Weekly Highlights: Bitcoin Reaches $80,000 and Trump’s Victory

The leading cryptocurrency hit $80,000, Donald Trump became the 47th President of the United States, the Fed lowered the rate, Bitcoin mining difficulty exceeded 100 T, Changpeng Zhao considers selling Binance, and other events of the past week.

Bitcoin Hits New ATH at $80,000

The leading cryptocurrency started the week at $69,000 but corrected below $68,000 on November 5. On Wednesday, November 6, digital gold reached a new ATH at $75,000 amid the US elections.

The next day, Bitcoin held above $76,000. On the night of Saturday, November 9, the cryptocurrency again reached a high above $77,000. On November 10, digital gold surpassed the $80,000 mark.

At the time of writing, Bitcoin is trading at $79,600.

All digital assets in the top 10 by market capitalization ended the week in the “green zone.” Cardano (+81.2%), Dogecoin (+69.4%), and Solana (+33%) saw the largest gains.

The total cryptocurrency market capitalization stands at $2.88 trillion. Bitcoin’s dominance index is 58.6%.

Donald Trump Becomes the 47th President of the United States

Following the recent elections, Republican candidate Donald Trump became the 47th President of the United States, defeating Democrat Kamala Harris. The inauguration is scheduled for January 20, 2025.

In June, Trump presented himself as a defender of digital assets, criticized the Democrats’ failed attempts to regulate the industry, and declared his intention to become the “crypto president”.

In August, the Republican unveiled a plan aimed at strengthening the US’s leadership in the cryptocurrency sector and making the country the “crypto capital of the world”.

If elected president, Trump also promised to fire SEC Chairman Gary Gensler. According to Politico sources, candidates for his position include Robinhood’s chief legal officer Dan Gallagher, former CFTC Chairman Chris Giancarlo, SEC Commissioner Hester Peirce, and former agency general counsel Robert Stebbins.

Trump’s promises also include:

• Freeing Silk Road founder Ross Ulbricht;
• Creating a strategic national Bitcoin reserve and prohibiting the sale of confiscated BTC;
• Preventing the introduction of CBDCs in the US;
• Protecting the mining sector in the country and worldwide;
• Not interfering with the use of digital gold or other cryptocurrencies.

The politician congratulated the community on the 16th anniversary of the Bitcoin white paper’s publication and even paid for burgers with bitcoins, treating supporters of the asset at the themed New York bar PubKey.

However, in an August interview with billionaire Elon Musk, the Republican did not mention cryptocurrencies, despite community expectations. During the September debates, Trump and Harris also avoided the topic of digital assets.

The 2024 US presidential elections will also be remembered for the rise in popularity of prediction platforms. Polymarket users wagered over $3.6 billion on the outcome of the year’s main political event in America.

Fed Lowers Rate to 4.5–4.75% Annually

On November 7, the Federal Reserve System of the United States lowered the key rate range by 25 basis points to 4.5–4.75% annually. This is the second such move following a 0.5% reduction in September.

The decision aligned with market expectations and analysts’ consensus forecast.

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Bitcoin Mining Difficulty Exceeds 100 T for the First Time

Following the latest recalculation, the difficulty of mining the leading cryptocurrency jumped by 6.24%. The figure reached a record high of 101.65 T.

The average hashrate during the two-week calculation period slightly decreased (680 EH/s), but later exceeded 720 EH/s again.

Changpeng Zhao Considers Selling Binance

Changpeng Zhao (CZ) has received offers to sell his controlling stake in Binance, which constitutes a significant portion of his wealth. He disclosed this in an interview with Bloomberg.

The former CEO of the largest crypto exchange is open to considering further offers. 

“I’m not saying I will or won’t hold the shares. I’m happy to consider each offer, but I haven’t taken any action yet. At the moment, I’m just a regular shareholder,” he said.

Commenting on his time in prison, Zhao shared that initially, few inmates recognized him. Over time, rumors spread that he was a “big Bitcoin enthusiast” and “not poor.” After that, CZ was often asked for investment advice, including by guards.

Zhao described the prison food as “terrible.” While incarcerated, he did push-ups and wrote books, becoming workout buddies with a fellow inmate knowledgeable in cryptocurrencies and blockchain. The latter was serving a 25-year sentence for bank robbery. CZ even tried to connect him with pro bono lawyers in hopes of reducing his sentence by a few years.

The Binance founder criticized comparisons of his legal issues with those of former FTX CEO Sam Bankman-Fried. He considers him a thief, while he sees himself as guilty of Binance’s lack of registration.

Zhao does not wish to return as Binance’s head and does not participate in the company’s management decisions, although “very rarely” the leadership seeks his advice. CZ’s focus is on investments in artificial intelligence and biotechnology, as well as his new project, Giggle Academy.

Also on ForkLog:

• Glassnode identified a factor for Bitcoin’s continued growth after the elections.
• Pavel Durov announced 10 new features for Telegram mini-apps.
• Justin Sun revealed Coinbase’s listing fees.
• The second season of Hamster Kombat triggered a new wave of scams.

Robert Kiyosaki Reveals His Bitcoin Holdings

Author of the bestseller “Rich Dad, Poor Dad” and entrepreneur Robert Kiyosaki disclosed that he owns “73 whole bitcoins” (~$5.6 million).

“The words and thoughts of a poor person: Bitcoin is $76,000, it’s too expensive, I’ll wait for the price to drop; gold is $2684, it’s too expensive, I’ll wait for the price to drop; silver is $32, it’s too expensive, I’ll wait for the price to drop. Prices will fall, but it’s not what makes you rich, it’s the number of coins or ounces you own,” he wrote.

The investor shared that he started buying the first cryptocurrency at $6,000 and continues to do so even at $76,000.

“Remember, while the price per coin is important, ultimately the number of coins, gold, silver, or Bitcoin under your control is more important than their price. Keep trading fake money for real money, and you’ll become richer,” Kiyosaki added.

He noted that he would have liked to buy digital gold at $10 but didn’t, starting only at $6,000 and is still happy.

“Today, I have 73 whole bitcoins. In a year, I intend to own 100 BTC regardless of the price,” Kiyosaki stated.

What Else to Read?

This week, ForkLog explained what a Sybil attack is, who Pavel Durov is, and how AI helps scammers.

In the traditional digest, we gathered the main events of the week in the field of cybersecurity.