Trump praises the work of Elon Musk and his D.O.G.E in Congressional address

Source Cryptopolitan

Donald Trump stood before Congress on Tuesday night and made it clear—he’s all in on Elon Musk’s government-slashing operation.

With stock and crypto markets already in chaos over his new tariffs on Canada, Mexico, and China, Trump doubled down on his support for Elon’s so-called Department of Government Efficiency (DOGE), the group leading the charge to gut federal spending and slash jobs.

“And Elon is doing a great job,” Trump said. “He didn’t need this. He’s doing America a favor, and we really appreciate it.” Then, in true Trump fashion, he looked over at the Democrats, nodded toward their side, and added, “Even this side appreciates it, trust me. They’re just not gonna admit it.”

Across the room, the Democrats had brought along military veterans and former government workers—people who lost their jobs thanks to Elon’s campaign. They held up protest signs that read, “False,” and “Protect veterans.”

Trump appreciates D.O.G.E. Source: WSJ

Elon’s D.O.G.E wipes billions in claimed savings

DOGE has been on a deletion spree, wiping out claims of savings faster than they appeared. Late Sunday night, the group removed or altered more than 1,000 contracts it had previously said were canceled.

That’s over 40% of all contracts listed just a week ago, bringing down its total savings claims from an initial $16 billion to less than $9 billion.

Among the deleted entries were five of the seven biggest savings claims DOGE had boasted about. A $1.9 billion IRS contract for tech services? Gone. The New York Times found out the contract had already been canceled under Biden in November.

A $149 million contract for three administrative assistants at the Department of Health and Human Services? Disappeared. The numbers didn’t match up, and a completely different contract was mistakenly linked.

Another $133 million in so-called savings came from a US Agency for International Development contract for work in Libya. The contractor, Chemonics International, had already wrapped up the project last year. Yet DOGE took credit for canceling it.

Even after all these changes, the errors haven’t stopped. As of Monday morning, DOGE’s site still claimed a $106 million savings from two Coast Guard contracts. A quick check of federal records showed those contracts ended back in 2005 and 2006—during the George W. Bush administration.

Confusion over D.O.G.E’s Wall of Receipts

DOGE had initially launched its “wall of receipts” as a public showcase of all the canceled contracts that supposedly saved taxpayers over $100 billion.

But with more deletions happening every week, the list is becoming less reliable. It’s also the only place where DOGE is giving a detailed public breakdown of its numbers, and it’s raising questions about just how accurate their figures really are.

After multiple reports from media outlets pointing out the mistakes, DOGE quietly updated its website to shift responsibility. Now, a disclaimer says that all numbers “originate directly from agency contracting officials.” That doesn’t explain why so many of the claims keep vanishing.

The shrinking savings total hasn’t slowed down Elon’s operation. DOGE keeps adding new canceled contracts to replace the deleted ones. But these new ones are worth smaller amounts, meaning that the total savings number is still dropping.

Meanwhile, contracting and budget experts are raising concerns about DOGE’s overall competence, given how many mistakes keep piling up.

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Author  FXStreet
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Author  Mitrade
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Author  Mitrade
Dec 16, Tue
Bitcoin has dropped back below $88,000 after rolling over from $90,500, with price still trading under the 100-hour Simple Moving Average. The sell-off found a floor at $85,151, and BTC is now consolidating near that base, but rebounds are facing pressure from a bearish trend line around $89,000. Bulls need to retake $88,000–$89,000 to ease downside risk; failure to do so keeps $85,500–$85,000 and then $83,500 in play, with $80,000 as the deeper “line in the sand.” Bitcoin (BTC) is back in damage-control mode after a sharp pullback wiped out recent gains. The price failed to reclaim the $90,000–$90,500 band, rolled over, and slid through $88,500 before briefly dipping under $87,000. Buyers did show up around $85,000, but the rebound so far looks more like stabilization than a clear trend reversal. Bitcoin dips hard, finds a bid near $85,000(h3) BTC’s latest move lower began when it couldn’t build follow-through above $90,000 and $90,500. Once that upside stalled, sellers took control and pushed price down through $88,500. The slide accelerated enough to spike below $87,000, but the market didn’t free-fall. Bulls defended the $85,000 zone, printing a low at $85,151. Since then, Bitcoin has been consolidating below the 23.6% Fibonacci retracement of the drop from the $93,560 swing high to the $85,151 low — a clue that the bounce is still shallow and that sellers haven’t fully backed off yet. Structurally, BTC is still on the back foot: It’s trading below $88,000, and It remains below the 100-hour Simple Moving Average, keeping short-term trend pressure pointed downward. Resistance is layered, and $89,000 is the problem area(h3) If bulls try to turn this into a recovery, they’ll have to climb through multiple ceilings in quick succession. First, BTC faces resistance around $87,150, followed by a more meaningful barrier near $87,500. From there, the market’s attention snaps back to $88,000 — the level BTC just lost and now needs to reclaim. A close back above $88,000 would improve the tone, but it doesn’t solve the bigger issue: there’s a bearish trend line on the hourly BTC/USD chart (Kraken feed) with resistance near $89,000, which also lines up with the next technical hurdle. If BTC can push through $89,000 and hold, the rebound could extend toward $90,000, with follow-through targets at $91,000 and $91,500. But until price clears that $88,000–$89,000 zone, rallies are at risk of being sold rather than chased. If BTC fails to reclaim resistance, the downside path is clear(h3) The near-term bear case is simple: if Bitcoin can’t climb back above the $87,000 area and keep traction, sellers may attempt another leg lower. Support levels line up like this: Immediate support: $85,500 First major support: $85,000 Next support: $83,500 Then $82,500 in the near term Below that, the major “don’t break this” level is still $80,000. If BTC slips under $80,000, the risk of acceleration to the downside increases significantly — not because it’s magic, but because it’s the kind of psychological and structural level that tends to trigger forced de-risking. Indicators: momentum still leans bearish(h3) The intraday indicators aren’t offering much comfort yet: Hourly MACD is losing pace in the bearish zone. Hourly RSI remains below 50, suggesting sellers still have the upper hand on short timeframes. So while the $85,000 defense held for now, the market hasn’t flipped bullish — it’s just stopped bleeding.
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December Santa Claus Rally: New highs in sight for US and European stocks?Historical data show a rising trend of US and European stocks in December. If the momentum is strong, fund managers may rush in with a buying frenzy.
Author  Mitrade
Yesterday 02: 50
Historical data show a rising trend of US and European stocks in December. If the momentum is strong, fund managers may rush in with a buying frenzy.
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Author  Mitrade
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