Bitcoin's value has sharply declined, dropping below $89,000, influenced by unfulfilled policy promises, economic fears, and a significant hack. This downturn reflects broader market instability, with major cryptocurrencies also suffering losses.
Bitcoin has seen a significant drop in value, falling below $90,000, amidst a broader cryptocurrency market selloff. Factors include trade war fears, a major hack at Bybit, and controversies surrounding memecoins.
In a surprising turn of events, Dogecoin has experienced a staggering surge in value, soaring nearly 20% following President-elect Donald Trump’s announcement regarding the new Department of Government Efficiency (DOGE). This department, led by Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy, aims to eliminate inefficiencies in federal governance. Trump described the initiative as a monumental effort comparable to the 'Manhattan Project' of government reform, raising questions about its ambitious goals and their impact on the cryptocurrency market. Analysts predict that Dogecoin could reach $1, buoyed by retail interest and substantial whale activity. The establishment of DOGE faces both excitement and skepticism regarding its viability and ethical considerations in overhauling the federal bureaucracy by the target date of July 4, 2026.