Overview

Bitcoin’s price faced resistance and briefly dipped to $85,000. Elon Musk and U.S. entrepreneur Vivek Ramaswamy will collaborate to lead a newly established Government Efficiency Department (DOGE), aimed at dismantling bureaucratic structures, reducing excessive regulation, cutting wasteful spending, and restructuring federal agencies.

Daily Macro

Bitcoin Market Status:Bitcoin’s price saw a correction, currently at $87,000. Altcoins are generally experiencing larger pullbacks, though meme projects are performing well.

Bitcoin ETF Activity:On November 13, preliminary reports indicate a net inflow of $805 millions of dollars yesterday.

Ethereum ETF Activity:On November 13, preliminary reports show a net inflow of 133 million millions of dollars yesterday.

Macroeconomic Data:The market is experiencing a brief cooling, entering a consolidation phase. Important U.S. data, specifically the unadjusted October CPI year-over-year rate, will be released tonight, which could influence the Federal Reserve’s rate cut plans. Some capital is moving into safe-haven assets.

Daily Focus

DOGE

Reason for Focus:The 47th U.S. President, Donald Trump, announced that SpaceX leader Elon Musk and entrepreneur Vivek Ramaswamy will co-lead the newly established Government Efficiency Department (DOGE). This department is set to dismantle government bureaucracy, reduce excessive regulations, cut wasteful spending, and restructure federal agencies.

Related Token Performance (2HD):

DOGE: +7.8%

Market Analysis:Following rumors of the DOGE department’s establishment, DOGE has performed well, nearly doubling over the past week.

How to Participate: Users can trade DOGE on exchanges such as CoinEx.

Next Focus

HBAR

Reason for Focus:Canary Capital has just submitted an HBAR ETF application. This ETF is expected to track the “native asset of the Hedera Network.”

Market Analysis: HBAR saw a short-term gain of over 30%. Investors should note that submitting an ETF application does not guarantee approval, and the process is lengthy, meaning the positive news might already be priced in.

CoinEx Daily: Bitcoin Price Briefly Drops to $85,000; D.O.G.E Officially Approved