Crypto Weekly Recap: Pakistan Proposes Crypto Legalization; BlackRock’s Bitcoin ETF Surpasses Gold; Michigan Pension Fund Expands Crypto with Ether ETFs; & More (Nov. 02-09, 2024)

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This week, Bitcoin soared to an unprecedented all-time high of $79,771.66, just days after Donald Trump, the first crypto-friendly president, won the 2024 election alongside pro-crypto candidates in ...

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& More (Nov. 02-09, 2024)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-10 20:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://coinmarketcap.com/community/articles/6730a7ea4e5d7a56e15c8a78/><strong>CoinMarketCap</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This week, Bitcoin soared to an unprecedented all-time high of $79,771.66, just days after Donald Trump, the first crypto-friendly president, won the 2024 election alongside pro-crypto candidates in ...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/6730a7ea4e5d7a56e15c8a78/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FDN","symbol_name":"First Trust Dow Jones Internet I","start_time":0,"source_url":"https://coinmarketcap.com/community/articles/6730a7ea4e5d7a56e15c8a78/","article_id":"2482026395","we_media_id":null,"thumbnails":["https://academy-public.coinmarketcap.com/srd-optimized-uploads/581b109a9b964e97be1b62a82025071e.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2482026395","pubTimestamp":1731241962,"sourceInfo":{"source_id":"coinmarketcap_highlight","name":"CoinMarketCap"},"weMediaInfo":null,"summary":"This week, Bitcoin soared to an unprecedented all-time high of $79,771.66, just days after Donald Trump, the first crypto-friendly president, won the 2024 election alongside pro-crypto candidates in the Senate. 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This marks a pivotal moment for the crypto industry, long hindered by vague U.S. regulations from the SEC.The global cryptocurrency market surged in response, while the stock market is poised for one of its best weeks of the year, buoyed by Trump's victory and recent interest rate cuts. Tech stocks, particularly MicroStrategy (MSRT), have thrived, with shares climbing to $271.26—up nearly 20% in five days and 486% over the past year, primarily due to its Bitcoin reserves strategy.Experts expect that Trump's presidency will usher in more favorable cryptocurrency regulations in the U.S.So, keep reading to discover the latest news and key developments in the crypto world!For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.TOP CRYPTO NEWS RECAP (November 02 - November 09, 2024)●  Pakistan Proposes Legalization of Digital Currency, Including Crypto●  Trump Presidency May Usher in Pro-Crypto SEC Reforms●  BlackRock’s Bitcoin ETF Surpasses Gold Fund in Assets●  Senator Lummis Pushes for U.S. Strategic Bitcoin Reserve Following GOP Gains●  Binance and CZ Seek Dismissal of SEC's Amended Complaint Over Crypto Assets●  Michigan Pension Fund Expands Crypto Investment with Ether ETFsPakistan Proposes Legalization of Digital Currency, Including CryptoOn Nov. 4, the State Bank of Pakistan (SBP) proposed a major policy shift to legalize digital assets like cryptocurrencies and introduce a central bank digital currency (CBDC). The amendments would allow state banks to issue digital rupees and penalize unlicensed digital currency issuers if approved. This move follows a change in leadership and signals a reversal from the previous anti-crypto stance. Additionally, the Monetary Policy Committee announced a 2.5% interest rate cut, attributing the decision to easing inflation and favorable economic conditions.Trump Presidency May Usher in Pro-Crypto SEC ReformsWith Donald Trump's election victory, the U.S. crypto industry anticipates more favorable regulations. Industry experts, including Steve Milton from Fintopio, predict that a Trump administration could push for a less restrictive SEC, potentially replacing current chair Gary Gensler with a more crypto-friendly candidate. This shift could reduce regulatory hurdles, fostering growth in the crypto sector. Additionally, analysts suggest that the U.S. may see its first staked Ether ETF under the new administration, further bolstering Ethereum’s appeal as a regulated asset.BlackRock’s Bitcoin ETF Surpasses Gold Fund in AssetsBlackRock’s iShares Bitcoin Trust (IBIT) had over $33 billion in assets as of Nov. 8, surpassing the company’s iShares Gold Trust (IAU), which has been around since 2005. This milestone reflects rapid growth since IBIT’s January launch, with major inflows following Donald Trump’s election, signaling potential regulatory optimism for crypto. IBIT saw record trading volumes, and the surge in Bitcoin ETFs has placed them among the top-performing ETF launches of 2024, highlighting significant investor interest in cryptocurrency assets.Senator Lummis Pushes for U.S. Strategic Bitcoin Reserve Following GOP GainsFollowing Republican wins in the U.S. elections, Wyoming Senator Cynthia Lummis reiterated her commitment to establishing a \"strategic Bitcoin reserve.\" With a Republican majority expected in the Senate in 2025, Lummis aims to advance her Bitcoin Act, proposing that the U.S. acquire 1 million BTC for long-term holding. The proposal, inspired by Donald Trump’s previous comments on Bitcoin stockpiles, reflects the GOP's increasing support for pro-crypto policies, as seen in several pro-crypto candidates’ election victories.Binance and CZ Seek Dismissal of SEC's Amended Complaint Over Crypto AssetsBinance and its former CEO Changpeng “CZ” Zhao filed a motion on Nov. 4 to dismiss the U.S. SEC’s amended complaint, which claims certain crypto tokens, such as Axie Infinity Shards and Filecoin, are securities. Binance's legal team argued that secondary market resales of crypto assets aren’t securities transactions, as they’re unrelated to the initial distribution by developers. The defense contends that the SEC’s claims lack legal basis, urging dismissal of the complaint without amendment, marking another chapter in the ongoing legal dispute since June 2023.Michigan Pension Fund Expands Crypto Investment with Ether ETFsThe State of Michigan Retirement System disclosed investments in Ether ETFs, holding 460,000 shares each of Grayscale's Ethereum Trust and Ethereum Mini Trust, as per a Nov. 4 SEC filing. This adds to its ARK 21Shares Bitcoin ETF holdings, which have grown by $1 million since June 30. The pension fund's Bitcoin and Ether investments total approximately $18 million. Michigan joins other government entities, like Florida and South Korea, in increasing pension fund exposure to cryptocurrency assets amidst growing institutional interest.NEWS FROM MELEGASWAPTONGUE is Boosted on Melega!We are excited to announce that the $TONGUE team has decided to enhance the FARM&POOL liquidity program by maximizing the Annual Percentage Rate (APR) and increasing user participation. Additionally, a new MARCO-TONGUE FARM is now available! This offers more opportunities to participate in a successful project while maximizing your earnings.GameXT (GMX) Farm & Pool Listed on MelegaSwapGameXLabs project is redefining the gaming landscape by merging the thrill of gaming with the power of cryptocurrency. GMX's vision is to create an immersive online platform where gamers of all levels can come together to play, compete, and earn rewards like never before. GameXT Team aims to empower gamers, foster community engagement, and provide new opportunities for earning and monetization within the gaming ecosystem.$MXMX is boosted on the BASE Chain!We are thrilled to announce that the MASTERM team has decided to further enhance the FARM&POOL liquidity program by maximizing the APR and potential user participation. Furthermore, a new MARCO-MXMX FARM is now available on BASE Chain!$XOXO is boosted on the Polygon Chain!We are thrilled to announce that the $XOXO team has decided to further enhance the FARM&POOL liquidity program by maximizing the APR and potential user participation. Furthermore, a new MARCO-XOXO FARM is now available!TEDDY (BEAR) Farm & Pool Listed on MelegaSwapShare to Earn TEDDY (BEAR), the world’s sweetest community-driven token with reflections to the hodlers, buyback and burn, and auto LP.NEXO (NEXO) Farms Listed on MelegaSwapNexo is a lending platform for cryptocurrencies. Lenders can lend their digital assets, such as Bitcoin, Tether, USDC, and more, for interest, and borrowers can collateralize their digital assets to take a loan. Nexo currently supports over 40 currencies and has been operating since 2018.Melega Labs Launches Okirikiri.comOkirikiri is a revolutionary and decentralized protocol for a democratic circular economy based on voluntary donations that change lives and redistribute global wealth. It also promotes decentralized finance and the adoption of cryptocurrencies.•••Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.Trade with the best decentralized AMM cryptocurrency exchangeDo you want to buy, sell, and invest in cryptocurrencies while still having 100% control of your crypto assets? If so, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that offers users various options to trade and earn free tokens at high interest rates and low charges.At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.Learn More About the Melega EcosystemDAPP: https://melega.finance/Website: https://melegaswap.financeCrypto Services Hub: https://melega.space/Telegram: https://t.me/melegacommunityX: https://twitter.com/meleganewsBinance Square Page: https://www.binance.com/en/feed/profile/212703589Instagram: https://www.instagram.com/melega.finance/YouTube: Melega Finance Official","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482026395"}