The Bitcoin reserve bill in the US is up for a vote. XRP breaks the $1 mark. Musk has found a new meme coin to pump. Trader lost millions due to an address error

The U.S. wants to create a Bitcoin reserve: how will it affect the crypto market? 

  

The bill “On Bitcoin 2024,” which suggests the formation of a state reserve on the basis of the first cryptocurrency, is submitted to the U.S. Congress. 

  

According to the text of the document, the U.S. government plans to acquire 1 million BTC within five years using the gold reserves of the Federal Reserve System as funding. The proposed asset holding period is 20 years. 

  

The launch of a national Bitcoin reserve could send a strong signal to the global crypto industry. Galaxy Digital founder Mike Novogratz predicts that the value of the first cryptocurrency will grow to $500 thousand if the initiative is implemented. However, he notes that the project may face resistance within the government. 

  

Note that the newly elected U.S. President Donald Trump advocates the support of cryptocurrencies. He presented a plan to strengthen U.S. leadership in this sphere, including protection of mining and refusal to issue CBDC. According to experts, a crypto-friendly U.S. policy could influence other countries, for example, forcing China to ease restrictions on digital assets, as well as accelerate the global adoption of crypto. 

  

After the announcement of the U.S. election results, Bitcoin skyrocketed and updated its price record on November 13, reaching $93.4 thousand. As of November 18, its rate is $91.7 thousand. 

  

Crypto analysts are positive about Bitcoin: 

  

1. Katie Wood, CEO of ARK Invest: “ In a base case scenario, the price of the first cryptocurrency could rise to $650k by 2030, and in a bullish scenario, the price could increase from $1 million to $1.5 million.”
2. Arthur Hayes, ex-head of BitMEX: “The devaluation of the dollar under the influence of Trump’s policies could push the price of BTC to the $1 million mark.”
3. Tony Batalin, founder and CEO of CeDeFiAi: “Bitcoin could easily break the $120k mark in 2025, given the hype from Trump’s victory.”

Musk pumps the PNUT meme coin, while Trump’s appointments boost Doge’s price 

  

The meme token Peanut the Squirrel (PNUT) surged 200% in price to $2.4 after Elon Musk’s post at X: “America was saved by a squirrel and a meme coin!” The surge was recorded on November 14. Daily trading volume then surged 279.62% to over $5.75 billion.

 

PNUT became the subject of discussion after the scandal with the euthanization of the pet squirrel Peanut in New York, which caused mass outrage on social networks. The story drew the attention of Influencers, including Elon Musk and Donald Trump Jr., which fueled interest in the token.

 

Dogecoin price also continues to rise amid the hype surrounding Elon Musk. The coin rose almost 20% to $0.37 after Donald Trump announced the creation of a new DOGE (Department of Government Efficiency) department to improve government efficiency. Elon Musk and former U.S. presidential candidate Vivek Ramaswamy will lead it. Since the election, the value of Dogecoin has added 153%.  

  

As of November 18, PNUT is at $1.6 and Doge is at $0.36.