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<p>This week, Bitcoin soared to an unprecedented all-time high of $79,771.66, just days after Donald Trump, the first crypto-friendly president, won the 2024 election alongside pro-crypto candidates in the Senate. This marks a pivotal moment for the crypto industry, long hindered by vague U.S. regulations from the SEC.</p><p>The global cryptocurrency market surged in response, while the stock market is poised for one of its best weeks of the year, buoyed by Trump&#39;s victory and recent interest rate cuts. Tech stocks, particularly MicroStrategy (MSRT), have thrived, with shares climbing to $271.26—up nearly 20% in five days and 486% over the past year, primarily due to its Bitcoin reserves strategy.</p><p>Experts expect that Trump&#39;s presidency will usher in more favorable cryptocurrency regulations in the U.S.</p><p>So, keep reading to discover the latest news and key developments in the crypto world!</p><p>For transparent and decentralized crypto trading and to list your crypto token for free, <a href="https://melega.finance/" rel="noopener noreferrer nofollow">visit our website</a> and follow Melega Finance (<a href="https://x.com/meleganews" rel="noopener noreferrer nofollow">&#64;meleganews</a>) on X for more on all things cryptocurrency.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP (November 02 - November 09, 2024)</h2><p>●  Pakistan Proposes Legalization of Digital Currency, Including Crypto</p><p>●  Trump Presidency May Usher in Pro-Crypto SEC Reforms</p><p>●  BlackRock’s Bitcoin ETF Surpasses Gold Fund in Assets</p><p>●  Senator Lummis Pushes for U.S. Strategic Bitcoin Reserve Following GOP Gains</p><p>●  Binance and CZ Seek Dismissal of SEC&#39;s Amended Complaint Over Crypto Assets</p><p>●  Michigan Pension Fund Expands Crypto Investment with Ether ETFs</p><h3 id="pakistan-proposes-legalization-of-digital-currency-including-crypto">Pakistan Proposes Legalization of Digital Currency, Including Crypto</h3><p>On Nov. 4, the State Bank of Pakistan (SBP) <a href="https://tribune.com.pk/story/2507061/govt-proposes-changes-to-sbp-act" rel="noopener noreferrer nofollow">proposed</a> a major policy shift to legalize digital assets like cryptocurrencies and introduce a central bank digital currency (CBDC). The amendments would allow state banks to issue digital rupees and penalize unlicensed digital currency issuers if approved. This move follows a change in leadership and signals a reversal from the previous anti-crypto stance. Additionally, the Monetary Policy Committee announced a 2.5% interest rate cut, attributing the decision to easing inflation and favorable economic conditions.</p><h3 id="trump-presidency-may-usher-in-pro-crypto-sec-reforms">Trump Presidency May Usher in Pro-Crypto SEC Reforms</h3><p>With Donald Trump&#39;s election victory, the U.S. crypto industry <a href="https://cointelegraph.com/news/trump-presidency-sec-reform-pro-crypto-regulations" rel="noopener noreferrer nofollow">anticipates more favorable regulations.</a> Industry experts, including Steve Milton from Fintopio, predict that a Trump administration could push for a less restrictive SEC, potentially replacing current chair Gary Gensler with a more crypto-friendly candidate. This shift could reduce regulatory hurdles, fostering growth in the crypto sector. Additionally, analysts suggest that the U.S. may see its first staked Ether ETF under the new administration, further bolstering Ethereum’s appeal as a regulated asset.</p><h3 id="blackrock-s-bitcoin-etf-surpasses-gold-fund-in-assets">BlackRock’s Bitcoin ETF Surpasses Gold Fund in Assets</h3><p>BlackRock’s iShares Bitcoin Trust (IBIT) had over $33 billion in assets as of Nov. 8, <a href="https://www.bloomberg.com/news/articles/2024-11-08/blackrock-s-bitcoin-etf-surpasses-gold-fund-after-record-inflow" rel="noopener noreferrer nofollow">surpassing</a> the company’s iShares Gold Trust (IAU), which has been around since 2005. This milestone reflects rapid growth since IBIT’s January launch, with major inflows following Donald Trump’s election, signaling potential regulatory optimism for crypto. IBIT saw record trading volumes, and the surge in Bitcoin ETFs has placed them among the top-performing ETF launches of 2024, highlighting significant investor interest in cryptocurrency assets.</p><h3 id="senator-lummis-pushes-for-u-s-strategic-bitcoin-reserve-following-gop-gains">Senator Lummis Pushes for U.S. Strategic Bitcoin Reserve Following GOP Gains</h3><p>Following Republican wins in the U.S. elections,<a href="https://x.com/SenLummis/status/1854208373740458432" rel="noopener noreferrer nofollow"> Wyoming Senator Cynthia Lummis</a> reiterated her commitment to establishing a &#34;strategic Bitcoin reserve.&#34; With a Republican majority expected in the Senate in 2025, Lummis aims to advance her Bitcoin Act, proposing that the U.S. acquire 1 million BTC for long-term holding. The proposal, inspired by Donald Trump’s previous comments on Bitcoin stockpiles, reflects the GOP&#39;s increasing support for pro-crypto policies, as seen in several pro-crypto candidates’ election victories.</p><h3 id="binance-and-cz-seek-dismissal-of-sec-39-s-amended-complaint-over-crypto-assets">Binance and CZ Seek Dismissal of SEC&#39;s Amended Complaint Over Crypto Assets</h3><p>Binance and its former CEO Changpeng “CZ” Zhao <a href="https://www.coindesk.com/policy/2024/11/05/binance-czs-lawyers-file-motion-to-dismiss-amended-complaint-in-sec-lawsuit/" rel="noopener noreferrer nofollow">filed a motion</a> on Nov. 4 to dismiss the U.S. SEC’s amended complaint, which claims certain crypto tokens, such as Axie Infinity Shards and Filecoin, are securities. Binance&#39;s legal team argued that secondary market resales of crypto assets aren’t securities transactions, as they’re unrelated to the initial distribution by developers. The defense contends that the SEC’s claims lack legal basis, urging dismissal of the complaint without amendment, marking another chapter in the ongoing legal dispute since June 2023.</p><h3 id="michigan-pension-fund-expands-crypto-investment-with-ether-etfs">Michigan Pension Fund Expands Crypto Investment with Ether ETFs</h3><p>The State of Michigan Retirement System <a href="https://decrypt.co/290161/michigan-state-pension-fund-expands-crypto-holdings-10m-ethereum-buy" rel="noopener noreferrer nofollow">disclosed investments in Ether ETFs</a>, holding 460,000 shares each of Grayscale&#39;s Ethereum Trust and Ethereum Mini Trust, as per a Nov. 4 SEC filing. This adds to its ARK 21Shares Bitcoin ETF holdings, which have grown by $1 million since June 30. The pension fund&#39;s Bitcoin and Ether investments total approximately $18 million. Michigan joins other government entities, like Florida and South Korea, in increasing pension fund exposure to cryptocurrency assets amidst growing institutional interest.</p><h2 id="header-1">NEWS FROM MELEGASWAP</h2><h3 id="a-href-https-tongue-cloud-rel-noopener-noreferrer-nofollow-tongue-is-boosted-on-melega-a"><a href="https://tongue.cloud/" rel="noopener noreferrer nofollow">TONGUE is Boosted on Melega!</a></h3><p>We are excited to announce that the $TONGUE team has decided to enhance the FARM&amp;POOL liquidity program by maximizing the Annual Percentage Rate (APR) and increasing user participation. Additionally, a new MARCO-TONGUE FARM is now available! 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GameXT Team aims to empower gamers, foster community engagement, and provide new opportunities for earning and monetization within the gaming ecosystem.</p><h3 id="a-href-https-linktr-ee-mastermworld-rel-noopener-noreferrer-nofollow-mxmx-is-boosted-on-the-base-chain-a"><a href="https://linktr.ee/mastermworld" rel="noopener noreferrer nofollow">$MXMX is boosted on the BASE Chain!</a></h3><p>We are thrilled to announce that the MASTERM team has decided to further enhance the FARM&amp;POOL liquidity program by maximizing the APR and potential user participation. 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We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.</p><h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3><p>Do you want to buy, sell, and invest in cryptocurrencies while still having 100% control of your crypto assets? If so, then Melega Finance is for you. 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Crypto Weekly Recap: Pakistan Proposes Crypto Legalization; BlackRock’s Bitcoin ETF Surpasses Gold; Michigan Pension Fund Expands Crypto with Ether ETFs; & More (Nov. 02-09, 2024)

Crypto Weekly Recap: Pakistan Proposes Crypto Legalization; BlackRock’s Bitcoin ETF Surpasses Gold; Michigan Pension Fund Expands Crypto with Ether ETFs; & More (Nov. 02-09, 2024)

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