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Today's Top Crypto Headlines:
Bitcoin’s $81K Surge | Musk Joins “End the Fed” Call | a16z Prediction and more...
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Bitcoin’s $81K Surge: Bitcoin surged to $81,358, triggering over $180 million in short position liquidations in just 12 hours, with total market liquidations reaching $682 million within 24 hours.
Musk Joins “End the Fed” Call: Elon Musk amplified Senator Mike Lee’s call to dismantle the Federal Reserve, arguing it is a "constitutional deviation" and blaming it for inflation and currency devaluation.
🪂Airdrop Essentials🎁: Get the latest airdrop now! Read UseTheBitcoin’s “Smash Quest ($SMASH) Telegram Airdrop Guide” to learn more on how to qualify and participate in the Smash Quest ($SMASH) Telegram airdrop!
💡Feature of the Day - a16z Crypto Prediction: Andreessen Horowitz’s (a16z) expects clearer regulations that support innovation, allowing projects to use tokens as “legitimate and lawful” tools.
All this and more in today’s headlines!
📰 News Highlights:
Bitcoin’s meteoric rise to $81,358 wreaked havoc on short sellers, with nearly $180 million in short positions liquidated within 12 hours.
#Bitcoin has entered the Euphoria zone, by convincingly breaking through the previous cycles ATH
However, it is doing so with a relatively cooled down MVRV Ratio
The 8-months of chopsolidation allowed investors to acclimate to higher prices, forming a firm foundation for launch
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_)
8:58 PM • Nov 10, 2024
Fueled by investor optimism post-election, this sudden price surge underscores Bitcoin’s resilience and has returned market dominance to around 59%.
1/ #Bitcoin grows in “hype cycles” that mimic fungal reproduction.
We’ve entered "Stage 2: Mushroom" (bull market)
Quick thread 👇— Brandon Quittem (@Bquittem)
8:40 PM • Dec 5, 2020
Other cryptocurrencies weren’t spared: $67 million in liquidations hit Bitcoin shorts, followed closely by Dogecoin and Ether. CoinGlass data reported over 218,000 positions wiped out, bringing total liquidations to $682 million in 24 hours.
Perfect example of how consolidation builds strength.
Every day bitcoin spent chopping around 40-60k was another day for conviction holders to stack and weak hands to exit.
Now there's no resistance overhead.
— Sleep Money Maker (@SleepMoneyMaker)
9:01 PM • Nov 10, 2024
Analysts are attributing this rally to Trump’s political return and the influx of retail investors back to crypto.
Musk Joins “End the Fed” Call [Source]
Elon Musk has stirred the financial world by amplifying Utah Senator Mike Lee’s call to dismantle the Federal Reserve.
Senator Lee’s criticism focused on Fed Chair Jerome Powell’s independence, challenging the central bank’s position as a “constitutional deviation.”
This movement is resonating with Bitcoin maximalists and “sound money” advocates, who argue that fiat currency management by central banks fuels inflation and currency devaluation.
🪂Airdrop Essentials🎁:
Smash Quest, a clicker game on Telegram from the XProtocol blockchain, is bringing Web3 to Telegram users.
The game lets players tap to battle monsters, earn points, and climb the leaderboard—all while introducing them to Web3 tech like wallets and DePIN phones.
XProtocol has announced an airdrop of $SMASH tokens for early Smash Quest players, Xardian Node holders, and XForge DePIN phone users.
Players can convert points earned in the game into $SMASH in the future.
With XProtocol’s efficient Layer-3 tech, they’re aiming to deliver scalable, low-cost gaming and DeFi experiences.
Check out the full Smash Quest Airdrop Guide for details!
💡 Feature of the Day:
In light of Trump’s election, a16z crypto is forecasting a friendlier regulatory environment for blockchain founders.
The VC firm anticipates less regulatory hostility toward tokenized projects, advising crypto founders that they can proceed with innovative projects using tokens as “legitimate and lawful” tools.
We’ve been flooded with crypto founders asking us what the recent election means for their projects.
TLDR: We have an incredible opportunity to build on the bipartisan progress from the last Congress and bring the best of crypto to the world.
You’ll hear a lot of speculation… x.com/i/web/status/1…
— miles jennings (@milesjennings)
9:45 PM • Nov 10, 2024
A16z believes the new administration will promote clear regulations that support the industry rather than stifle it.
Today’s Sponsor:
This week we have partnered with Gemini.
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Over $200 billion USD in volume traded.
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😂 Crypto Meme of the Day:
And that’s it for this today.
Buy, sell, store, and convert crypto with today’s sponsor Gemini, full-reserve and highly-regulated cryptocurrency exchange and custodian!
See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com