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Recap | Dogecoin surges as Trump appoints Musk, FTX sues Binance, bitcoin hits record high: 5 cryptocurrency stories

Discover how Trump’s policies and Elon Musk’s new role have boosted dogecoin and bitcoin, and a potential impact on China’s digital-asset market in our round-up

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Dogecoin was seen as a joke at first, but has since amassed a group of fans who have periodically sent its price soaring. Photo: Shutterstock
1. Dogecoin skyrockets as Trump appoints Elon Musk to lead new DOGE efficiency department
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Musk’s favourite cryptocurrency, dogecoin, surged in value to nearly 38 cents, up from under 16 cents before the presidential election, on news of the billionaire’s appointment to the Trump administration. The president-elect’s pro-crypto stance and Musk’s fanatical support have helped drive its market value.

2. FTX sues Binance and ex-CEO Zhao Changpeng for US$1.8 billion in wake of Sam Bankman-Fried’s cryptocurrency collapse

The lawsuit relates to Binance’s sale of its FTX stake and marks the latest conflict between the two cryptocurrency giants, with Bankman-Fried facing a 25-year prison sentence for fraud. Binance denies the claims, stating they are meritless.

3. Bitcoin soars past US$89,000 on Trump crypto boom with traders betting it will pass US$100,000
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Bitcoin hit a new record high following Donald Trump’s election, driven by expectations of crypto-friendly policies, boosting the overall crypto market value to US$3.1 trillion.

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