Rally! Bitcoin breaks $89,000! Dogecoin surges over 20%, 160,000 traders get wiped out

Market IntelMonday, Nov 11, 2024 7:00 pm ET

1min read

"Trump trade" still works, virtual currency, rebound again.

Bitcoin hits new record high

According to Coinglass data, Bitcoin surged 11%, breaking through $89,000, with a total market value of over $1.76 trillion, and Dogecoin soared 27%. Over 160,000 people were wiped out in the past 24 hours.

On the news front, it is reported that the incoming U.S. president Trump is preparing to take a more relaxed stance on cryptocurrencies, and he is looking for friendly candidates for key positions in the crypto industry, while his senior advisers are seeking opinions from crypto executives on potential changes in federal policies. The initial discussions focused on a series of financial regulatory agencies, including the U.S. Securities and Exchange Commission.

According to five insiders, Trump's advisers considered appointing current regulatory officials, former federal officials and financial industry executives to important leadership positions, many of whom have publicly expressed support for cryptocurrencies. They warned that the process is still in the early stage and the candidate list is still changing.

Moreover, last night, Tesla, the company owned by Musk who supports Dogecoin, continued to soar, up about 9%, its five-day gain is the largest in four years, with a total market value of $1.12 trillion, ranking seventh in the U.S. stock market.

Shares of cryptocurrency-related companies soar

On Monday (November 11), European and American stocks rose collectively, with the Dow Jones Industrial Average up 0.69%, the S&P 500 up 0.1%, and the Nasdaq up 0.06%, all hitting new highs. Shares of cryptocurrency-related companies soared, with Canaan Technology up 41%, MicroStrategy up 25%, Coinbase up 19%.

Most Chinese stocks rose, with the Nasdaq China Dragon Index up 0.59%. Among the hot Chinese stocks, Waymo rose over 44%, Bit Mining rose over 26%, Kingsoft Cloud rose over 17%, Geely Auto rose over 14%, and Futu Holdings rose over 7%.

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