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

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.

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.

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.