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Bitcoin Today 11/13/2024: Profit-taking ‘stops’ BTC’s rise
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After days of strong increases, Bitcoin (BTC) took a break from its appreciation and recorded modest gains of 1% this Wednesday (13). According to CoinGecko, the cryptocurrency registered an increase of 1% and opened the day worth US$87,241. Its trading volume in the last 24 hours reached $127 billion.
According to Fernando Pereira, an analyst at Bitget, the reason was the profit-taking that many traders made after BTC surpassed US$80,000. The cryptocurrency reached US$89,000, but this profit-taking caused the gains to decline.
“With a rally so strong and long that it hasn’t even taken a breath yet, it’s natural that we start to see notable profit taking in Bitcoin. We can see that more than US$4 billion was raised. The last significant achievement occurred on November 6th, with the price still at US$ 75,000, with 3.6 billion dollars being realized”, said the analyst.
The price of XRP, which rose 4.8%, had the biggest increase in the Top 10 and Dogecoin (DOGE) operates stable, despite the confirmation of Elon Musk’s entry into the new Donald Trump administration. On the other hand, the PNUT memecoin soared more than 220% and entered the Top 100, a movement that also had the hand of the creator of Tesla.
DOGE comes into action
On Tuesday night (12), Musk published an official statement on his X profile about the creation of the Department of Government Efficiency. The new body, now officially created, will aim to reduce spending and increase the efficiency of the United States government.
In addition to Musk, the new body will have businessman and politician Vivek Ramaswamy, founder of the pharmaceutical company Roivvant Sciences. Ramaswamy tried to run for president of the United States in 2024 for the Republican party, but withdrew his candidacy and announced his support for Donald Trump.
According to the official statement, the new department (which has the acronym DOGE in its name in English) aims to carry out an “unprecedented structural reform” in the American government. The Trump administration claims that the ultimate goal of the Mus/Ramaswamy duo is “to create a never-before-seen entrepreneurial approach to government.”
Despite the new department’s English acronym forming the name of Musk’s favorite memecoin, the price of Dogecoin (DOGE) only registered a slight increase of 0.6% with the release of the official announcement. In seven days, memecoin almost doubled in price, reaching an increase of 94%.
But another memecoin soared more than 220% after another publication by Musk: Peanut the Squirrel (PNUT). With this rise, the squirrel memecoin secured its place in the Top 100 and had the biggest rise of the day.
It all started when Musk made a humorous comment on X stating that “America was saved by a squirrel and a memecoi!”. The squirrel in question was named Peanut and was euthanized by US officials just before the election.
Bitcoin Today 11/13/2024: Profit-taking ‘stops’ BTC’s rise
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Bitcoin Today 11/13/2024: Profit-taking ‘stops’ BTC’s rise
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Bitcoin Today 11/13/2024: Profit-taking ‘stops’ BTC’s rise
