Kategorie: Crypto Markets

• Department of Government Efficiency website launches with logo of Dogecoin.
• DOGE price reacts higher to hit $0.40.

The price of Dogecoin rose sharply on Tuesday before paring some of the gains. This came as the US government officially launched the website for the Department of Government Efficiency (DOGE).

Notably, the Doge.gov site currently only showcases the Dogecoin token logo.

BREAKING: Department of Government Efficiency’s official website has a dogecoin on it. (doge dot gov) pic.twitter.com/JnmnSW6hTW

— DogeDesigner (@cb_doge) January 21, 2025

Elon Musk will lead the department, and the website’s featuring of the Dogecoin meme dog avatar quickly catalysed a significant surge in DOGE price. Per CoinGecko, dogecoin’s price reached highs of $0.40, having traded near $0.33 earlier in the day.

Trump unveiled DOGE

US president Donald Trump officially unveiled the Musk-led DOGE during his first speech following the inauguration on Jan. 20.

“To restore competence and effectiveness to our federal government, my administration will establish the brand-new Department of Government Efficiency,” Trump said.

Dogecoin and other cryptocurrencies had dipped post Trump’s recent speech, with the market reacting lower amid the lack of any crypto related remarks in the speech. Bitcoin fell to lows of $100k, while Trump’s meme coin TRUMP and the one by First Lady Melania Trump MELANIA dumping hard.

DOGE, the original meme coin cryptocurrency that features the iconic shiba inu dog, also crashed. The latest news has however seen bulls curtail the downward action with a spike above $0.37 to reclaim highs seen ahead of the inauguration.

What next for DOGE price?

If bulls manage to hold above $0.37, they could target the resistance at $0.41 seen last week and likely attempt to push past Dec. 2024 highs around $0.46.On the flipside, a decline could see bears eye $0.30.

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While cryptocurrencies have pared most gains seen this week as the market rallied ahead of President Donald Trump’s inauguration, analysts are upbeat about potential upside breakout for Bitcoin (BTC) and altcoins.

The past 24 hours have seen BTC retrace to support above $100k, while Solana held above $230 after a double digit dip. What does the outlook for BTC and SOL suggest for iDEGEN (IDGN), the AI agent crypto project that’s raised more than $17.4 million in presale?

Bitcoin, Solana prices dip after Trump inauguration

On Jan. 20, the day Donald Trump was inaugurated into office as the 47th US president, Bitcoin rose to a new all-time high of $109k. The gains however paled compared to the staggering pumps that Trump family’s meme coins witnessed.

OFFICIAL TRUMP (TRUMP) and Official Melania (MELANIA) pumped so hard, their respective market caps instantly put them among the top 100 crypto projects. Despite the bullish anticipation, these meme coins have crashed in the past 24 hours, with TRUMP down more than 30% at the time of writing.

Trump not mentioning crypto on the inauguration day acted as a downward catalyst for most altcoins. Bitcoin also shed gains to reach lows of $100,101. Meanwhile, Solana retreated to $231 – losing the uptrend after it hit the all-time high of $294 on Jan.19. Incidentally, SOL rose as TRUMP and MELANIA meme tokens took the market by storm.

BTC, SOL price prediction

According to crypto analyst DonAlt, an executive order around Bitcoin could send BTC flying out of the blocks to a new ATH. The analyst says BTC holding above $100k despite the downward pressure is a key indicator of the market’s resilience.

SOL could rally to a new all-time high if buyers breakout above $245, another crypto analyst has predicted.

What is iDEGEN?

Meme coins aside, a crypto segment that has in the past few months attracted massive attention include AI agents. iDEGEN stands out as one of the projects looking to dominate as both the presale and AI agent gather pace.

iDEGEN started with a premarket auction before adopting a stage-based presale for the IDGN token. In both approaches, the project witnessed a remarkable surge in community support, with the raised amount quickly surpassing the $10 million mark.

iDEGEN price forecast

While an AI experiment in the ilk of other top agentic projects, iDEGEN’s standout proposition is its “degen raised” feature. Being an AI agent with an unfiltered access to interaction and training via X has nonetheless landed iDEGEN in trouble.

But the potential the project has within the ecosystem means successive bans on X have only hyped it further. IDGN price has increased to $0.0121 and will rise to $0.0133 in the next stage. By the time iDEGEN lists on major exchanges, IDGN will be priced at $0.038. This indicates a potential 214% return from the current level.

So far, those that entered the presale when iDEGEN’s token offering went live are looking at an increase of 10,900%

Where iDEGEN trades after it launches in the market will depend on multiple factors, including market conditions. As noted here, the IDGN presale will end on Feb. 26 and project listing on Feb. 27.

To learn more about iDEGEN and its presale, check out the official website.

The post iDEGEN price prediction as BTC, SOL hold key support levels appeared first on CoinJournal.

• Utah bill aims to allow state funds in crypto.
• The bill limits investments to high-cap or stablecoins.
• Security is assured through encrypted key storage.

In a groundbreaking move towards embracing digital finance, Utah has introduced a bill titled “Blockchain and Digital Innovation Amendments (H.B. 230)“, which would allow the state’s treasury to invest in cryptocurrencies.

The bill, presented by State Representative Jordan Teuscher, seeks to integrate blockchain technology into the state’s financial strategy, marking Utah as a potential pioneer in state-level cryptocurrency investment.

10% of key state accounts to be invested in crypto

Under the proposed legislation, the Utah State Treasurer would be empowered to allocate up to 10% of several key state accounts into digital assets.

These accounts include the State Disaster Recovery Restricted Account, General Fund Budget Reserve Account, Income Tax Fund Budget Reserve Account, and Medicaid Growth Reduction and Budget Stabilization Account.

This move is aimed at diversifying state investments and potentially reaping benefits from the volatile yet lucrative crypto market.

To qualify for investment, digital assets must either have a market capitalization exceeding $500 billion, averaged over 12 months, or be stablecoins with stringent backing requirements, like being supported by the US. dollars or high-quality liquid assets, alongside regulatory approval. This criterion effectively narrows down the investment options to major players like Bitcoin or select stablecoins.

To cater for the security of the investments, the H.B. 230 bill mandates that cryptographic private keys be stored in highly secure, encrypted environments accessible only through end-to-end encrypted channels. Additionally, hardware containing these keys must be housed in at least two geographically diverse secure data centres, ensuring robust protection against cyber threats.

The legislation also champions individual rights by prohibiting any state or local government entity from restricting the use of self-hosted or hardware wallet solutions for personal custody of digital assets.

This initiative aligns with a growing trend across the US, where states like Oklahoma, New Hampshire, and Texas are also exploring similar avenues for crypto investment or donation.

If passed, H.B. 230 would come into effect on May 7, 2025, positioning Utah at the forefront of state-led crypto investment in America. The bill reflects a broader commitment to technological innovation and fiscal sovereignty in the face of evolving financial landscapes.

The post The state of Utah proposes investing public funds in crypto appeared first on CoinJournal.

• The Crypto industry wants Donald Trump to ban the development of a US CBDC.
• The community is in support of a strategic Bitcoin reserve over a CBDC.
• Donald Trump is expected to for a White House Crypto Council for policy advice.

The cryptocurrency industry wants President Donald Trump to ban the creation of the US Central Bank Digital Currency (CBDC), commonly referred to as the Digital Dollar.

This call to action comes as part of a broader initiative to steer the US financial policy towards embracing decentralized digital assets over government-controlled currencies.

Halting the US CBDC project

Recent reports, including insights from Fox Business journalist Eleanor Terret, suggest that Trump might soon sign an executive order to halt the development of a US CBDC.

This anticipation is based on Trump’s previous campaign promises where he vowed to protect Americans from what he described as potential “government tyranny” through CBDCs. His stance aligns with the crypto community’s concerns about privacy and government oversight over individual financial activities.

The demand isn’t just for a ban on CBDCs; there’s a parallel push for establishing a strategic Bitcoin reserve. This proposal, supported by industry leaders like Michael Saylor and platforms like Coinbase, would see the US government recognizing Bitcoin as a reserve asset, potentially using it to mitigate the massive $36 trillion national debt.

Wyoming Senator Cynthia Lummis has been a vocal proponent of this idea, advocating for a more Bitcoin-friendly US policy.

Formation of a White House Crypto Council

Further, the crypto industry is looking forward to the formation of a White House Crypto Council, which is expected to be composed of approximately 20 key figures from the sector. This body would advise on digital asset policies, help craft a crypto-friendly regulatory environment, and work closely with Congress on relevant legislation.

Trump’s administration has already shown preliminary steps in this direction by appointing David Sacks as the White House’s crypto czar, signalling a commitment to fostering innovation in the crypto space.

Another anticipated move from Trump’s administration includes the potential repeal of Staff Accounting Bulletin 121 (SAB 121) by the SEC leadership, which would further ease regulations around crypto custody by banks.

Moreover, there are expectations that US banks will soon be allowed to offer crypto trading services, integrating cryptocurrencies more deeply into traditional finance.

The crypto world also watches closely for any action on Trump’s promise to commute the sentence of Ross Ulbricht, the Silk Road founder, within his first days in office. This move would not only be symbolic but could also signal a major shift in how the government views and treats cryptocurrency-related convictions.

As the industry awaits these policy shifts, the market has shown positive reactions, with Bitcoin (BTC) experiencing significant price surges post-election, reflecting the market’s anticipation and hope for a more crypto-friendly US under President Donald Trump.

All eyes now remain on the forthcoming actions, as promises made during political campaigns do not always translate into immediate policy changes.

The post The crypto industry wants Trump to ban the Digital Dollar appeared first on CoinJournal.

• Three lawsuits have been filed against the Musk-led DOGE agency
• According to a lawsuit, DOGE violates the Federal Advisory Committee Act (FACA)

Elon Musk’s Department of Government Efficiency (DOGE) agency reportedly had three lawsuits filed against it within minutes of President Donald Trump’s inauguration on Monday.

In a 30-page lawsuit, obtained by The Washington Post, public interest law firm National Security Counselors questions the legality of the agency Trump said he’d create to “dismantle government bureaucracy.”

According to the complaint, DOGE violates the Federal Advisory Committee Act (FACA), which requires advisory committees to follow certain rules, including allowing public involvement.

National Security Counselors state that DOGE meets the requirements to be considered a “federal advisory committee.” Yet, while similar agencies follow a “fairly balanced” representation, keep meeting records, and allow public involvement, as required by law, DOGE doesn’t.

The lawsuit, written by Kel McClanahan, executive director of National Security Counselors, reads:

“DOGE is not exempted from FACA’s requirements. All meetings of DOGE, including those conducted through an electronic medium, must be open to the public.”

Along with Musk, Trump appointed biotech entrepreneur Vivek Ramaswamy to lead DOGE; however, Ramaswamy is expected to step aside to focus on running for governor of Ohio, according to a report from Politico.

DOGE has, reportedly, already hired dozens of people who work out of Musk’s SpaceX offices in Washington DC.

The two other lawsuits were filed by a group that includes the American Federation of Government Employees and the State Democracy Defenders Fund. In another case, the plaintiffs are the Citizens for Responsibility and Ethics in Washington and the American Federation of Teachers.

Cutting important programs

Despite its name, DOGE isn’t a department of the US government.

Even so, the agency aims to provide advice and guidance outside of the US government and to work with the White House and the Office of Management and Budget as they “drive out the massive waste and fraud” within the $6.5 trillion federal budget.

Following Trump’s election win in November, he said in a post on Trust Social that Musk and Ramaswamy will “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the ‘Save America’ movement.”

In a post on X, Musk said all actions of DOGE “will be posted online for maximum transparency.”

According to Ambassador Norm Eisen, co-founder and executive chair of the State Democracy Defenders Fund, DOGE isn’t about getting rid of redundant staff, “this is about billionaires gutting important programs that American citizens across the country rely on every single day without adequate transparency or accountability.”

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