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Justin Trudeau has announced his resignation as Prime Minister of Canada, ending a significant era of progressive policies amid internal conflicts. Conservative leader Pierre Poilievre, a strong advocate for cryptocurrency and economic independence, is positioned as a leading contender to succeed him, with his odds of winning rising to 89%. Poilievre criticizes the Liberal Party's attempts to mislead voters with a leadership shuffle, emphasizing his commitment to common sense governance and economic reform.
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty met with President-elect Donald Trump at Mar-a-Lago, marking a significant shift in US crypto engagement. Garlinghouse noted a surge in Ripple's US business activity and a strategic pivot towards the domestic market. Meanwhile, Ripple's President Monica Long announced plans to expand the RLUSD stablecoin and expressed optimism about a spot-based XRP ETF approval, reflecting the growing momentum in the crypto sector.
Ethereum is poised for a significant rise, potentially reaching $12,000 by 2025, driven by the upcoming Pectra update and a favorable regulatory environment. In contrast, Dogecoin has seen a sharp decline of 10%, leading losses in the crypto market, which has been affected by stronger-than-expected U.S. economic data. Despite current volatility, analysts remain optimistic about long-term recovery prospects for both cryptocurrencies.
Global equities rose and Treasury yields fell following reports of potential universal tariffs under Trump, which he later denied. UBS anticipates increased market volatility and suggests that while tariff discussions are crucial, a positive outlook on US equities remains, with the S&P 500 projected to reach 6,600 by year-end. Investors are encouraged to view near-term volatility as an opportunity to enhance their US stock holdings.
Global equities rose and Treasury yields fell following reports of potential universal tariffs under Trump, which he later denied. UBS anticipates increased market volatility and suggests that while tariff discussions are crucial, a constructive outlook on US equities remains valid, with a year-end forecast of 6,600 driven by profit growth. Investors are encouraged to view near-term volatility as an opportunity to enhance their US equity holdings.
Global shares showed mixed results as Wall Street experienced a slump despite positive U.S. economic data. The S&P 500 futures rose 0.2%, while the Dow Jones gained 0.1%. In Asia, Japan's Nikkei 225 fell 0.3%, and Hong Kong's Hang Seng dropped 0.9%, influenced by concerns over inflation and interest rates. U.S. crude prices increased to $75.18 a barrel, while the euro traded at $1.0326. Investors await Friday's jobs report, which is expected to indicate a slowdown in hiring.
Canadian Prime Minister Justin Trudeau announced his resignation, paving the way for Conservative leader Pierre Poilievre, who is gaining significant support from the cryptocurrency community. Poilievre advocates for Bitcoin adoption and has been endorsed by figures like Elon Musk and Coinbase CEO Brian Armstrong. Vancouver's city council is also exploring holding Bitcoin in reserve and accepting cryptocurrency for municipal services, reflecting a growing trend towards digital currency in Canada.
Bitcoin's hourly RSI has plunged to a three-month low of 16.6, indicating deeply oversold conditions after a 5% price drop. Traders anticipate a short-term bounce, despite bearish forecasts suggesting potential declines to $90,000 or lower before a market recovery.
The U.S. crypto regulatory landscape is shifting dramatically as key officials, including Federal Reserve Vice Chair Michael Barr and CFTC Chair Rostin Behnam, announce their resignations. This change, coinciding with the upcoming inauguration of a pro-crypto administration, raises hopes for a more balanced regulatory approach that could ease pressures on the digital asset industry and clarify oversight roles. As the SEC also prepares for a leadership transition, industry leaders anticipate a reduction in stringent regulations that have previously stifled innovation and driven businesses offshore.
Dogecoin surged 250% in 2024, driven by a favorable regulatory outlook following Donald Trump's election and renewed support from Elon Musk. Despite its recent highs, the cryptocurrency lacks solid fundamentals and real-world utility, making its long-term value uncertain. While it could reach $1, investors should be cautious of potential volatility.
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