Why is Dogecoin Price Up | Key Points | Nov. 05, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: What happened to Bitcoin (and traders) in the past 24 hours.

Plus the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $69,275.59, down 4.2% over the last 24 hours.
Ethereum (ETH): $2,499.35, down 5.9% over the last 24 hours.
Solana (SOL): $166.87, down 4.3% vs the previous day.

Trending Coins Update

Ethervista: $49.39, up 48.4% vs the previous day. (This token is also up 40% yesterday — check yesterday’s newsletter for this.)
Kaia: $0.1374, up 5.5% over the last 24 hours.
Immutable: $1.17, down 13.8% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: Dogecoin Rises on Elon’s Endorsement

Photo for the Article - Why is Dogecoin Price Up | Key Points | Nov. 05, 2024

Dogecoin (DOGE) rose 10% in the last 24 hours, standing out as the only major token in positive territory.

It’s up 50% in the past month, driven partly by Elon Musk’s recent endorsement. Musk proposed a “Department of Government Efficiency” (D.O.G.E.) in line with his support for the token, as part of a Republican policy idea to streamline spending, Coindesk reported.

How about the Bitcoin price decline: The decline came as defunct exchange Mt.Gox transferred $2.2 billion in BTC to new wallets, likely for creditor repayment.

Historically, similar movements have led to short-term selling pressure in the market.

Other factors:

Bitcoin ETFs saw $541 million in outflows Monday, the highest since May.
Tightening U.S. election polls have crypto markets on edge, with some seeing Trump as a pro-crypto candidate.

To make sense of the market, on Wednesday we are hosting a BitPinas webcast with the following lineup:

We will be discussing:

Market Sentiment & Possible Election Scenarios
Trading and Investment Strategies for Volatile Times
Policy Implications on Crypto Regulations
Technicals and Q and A

Let’s go to the news recap today:

Philippine Crypto News 🇵🇭

YGG announced the conclusion of GAP Season 7.
Superteam PH released the details for the simultaneous Solana ecosystem call event in different places in the country.
ICP Hub PH recently held the RAITE 2024 iThink Hackathon Final Pitch & Awarding Ceremony at Angeles University Foundation.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Hackers exploited Metawin’s Ethereum and Solana wallets, stealing $4 million, but the casino has restored funds and notified authorities.
Crypto losses reached $129.6 million in October due to hacks and exit scams.
Ex-Binance CEO Changpeng Zhao confirmed his ongoing shareholder role at Binance, expressing no desire to return operationally.

Educational Corner 🎓

With the increasing number of stablecoins entering the market, explore Injective’s launch of Agora’s AUSD, its first fully collateralized native stablecoin backed by VanEck.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

The US SEC issued a Wells notice to Web3 gaming firm Immutable.
Coinbase’s legal chief alleges the FDIC is pressuring banks to cut off services for crypto firms, comparing it to “Operation Chokepoint.”
Russia’s new crypto mining regulations took effect, imposing registration requirements, energy caps, and oversight to manage the industry.

Community Spotlight 🔦

Expert Shares Tips to Spot Crypto Scams Using the Blockchain (1) — Paul Soliman

Meet Paul Soliman: He is a prominent figure in the Philippine web3 space.

He is the CEO of Bayanichain, a web3-based venture firm that offers blockchain-based solutions.
- Soliman recently introduced Prismo, a currently developing accountability layer.
He is also involved in various Web3 and AI projects.
Soliman is a Founding Member of the Blockchain Council of the Philippines.
He is also the Founder, CEO, and CTO of Hacktiv Colab Inc., an organization that simplifies DeepTech implementation in APAC.

Soliman also appears in the BitPinas webcast; in his last guesting he discussed how to spot crypto scams using the blockchain.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

SafePal launched a Mini Wallet App on Telegram, enabling users to create compliant Swiss bank accounts and access a digital Visa card for crypto transactions.
dYdX founder Antonio Juliano calls for a revolution in DeFi, urging for innovative leveraged trading that empowers users.
AI×Web3 startup Jugemu.ai launched a Telegram Mini App, offering free access to 18 LLM models to democratize generative AI for users in Africa and Southeast Asia.