Bitcoin Smashes $90K as Germany Makes $2B Bitcoin Blunder 😧
Welcome to another edition of your favorite weekly news round-up from Coinigy.
Our favorite orange coin has been all about smashing records since our favorite orange-haired president became president-elect.
Elsewhere in Germany, the whole country seems to be counting their losses from premature Bitcoin sales… I guess nobody told them to HODL!
Here are the Highlights:
- Bitcoin rises above $90,000 on Trump euphoria
- Dogecoin investors withdraw case against Elon Musk as $259B lawsuit falls flat
- Hamster Kombat loses 86% of its users but gains 3,720% in volume
- Germany Misses on Close to $2 Billion by Selling Bitcoin Too Early
Bitcoin rises above $90,000 on Trump euphoria
Bitcoin broke through the $90,000 level on Wednesday, to an all-time high in a rally showing no signs of easing on expectations that Donald Trump as U.S. president will be a boon for cryptocurrencies. The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and on Wednesday touched a record of $93,480 before paring gains. It was last down slightly at $88,185, but has risen 32% since the Nov. 5 election. Smaller peer ether has also risen 37% since Election Day, while dogecoin, an alternative, volatile token promoted by billionaire Trump-ally Elon Musk was up more than 150%.
Dogecoin investors withdraw case against Elon Musk as $259B lawsuit falls flat
A high-profile lawsuit accusing Elon Musk of manipulating the price of Dogecoin (DOGE) has officially concluded, with investors withdrawing their appeal of the case’s dismissal, Reuters reported on Nov. 15. The lawsuit, filed in 2022, alleged that Musk and his electric vehicle company, Tesla Inc., engaged in fraud and insider trading by leveraging Musk’s public influence to manipulate DOGE prices. However, District Judge Alvin Hellerstein dismissed the case in August this year, ruling that the claims lacked sufficient legal basis.
Hamster Kombat loses 86% of its users but gains 3,720% in volume
The volume of Hamster Kombat’s HMSTR token rose by 3,720% earlier this month, reaching almost $1.5 billion despite losing 259 million users from its player base. HMSTR’s volume increased seemingly out of the blue on November 9, jumping from $39 million at 00:27 GMT to $496 million by 14:03 GMT. The following day, its volume jumped again to $1.49 billion, a mindblowing 3,720% increase in volume and an all-time high, despite the accompanying player loss.
Germany Misses on Close to $2 Billion by Selling Bitcoin Too Early
Germany’s decision to offload nearly 50,000 Bitcoin in July at $53,000 per coin has resulted in an estimated loss of $2.015 billion, as Bitcoin has now reached a new all-time high of $93,434.At current prices, the 49,858 BTC sold could have been worth around $4.57 billion. The Bitcoin assets were sold between June 19 and July 12, generating roughly $2.8 billion for German authorities. Under German national law, seized assets must be sold if their market value fluctuates by more than 10% to mitigate risks from market volatility. The country’s substantial Bitcoin stockpile was confiscated from Movie2k.to, a movie piracy website.
Other Highlights Worth Mentioning
Gary Gensler May Exit SEC Before January 2025 Amid Crypto Backlash - BeInCrypto
BONK Jumps 16% to Record Highs as Traders Eye Even More Gains Ahead - CoinDesk
Bitfinex Hacker Sentenced to 5 Years as DOJ Ends $10 Billion Crypto Theft Case - Decrypt
Floki Surges on Coinbase Listing News, While Dogecoin Corrects - Binance