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