. “Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. “Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges. “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X.

 2024-11-06 12:47:20

read more

The highly volatile crypto space often witnesses tussle between competing altcoins as the market sentiment often favors one over the other. In some cases bulls take hold of the price actions, pushing one altcoin ahead of the other, as happened in the case of Toncoin (TON) and Tron (TRX). The visible domination of Toncoin (TON) in the bull market over Tron (TRX) after its ascent to $12 billion has compelled investors to believe that the DTX Exchange is going to follow a similar pattern of ascent and outshine Ripple (XRP). Toncoin (TON) eyes a 40% surge Toncoin (TON) is holding firm at the $4.9 key support level. Historical data shows that this price point attracts strong buying pressure. Traders expect a similar response, which could ignite a price rally. Moreover, the price action of Toncoin (TON) has moved into a narrow range within a descending pattern, indicating an impending breakout. If market sentiment shifts, the price might breach the declining trendline. A daily close above $5.6 would set the stage for a strong rally, potentially reaching $8.15, representing a 40% surge. At press time, Toncoin (TON) trades below the 200 Exponential Moving Average (EMA). While this position often signals caution, the support level suggests resilience. As of now, Toncoin (TON) hovers around $4.91, unchanged over the last 24 hours. A 20% drop in trading volume shows decreasing participation from traders and investors. Thus, Toncoin (TON) is currently dominating the bull market with massive bullish pressure. A rising wedge to trigger a drop to $0.1463 for Tron (TRX) With the crypto market chaos resulting in massive ups and downs in altcoins, Tron (TRX) is currently moving downwards. Failing to cross the $0.1686 barrier, the Tron (TRX) price fall warns of a crash under $0.160. Additionally, the high-risk breakdown of a rising wedge pattern on the daily chart could lead to a nearly 10% decline in Tron. On the 4-hour chart, Tron’s (TRX) price action shows a failed attempt to break above the $0.1686 resistance. This failure has resulted in an evening star pattern and six consecutive bearish candles. The bearish price movement has caused a 4.29% drop from the $0.1693 level to the current market price of $0.1620. The downward trend is approaching a short-term support trendline near the 23.60% Fibonacci retracement level at $0.1597. Thereby giving dominance to Toncoin (TON) over Tron (TRX). DTX Exchange to surge by 50X dominating the DeFi space DTX Exchange will break into the top five cryptocurrency platforms by 2025, achieving a staggering 500%, which has gotten many crypto enthusiasts talking about the new asset. One of the key features of DTX Exchange that gives it such bullish potential is its ability for users to invest in tokenized real-world assets. This allows investors to broaden their market exposure without the usual challenges of traditional assets. DTX Exchange is also actively cultivating a vibrant trading community through its user incentives and rewards program. Users who actively participate receive rewards, promoting loyalty and ongoing engagement. This not only benefits individual traders but also strengthens the overall trading ecosystem. As more users join in, the community thrives, creating a dynamic trading environment. The DTX Exchange presale is still live, and experts suggest that the anticipated rally could happen when DTX is listed on top exchanges like Binance. To witness this incredible rally, investors are advised to join DTX’s ongoing presale now at stage 4, priced at just $0.08 per token before it’s too late. The upcoming 50x surge will outperform Ripple (XRP) in this bull run. Ripple (XRP) holders face mounting losses Due to ongoing pressure from technical selling and regulatory uncertainty, XRP’s lucrative supply has dropped to its lowest point since July painting a bearish picture for Ripple’s (XRP) price. The Ripple (XRP) Labs-created coin, XRP, is currently trading at $0.50, down 6% since the Securities and Exchange Commission filed a notice to appeal a federal court decision that favored the company on October 2. According to market statistics from Santiment, the proportion of XRP supply held in profit has decreased from 90 percent in early October to 70.4%. On July 12, the metric last reached these values. Technical analysis of Ripple (XRP) points to increasing pressure. As a result of persistent selling activity, the Relative Strength Index of XRP has dropped to 38.77. The prospect of additional drops in Ripple price has been created by the breach of vital support at $0.52. Key takeaways Following the trajectory of Toncoin (TON), DTX Exchange (DTX) is set to outpace Ripple (XRP) in this bull run after a 50x surge just as Toncoin (TON) outperformed Tron (TRX). Learn more: DISCLAIMER – “Views Expressed Disclaimer: Views and opinions expressed are those of the authors and do not reflect the official position of any other author, agency, organization, employer or company, including NEO CYMED PUBLISHING LIMITED, which is the publishing company performing under the name Cyprus-Mail…more

 2024-11-06 12:43:29

read more

The price of Bitcoin hit a new high Wednesday as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world's second most popular cryptocurrency after bitcoin, which rallied 8%. Trump was previously a crypto sceptic but changed his mind and took a favourable view of cryptocurrencies ahead of the election. He pledged to make America the crypto capital of the planet and create a strategic reserve of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. Bitcoin is up 77% this year. Bitcoin is the one asset that was always going to soar if Trump returned to the White House, said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about when, not if, it will smash through $100,000, he said. Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go, Mould said. Crypto industry advocates welcomed Trump's victory, in hopes that he would be able to push through legislative and regulatory changes that they've long lobbied for. Tonight the crypto voter has spoken decisively - across party lines and in key races across the country, said Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges. Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it.

 2024-11-06 12:42:21

read more

Why did this happen? Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy.

 2024-11-06 12:39:37

read more

TEMPO.CO, London - Major stock markets around the world rallied on Wednesday, while bitcoin hit a record high and the dollar was set for its biggest one-day jump since early 2023 as Republican Donald Trump was elected U.S. president.U.S. Treasury yields meanwhile rose to their highest levels since July as bond investors bet a Trump presidency could usher in tax cuts and tariff hikes that boost the deficit and inflation.Trump, 78, recaptured the White House on Wednesday by securing more than the 270 Electoral College votes needed to win the presidency, Edison Research projected, following a campaign of dark rhetoric that deepened the polarization in the country.U.S. S&P and Nasdaq futures jumped more than 2% and those tracking the small cap Russell 2000 soared 6.2%. The dollar index rallied 1.4% and was set for its best day since March 2023.Japan's Nikkei surged over 2.5% (.N225) as the yen slid .The rally in U.S. stock futures and signs of a decisive result cheered equity markets, with European shares up more than 1% (.STOXX) as stock investors put aside worries about the impact of potentially higher tariffs for now.It was a different story in emerging markets, where Mexico's peso sank to its weakest level in over two years."The market is definitely moving in line with the Trump playbook; stocks and small caps, in particular, are higher on the idea that Trump will be good for U.S. companies," said Seema Shah, chief global strategist for Principal Asset Management in London."Across emerging markets, you can see China and Europe are struggling with the idea that they could face higher tariffs, and U.S. bond yields higher with expectations for a higher fiscal deficit and inflation."BONDS DISCONNECTConcern that higher tariffs under a Trump presidency could deal the region's economy a fresh blow pushed the euro down 1.6% to $1.074 , with the currency set for its biggest daily fall since March 2020, outpacing a 1.2% fall in sterling.German two-year bond yields fell 11 basis points to 2.19% , while money markets priced in lower European Central Bank rates."For European businesses, Trump’s return to the White House would mean considerable trade policy and geopolitical uncertainty, with negative implications for growth on the continent," said Berenberg chief economist Holger Schmieding.In contrast, U.S. borrowing costs rose.The 10-year Treasury yield jumped to a four-month high of around 4.47%, from 4.279%, breaking last week's top of 4.388%. Two-year yields climbed to 4.31%, from 4.189% late in New York.While markets were still confident the Federal Reserve would cut interest rates by 25 basis points on Thursday , futures for next year eased into the red with December down 9 ticks."The big challenge for markets is that if you do see tariffs come through you need to balance the short-term nature of inflation risks with the medium-term aspect of lower growth," said Justin Onuekwusi, chief investment officer at investment firm St. James's Place."The market appears to be thinking about inflation right now."CURRENCY WINNERS AND LOSERSBitcoin emerged as one of the clear winners of the day.The crypto currency climbed to a record high of $75,397 and was last up 7% on the day. Trump is seen as more actively supportive of cryptocurrencies than Harris.The dollar meanwhile jumped 1.5% to 154.03 Japanese yen and gained over 1% on the offshore yuan to 7.1834 yuan amid reports Chinese banks were selling dollars to slow the yuan's decline.China is seen on the front line of tariff risk, and its currency in particular is trading on tenterhooks with implied volatility against the dollar around record highs.Chinese stock markets have surged to almost one-month highs as investors expect a meeting of top policymakers in Beijing this week to approve local government debt refinancing and spending. Chinese blue chips (.CSI300), opens new tab lost early gains to turn flat, and Hong Kong stocks (.HSI), opens new tab fell over 2%.Mexico's peso briefly dropped to as low as 20.8038 per dollar for the first time since August 2022, more than 3% below its previous close - the biggest such tumble since Mexico's election in summer roiled domestic assets.Ukraine's international sovereign bonds rallied nearly 2 cents, boosted by bets that a second Trump term could lead to a quicker end to Russia's war in Ukraine.Gold prices dipped 0.8% to $2,720 an ounce , off a recent record peak of 2,790.15.The sharp rise in the dollar pressured oil prices, and other commodities, as it makes them more expensive when buying in other currencies.U.S. crude shed 1.29% to $71.07 per barrel, while Brent fell 1.3% to $74.54.REUTERS | Dhara RanasingheEditor's Choice: Benjamin Netanyahu Congratulates Donald Trump on Apparent Election WinClick here to get the latest news updates from Tempo on Google News

 2024-11-06 12:37:14

read more

The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump's victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world's second most popular cryptocurrency after bitcoin, which rallied 8%. Another token, dogecoin, rocketed as much as 18%. It's the favorite cryptocurrency of billionaire Elon Musk, one of Trump's most prominent supporters. Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election. He has pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. Bitcoin is up 77% this year. “Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said. “Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. But other experts warned of the risks. “Investors should only dabble in crypto with money that they can be prepared to lose,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Because we’ve seen these wild swings in the past.” Crypto industry players welcomed Trump's victory, in hopes that he would be able to push through legislative and regulatory changes that they've long lobbied for. Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. “Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges. “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X. Streeter said Trump's administration would most likely pursue “light touch regulation” for the crypto industry. “Certainly that’s what crypto fans would want," she said. “They want the sheen of legitimacy to be brought to crypto, but they don’t want regulations to be too onerous to stop opportunities and innovation.”

 2024-11-06 12:34:00

read more

The price of bitcoin hit a new high on Wednesday as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies.Bitcoin jumped nearly 8% to a record $75,345.00 in early trading, before falling back to about $73,500.00.Trump was previously a crypto skeptic but changed his mind and took a favorable view of cryptocurrencies ahead of the election.He pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.“Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000,” he said.“Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said (AP)

 2024-11-06 12:29:00

read more

Donald Trump has been elected as the 47th President of the United States, defeating his Democratic opponent Kamala Harris. Trump’s victory propelled Bitcoin BTC/USD to a new all time high of $75,358 on Wednesday morning, driven by market excitement over the election outcome and expectations for a more favorable cryptocurrency policy under the new administration. Ethereum ETH/USD followed with a 7.5% increase, while the overall crypto market cap rose by 5.7% to $2.3 trillion. Trump’s victory brings renewed focus to his stance on cryptocurrency, which has evolved significantly in recent years. Trump and Vice President Harris have outlined differing approaches to digital asset regulation, creating anticipation around how the winner will influence the industry. Trump's Pro-Crypto Turnaround Donald Trump has shifted from skepticism to vocal support for the crypto industry. In the past, he criticized cryptocurrencies, questioning their value and stability. However, in the run-up to the 2024 election, Trump positioned himself as a staunch supporter of the cryptocurrency industry. He often mentioned his ambition to make the United States a leader in crypto innovation, frequently promising to establish the U.S. as the “crypto capital of the planet.” In one high-profile campaign stop, he proposed creating a Bitcoin reserve to integrate the cryptocurrency more closely into national financial strategy. Trump has also expressed interest in appointing regulators who would favor minimal oversight and allow blockchain technology and digital assets to grow with fewer government barriers. During his previous term, Trump's administration was known for policies that encouraged private investment and allowed some leeway for tech innovators, though the crypto landscape was less mature then. This time around, his stance has been more explicit. Trump even indicated that his administration might explore legislation to classify Bitcoin as a strategic asset, mirroring similar actions taken by some global economies looking to bolster their crypto markets. Also Read: Solana Sees $173M Funding Surge In Q3 Amid Rising Institutional Interest From PayPal, Visa, Franklin Templeton Harris's Emphasis On Investor Protections And Responsible Innovation Vice President Harris, on the other hand, has approached cryptocurrency with caution, advocating for balanced regulations to ensure both innovation and consumer protections. While Harris has not dismissed the industry's potential, she has consistently called for clear, sensible policies that would protect investors from potential market instability and fraud. Her campaign platform emphasized a vision for crypto that encourages growth but prioritizes safety for ordinary investors. Harris's focus was on creating what her team called "responsible innovation," arguing that unregulated crypto markets could pose risks to the financial well-being of average Americans. She aimed to strike a balance where the benefits of cryptocurrency could be realized without the volatility or potential financial harm of a largely unregulated market. Harris's vision included establishing regulatory frameworks that would make crypto markets safer while still fostering innovation, a plan that some investors feared might slow down the industry’s growth. Crypto Market Reaction And Election-Driven Speculation The crypto market has been responding dramatically to election results, with investors projecting that Trump's pro-crypto approach could usher in a boom period for digital assets. Over the weeks leading up to the election, there was a growing expectation that a Trump victory would lead to more favorable conditions for crypto, with some analysts forecasting Bitcoin might break beyond $80,000 under his presidency. Conversely, Harris's more cautious stance had many predicting a slower path forward, with Bitcoin potentially dropping to $50,000 or lower if she won. What's Next For Crypto? As Trump prepares to take office, crypto investors and industry insiders will be closely watching for policy changes that could support the market's growth. While it remains to be seen how quickly or significantly Trump's administration will implement these changes, the market response underscores a clear hope for a boom in digital asset innovation and adoption in the U.S. ‘We’d Be A Fool If We’re Not Prepared’—Florida’s Chief Financial Officer Vows To ‘Harness Opportunities’ In Crypto Image: Shutterstock Market News and Data brought to you by Benzinga APIs © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

 2024-11-06 12:14:02

read more

Share to Facebook Share to Twitter Share to Linkedin Bitcoin has rocketed higher as Donald Trump clinched victory in the U.S. presidential election, setting up a "perfect storm" for the bitcoin price in weeks ahead. The bitcoin price has smashed its previous all-time high, climbing above $75,000 per bitcoin, while other major cryptocurrencies have also soared, led by the meme-based dogecoin that's a favorite of Tesla billionaire Elon Musk as speculation mounts over his plans to avert a "financial emergency." Now, as traders turn to the Federal Reserve interest rate decision this week, bullish bitcoin traders and analysts are betting the bitcoin price could surge to $100,000 by the new year. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run ForbesChina And The Fed Are Quietly Adding To A ‘Perfect Storm’ That Could Be About To Blow Up The Bitcoin PriceBy Billy Bambrough MORE FOR YOU Election Betting Odds: Trump Hits 99% On Polymarket, Kalshi As More Election Results Come In Election 2024 Live Updates: Donald Trump Wins Presidential Race, AP Projects New Chrome, Safari, Edge, Firefox Warning—Do Not Use These Websites Tesla billionaire Elon Musk has campaigned for Donald Trump over the last month, with many of his ... [+] comments seen as bullish for the bitcoin price, dogecoin and the wider crypto market. AFP via Getty Images "Bitcoin is the one asset that was always going to soar if Trump returned to the White House," Russ Mould, investment director at AJ Bell, said in emailed comments. "A brief jump to $75,281 put the cryptocurrency at a new all-time high and fired up traders to speculate when, not if, it will smash through $100,000. Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go." "Bitcoin could reach $100,000 by December or January," Markus Thielen, the chief executive of 10x Research, said in an emailed note. Bitcoin and crypto market watchers pointed to options data that suggested there is a 15% chance the bitcoin price reaches $100,000 by the beginning of 2025. "The options market still sees a 15% chance for bitcoin to surpass $100,000 by the end of the year, highlighting a significant optimism in the longer-term market trajectory," Nick Forster, founder of decentralized finance protocol Derive, said in emailed comments. However, others warned there may be a bitcoin price correction this week as overenthusiastic traders pull back from their post-election optimism. "By late this week or early next ... a sharp price correction is anticipated," Arthur Azizov, the chief executive of crypto payments company B2BinPay, adding Thursday's Federal Reserve interest rate announcement is expected to bring further price volatility. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious Forbes‘Cataclysmic Collapse’—Tesla Billionaire Elon Musk’s Radical $35.7 Trillion Plan To Avert ‘Financial Emergency’ Spurs Huge Bitcoin Price BetsBy Billy Bambrough The bitcoin price has rocketed higher following Donald Trump's decisive victory in the U.S. ... [+] election, with the meme-based dogecoin surging. Forbes Digital Assets "The bitcoin price chart shows significant uncovered liquidity below the current price, while liquidity above has already been absorbed, indicating that a downward movement is needed to support sustainable future growth. By year-end, we project Bitcoin’s value to range between $80,000 and $90,000, with $100,000 remaining an unlikely target under current conditions." The crypto market has been led higher by the meme-based dogecoin, a tongue-in-cheek bitcoin rival that's been embraced by billionaire Elon Musk and is accepted as payment across his companies Tesla and SpaceX. "Dogecoin rallied nearly 55% from its November 3 lows to Wednesday's high, fuelled by Trump's victory and anticipation around the election results," Alex Kuptsikevich, FxPro chief market analyst, said in emailed comments. "In addition to the general positivity for cryptocurrencies, speculators are betting on Musk's potential position in the new administration. The Tesla founder and head of X (formerly Twitter) has maintained the recognition of one of the first meme coins for many years." Follow me on Twitter. Billy Bambrough Editorial Standards Forbes Accolades

 2024-11-06 12:12:33

read more

Donald Trump's victory is set to herald a new era of higher inflation, tighter monetary policy, and surging cryptocurrencies, analysts said in initial reactions to the presidential election result. The economic impact of Trump's second term is likely to be volatile, said Lindsay James, investment strategist at UK-based Quilter Investments."While he, and others that surround him such as Elon Musk, want to cut the size of the state, public spending is likely to remain very high and taxes kept low," she added."Many of his measures will be inflationary and likely to lead to a rise in bond yields, putting pressure on the Federal Reserve in its quest to bring interest rates down."The Federal Reserve cut rates for the first time in four years in September, and is expected to cut again at its November meeting on Thursday. However, such cuts could be shortlived if Trump's trade policies, which include proposed near-universal tariffs, prove to be inflationary as expected.Thomas Matthews of consultancy Capital Economics wrote: "We suspect that the more important story for the bond market is just the inflationary effect of Trump's policies, including the tax cuts but also the tariffs and immigration reductions, all of which would be likely to result in a higher path for the federal funds rate." Analysts at Dutch lender Rabobank shared that view, suggesting that the Fed could raise rates early next year."On the assumption that Trump will move to increase some tariffs relatively quickly, it is Rabobank's view that the Fed's easing cycle could be over early next year as policymakers react to the inflationary implications of tariffs," they wrote.This should keep the US dollar strong through 2025, while concerns about the potential impact of his policies could subdue the euro, Rabobank's analysts added."While it will take time before the markets have the information needed to develop a strong narrative on the impact of Trump's agenda on the international economy, the domestic inflationary impact of his policy does suggest a stronger dollar through 2025."One asset that analysts expect to surge in the wake of Trump's victory is bitcoin, which rallied sharply early on Wednesday morning."Bitcoin is the one asset that was always going to soar if Trump returned to the White House," wrote Russ Mould, investment director at online trading platform AJ Bell.The victory has "fired up traders to speculate when, not if, it will smash through $100,000," he added."Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go."

 2024-11-06 12:12:26

read more

Why did this happen? Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy.

 2024-11-06 12:10:34

read more

Donald Trump is on track to win the presidency, and cryptocurrency users can't help but debate on the future of the U.S. Securities and Exchange Commission (SEC), especially its current Chair, Gary Gensler.The Republican presidential candidate promised Bitcoiners during the Bitcoin 2024 earlier this year that he will "fire" Gensler on his first day as the 47th President of the United States. What do crypto users think will happen to the industry's "enemy"?Will Trump Fire Gensler?As the popular vote on the U.S. presidential elections come through – largely in favor of Trump – Justin Sun, the founder of the TRON blockchain, raised the question on the SEC chief's fate: "So, what's going to happen to Gensler?" he wrote on X.Borovik, a prominent figure in the crypto space, said, "Trump is going to fire him." While it is unclear whether Trump can actually "fire" Gensler since the Constitution's Article II (on executive power) doesn't expressly grant such authority to the President, Gensler will only have around a year and five months left in his tenure once a new president is inaugurated.Pointsville founder Gabor Gurbacs replied to Sun's question with an edited photo of Gensler with the LinkedIn #OpenToWork profile picture, suggesting that Gensler may lose his job once official tallies are in to hand Trump the victory.One user said Gensler may become a "cleaner at the D.O.G.E Department." The said agency, the Department of Government Efficiency, has yet to be officially established. Trump promised tech titan Elon Musk that he will appoint the Tesla CEO to the said government spending auditing commission if he wins.Another user said he thinks Gensler will "quit before he's fired." In July, 10X Research founder Markus Thielen predicted that the SEC top leader may step down prematurely, sometime around January or February 2025, at around the same time outgoing President Joe Biden finishes his term. Biden appointed Gensler into the SEC chairmanship in 2021.At least one user said that if Trump, assuming he is officially declared the presidential winner, is able to remove Gensler from position, "a more forward looking technologist" may assume the chairmanship.Gensler's Rocky Relationship with CryptoThe clamor over Gensler's removal from the SEC leadership comes with much weight, given the SEC's crusade against crypto firms under Gensler.Notably, multiple lawmakers, both Republican and Democrat, called out Gensler during a September hearing for allegedly transforming the Wall Street regulator into "a rouge agency." They called him the most "lawless" and "destructive" SEC chief. A crypto-leaning Democratic House representative also criticized him for his "open hostility towards digital assets."Aside from a possibly pro-crypto president, Gensler will also live out the rest of his SEC tenure under an overwhelmingly pro-crypto Congress. Stand With Crypto's live data shows that as of 6:00 a.m. ET, there are 247 pro-crypto House of Representatives candidates over 113 "anti-crypto" runners. In the Senate, 15 elected officials are tagged pro-crypto, as opposed to 10 "anti-crypto" who've been elected.It remains to be seen how the U.S. elections' outcomes will affect Gensler's position and whether he will complete his term, but for now, the crypto community is in favor of his exit.

 2024-11-06 12:10:01

read more

The cryptocurrency industry is celebrating the victories of candidates who expressed support for the sector in the lead-up to the 2024 U.S. elections, and for some prominent industry leaders, the wins should be sending a clear message to the political realm—that crypto voters are a new demographic to reckon with.Data from Stand With Crypto shows that as of 4:00 a.m. ET, Wednesday, there are 241 "pro-crypto candidates" elected into the House of Representatives while there are 14 elected senatorial candidates who've expressed support for the sector.On the opposite side of the spectrum, there are 113 "anti-crypto" candidates who've been elected into the House and nine in the Senate.Crypto's Voice is Now HeardFor Coinbase Chief Legal Officer Paul Grewal, "one thing is already clear: crypto has already won." He went on to say that regardless of the outcomes, "the results will plainly be shaped by the crypto voter."Coinbase CEO Brian Armstrong had similar thoughts, saying the U.S. is now seeing the country's "most pro-crypto Congress ever." He added that the numbers are proof "Americans disproportionately care about crypto and want clear rules of the road for digital assets."Freddie New, a co-founder at crypto-centric ICDEF Research, believes that even if Sen. Elizabeth Warren defeated pro-crypto John Deaton for the Massachusetts senatorial seat, "she's gone as head of the Banking Committee," and so is "the poisonous attempt to shutter and destroy legitimate businesses through denying them banking services."New was referring to what the industry dubbed as Operation Choke Point 2.0, an alleged joint effort among federal bank regulators to intentionally block banking access to crypto firms.Tony Edward of the Thinking Crypto podcast said that the Congress numbers so far speak for themselves. "I bet the anti crypto folks are all gonna think twice about attacking this industry moving forward," he projected.Ripple CEO Brad Garlinghouse had similar words, saying that the U.S. election outcomes is a slap in the face of doubters. "The crypto voter is here to stay, loud and clear!" he wrote.David Bailey, CEO of the Bitcoin Magazine, said the 2024 election was "truly the birth of the orange party," referring to "orange-pilling," the term Bitcoiners use when they get another individual to believe in the potential of the world's largest cryptocurrency by market value.Bailey also sent his congratulations to the Ulbricht family. When Donald Trump, who is currently on track to become the 47th president of the country, spoke at the Bitcoin Conference earlier this year, he promised to free Ross Ulbricht, the creator of the darkweb marketplace Silk Road.Tyler Winklevoss, who co-founded the Gemini exchange with his twin, Cameron, took a sarcastic dig at Warren and SEC Chair Gary Gensler. He said the crypto army "delivered the Senate to the Republicans." The Winklevoss twins each donated $1 million worth of Bitcoin to the Trump campaign.Trump Declares VictoryMeanwhile, in Florida, the Republican presidential candidate declared that he has "won the popular vote." While all the numbers have yet to come in, it appears that the presidential race's final outcome will hinge largely on this year's swing states.Unlike Vice President Kamala Harris, Trump has repeatedly expressed support for Bitcoin and the broader crypto industry. The Republican Party also made sure to include Bitcoin mining and digital assets as a priority in its 2024 Platform's tech plans.

 2024-11-06 12:02:02

read more