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Scott Bessent walked into his Senate confirmation hearing today with one clear goal: to champion the radical changes coming to Washington. The billionaire investor and Donald Trump’s pick for Treasury Secretary didn’t waste time defending Elon Musk’s Department of Government Efficiency (D.O.G.E).

Scott declared the department “absolutely essential” to the administration’s economic policies. The department, co-led by Elon and biotech entrepreneur Vivek Ramaswamy, is tasked with an impossible-sounding job: cut a third of the federal budget while keeping key programs like Social Security intact.

Elon’s D.O.G.E plans to rewrite Washington’s rulebook

Elon Musk’s D.O.G.E was born out of an October 2024 rally when Trump announced the initiative as a centerpiece of his second-term agenda. Standing beside Trump, the eccentric billionaire confidently pledged to reduce the federal budget from $6.5 trillion to $4.5 trillion.

“We’ll simplify, streamline, and save,” Elon said at the time, drawing cheers from the crowd. The plan includes wiping out departments like the IRS and the Department of Education. These cuts, Elon argues, would free up resources and pave the way for a leaner government. But critics aren’t convinced.

“There’s no way you cut $2 trillion without touching mandatory programs like Medicare,” said one unnamed policy expert. And that’s where things get sticky. Nearly three-quarters of the federal budget is locked into mandatory spending.

With Trump promising not to touch those programs, D.O.G.E has only $1.7 trillion in discretionary spending to work with. Even Elon admits it’s a tough road ahead.

Conflict of interest? Critics eye Elon’s government ties

While Elon’s ideas are big, his business ties are even bigger. SpaceX alone holds over $15 billion in federal contracts, and Tesla isn’t far behind. Critics are already crying foul, accusing Elon of using D.O.G.E to benefit his own empire.

“How do you audit the government when you’re one of its biggest contractors?” asked one skeptical senator during the hearing.

Scott brushed off these concerns. “Elon’s track record speaks for itself,” he told the committee, sidestepping questions about potential conflicts of interest. Scott framed Elon as the ultimate problem-solver, someone who thrives on disruption. But not everyone in Washington is buying it.

There’s also the issue of authority—or lack of it. D.O.G.E is set up as an advisory body, meaning it has no regulatory power. Its members will fan out across federal agencies to conduct audits and recommend cuts, but nothing they propose is binding. The success of their work depends entirely on Trump’s ability to push it through Congress.

And Congress? Let’s just say they’re not all on board. Political experts predict a fierce battle as lawmakers dig in to protect their districts and pet projects. Without bipartisan support, D.O.G.E could end up as nothing more than a symbolic effort.

Now, Elon and his team have set an ambitious deadline for their work. By July 4, 2026, they plan to complete a full review of federal agencies and propose sweeping reforms.

Yet Scott remains optimistic. He pointed to the department’s deployment plan, which places teams inside agencies to identify inefficiencies. Details of this plan surfaced just yesterday, raising eyebrows across Washington. The idea of outsiders evaluating federal workers hasn’t gone down well with career civil servants, who see it as a direct threat to their jobs.

Adding to the skepticism is Elon’s lack of experience with government operations. While he’s a genius in the private sector, critics say running Tesla and SpaceX is nothing like managing the federal budget. Public policy expert Donald Moynihan described Elon’s approach as “oversimplified,” focusing more on cost-cutting than understanding government complexities.

A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

XRP has sustained the price above $2.90, indicating persistent buyers’ force and up-move possibility at the time of writing at $3.23.

The digital token is expected to hit $5 if the current outlook is conservative or $14 if the token is to crash resistance barriers.

Prices, adapting legislation, and the usage of the institutions will come as the most important factors influencing the future of XRP.

XRP has sustained its position above $2.90, raising optimism in the possibility of its revisit to the northward trend. According to Coingecko, XRP is trading at $3.23, marking a notable 12.5% increase over the past 24 hours.It ranges within a high-low 24 hours of $2.78-$3,232. The bullish trend is strong over the cryptocurrency and the ability to stay afloat even when there are negative changes in the market is remarkable.

Key Price Levels: Conservative and Bullish Projections

Market analysts have outlined two primary price targets for XRP in the coming months. A conservative estimate would then earn a target of $5, which is quite challenging yet manageable in the wake of the idea. In contrast, a more attractive, bullish scenario is that XRP will cost $14 under certain market conditions. Such targets are derived from the past price action, rising applications of the Ripple’s XRP, and its performance against the resistance levels.

https://twitter.com/Steph_iscrypto/status/1879779393608012034

Price $2.90 may also be known as psychological and technical support since the price shows signs of many buy orders. In order for XRP to hit or surpass any of these targets, it must stay above the level and also break through these resistance levels.

Market Sentiment and Broader Implications

The price action of XRP is not a lonely event out there since there are other cryptocurrencies as well. Growth factors include wider market interest, continuing regulatory changes, and a rise in institutional adoption of blockchain. People are hopeful that the current rally in XRP price could attract more people, leading to higher demand as has been realized with other Cryptocurrencies.However, challenges remain, including potential volatility stemming from macroeconomic factors and ongoing legal uncertainties surrounding Ripple.

This makes XRP stand out as a cryptocurrency of interest as it has been able to hold above $2.90. Nevertheless, $5 continues to look attainable while $14 is another more long shot for market players. For now, sustaining its support level shall be fundamental in defining long-term trends.

The post Why XRP’s $2.90 Support Could Be the Key to a $14 Surge appeared first on Cryptonewsland.

Amid the growing bullish sentiments, AI-based predictions are spotlighting three cryptocurrencies—Dogecoin (DOGE), Pepe Coin (PEPE), and Yeti Ouro (YETIO)—as strong contenders for growth in 2025. Despite the fact that each of the coins targets a specific group of investors, experts are more focused on specific trends and technical patterns of each of them.

Dogecoin Price Outlook: Strength In Historical Patterns

Dogecoin has been oscillating around the $0.35 mark. DOGE price recently went past the $0.342 resistance level, indicating that bulls are back in the game. As per the crypto experts on X (previously Twitter), the current price action resembles the same as seen during the 2021 U.S. presidential inauguration. The history shows that Dogecoin price increased by 1,100% in 2021 due to market adoption and positive political factors.

Based on technical analysis, Dogecoin is projected to continue its upward trend. The DOGE price is currently above the 100-hour moving average on the hourly chart. There is immediate resistance at $0.365 from the Fibonacci retracement levels, and the long-term target is bullish at $0.40. The Relative Strength Index (RSI) remains at a high level above 50 for DOGE, which indicates the growth potential. Experts predict that DOGE’s price may surge to new heights as the US presidential inauguration and other political events fuel the interest of the community.

Source X Pepe Coin Consolidation Hints At Potential Breakout

Pepe Coin, which was created based on the famous meme of “Pepe the Frog,” is still attracting attention in the cryptocurrency market. The coin has been trading at $0.000017 after it had fallen to as low as $0.000015 during the same week. According to crypto data, there has been a rise in whale activity, with large investors buying large amounts of tokens. For instance, a whale bought 801 billion PEPE tokens for $13.53 million from Binance.

PEPE price action appears to be ranging between $0.000015 and $0.000019, which looks like forming a double bottom. If the price breaks above $0.000020, it is expected to propel the price towards $0.000028. If the current support level gives way, then the price could retest $0.000012.

Source X

The coin’s trading volume is still high and has risen by 60% within the last 24 hours, which is an indication of high demand. Binance Japan’s recent listing of PEPE is also expected to increase its usage and prominence, especially in Asian countries.

Yeti Ouro (YETIO) Utility-Driven Crypto Gaining Traction

Yeti Ouro, which is a utility-focused cryptocurrency in its presale stage, has been a topic of interest among investors. The project is a combination of gaming and P2E services with the game YetiGo as its centerpiece, a game built on Unreal Engine 5. YetiGo guarantees high-quality graphics, sound, and even a multiplayer mode, thus demonstrating the project’s uniqueness in the sphere of gaming.

As of now, in the second presale stage, you can buy Yeti Ouro for $0.017 per YETIO token and receive unique perks for early adoption. The sale of tokens has amounted to 26,068,100 tokens sold with 26.1% of the stage achieved, demonstrating investors’ trust. Funds raised will go towards Yeti Ouro’s strategic plan, such as staking, farming, and beta testing of the YetiGo application.

The active cooperation with the number one game developers and a thriving community is a testament to the project’s commitment to quality and longevity. The project partnerships with the leading game developers and an active user community reflect the project’s focus on quality and sustainability. As the project has a solid foundation and focuses on the gaming utility, Yeti Ouro is ready to become one of the key players in the 2025 cryptocurrency and gaming industry and attract gamers, as well as investors who are looking for a long-term return on investment.

Join The Yeti Ouro Community 

Website: https://yetiouro.io/

X (Formally Twitter): https://x.com/yetiouro

Telegram: https://t.me/yetiouroofficial

Discord: https://discord.gg/YtUsEZ2Zr

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.

The downfall of Terra ($LUNA ) is etched in history as one of the most catastrophic events the cryptocurrency world has ever witnessed.

In a single day, over $35 billion in market value evaporated, sending shockwaves across the globe. Investors, both small and large, were left in disbelief as their holdings turned worthless. But what caused this monumental collapse? Here’s the story behind the crash and the vital lessons it offers to every crypto enthusiast.

What Was Terra and Its UST Stablecoin?

The Terra blockchain introduced an ambitious concept: a decentralized algorithmic stablecoin named UST. Unlike traditional stablecoins backed by physical reserves like cash or treasury assets, UST used a delicate balance mechanism with its sister token, LUNA, to maintain a fixed price of $1.

The process was straightforward in theory:

Holders could exchange 1 UST for $1 worth of LUNA at any time.

This was designed to maintain stability. If UST dropped below $1, the system would burn UST and mint LUNA to rebalance supply and demand.

But while the idea seemed revolutionary, its foundation relied heavily on market confidence. This design, under pressure, turned out to be its greatest weakness.

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What Sparked the Crash?

In May 2022, UST began losing its $1 peg due to massive withdrawals from a platform called Anchor, a DeFi protocol offering high yields of up to 20% on UST deposits. This created panic, and UST holders started selling in bulk.

As panic grew:

1. The system minted large quantities of LUNA to stabilize UST.

2. However, this led to an oversupply of LUNA, flooding the market and reducing its value dramatically.

The result? A devastating cycle where both UST and LUNA spiraled downward uncontrollably.

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The Numbers Behind the Collapse

UST’s value fell from $1 to just $0.08 in days.

LUNA’s price plummeted from $85 to a fraction of a cent.

LUNA’s circulating supply ballooned into trillions as minting accelerated.

Within a week, Terra’s market cap, which once stood at nearly $40 billion, was reduced to almost nothing.

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The Fallout and Aftermath

1. Investors Lost Everything
Millions of investors, believing in the stability of UST, watched their portfolios vanish. The crash wiped out savings and left many in financial ruin.

2. Exchanges Took Action
Major platforms, including Binance, delisted LUNA and UST to protect users from further losses.

3. Do Kwon’s Role
Do Kwon, Terra’s controversial founder, became the center of blame. Despite his bold claims of Terra’s invincibility, his efforts to recover the system by creating a new blockchain failed to restore trust.

4. Legal Consequences
Lawsuits poured in, accusing Terra’s team of fraud and negligence. Regulators across the globe began investigating whether the collapse involved manipulation or deceit. In March 2023, Do Kwon was arrested in Montenegro after being on the run for months, marking the culmination of Terra’s downfall.

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Key Lessons for Investors

1. Understand the Risks of Algorithmic Stablecoins
Unlike reserve-backed coins, algorithmic models are vulnerable to market shocks.

2. High Yields Come with High Risks
The 20% returns offered by Anchor were unsustainable and a red flag for experienced investors.

3. Diversification Is Crucial
Never put all your investments into a single project, no matter how promising it seems.

4. Regulation Matters
The Terra collapse highlighted the need for stricter oversight in the crypto space to protect investors.

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Conclusion

The Terra collapse serves as a cautionary tale of overconfidence and untested systems in the volatile world of crypto. While the technology behind Terra aimed to revolutionize finance, its failure demonstrated the fragility of poorly designed mechanisms. For investors, the event underscores the importance of thorough research, risk management, and skepticism of projects offering unrealistically high rewards.

Let this be a lesson—crypto is an evolving landscape where both opportunities and dangers abound. Stay informed, stay cautious, and invest wisely.