Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, Coinbase CEO Brian Armstrong has voiced support for the newly created United States Department of Government Efficiency (DOGE), a macroeconomist said Ether’s performance against Bitcoin is “more brutal than I expected,” and Chainlink revealed the “Chainlink Runtime Environment,” — a unified architecture bridging traditional finance with blockchain systems.
“DOGE” could increase economic freedom in US — Coinbase CEO
Coinbase CEO Brian Armstrong has voiced support for the newly created United States Department of Government Efficiency (DOGE), a federal agency focused on reducing spending and cutting regulations. The department will be led by Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy.
On Aug. 20, US President-elect Donald Trump floated the idea of bringing Musk into his cabinet or giving the billionaire an advisory role starting in January 2025. At the time, Trump did not specify which department he planned to put the Tesla CEO in.
On Nov. 13, Trump formally announced Musk and Ramaswamy would head the new agency, which aims to streamline federal operations by eliminating waste, slashing regulations and restructuring government agencies.
Meanwhile, Armstrong thinks the new government agency is an opportunity for the country to increase its economic freedom.
On Nov. 17, the Coinbase executive posted on X calling DOGE an opportunity to “increase economic freedom” and restore efficiency in government. He also suggested constitutional amendments to limit government spending, proposing a cap of 10% of gross domestic product. Armstrong wrote:
“The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff).”
“More brutal than I expected” — Lyn Alden on ETH/BTC post-election low
Macroeconomist Lyn Alden, who has admitted she isn’t a big fan of Ethereum, said she was surprised by the cryptocurrency’s weak performance against Bitcoin after a presidential election outcome she expected to be more favorable for Ethereum.
“I’ve been kind of a polite long-term Ethereum bear, but the post-election new low in ETHBTC is even more brutal than I expected,” Alden declared in a Nov. 17 X post.
Alden reiterated that given Donald Trump’s administration “is open for crypto securities,” she was surprised that Ether’sperformance against Bitcoin declined following the victory being announced.
“ETHBTC jumps, then falls. New lows after good news,” Alden commented.
On Nov. 15, less than two weeks after the election, the ETH/BTC ratio reached a multi-year low, the lowest since March 2021, at 0.033, according to TradingView data.
Since Nov. 5, Ether’s price is up 17% trading at $3,107, while Bitcoin’s price is up approximately 31% trading at $90,423
Chainlink reveals “Chainlink Runtime Environment” unified architecture
Oracle provider Chainlink continues to reveal new features and products, including the Chainlink Runtime Environment — a single, unified architecture bringing together traditional systems, blockchain networks, and smart contracts.
Chainlink hopes to encompass previous runtime environment applications such as the Common Businesses-Oriented Language (COBOL) standard which is responsible for facilitating roughly 95% of the world’s ATM transactions and the Java Runtime Environment (JRE) architecture that made online banking possible.
The goal of the oracle provider is to abstract away the complexity and inefficiencies that come from attempting to navigate the multitude of unique financial systems and protocols in the digital age.
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