The U.S. will create a state reserve of Bitcoin. The rate of Ripple is growing amid the news about the SEC head's resignation. PNUT meme token increased by 200% after Elon Musk's post, and DOGE by 20% due to Trump's statements

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.”

XRP at $1: token rises amid rumors of SEC head’s resignation 

  

XRP cryptocurrency has overcome the psychological mark of $1 for the first time since 2021. As of November 18, its rate is $1.16. During the week, the token rose in price by 83.8%, becoming the growth leader among the top 100 cryptocurrencies. Now, Ripple occupies the sixth line in the ranking of cryptocurrencies by capitalization, which exceeds $65 billion.

  

Large holders of XRP (wallets with more than 1 million coins) have accumulated 45.61 billion tokens. This is the highest since June 2018. The increase in reserves indicates long-term confidence in the asset’s value.

 

One of the main reasons for the XRP surge was the rumors about the possible resignation of SEC head Gary Gensler. His tenure was accompanied by high-profile litigation with cryptocurrency companies, including Ripple. The SEC is under additional pressure from a lawsuit filed by 18 U.S. states due to restrictions placed on the cryptocurrency market. 

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.

A mistake in the address cost the trader $25.8 million 

  

A trader under the nickname qklpjeth lost access to 7,912 ezETH (approximately $25.8 million) after sending funds to a smart contract that did not allow withdrawal. ezETH is a tokenized version of Ethereum, which is used within the Renzo Protocol ecosystem, allowing the token to be used in various DeFi transactions. The incident occurred due to an oversight by a trader who copied the wrong data and sent the assets to the wrong address. 

  

After that, qklpjeth asked the developers of the Renzo project to update the code to unlock the tokens. However, the team refused, citing “regulatory restrictions.” In an attempt to find a solution, on November 10, the trader published a post on social network X, offering a reward of 10% of the amount (~$2.5 million) for help in recovering assets. 

  

Commenters under the post pointed out the shortcomings of the ERC-20 standard. One of them noted that a similar error with ETH would have triggered a warning from the system, while ERC-20 tokens do not provide such protection. 

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