By Shikha Singh
Dogecoin Rallies to Seven-Month High on US Election Wave.
Elon Musk’s playful tweets and public appearances with former President Trump drove Dogecoin (DOGE) to a seven-month high of $0.21 on U.S. Election Day. DOGE rose 30% in the last 24 hours and 20.6% in the past week, flipping Ripple (XRP) to become the 7th largest cryptocurrency with a $30 billion market cap. Despite still being below its all-time high of $0.73, this rally highlights the meme coin’s enduring appeal.
The surge aligns with broader optimism in the crypto market, as Bitcoin (BTC) hit a new all-time high, fueled by Bitcoin ETFs and expectations of a potential Trump victory.
MicroStrategy’s $42 bn Bitcoin Plan Faces Major Hurdles, CoinShares Warns.
MicroStrategy’s “21/21 Plan” aims to invest $42 billion in Bitcoin over three years, using $21 billion in equity and $21 billion in fixed-income securities to grow its Bitcoin treasury and yield.
As of Q3 2024, the company holds 252,220 BTC worth $16 billion and has raised $2.1 billion to support the strategy.
Despite strong returns on its Bitcoin holdings, MicroStrategy faces risks, Coinshares warned. As per Coinshares, the risks include reliance on low-cost debt, which could be threatened by rising interest rates; the risk of damaging its market premium if it sells Bitcoin; potential tax implications on $7.7 billion in unrealized gains; and challenges balancing its software business with Bitcoin investments, which could complicate debt repayment.
Solana Pay Now Supports Bitcoin, Ethereum, & More.
Solana Pay has expanded to support Bitcoin (BTC), Ethereum (ETH), and Layer 2 (L2) solutions, significantly enhancing its appeal for both merchants and customers.
Merchants can now accept a broader range of cryptocurrencies, including BTC and ETH, making it easier to manage transactions across multiple blockchains in one place. This expansion helps attract more customers familiar with Bitcoin and Ethereum while integrating them into the Solana ecosystem.
Coinbase Opens Engineering Hub in Singapore to Foster Crypto Talent.
Coinbase has launched a new engineering hub in Singapore, partnering with the Singapore Economic Development Board (EDB) to support local blockchain talent and foster Web3 innovation.
The hub is part of Coinbase’s broader expansion in the Asia-Pacific (APAC) region, where it already employs over 600 people, with plans to grow its local workforce.
The initiative aligns with Singapore’s Smart Nation 2.0 strategy, aimed at enhancing the country’s digital workforce and technological advancement.
JPMorgan Launches Instant EUR-USD Blockchain Conversion.
JPMorgan Chase is launching an instant EUR-USD conversion service on the Kinexys blockchain, offering a fast and cost-efficient alternative to traditional payment methods, which usually take 1–2 days.
The service is expected to attract fintech companies seeking quicker payment solutions. Kinexys, which has seen a tenfold increase in transactions year-over-year, has the potential for even further growth.
JPM Coin, the bank’s token on the blockchain, will facilitate the service and generate revenue from transaction fees and foreign exchange spreads.
Taiko TVL Hits All-Time High at $81 mn, Surpassing 5 mn Transactions Daily.
Taiko has reached a significant milestone with its Total Value Locked (TVL) hitting an all-time high of $81 million, a 1,000% increase in just one month. Native protocols like Panko Finance and Avalon Finance, both surpassing $30 million in TVL, drive this growth. Additionally, Taiko has surpassed 5 million daily transactions, demonstrating its scalability and efficiency as a Layer 2 solution. The network’s growth reflects rising interest in decentralized finance (DeFi) on Layer 2, addressing Ethereum’s scalability issues. Taiko is well-positioned to achieve further success in the DeFi space as its adoption continues to grow.
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