Dogecoin surges as Trump appoints Musk, FTX sues Binance, bitcoin hits record high: 5 cryptocurrency stories

   1. Dogecoin skyrockets as Trump appoints Elon Musk to lead new DOGE efficiency department Musk’s favourite cryptocurrency, dogecoin, surged in value to nearly 38 cents, up from under 16 cents before the presidential election, on news of the billionaire’s appointment to the Trump administration. The president-elect’s pro-crypto stance and Musk’s fanatical support have helped drive its market value. 2. FTX sues Binance and ex-CEO Zhao Changpeng for US$1.8 billion in wake of Sam Bankman-Fried’s cryptocurrency collapse The lawsuit relates to Binance’s sale of its FTX stake and marks the latest conflict between the two cryptocurrency giants, with Bankman-Fried facing a 25-year prison sentence for fraud. Binance denies the claims, stating they are meritless. 3. Bitcoin soars past US$89,000 on Trump crypto boom with traders betting it will pass US$100,000 Bitcoin hit a new record high following Donald Trump’s election, driven by expectations of crypto-friendly policies, boosting the overall crypto market value to US$3.1 trillion. 4. Trump crypto support could spur China to reopen digital-asset market, says HashKey CEO Xiao Feng says China could revive its digital-asset market within two years as US policy clarity, tech rivalry and global sanctions on Russia might accelerate Beijing’s acceptance of cryptocurrencies, potentially reversing its strict regulations. 5. Binance billionaire Zhao Changpeng talks about life after prison, future plans and Trump’s crypto boost The crypto mogul known as CZ, founder of Binance, discusses his four-month prison stint and reflects on leading the world’s largest exchange. With Donald Trump’s US presidential election win, the industry’s prospects brighten, potentially boosting CZ’s estimated US$53 billion net worth further. Part of this article was produced with the assistance of generative AI.