The nomination of crypto-friendly Paul Atkins as chair of the SEC provided the final boost that propelled bitcoin through the $100,000 level, the report said.
Leveraged MicroStrategy ETFs attracted $3.4 billion of inflows in November, the report said.
The bitcoin bull market is not over, Galaxy Research said.Galaxy said the world's largest cryptocurrency is expected to retest the $100K level in the near term.The report said increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves mean the crypto should continue its ascent higher.
Crypto market analysts remain confident that Bitcoin will hit six figures before the end of the year despite the recent 7% correction.
Bernstein raised its MicroStrategy price target to $600 from $290.Broker Canaccord also increased its price target for the software company, to $510 from $300.The shares rose over 6% in early trading Monday.
The broker raised its price target on the trading platform's stock to $51 from $30.
The total market cap of the miners the bank tracks grew 33% since the end October, the report said.
A Republican sweep is the best result for the digital assets sector and could bring positive regulatory change, the report said.
Under such a proposal, bitcoin would be established as a strategic reserve asset and the government could buy up to 5% of the cryptocurrency's total supply, the report said.
Stablecoin and crypto-market structure bills may now see faster progress, the report said.
The company needs financing conditions to remain agreeable, and there needs to be continued investor demand for the firm's convertible debt, the report said.
The network's monthly average hashrate surged to a record high, the report said.
The broker raised its price target for the software company to $300 from $173 while maintaining its buy rating.
The company missed consensus revenue expectations, analysts said.
The U.S. presidential election is an important short-term catalyst for Coinbase and the wider industry, and could lead to more regulatory clarity, analysts said.
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The launch of options on spot bitcoin exchange-traded funds will reduce the incentives to hold MicroStrategy stock over BTC ETFs, the report said.
These tokens are at a regulatory disadvantage to stablecoins due to their classification as securities, the report said.
Republican control of the Senate would be key to passing bills such as FIT21 and appointing pro-crypto agency leaders, and digital asset reform would likely happen sooner with both chambers aligned, the report said.
The network hashrate has risen 4% so far this month, while the hashprice is up less than 1%, the report said.
If bitcoin follows historical patterns post halving a rally could start between now and April, the broker said.
Defying typical September trends, bitcoin's resilience hints at a potential breakout from its prolonged downtrend.
The recent Federal Reserve interest cut will fuel increased onchain activity, and this will strongly benefit the Ethereum blockchain, the report said.
The Ethereum blockchain has the most active developers, the most active users and a market cap that is five times larger than its nearest competitor, the report said.
Bitcoin is expected to end the year at new all-time highs regardless of who wins the U.S. election, the report said.
Total crypto market cap was $2.02 trillion at the end of August, a 24% decline from this year's peak of $2.67 trillion in March, the report said.
Spot ether exchange-traded funds have seen net outflows of $0.5B since their launch, the report said.
Total value locked across the crypto ecosystem is expected to reach an all-time high in the first half of next year, the report said.
The number of institutional investors holding bitcoin ETFs rose 14% in the second quarter of the year to 1,100, the report said.
The ability to raise debt or equity in the world's deepest capital markets is a major advantage, the report said.