PayPal Integrates LayerZero, Trump Appoints Musk to Lead DOGE and More: Nov 13

Bitcoin is currently priced at $87,936 showing a -0.79% decrease, while Ethereum is at $3,245, up by -3.73% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 49.3% long versus 50.7% short positions. The Fear and Greed Index, which measures market sentiment, was at 80 yesterday and is now at Extreme Greed level at 84 today. Bitcoin hit a new all-time high of $90,000, edging closer to the milestone of $100,000. The world’s largest cryptocurrency by market cap soared above $90,000, driven by the excitement following Donald Trump's election victory. Bitcoin's latest surge took the market by storm. Investors saw new record highs as positive sentiment fueled optimism in the crypto market.

1. Ethereum Foundation EF researcher proposes Beam Chain to reset the Ethereum consensus layer

2. PayPal stablecoin PYUSD enables transfers between ETH and Solana via LayerZero

3. McDonald’s hints at collaboration with NFT project Doodles, more details to be announced on November 18

Crypto Fear & Greed Index | Source: Alternative.me 

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Read More: Top Cryptos to Watch as Bitcoin Crosses $81,000 and Crypto Market Enters 'Extreme Greed' Zone

BTC/USDT  price chart | Source: KuCoin

Bitcoin climbed past $90,000 on Tuesday afternoon, setting a new all-time high. This rally added to its rise of over 30% in the past week. Bitcoin gained 1.8% in just 24 hours, reaching $90,000 as enthusiasm grew for Trump’s victory. Investors viewed Trump’s pro-crypto stance as a significant driver of market optimism.

Alex Thorn, head of research at Galaxy Digital, called it one of Bitcoin's biggest moments. He noted that Monday saw the largest single-day increase in Bitcoin history, adding $8,343 in just one day. This surge also boosted the U.S. spot Bitcoin ETFs, with record inflows seen last week. BlackRock's spot Bitcoin ETF alone saw $4.5 billion in daily volume, marking its highest point since launch. 

Eric Balchunas, Bloomberg’s senior ETF analyst, described the surge as a day of “lifetime records.” The excitement didn't end there. Peter Chung, head of research at Presto Research, said that fund managers ignoring Bitcoin risked failing their fiduciary duty. He emphasized the growing importance of Bitcoin in a balanced portfolio, citing regulatory clarity and spot ETFs as key reasons. 

Justin d'Anethan, head of APAC business at crypto market maker Keyrock, highlighted the bullish sentiment. He saw Bitcoin’s price milestone as a sign of growing stability and political favor. Supportive regulation played a major role, he said, pointing to lower taxes, less government interference, and dovish central bank policies. Investors viewed these as tailwinds for Bitcoin’s continued growth.

The broader market echoed Bitcoin’s gains. The GMCI 30, an index representing the top 30 cryptocurrencies, climbed 1.1%, reaching 161.54. Experts predicted Bitcoin would hit $100,000 in the next few months, with many confident in continued bullish momentum.

Read more: Bitcoin Price Prediction 2024-25: Plan B Forecasts BTC at $1 Million by 2025

Aggregate BTC/USDT order book. Source: TRDR.io

Read More: Top PolitiFi and Trump-Themed Coins Amid US Elections 2024

Total Ethereum Stablecoin Supply Source: The Block

PayPal USD (PYUSD) took a major step forward by integrating LayerZero. This move allows easy transfers between Ethereum and Solana. The integration eliminates liquidity fragmentation and ensures fast, secure transfers for users and businesses. PYUSD’s market cap on Ethereum remained stable at $350 million. In contrast, supply on Solana dropped from $660 million in August to $186 million by November.

Jose Fernandez da Ponte, PayPal’s senior vice president, highlighted the benefits of LayerZero. He said the integration provides flexibility and convenience for PYUSD holders. LayerZero Labs CEO Bryan Pellegrino added that LayerZero’s Omnichain Fungible Token (OFT) standard offers unmatched interoperability for stablecoins. This integration allows PYUSD to move easily between Ethereum and Solana, giving users more options.

Sam Altman's project World, previously called Worldcoin, launched its human verification program in Brazil. The company announced this expansion on Tuesday. Tools For Humanity, co-founded by Altman and Alex Blania, leads development for World. Brazil offers a large market with over 215 million people and a favorable attitude toward crypto.

World’s goal is ambitious. It aims to assign digital identification to every human. By scanning users’ eyeballs, World issues them WLD crypto tokens, confirming their humanity. The project's focus is to address rising threats like AI-powered bots, deepfakes, and identity theft. World said that bad bots now make up almost a third of all internet traffic. Soon, bots may surpass humans in online presence. The project seeks to offer a solution to verify human users in this increasingly automated space.

World has faced scrutiny. Collecting biometric data raised privacy concerns in several countries, leading to bans or restrictions. However, the project insists it does not store biometric data after verification, aiming to alleviate fears while ensuring security.

WLD/USDT price chart | Source: KuCoin 

At the time of writing, Worldcoin (WLD) is trading at around $2.26, around 14% down in the past 24 hours. However, the coin has registered gains of over 16% in the past week. 

Learn more: What Is Worldcoin (WLD), and How to Get It?

President-elect Donald Trump confirmed Tuesday that Tesla CEO Elon Musk and Strive co-founder Vivek Ramaswamy will head the new Department of Government Efficiency (DOGE). The announcement coincided with a surge in Dogecoin's market cap now at $60 billion.

Trump’s Plan to Reshape Government

Trump selected Elon Musk and Vivek Ramaswamy to lead DOGE. He announced these leaders will help dismantle government bureaucracy, cut regulations, reduce waste, and restructure federal agencies. Trump said this department will work outside the government focusing on structural reform with an entrepreneurial approach while collaborating with the White House and the Office of Management and Budget.

Musk suggested creating this department and has been involved in staffing decisions since Trump’s election victory. Musk also supports Dogecoin whose acronym matches the new department. He helped fund Trump's campaign appearing at rallies and committing millions to re-election.

Ramaswamy previously competed against Trump in the Republican primaries but has now joined the administration. On X, Ramaswamy posted "We will not go gently" while Musk added "Threat to democracy? Nope, threat to bureaucracy!"

Dogecoin Surges with Announcement

DOGE/USDT price chart | Source: KuCoin

Dogecoin's price jumped after Trump's announcement. DOGE rose 12.2% in the past 24 hours now trading at $0.406. The cryptocurrency surged by 136% in the past week pushing its market cap to $60 billion. Musk's association with DOGE and his role in the new department continues to fuel investor interest.

Learn more: Top 10 Dog-Themed Memecoins to Watch in 2024

Bitcoin's break above $90,000 reflects a bullish wave across the crypto market. Trump’s election win, coupled with positive regulatory moves, added fuel to Bitcoin's rally. Meanwhile, PayPal expanded its stablecoin utility, and World aimed to enhance user verification globally. Trump appointing Musk to Lead the DOGE Efficiency Department as Dogecoin Soars is edging crypto into the mainstream’s forefront. These developments suggest growing confidence in the crypto market, signaling that this bullish trend may continue well into the future.

Read more: Top Altcoins to Watch This Week as Bitcoin Breaches New High of Above $89,000