The cryptocurrency market experienced a remarkable surge as Bitcoin (BTC) soared to a fresh all-time high, surpassing $93,000 amid a “Trump crypto rally.” This rally has been fueled by the renewed optimism in the crypto community following Donald Trump’s recent election victory. Alongside Bitcoin, Dogecoin (DOGE), the popular meme coin often associated with tech entrepreneur Elon Musk, has seen its value skyrocket, gaining over 150% since election day. This extraordinary momentum suggests a promising yet unpredictable future for the digital currency landscape.

Bitcoin Reaches New Heights Amid Trump Crypto Rally

Bitcoin’s unprecedented rise past $93,000 marks an all-time high, driven by investor confidence that Trump’s presidency could usher in a more crypto-friendly regulatory environment. Since Trump’s victory, Bitcoin’s value has surged by over a third, reflecting the widespread anticipation of favorable policies and relaxed regulatory scrutiny for digital assets. The industry has long viewed the current administration as an obstacle, with leaders advocating for more straightforward guidelines and reduced oversight.

Dogecoin Soars After Trump Taps Musk for Government Efficiency

In a move that further invigorated the crypto market, Trump announced that Elon Musk and entrepreneur Vivek Ramaswamy would lead the newly formed Department of Government Efficiency (Doge). Dogecoin responded with a rapid increase in value, continuing to climb as Musk’s involvement heightened investor interest. The new advisory group, expected to bring innovative and cost-effective approaches to government operations, may also open avenues for blockchain integration within government processes, sparking even greater optimism in the crypto sector.

Crypto Advocates Find Renewed Hope in Trump Administration

Trump’s close ties to prominent figures in the crypto world, including Musk and Cantor Fitzgerald CEO Howard Lutnick, have been seen as promising signals for the industry. Lutnick, a key player on Trump’s transition team, has advocated for less restrictive crypto policies. His influence could bring more crypto-friendly figures into Trump’s economic advisory team, setting the stage for potential industry growth and expansion.

This administration change marks a stark contrast to the previous leadership under the Biden administration, which took steps to impose greater oversight and regulations on the crypto market. Gary Gensler, former chair of the Securities and Exchange Commission (SEC), was perceived as a critic of unregulated cryptocurrency, emphasizing investor protections after high-profile cases like the FTX and Binance collapses.

Crypto Community’s Role in Trump’s Victory

Throughout the election, Trump received substantial support from the crypto community, with many industry leaders rallying behind his campaign to unseat regulatory hawks. High-profile crypto enthusiasts like Brad Garlinghouse, CEO of Ripple, publicly voiced support for Trump’s approach, noting, “The Biden administration’s war on crypto is coming to an end.” Such endorsements underscore the widespread belief that Trump’s victory may signal a revival for the digital asset space in the U.S.

Dogecoin’s Role in Government and Musk’s Influence

Trump’s appointment of Musk to lead the Department of Government Efficiency solidified Musk’s role in influencing Trump’s administration. Under this initiative, Dogecoin is expected to partner with the White House’s Office of Management and Budget, advising on efficiency measures and cost-reduction strategies within government operations. Musk, known for his commitment to transparency, plans to document the department’s actions on his social platform, X (formerly Twitter), inviting public input on government spending decisions.

Musk shared his excitement on X, posting, “Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!” His proactive approach has resonated with both the public and investors, further fueling Dogecoin’s rising valuation.

Looking Ahead: Will the Trump Crypto Rally Sustain?

The Trump crypto rally underscores the cryptocurrency community’s optimism for reduced regulatory pressure and increased adoption. As Trump’s administration develops, industry stakeholders are closely watching for signals that might shape the future of digital assets in the U.S. However, experts caution that market volatility remains a factor, and investor confidence may hinge on the administration’s ability to deliver on pro-crypto promises.

For now, the Trump crypto rally has provided a significant boost to digital assets like Bitcoin and Dogecoin, reigniting interest and investment. As policies and appointments continue to unfold, the crypto market’s reaction will serve as a barometer for the administration’s impact on digital currencies. With the crypto industry entering a new phase under Trump’s leadership, investors and crypto advocates alike remain hopeful for a prosperous era of growth and innovation.

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Popular cryptocurrency tax software provider has expanded its offerings to support tax reporting for UK crypto investors.

AUSTIN, Nov. 12, 2024 /PRNewswire/ — CoinLedger, a leading tax reporting platform for cryptocurrency users, today announced its official expansion into the United Kingdom. Investors and cryptocurrency users in the UK can now use the platform to automate all of their capital gains, losses, and income tax reporting in accordance with UK tax laws.

“We’re extremely excited to be expanding our full suite of tax reporting tools and offerings to help UK cryptocurrency investors stay compliant with local laws,” said David Kemmeer, Co-Founder and CEO of CoinLedger. “We’ve seen incredible demand not just here in the U.S., but from crypto consumers all over the world who need help with tax reporting. With this rollout, crypto tax compliance for the average UK resident will be as simple as a few button clicks.”

The interoperable nature of cryptocurrencies and digital assets, with transfers across different blockchains, wallets, and exchanges, can create tax reporting nightmares for individuals. CoinLedger solves this problem by integrating directly with hundreds of cryptocurrency platforms to allow any user to track their digital-asset transaction history across the entire crypto-economy.

By syncing their wallets to CoinLedger, UK users can now automatically import and account for their historical transactions across all of their crypto platforms. From here, they can generate the relevant local tax forms with the click of a button.

HMRC, along with government agencies around the world, is quickly ramping up enforcement efforts with regards to the tax compliance for digital assets. Efforts include increased tax audits, compliance requirements for exchanges, and new intelligence units. These initiatives are expected to increase in years ahead as the digital asset industry continues to grow.

About CoinLedger

CoinLedger enables seamless portfolio tracking and tax reporting for participants of the digital asset economy. Founded in 2018, CoinLedger was built to reduce the friction of participating in the cryptocurrency ecosystem by making tax reporting as simple as possible. By directly integrating with major exchanges, wallets, blockchains, and NFT platforms, CoinLedger provides a unified dashboard for users to track and monitor their cryptocurrency activity. Whether you’re trading cryptocurrencies, buying and selling NFTs, or staking on DeFi protocols, CoinLedger makes tracking your portfolio and reporting your taxes more straightforward than ever. For more information on UK cryptocurrency taxes, visit https://coinledger.io/guides/crypto-tax-uk.

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SOURCE CoinLedger

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NEW YORK and LONDON and SINGAPORE, Nov. 11, 2024 /PRNewswire/ — Taiko, Ethereum‘s first based rollup network, has just enabled multiple Zero-Knowledge (ZK) proofs powered by Succinct and RISC Zero. This enhanced multi-proof architecture, that currently includes SGX proofs, will help secure the network’s 5 million daily transactions.

As ZK-tech is still early in its development, Taiko’s multi-proof approach aims to address any possible bugs or concerns brought by a single proving system. The implementation of multiple provers allows for more oversight and strengthened security.

“We still appreciate SGX proofs but we have to acknowledge that they have the potential to be buggy. Now with ZK proofs, we can override this concern with them acting as another level of security. We’re aiming to add more ZK proofs when they become available, or even combine different types of ZK proofs into a single proof. Until ZK systems are fully mature and audited, the multi-proof setup is very important for us,” said Yue, Taiko’s proving-system engineer.

Taiko will now require 3% of all blocks proposed by its fallback proposer Taiko Beats to have either Succinct or RISC Zero proofs. This limited requirement is implemented to allow community proposers time to prepare. Taiko’s goal is to extend ZK proof requirements to all proposers in the near future.

In 2025, the percentage of blocks proven by ZK will ramp to 100%, positioning Taiko as a fully ZK-based rollup.

“Taiko is on the right path to scaling Ethereum the right way,” said Daniel Wang, Taiko cofounder.

Multi-proof designs are key in ensuring security for based rollups, especially when their contracts on Ethereum are immutable and cannot be swiftly upgraded or reconfigured by a controlling party.

With ZK proofs adding assurance without reliance on trusted parties, this multiple prover approach aligns with Ethereum‘s evolving vision for a trustless, secure ecosystem. This was even recently highlighted as the future of ZK technology by Vitalik Buterin, Ethereum‘s founder.

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SOURCE Taiko Labs

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Key development reinforces QCP Trading’s commitment to regulatory excellence in Singapore.

SINGAPORE, Nov. 11, 2024 /CNW/ — QCP Trading Pte. Ltd. (“QCP Trading”), has received an In-Principle Approval (“IPA”) for a Major Payment Institution (“MPI”) License from the Monetary Authority of Singapore (“MAS”). The IPA represents an essential step toward full licensing, allowing QCP Trading to prepare to offer regulated spot trading services for digital payment tokens.

The IPA reinforces QCP Trading’s dedication to Singapore’s high regulatory standards, marking a key step towards the eventual goal of providing compliant, innovative, and efficient solutions for clients. QCP Trading aims to provide spot trading for a wide range of stablecoins and major digital tokens supported by its comprehensive on/off ramping services in multiple currencies. Leveraging 24/7 support, seamless API integration, dedicated voice trading capabilities and same-day settlement through its local banking partners, QCP Trading aspires to build a leading spot franchise and position itself as one of the most price-competitive players in the digital asset space.

“As we pursue the full MPI license, we remain focused on supporting Singapore’s growing reputation as a leader in digital asset regulation,” said Darius Sit, Founder of QCP Trading. “We take pride in our ability to remain agile and responsive to both global and local market conditions, which is the key to success in this rapidly evolving sector. This latest milestone for QCP Trading reinforces our belief in the importance of a strong regulatory foundation for sustainable growth and positioning ourselves to be a trusted partner of choice in the digital asset space.”

“QCP Trading aims to champion robust governance frameworks and our early recognition of the critical role of regulation has proven to be a strategic foresight,” Melvin Deng, Chief Executive Officer of QCP Trading added. “We reaffirm our dedication to fostering strong partnerships in Singapore and look forward to working closely with the MAS to achieve the MPI license.”

With Singapore at the core of its strategy, QCP Trading aims to grow the local team, prioritizing the recruitment of exceptional talent to facilitate its ongoing growth and ensure adherence to local regulations. QCP Trading is dedicated to delivering institutional-grade solutions in digital assets spot trading, positioning itself as a trusted partner in Asia and beyond.

About QCP Trading

QCP Trading is the dedicated OTC spot trading arm of QCP Group, providing institutional clients with secure, compliant, and efficient spot trading solutions. QCP Trading offers a wide array of services such as on/off ramping, seamless API integration, and personalized voice trading channels, ensuring a smooth and tailored trading experience with quick settlement times.

QCP Trading has received the IPA from MAS for an MPI License to provide digital payment token services for OTC spot trading in Singapore.

More information can be found at www.qcpgroup.com.

Media Contact

Elisha Thiara – elisha.thiara@qcp.capital 

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SOURCE QCP

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SINGAPORE, Nov. 8, 2024 /PRNewswire/ — Alchemy Pay, a world-leading fiat-crypto payment solutions provider, is excited to announce that it has secured 4 additional U.S. Money Transmitter Licenses (MTLs) in Minnesota, Oklahoma, Oregon, and Wyoming. These new licenses bring Alchemy Pay’s total to 8 U.S. state licenses, following its earlier approvals in Arkansas, Iowa, New Hampshire, and New Mexico. This accomplishment further underscores Alchemy Pay’s dedication to regulatory compliance and building a trusted infrastructure in the U.S. market.

With these 4 new licenses, Alchemy Pay can now expand its secure and regulated crypto services to residents and businesses across these states, enhancing accessibility for users looking to seamlessly transact between fiat and cryptocurrencies via its on and off-ramp service. This development aligns with Alchemy Pay’s dedication to setting high standards for compliant growth in Web3—a landscape now seen as especially promising under the recent pro-crypto sentiment in the U.S. market.

“Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralized crypto economy,” said Romeo Luo, Chief Revenue Officer at Alchemy Pay. “Securing MTL licenses in Minnesota, Oklahoma, Oregon, and Wyoming strengthens our foothold in the U.S. market, where the crypto economy is poised for tremendous potential. We’re proud to be setting high standards in the evolving Web3 landscape, especially in the U.S., a market with vast opportunities for growth.”

Alchemy Pay’s compliance-first approach ensures its services meet each state’s regulatory framework, building a foundation of trust for its partners and users alike. Already trusted by over one million registered users globally, Alchemy Pay has processed millions in transaction volume yearly and is recognized by leading payment giants Visa and Mastercard as an authorized third-party service provider. Additionally, Alchemy Pay is registered as a Money Services Business (MSB) in Canada, further solidifying its commitment to global compliance. The company continues to pursue additional licenses across key regions, including Hong Kong, Australia, South Korea, Singapore, and Europe, with a target of securing 20 new licenses globally to further its vision of a connected, compliant crypto economy.

With its growing regulatory network, Alchemy Pay is positioned to empower Web3 projects, exchanges, and wallets across the U.S. to confidently expand their operations and drive crypto adoption. The acquisition of these MTLs underscores Alchemy Pay’s commitment to a secure, accessible, trustworthy and scalable crypto payment ecosystem that thrives in both the U.S. and the global market.

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay supports payments in 173 countries.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. Additionally, our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to conveniently spend their crypto assets for everyday purchases. ACH is the Alchemy Pay network token on the Ethereum blockchain.

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SOURCE Alchemy Pay

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