**Key Points:**

- Cryptocurrency prices surged as investors bet on riskier assets amid expectations of interest rate cuts.
- **Bitcoin** surpassed $70,000 and held steady above that level, while **Ethereum** consolidated above $3,800.
- The rally triggered liquidations worth $97 million, with 62% of those being short liquidations.
- Bitcoin's open interest hit a new high of $37 billion, indicating fresh capital entering the market.
- More traders are taking bullish long positions on Bitcoin, with longs outnumbering shorts by a factor of 1.36.
- **Analyst Insight:** Rekt Capital highlights the $72,000-$73,000 resistance zone as a crucial hurdle for Bitcoin before it enters a "parabolic" phase.

Leading cryptocurrencies edged higher as investors&#039; expectations of interest rate cuts spurred investments in risk-on markets.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:35 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+2.66%</td>
<td>$70,619.64</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>+1.80%</td>
<td>$3,816.76</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>+2.49%</td>
<td>$0.1618</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin topped $70,000 and broadly sustained the gains around the level, while Ethereum consolidated after its spike over $3,800. Previously, the two assets faced strong resistance at these levels.
The rally resulted in liquidations worth $97 million in the last 24 hours, with short liquidations accounting for 62%.
The brief surge was enough to catalyze the speculative markets. Bitcoin&#039;s Open interest surged 5.85% to an all-time high of $37 billion, reflecting the flow of fresh money into the market.
The number of traders taking bullish long positions on Bitcoin rose dramatically in the last 24 hours, with longs exceeding shorts by a factor of 1.36.
Top Gainer ...<a href=https://www.benzinga.com/markets/cryptocurrency/24/06/39175550/bitcoin-ethereum-dogecoin-spike-as-investors-anticipate-an-interest-rate-cut-analyst-highl alt=Bitcoin, Ethereum, Dogecoin Spike As Investors Anticipate An Interest Rate Cut: Analyst Highlights Final Hurdle For King Crypto Before &#039;Parabolic&#039; Move>Full story available on Benzinga.com</a>

Loading...Loading...Leading cryptocurrencies edged higher as investors' expectations of interest rate cuts spurred investments in risk-on markets.CryptocurrencyGains +/-Price (Recorded 8:35 p.m. EDT)Bitcoin BTC/USD+2.66%$70,619.64Ethereum ETH/USD+1.80%$3,816.76Dogecoin DOGE/USD+2.49%$0.1618What Happened: Bitcoin topped $70,000 and broadly sustained the gains around the level, while Ethereum consolidated after its spike over $3,800. Previously, the two assets faced strong resistance at these levels.The rally resulted in liquidations worth $97 million in the last 24 hours, with short liquidations accounting for 62%.The brief surge was enough to catalyze the speculative markets. Bitcoin's Open interest surged 5.85% to an all-time high of $37 billion, reflecting the flow of fresh money into the market.The number of traders taking bullish long positions on Bitcoin rose dramatically in the last 24 hours, with longs exceeding shorts by a factor of 1.36.Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 8:35 p.m. EDT)ORDI (ORDI)+20.55%$57.22Uniswap (UNI)+20.16%$11.41Stacks (STX)+14.23%$2.16The global cryptocurrency market cap increased 2.46% to $2.62 trillion in the last 24 hours.Stocks inched higher on Tuesday. The Dow Jones Industrial Average rose 140.26 points, or 0.36%, to close at 38,711.29. The S&P 500 gained 0.15% to end at 5,291.34, and the tech-heavy Nasdaq Composite added 0.17% to 16,857.05.Treasury yields dipped, with the benchmark 10-year note falling by 4 basis points.The rally comes after weaker-than-expected job openings data for April which fell to its lowest level in three years. This raised investors' optimism for interest rate cuts by the Federal Reserve.Investors will watch the important May jobs report due on Friday to determine whether the Fed will adopt a more dovish approach.See More: Best Cryptocurrency ScannersAnalyst Notes: Popular cryptocurrency analyst Rekt Capital flagged one final hurdle for Bitcoin before it enters the "parabolic" phase of the cycle. The highlighted area is the crucial $72,000–$73,000 zone, which also includes its all-time high set in March. Cryptocurrency analyst Michaël van de Poppe was bullish on Ether and predicted the upsurge will continue, helped by positive developments around spot ETFs. Read Next: Mike Novogratz Predicts Bitcoin To $100K By The End Of 2024Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bitcoin, Ethereum, Dogecoin Spike As Investors Anticipate An Interest Rate Cut: Analyst Highlights Final Hurdle For King Crypto Before 'Parabolic' Move

Bullish Bitcoin, Ethereum, and Dogecoin as Investors Anticipate Interest Rate Cuts

### **Taxing the High Emitters**
World leaders at the **United Nations climate talks** in Azerbaijan are being urged to consider **new taxes** on **business-class air travel**, large stock and **cryptocurrency trades**, and **plastic production**. These measures aim to help finance the transition to cleaner economies and address climate change.

### **The Financial Goal**
The discussions are centered around raising substantial funds from developed nations to assist developing countries in adapting to climate change. The goal is to negotiate how much financial support will be provided annually and determine which countries will be donors or recipients. The current target is to replace a fund set to expire in 2025, which allocates **$100 billion** annually, with a staggering requirement of **$1.3 trillion per year** by the 2030s, as indicated by the G77 nations.

![The oil industry still dominates Baku, host to the COP29 United Nations climate talks.](https://static.ffx.io/images/$zoom_0.394%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_16%2C$y_0/t_crop_custom/q_86%2Cf_auto/6c63a675aadcab4224a273ffe99e2a1c61cfb136)

### **Challenges of Negotiation**
The negotiation process has been complicated by political shifts, including the election of Donald Trump, which may lead to the U.S. withdrawing from agreements. The Australian Climate Change and Energy Minister, **Chris Bowen**, is tasked with advancing these stalled negotiations alongside Egypt's **Yasmine Fouad**. Experts have compared the current discussions to **World War I**, indicating the complexity and high stakes involved.

### **Innovative Financial Solutions**
A report from the **Global Solidarity Levies taskforce** suggests that **international taxation** on high-emitting sectors, including cryptocurrencies—which added **1% to global energy demand last year**—could raise significant revenue. For instance, charging **$0.045 per kWh** on cryptocurrency energy use could generate **$5 billion**. Other proposed levies include:
- **$418 billion** from a global stock and bond trading levy.
- **$210 billion** from fossil fuel extraction taxes.
- Up to **$200 billion** from international shipping and aviation levies by **2035**.

### **Polluter Pays Principle**
The task force emphasizes the **“polluter pays” principle**, suggesting that industries responsible for emissions should contribute to the financial solutions for climate stabilization. They propose specific measures such as:
- Targeted aviation levies based on flight distance and class.
- A **$60 to $90** per tonne levy on new plastic polymer production, potentially yielding **$25 to $35 billion** annually.

Dr. Wesley Morgan from the University of New South Wales states, “It is the grand bargain of global climate negotiations. Wealthy nations that contributed most to emissions must help developing countries pursue cleaner futures.”

Climate leaders suggest new taxes on dirty old industries could help pay for the multitrillion-dollar cost of stabilising the climate.

Could New Taxes on Crypto and Flights Fund Climate Change Solutions? A Closer Look at UN Proposals

# Historic Meeting at Mar-a-Lago

President-elect **Donald Trump** met with **Argentina's President Javier Milei** at his Mar-a-Lago resort, marking Trump's first international engagement since his election victory last week.

## A Shared Vision of Freedom
Milei congratulated Trump, emphasizing their mutual commitment to **liberty and economic prosperity**. He stated, "Today, the **winds of freedom are blowing much stronger**" during the America First Policy Institute event. He expressed excitement about collaborating with the new U.S. administration to restore freedom to its rightful place.

## Praise for Free Speech
The Argentine leader also commended **Elon Musk**, who attended the event, for his efforts in promoting **free speech** via X.

## Acknowledgment from Trump
Trump reciprocated with praise for Milei's accomplishments, stating, "Your speech was beautiful, but the job you've done is incredible."

## Economic Policies Under Scrutiny
Milei has received accolades for his **economic policies**, particularly his commitment to significant cuts in public spending aimed at addressing Argentina's fiscal deficit and inflation. His libertarian approach has led him to openly endorse **Bitcoin**, distinguishing him as one of the few world leaders to do so. 

## Challenges Ahead
Despite his support for Bitcoin, Milei faces criticism for his austerity measures, with protests erupting against his attempts to curb pension spending increases.

## Noteworthy Connections
The camaraderie between Milei and Musk has been highlighted, with their previous interactions showcasing a shared interest in economic revitalization. Musk has lauded Milei's initiatives to restore Argentina's stature on the global stage.

Milei's election success in November reflects a strong libertarian stance, promising to tackle Argentina's economic challenges head-on, with a focus on **Bitcoin** as a key aspect of his economic strategy.

President-elect Donald Trump met Argentina President&nbsp;Javier Milei at his Mar-a-Lago resort Thursday. This was his first meeting with a world leader since winning the elections last week.

Historic Meeting: Pro-Bitcoin Argentina's President Javier Milei and Trump Unite for Freedom and Prosperity

### DigitalX Sets the Stage for Crypto's Mainstream Moment

Australian crypto fund manager **DigitalX** is positioning itself as a **"flag bearer"** for digital assets, anticipating a major breakthrough in the crypto industry, especially following significant political shifts in the U.S.

### Cost-Cutting Measures

On Thursday, DigitalX announced it is implementing **substantial cost reductions** of **$950,000** (US$614,000) annually by restructuring its funds management team. This move aims to ensure sustainability and effective execution of its business plan.

### Impressive Gains in Bitcoin Fund

DigitalX's **Bitcoin fund** has reported an incredible **99% yearly gain**, outperforming competitors across various timeframes, with **12% gains over six months** and **30% over three years**. The **Digital Asset Fund** has also shown returns exceeding **526% over five years**, despite a slight **2.1% decline** in the last quarter.

### Bitcoin's Year-to-Date Performance

The crypto market has experienced significant growth this year, with **Bitcoin** seeing a **106% increase**, now priced at **$87,500**. The rise in the profile of digital assets is attributed to U.S. listings of **spot Bitcoin and Ethereum ETFs** and a Republican victory in the presidential race, which many believe paves the way for clearer regulations affecting digital assets.

### Diverse Investment Products

DigitalX offers two distinct Bitcoin investment products: a **Bitcoin Fund** for wholesale investors and a **Bitcoin ETF (BTXX)** for retail investors. These products provide different structures and access methods for investors.

### Market Position and Challenges

Listed on the **Australian Securities Exchange (ASX)** since July, DigitalX’s **spot Bitcoin ETF** is one of several crypto ETFs in Australia, alongside others like **VanEck's VBTC**. The company's ETF unit price has risen from **$20** (US$12.93) at launch to **$31.09** (US$20.10). Despite solid performance, DigitalX faces challenges in raising funds due to a relatively small investor base compared to traditional products.

### Future Outlook

DigitalX’s strategic shift comes at a time of anticipated regulatory changes in the U.S., especially following **Donald Trump's recent presidential victory**. This political climate may lead to **greater regulatory clarity**, creating potential opportunities for the company and its investors. DigitalX emphasizes maintaining a **"safe pair of hands"** approach to client investments, even amidst restructuring efforts.

DigitalX's Bitcoin fund, which is separate to its ETF on the ASX has posted a 99% yearly gain, outpacing its rivals.

DigitalX's Bitcoin Fund Soars with 99% Annual Gains Amid Strategic Cost Cuts

### Major Bitcoin Heist Unveiled
A hacker has been sentenced to **five years in a US prison** for laundering the proceeds of one of the biggest ever **cryptocurrency thefts**. Ilya Lichtenstein pleaded guilty last year involving the **Bitfinex cryptocurrency exchange** hack in 2016, where almost **120,000 bitcoin** were stolen.

### The Rise in Bitcoin Value
When the theft occurred, the bitcoin was valued at around **$70 million**, but by the time of their arrest, it had skyrocketed to more than **$4.5 billion**. Today, its worth would be **over double that amount**.

### Historic Seizure and Legal Ramifications
The $3.6 billion in assets recovered marks the **largest financial seizure** in the history of the **Department of Justice**, according to Deputy Attorney General **Lisa Monaco**. District Judge **Colleen Kollar-Kotelly** emphasized the importance of deterring such crimes, stating, "It’s important to send a message that you can’t commit these crimes with impunity."

### Lichtenstein's Remorse
Having been in prison since February 2022, Lichtenstein expressed **remorse** for his actions and hopes to use his skills to fight **cybercrime** post-sentence. His wife, **Heather Morgan**, also known as **Razzlekhan**, pleaded guilty to conspiracy to commit money laundering and is set to be sentenced on **November 18**.

### Advanced Laundering Techniques
Court documents reveal that Lichtenstein used **advanced hacking tools** to breach Bitfinex. Following the hack, he enlisted Morgan's help to launder the stolen funds, employing **sophisticated laundering techniques** including fictitious identities, switching funds into different cryptocurrencies, and even buying gold coins.

### A Viral Persona
Despite their criminal activities, Morgan's **Razzlekhan persona** gained viral fame on social media. She released expletive-filled music videos and rap songs that showcased her self-proclaimed identities as a **"bad-ass money maker"** and **"the crocodile of Wall Street"**. Additionally, she promoted herself in **Forbes** as a successful **technology businesswoman** and **serial entrepreneur**.

Ilya Lichtenstein laundered the stolen cryptocurrency with his wife Heather Morgan aka Razzlekhan.

From Hacker to Convict: The Shocking Story of the Bitcoin Heist That Stole $4.5 Billion

## US BTC-Spot ETF Market Inflow Streak at Risk

On **November 13**, the US BTC-spot ETF market reported **net inflows of $510.1 million**. Demand remained robust following the US CPI Report that raised expectations for a **December Fed rate cut**. However, Thursday’s producer price and jobless claims numbers sank bets on a December Fed rate cut, adversely impacting the US BTC-spot ETF market. According to Farside Investors:

- **Fidelity Wise Origin Bitcoin Fund (FBTC)** reported **net outflows of $179.2 million** on Wednesday. (Previous day: +$186.1 million).
- **ARK 21Shares Bitcoin ETF (ARKB)** saw **net outflows of $161.7 million**. (Previous day: $14.5 million).
- **Bitwise Bitcoin ETF (BITB)** had **net outflows of $113.9 million**. (Previous day: +$12.3 million).

Excluding flow data for **iShares Bitcoin Trust (IBIT)** and **Invesco Galaxy Bitcoin ETF (BTCO)**, the US BTC-spot ETF market saw **$527.2 million of net outflows**. Significantly, the US BTC-spot ETF market could end its six-day inflow streak if **BlackRock’s iShares Bitcoin Trust (IBIT)** sees modest inflows.

Thursday’s flow trends highlighted the significant influence of **Fed monetary policy** on BTC demand.

ETF Store President **Nate Geraci** remarked on the six-day inflow streak, stating,  
> “Another $500+mil into spot btc ETFs today… 6 straight days of inflows totaling **$4.7bil**. Quickly approaching **$30bil** net inflows since January launch. Simply ridiculous.”

## Bitcoin (BTC) Price Action

On **November 14**, BTC declined by **3.13%**, reversing a **3.37% gain** from the Wednesday session to close at **$87,325**. Significantly, BTC fell for only the second time since the **US presidential election**.

Upcoming US retail sales, due on **November 15**, could also influence sentiment toward the Fed rate path. Higher-than-expected retail sales could sink bets on a December rate cut and dampen BTC demand. Conversely, weaker-than-expected retail sales could refuel speculation about a December rate cut, potentially driving BTC through **$95,000**.

Stay tuned for the latest on how market shifts and regulatory developments impact crypto assets.

XRP rallies 12% as SEC Chair Gensler hints at resignation; could the SEC withdraw its Ripple appeal?

XRP Surges 12% Amid SEC Chair Resignation Rumors as Bitcoin Faces Decline

### Are You Ready for Some Bitcoin Football?

Retired NFL star **Russell Okung** is taking a bold step into the world of sports with his new flag football league, **Bitball**, where players will earn their paychecks in **Bitcoin**. Announced on X (formerly Twitter), Okung aims to eliminate middlemen, ensuring that athletes can build **lasting wealth** through direct earnings in cryptocurrency.

Okung expressed his vision in an interview with *Decrypt*, stating, "**No more middlemen taking their cuts or making backdoor deals**. Now, it’s about pure sport and pure Bitcoin, which means pure opportunity. That’s what I’m building—a new league."

### The Birth of Bitball

The idea for Bitball emerged after Okung’s departure from the NFL, where he unsuccessfully tried to convince team owners of Bitcoin's potential. He noted, "**That’s the revolution**. We’re moving away from seeing athletes go broke and losing generational wealth."

Enthusiastic responses from players he contacted, including former NFL stars, have fueled the league's growth. The inaugural **Bitball game** is set to take place on **December 10** at Al Nahyan Stadium in Abu Dhabi, featuring 24 professional players. Attendees who hold tickets to a Bitcoin conference can attend the game for free.

### Okung's Bitcoin Journey

In **December 2020**, Okung made headlines by choosing to receive half of his **$13 million salary** in Bitcoin, which he still holds and continues to acquire. The 240 Bitcoins he originally received are now valued at approximately **$21 million**. He stated, "I didn't do this 'Pay me in Bitcoin' thing to trade it in for dollars. For me, it was an opportunity to transform my family’s future. **Bitcoin isn’t just an investment—it represents freedom in digital form.**"

His investment philosophy extends beyond personal gain; Okung sees **Bitcoin as a foundation for new value creation**. He also invests in Bitcoin mining, emphasizing the importance of energy in building high-output civilizations.

### The Bigger Picture

Despite Bitcoin's **volatility**, Okung remains optimistic about its future, particularly in sports. He believes that if other leagues like **baseball** and **basketball** don't adopt Bitcoin for player salaries, he will lead the charge with Bitball. "**If nobody else is competitive enough to do it, then I'll do it.**" 

In light of recent market movements, including Bitcoin reaching new all-time highs, Okung acknowledges the **symbolic impact** of political figures like Donald Trump taking Bitcoin seriously and believes it could reshape the future of finance and sports.

### Key Insights

- **Russell Okung** is launching **Bitball**, a flag football league where players are paid in **Bitcoin**.
- The inaugural game is on **December 10** in **Abu Dhabi**.
- Okung aims to eliminate middlemen and build **lasting wealth** for athletes.
- He believes **Bitcoin** is more than an investment; it represents **freedom** and opportunity.
- Okung envisions a future where other sports leagues adopt Bitcoin for player salaries.


The Bitball league will let players earn in Bitcoin, aiming to cut out middlemen and create lasting wealth for athletes, Okung told Decrypt.

Revolutionizing Sports: Russell Okung's Vision for a Bitcoin-Paid Football League

## **Crypto Market Analysis Today:**  
The aggregate **cryptocurrency market capitalization** shrank by **1.45%** on November 14, reflecting a **$42.6 billion dip**. In the last 24 hours, **170,878 traders** were liquidated, totaling **$485.13 million**. With **$360 million** in long positions liquidated, **bull traders** faced over **61%** of the daily timeframe losses on Thursday.  

## **Altcoin Market Updates: XRP, PEPE, SUI Emerge Top Gainers**  
**Ripple (XRP)** rose by **16%** on November 14, overtaking **Dogecoin (DOGE)** as the top performing asset in the top ten ranked crypto assets. XRP's rally was triggered by its recent **listing on Robinhood** and further propelled by rumors of **Gary Gensler’s** exit from the **US SEC**, pushing its price towards **$0.80**. **PEPE** also saw a remarkable **22% price rally**, reaching new all-time highs of **$0.000026**.  
![XRP Price Action](https://editorial.fxstreet.com/miscelaneous/XRPUSDT_2024-11-14_21-21-37-638672187931377142.png)  
*XRP price action, November 14, 2024*  

Over the last **48 hours**, PEPE's price skyrocketed by **46.5%**, from **$0.000014** to its new peak. The surge is attributed to its listing by **Robinhood**, which introduced PEPE to a broader US retail market, alongside major altcoins like **XRP**, **Solana (SOL)**, and **Cardano (ADA)**.  

**SUI** also reached a new all-time high, crossing **$3.5** for the first time since its launch in May 2023, bringing its market cap to **$9.5 billion**.  

## **Chart of the Day: NFTs Flashing Comeback Signals as McDonald's Announces Doodle Partnership**  
**McDonald’s** is partnering with **Doodles** to launch coffee-themed **NFT collectibles** for the holiday season. The announcement led to a significant surge in demand for NFTs, with the global NFT trading volume reaching **$17.6 million**, a **4.1% increase** in just 24 hours.  
![NFT Market Performance](https://editorial.fxstreet.com/miscelaneous/Screen%20Shot%202024-11-14%20at%2010.05.43%20PM-638672189784098160.png)  
*Global NFT sector performance | November 14, 2024 | Source: Coingecko*  

## **Crypto News Updates:**  
- The **Royal Government of Bhutan** deposited **365 BTC** (worth **$33.3 million**) into a **Binance** wallet, indicating potential **profit-taking** during the recent price rally.  
- Indian authorities have detained a suspect linked to **WazirX’s $230 million crypto hack**, highlighting ongoing security concerns in the crypto space.

 XRP price action, November 14, 2024 XRP's rally on Thursday was initially triggered by its recent listing on Robinhood. 

Bullish Bitcoin, Ethereum, and Dogecoin as Investors Anticipate Interest Rate Cuts

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Could New Taxes on Crypto and Flights Fund Climate Change Solutions? A Closer Look at UN Proposals

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From Hacker to Convict: The Shocking Story of the Bitcoin Heist That Stole $4.5 Billion

XRP Surges 12% Amid SEC Chair Resignation Rumors as Bitcoin Faces Decline

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From Hacker to Convict: The Shocking Story of the Bitcoin Heist That Stole $4.5 Billion

XRP Surges 12% Amid SEC Chair Resignation Rumors as Bitcoin Faces Decline

Revolutionizing Sports: Russell Okung's Vision for a Bitcoin-Paid Football League

Massive BTC Sale by Bhutan and NFT Boom: What You Need to Know!