Weekly Crypto Market Wrap November 11-17, 2024
Hello there! The start of the week is bringing another pack of crypto news. Discover the most significant updates from October 11-17, 2024! Previous wrap can be found here.
Last week proved to be quite positive for the entire crypto market. Bitcoin hit a new high on Wednesday, reaching $93,427, then underwent a slight correction and is now gearing up to challenge its ATH again. BTC dominance also saw significant growth at the beginning of the week, which restrained many altcoins. However, toward the end of the week, BTC dominance began to decline, benefiting the alts.
Elon Musk — head of DOGE? The internet is abuzz with theories that Musk has unofficially taken Dogecoin under his wing. Moreover, rumors suggest that Donald Trump created DOGE (Department of Operational Government Efficiency). This new department, allegedly led by Elon Musk and Vivek Ramaswamy, promises surprising initiatives. Is it time to stock up on Doge, or is it already too late?
+240% on the $LUCE meme. Meme coins are back in action! Early last week, the token surged to $0.19, delivering a whopping ~240% return. This success inspires the hunt for new stars.
LTC — a meme coin? The project’s Twitter account declared that, given the current market conditions, Litecoin now identifies as a meme coin. An hour and a half later, the token pumped by +13%.
Gary Gensler is leaving the SEC. If the rumors are true, this could pave the way for more crypto-friendly regulations. We're awaiting official statements.
The fight against the SEC is gaining momentum. 18 U.S. states have filed a lawsuit against the regulator, accusing it of targeting cryptocurrencies. This development could change the regulatory approach in the country, potentially preventing "black swans" like Luna, FTX, and others.
Alameda Research sues Waves. The company closely linked to FTX is looking to recover $90 million from Vires Finance. The court's decision could set a precedent for other disputes.
FTX vs. Binance. Can we ever have too much FTX drama? The controversial exchange is suing Binance and its head, Changpeng Zhao, for $1.8 billion. The legal battle could impact trust in the largest crypto exchange.
MicroStrategy sets new records. The company’s shares hit an all-time high, the first since the dot-com bubble in 2000. Hats off to Michael Saylor for his strategy and unwavering belief in BTC and the crypto market.
U.S. inflation is rising. Inflation has hit 2.6%, exceeding expectations. As a result, interest in Bitcoin and gold as safe-haven assets is growing. If this trend continues, $100,000 for BTC might just be the beginning.
Upcoming major token unlocks:
MRS: $21.10m (11.8%)
MURA: $16.40m (34.7%)
ROSE: $14.93m (2.6%)
ADA: $14.1m (0.1%)
PIXEL: $11.05m (7.1%)
ID: $8.33m (4.3%)
ENA: $7.35m (0.5%)
That’s it for today. Make sure to visit our Blog section for more exciting articles about cryptocurrencies and blockchain and see you in the next weekly crypto market wrap!
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
