A new altcoin, Hyperliquid (HYPE), is rapidly making waves in the cryptocurrency market, now ranking as the 28th largest cryptocurrency by market capitalization. This ascent has seen HYPE surpass established coins like Near Protocol (NEAR), with its value soaring by 204% in just two weeks, bringing its market capitalization to around $8.93 billion. Exploring The Hyperliquid Protocol Examining the altcoin’s offerings is essential to better understanding the increased attention it has garnered over the past week. HYPE is the native token of Hyperliquid, a Layer-1 (L1) blockchain that utilizes HyperBFT technology. This tool reportedly allows Hyperliquid to facilitate “fast, secure, and transparent transactions,” bridging the gap between centralized exchanges (CEXs) and decentralized exchanges (DEXs). Specifically, with the protocol’s ability to handle over 100,000 transactions per second and a latency of less than one second, Hyperliquid addresses the performance limitations commonly associated with other blockchains such as Solana (SOL) and Ethereum (ETH). Related Reading: Bitcoin Breaks ATH Pushing Back Into Price Discovery – BTC To $130K? HYPE’s tokenomics include a burn mechanism to control supply and support price stability, a common practice seen in tokens such as Shiba Inu (SHIB). A strict vesting schedule is also in place to balance liquidity and mitigate selling pressure. The token offers various utility options for investors, including trading fee discounts, staking opportunities, and governance participation. HYPE holders benefit from reduced trading fees, which can significantly boost profitability, while staking their tokens allows them to earn rewards or provide liquidity in trading pools. New Listings And HyperEVM Launch To Boost HYPE? Recent insights from crypto analyst Ericonomic have also highlighted several compelling reasons to remain bullish on HYPE despite any short term correction for the Layer-1 altcoin. The analyst notes that Hyperliquid has seen all-time high in Circle’s stablecoin USDC deposits, indicating strong demand, while auction prices have also reached unprecedented levels, with significant purchases made by notable entities like MON Protocol. The total amount of USDC held on Hyperliquid has surged, showcasing robust liquidity. Moreover, many savvy traders have invested millions in HYPE and are publicly supporting the token, suggesting confidence in its future potential. Retail investors have yet to enter the market significantly, as HYPE is not yet available on Tier 1 centralized exchanges, this could be a notable catalyst for its price in case of gathering significant attention by these traders for the HYPE price. Related Reading: XRP Price Targets $3.34 After Corrective Downtrend Within Descending Channel Ericonomic has further drawn comparisons between HYPE and Binance Coin (BNB), noting that HYPE holders enjoy a more equitable distribution of fees, as all fees generated are directed back to the Hyperliquid protocol. Additionally, the community anticipates several upcoming catalysts, including new listings in major crypto exchanges and the introduction of HyperEVM, which could significantly enhance the platform’s capabilities. At the time of writing, HYPE has consolidated at the $26.91 level following a retracement from its record peak of $42, which was reached on December 12. Despite this correction, the token still reflects substantial gains of over 105% on a weekly basis, accompanied by trading volumes of $342 million. Looking ahead, it remains to be seen whether there will be sufficient catalysts to support the token after its recent correction. Featured image from DALL-E, chart from TradingView.com
After years of uncertainty, the defunct cryptocurrency exchange FTX, previously led by convicted founder Sam Bankman-Fried, has announced the effective date for its Chapter 11 reorganization plan aimed at distributing funds to affected customers. Initial Distribution Date Set On Monday, FTX Trading Ltd. and its affiliated debtors revealed that their court-approved Chapter 11 Plan of […]
Amid its historic price action, Bitcoin (BTC) has quietly hit a new all-time high (ATH) against gold. The insight was highlighted by veteran trader Peter Brandt in an X post. Bitcoin Hits New ATH Against Gold: Room For Further Growth? Brandt’s analysis revealed that the BTC-to-gold ratio has reached a new ATH of 32.19 ounces of gold per BTC. In his post, the seasoned trader also took a subtle dig at long-time gold advocate Peter Schiff, a vocal Bitcoin critic. Related Reading: Bitcoin Price Surge In 2024 Not Enough To Beat Gold’s Risk-Adjusted Returns – Details Here For those unfamiliar, the BTC-to-gold ratio measures Bitcoin’s performance relative to gold, showing how many ounces of gold are needed to purchase one whole BTC. This metric underscores Bitcoin’s growing dominance as a store of value. Brandt further noted that the next target for Bitcoin is 89 ounces of gold per BTC, suggesting significant room for Bitcoin to grow against the precious metal. This aligns with the broader narrative within the crypto industry that Bitcoin is poised to challenge gold’s $15 trillion market cap. It’s worth recalling that Brandt previously predicted Bitcoin would rise 400% relative to gold by 2025. Back in October, he projected that BTC could reach the equivalent of 123 ounces of gold based on historical market patterns. A recent report by trading firm Bernstein added weight to this narrative, forecasting that Bitcoin is on track to replace gold as the preferred safe-haven asset within the next 10 years. As of now, BTC boasts a market cap of $2.11 trillion, steadily closing in on gold’s dominance. Similar forecast was made by one of the earliest Bitcoin advocates, Eric Voorhees. The CEO of ShapeShift crypto exchange made a bold prediction, saying that unlike gold or oil, BTC’s digitally-programmed supply scarcity will drive its price upwards. Additionally, Nate Geraci, President of the ETF Store, predicts that Bitcoin-based exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management within the next two years. Supporting this outlook, data from SoSoValue indicates that cumulative net inflows into all spot BTC ETFs currently stand at $35.6 billion, compared to gold ETFs, which sit at $55 billion. Implications Of A Potential BTC Strategic Reserve With BTC surpassing the pivotal $100,000 price level, speculation has grown regarding President-elect Donald Trump’s approach to digital assets. Industry experts believe that Trump may prioritize Bitcoin adoption early in his second term, further boosting BTC’s price. Related Reading: BlackRock Declares Bitcoin The New ‘Gold Alternative’ – Here’s Why Data supports this optimistic view. According to crypto analyst Ali Martinez, the number of BTC whales – wallet addresses holding more than 1,000 BTC – has skyrocketed since Trump’s election victory. This optimism is further fuelled by speculation surrounding a potential US strategic Bitcoin reserve. Prominent financiers argue that if the US were to create such a reserve, China and other nations would likely follow suit to remain competitive. At press time, BTC trades at $106,909, up 3.7% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
The UK Financial Conduct Authority (FCA) has released a discussion paper outlining several proposals and inviting public feedback on crypto regulations in the country. Notably, one proposal seeks to ban public crypto offers from non-regulated entities. Cryptocurrency Public Offers Draw The FCA’s Attention According to the FCA, the proposals – detailed in the discussion paper […]
Xaman’s spike in user activity reflects a renewed interest in the XRPL ecosystem amid the ongoing XRP rally and anticipation of the RLUSD stablecoin launch.
There’s potential for a 2024 Santa Claus rally across the crypto markets. Historical trends, market factors and this year’s bull run could lead to significant gains.
The crypto world is poised for a transformative year in 2025 and many investors and analysts are anticipating a year-long rally, especially after a new crypto-positive administration comes into power in the US. Related Reading: Bit Global Digital Takes Coinbase To Court Over WBTC Delisting Interestingly, investment management firm VanEck has revealed a bold set […]
In a notable development for the cryptocurrency landscape, Japanese Member of Parliament Satoshi Hamada has urged his government to establish a Strategic Bitcoin Reserve, aligning Japan with a growing global trend where nations like the United States are exploring similar initiatives. Bitcoin Adoption Surges Among Nations And Major Corporations Hamada’s proposal reflects a broader interest in diversifying national reserves with cryptocurrencies, particularly following recent discussions in the Japanese parliament about reserve movements in the US and other countries. This surge in interest comes on the heels of Texas’s significant legislative efforts. The Texas House of Representatives has introduced a bill aimed at creating a strategic Bitcoin reserve, spearheaded by Republican state Representative Giovanni Capriglione. Related Reading: Australia’s Biggest Pension Fund Makes Historic $17M Bitcoin Investment, A National First The proposed legislation seeks to enable the state to accept taxes, fees, and donations in Bitcoin, with a commitment to hold these assets for a minimum of five years. Capriglione, who announced the bill during an X Spaces event, emphasized the potential benefits of such a reserve in enhancing Texas’s fiscal stability and reinforcing its leadership in Bitcoin innovation. “Probably the biggest enemy of our investments is inflation,” he stated, highlighting that a strategic Bitcoin reserve could provide a win-win scenario for the state. The legislation, titled “An Act Relating to the Establishment of a Bitcoin Reserve within the State Treasury of Texas and the Management of Cryptocurrencies by Governmental Entities,” underscores a significant trend of increasing institutional interest in Bitcoin as a strategic reserve asset. Notably, this movement is not limited to nations; following President-elect Donald Trump’s proposal for a US strategic Bitcoin reserve at the National Bitcoin Conference in Nashville earlier this year, there has been a marked uptick in BTC adoption among various countries and private companies. Bitcoinist previously reported that in just the past month, nine major firms from sectors including finance, healthcare, and artificial intelligence (AI) have embraced the market’s leading cryptocurrency as a strategic reserve asset. October 2025 As Next Major BTC Market Top? As these developments unfold, BTC has recently closed the week above the $100,000 mark, fueling speculation about its future trajectory. Crypto analyst Ali Martinez has pointed out that if Bitcoin adheres to historical trends observed in previous market cycles, the next market peak could occur in October 2025. The analyst noted that in the last two cycles, from market bottom to market top, it took approximately 1,065 days, while the duration from one market bottom to the next was around 1,430 days. Related Reading: Dogecoin Will See New ATH Soon – Top Trader Sets $2 Target Martinez also identified a critical support level for Bitcoin at $96,870, where approximately 1.45 million addresses accumulated around 1.42 million BTC. He stated that as long as this demand zone remains intact, there is a strong likelihood that Bitcoin will continue its upward momentum. At the time of writing, BTC is trading at $101,477, up 2% on the week after a brief consolidation period and a 7% drop towards $91,000. Featured image from DALL-E, chart from TradingView.com
According to a recent Bloomberg report, Donald Trump’s crypto initiative, World Liberty Financial (WLF), is making significant strides by acquiring three altcoins worth millions. This move comes amid growing speculation that the decentralized finance (DeFi) platform is on the brink of “becoming operational.” Trump’s Crypto Venture Secures Major Token Purchases Since December 11, World Liberty […]
As speculation swirls around the future trajectory of Bitcoin (BTC) and the broader cryptocurrency market, asset management firm VanEck has released a set of predictions that bolster optimism for continued upward momentum. VanEck Forecasts Bitcoin Soaring To $180,000 VanEck predicts that the crypto bull market will reach a “medium-term peak” in the first quarter of 2025, followed by new all-time highs by the year’s end. The firm estimates Bitcoin could soar to approximately $180,000, while Ethereum (ETH) may exceed $6,000, Solana (SOL) could surpass $500, and Sui (SUI) might reach over $10. The report further suggests that the United States will begin to embrace Bitcoin as a strategic reserve asset, as President-elect Donald Trump promised, anticipating an increase in overall crypto adoption. Related Reading: Australia’s Biggest Pension Fund Makes Historic $17M Bitcoin Investment, A National First With anticipated changes in leadership at the Securities and Exchange Commission (SEC), numerous spot crypto exchange-traded products (ETPs) are also expected to be approved. This includes Ethereum ETPs featuring staking options, as well as in-kind transaction capabilities for both Bitcoin and Ethereum. Per the report, the asset manager forecasts that the value of tokenized securities will exceed $50 billion in the coming months, following a 61% growth to $12 billion throughout this year. Most of this value currently resides on permissioned chains, but 2025 is expected to be a breakthrough year, particularly as organizations like the Depository Trust & Clearing Corporation (DTCC) explore bridging public and private blockchains. The firm projects that stablecoins will revolutionize payment systems, with daily settlement volumes potentially tripling to reach $300 billion by the end of 2025. This growth, driven by increased adoption in global commerce, remittances, and integration with major technology and payment networks, would position stablecoins to handle transactions equivalent to 5% of DTCC’s daily volumes. DeFi To Hit All-Time Highs Another intriguing prediction is the rise of one million new AI agents, which VanEck describes as “digital workers” that autonomously execute tasks or make decisions. These agents are expected to generate significant on-chain activity as they expand their roles beyond decentralized finance (DeFi) into areas such as social media, gaming, and consumer applications. VanEck anticipates that Bitcoin Layer-2 solutions will accumulate a total value locked (TVL) of 100,000 BTC, building on an impressive 600% growth in 2024 that brought the TVL to 30,000 BTC. The report forecasts that Ethereum’s blob space will generate $1 billion in fees, spurred by the rapid adoption of Layer-2 solutions, rollup optimizations, and high-fee use cases such as tokenized assets and enterprise applications. VanEck predicts that decentralized finance (DeFi) will hit all-time highs, with decentralized exchange (DEX) volumes reaching $4 trillion and total value locked in DeFi rising to $200 billion. This growth will reportedly be fueled by AI-related tokens, consumer-facing decentralized applications (dApps), and the tokenization of assets that drive liquidity and user adoption. Related Reading: Solana Price On The Rise: Key Resistance At $235 Could Spark Major Breakout The non-fungible token (NFT) market is expected to rebound, with trading volumes projected to reach $30 billion in 2025. Despite recent downturns, standout projects like Pudgy Penguins and Miladys have managed to thrive by leveraging strong community ties and transitioning into consumer brands. Finally, VanEck forecasts that decentralized application (dApp) tokens will narrow the performance gap with Layer-1 tokens. In 2024, Layer-1 blockchain tokens outperformed dApp tokens by a factor of two, but innovative dApps in artificial intelligence and Decentralized Physical Infrastructure Networks (DePIN) are anticipated to drive a shift in performance dynamics. At the time of writing, the market’s leading crypto has managed to reclaim the $101,820 level, recording a 2% increase in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
Despite surging more than 65% on a year-to-date (YTD) basis, Ethereum (ETH) has been overshadowed by Bitcoin (BTC) and other cryptocurrencies like Solana (SOL) and XRP due to their extraordinary price gains throughout 2024. Analysts are increasingly bullish on ETH, projecting five-figure price targets for the second-largest cryptocurrency. Ethereum To Finally Get Its Moment? The […]
While Bitcoin (BTC) fluctuates around the critical $100,000 price level, some investors may seek the ideal opportunity to take profits and exit the market. In this context, a CryptoQuant analysis highlights a key BTC metric that can serve as a valuable tool for crafting an exit strategy. Have Profits In Bitcoin? Keep An Eye On This Indicator In a Quicktake blog post published today, CryptoQuant contributor Onchain Edge shared insights into timing the sale of BTC during the current bull market. The analyst emphasized the importance of the Bitcoin supply in loss metric, noting its potential to signal when to start exiting the market to preserve profits. Related Reading: Bitcoin May Face ‘Demand Shocks’ In 2025 Due To Growing Institutional Interest: Report For those unfamiliar with Bitcoin, the supply in loss measures the percentage of BTC held at a loss based on its last moved price. A low percentage of supply in loss typically indicates peak market euphoria and serves as a warning to secure profits before a bear market correction begins. According to the CryptoQuant analysis, when BTC supply in loss drops below 4%, it signals a good time for investors to consider dollar-cost averaging (DCA) out of their BTC holdings and wait for the next bear market lows. Currently, the BTC supply in loss sits at 8.14%. DCA is an investment strategy where investors allocate a fixed amount of money to an asset at regular intervals, regardless of its price. This method helps reduce the impact of market volatility and lowers the average cost per unit over time. The analyst adds: Why? Below 4% means a lot of people are in a profit this is the peak bullrun phase. Trust me you don’t want to be bagholding because you thought we will never see a bear market again. Be fearful when others are greedy. Analysts Confident Of Further Upside In BTC Price While tracking the BTC supply in loss metric can help investors safeguard their profits, recent forecasts from crypto analysts suggest there might still be room for further upside before this indicator becomes crucial. Related Reading: Bitcoin Exchange Reserves Plunge To Multi-Year Lows: Will BTC Gain From Supply Crunch? According to crypto analyst Ali Martinez, BTC forms a classic cup and handle pattern on the weekly chart. The premier cryptocurrency looks poised to break out of the bullish formation, with targets as high as $275,000. Similarly, Donald Trump’s victory has brought fresh optimism in the crypto industry. In the recently concluded Bitcoin MENA conference in Abu Dhabi, Trump’s former campaign chairman, Paul Manafort, noted that BTC investors can “expect more than $100,000” during the ongoing market cycle. Other forecasts remain equally bullish. Tom Dunleavy, Chief Investment Officer at MV Global, projects BTC to reach $250,000, while Ethereum (ETH) might climb to $12,000 during this market cycle. BTC trades at $100,983 at press time, up a modest 0.1% in the past 24 hours. Featured image from Unsplash, Charts from CryptoQuant and TradingView.com
CleanSpark joins the crowd in raising funds through convertible notes, but doesn't plan to invest the proceeds.
Bitcoin could reach $180,000 by the end of 2025, the asset manager said.
Hardware wallet provider Ledger has linked a recent loss of funds by one of its users to a phishing attack in February 2022.
In an important victory for the crypto industry, Rep. French Hill, a Republican from Arkansas, is expected to become the next chair of the House Financial Services Committee after being endorsed by the GOP’s steering committee. This move implies a favorable trend in cryptocurrency regulation under President-elect Donald Trump’s administration, which has already made key […]
In a groundbreaking move for the Australian pension industry, AMP Ltd., a prominent pension and wealth management firm, has allocated approximately A$27 million (around $17.2 million) to Bitcoin (BTC) futures. This investment marks AMP as one of the first major retirement managers in Australia to embrace cryptocurrency products, reflecting a shift in attitudes toward digital assets within a traditionally conservative sector. AMP’s Bitcoin Futures Investment AMP’s Senior Portfolio Manager, Steve Flegg, announced the decision on LinkedIn, noting that the firm “took the plunge and made a modest allocation to Bitcoin” earlier this year. A corporate representative told Bloomberg that the investment was primarily in Bitcoin futures and that there are currently no intentions to raise this commitment. Related Reading: Shiba Inu Surges 14% In A Day: Is An additional 180% Rally Within Reach? The move comes after BTC recently reached the $100,000 barrier for the first time, rising by more than 40% since Donald Trump’s victory in the US presidential election in November. Trump, known for his pro-crypto position, has vowed to create a more favorable regulatory environment for digital-asset enterprises, hence increasing interest in cryptocurrencies, and has proposed the establishment of a national Bitcoin stockpile. Despite AMP’s pioneering steps, the broader Australian pension sector, valued at A$4.1 trillion, has shown limited enthusiasm for cryptocurrency investments. Reserve Bank of Australia Governor Michele Bullock has stated that Bitcoin does not play a significant role in the Australian economy. Furthermore, regulators have cautioned that robust risk management practices must be employed when engaging with digital assets. The Australian pension industry has faced scrutiny over various issues, including valuation concerns in unlisted markets, customer service, and investment fees. Recently, many pension products offered by AMP failed an annual performance test designed to identify underperforming retirement products, with several failing for a second consecutive year. Crypto ETFs Fuel AMP’s Investment Strategy The decision to invest in Bitcoin futures is indicative of the “structural changes” occurring within the digital-assets landscape, according to AMP’s Chief Investment Officer, Anna Shelley. She pointed to the recent launch of exchange-traded funds (ETFs) in the US that invest directly in Bitcoin and Ethereum (ETH) by leading investment managers as a significant development. “Following testing and careful consideration by our investment team and committee, we included a small and risk-controlled position in digital assets through our Dynamic Asset Allocation program in May,” Shelley explained. Related Reading: Solana To New ATH Before Christmas – Analyst Expects $300 Soon The exposure to BTC futures constitutes about 0.05% of AMP’s total pension assets, illustrating a cautious yet progressive approach to digital asset investment by the Australian asset manager. While AMP acknowledges the potential benefits of exposure to cryptocurrencies, the firm remains acutely aware of the associated risks and volatility. Shelley noted that although their superannuation members have gained from this exposure, the investment is part of a highly diversified asset mix and will be managed with careful oversight. At the time of writing, the market’s leading crypto is trading at $99,800, recording a slight 1.1% decrease in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
A Texas Bitcoin investor faces prison for failing to report over $4 million in cryptocurrency gains, setting a legal precedent.
On Thursday, the Texas House of Representatives took a significant step toward integrating cryptocurrency into state financial strategy by introducing a bill aimed at establishing a strategic Bitcoin reserve. Sponsored by Republican state Representative Giovanni Capriglione, the proposed legislation seeks to allow the state to accept taxes, fees, and donations in Bitcoin, with the intention […]
According to a report by crypto asset management firm Sygnum, institutional investor-led ‘demand shocks’ could propel Bitcoin (BTC) prices to new highs in 2025. However, altcoins may underperform due to factors such as reduced capital rotation from BTC to other cryptocurrencies. Bitcoin Likely To Continue Its Momentum Into 2025 In a report titled Crypto Market Outlook 2025, asset manager Sygnum outlined multiple factors that are likely to further push BTC price upwards next year. The report highlights new capital inflows into the market – particularly institutional inflows – as the primary driver for the crypto bull market in 2025. Related Reading: Bitcoin On Track For $275,000? Analyst Cites Cup And Handle Formation The analysis highlights a ‘multiplier effect’ caused by institutional inflows combined with Bitcoin’s limited liquid supply. For instance, every $1 billion of net inflows into spot BTC exchange-traded funds (ETFs) reportedly triggers a 3-6% price increase. Additionally, the report notes that Bitcoin’s price momentum is amplified by the concept of reflexivity – demand for BTC grows as its price rises, creating a feedback loop. Together, institutional inflows, the multiplier effect, and Bitcoin’s reflexivity are expected to make 2025 a pivotal year for the cryptocurrency. The report also emphasizes the importance of a pro-crypto regulatory climate in the US, following the confirmation of Donald Trump’s victory in the November presidential election. The outcome is widely seen as favorable for crypto legislation, with expectations of a comprehensive regulatory framework that could provide much needed clarity for the industry. The election outcome bodes well for crypto legislation, with widespread expectation of the establishment of a comprehensive regulatory framework, which includes clarifying the status of crypto assets and defining the roles of the regulatory bodies. It is expected that the CFTC’s role in crypto oversight will be extended, and the chances of the various crypto bills passing and being written into law have increased substantially. Some of the major crypto bills that will be in focus are The Payment Stablecoin Act, The Bitcoin Act – which compels the US government to build a strategic BTC reserve – The CBDC Anti-Surveillance Act, and several other bills that support crypto self-custody, crypto mining, and decentralized finance. 2025: A Watershed Year For BTC The report predicts that institutional giants such as BlackRock, Fidelity, and Morgan Stanley will continue increasing their exposure to crypto. Notably, some portfolios now allow allocations of up to 25% for crypto investments, though typical allocations remain in the 1-3% range. Related Reading: Anthony Scaramucci Foresees China Bitcoin Strategic Reserve In 2025 Further, BTC may benefit from central banks and local governments considering setting aside some part of their funds for BTC reserves. Notably, countries like El Salvador and Bhutan are already actively mining and accumulating BTC as part of the wider national economic strategy. The report adds that 2025 inflows into crypto ETFs are likely to be ‘substantially higher’ than the net inflows to date. As of December 11, the total net assets in US-based spot BTC ETFs stands at $113.72 billion, according to data from SoSoValue. Despite the optimistic forecasts, the report acknowledges several potential risks that could dampen Bitcoin’s bullish trajectory. These include inflationary pressures, geopolitical uncertainties, and the increasing dominance of Tether in the stablecoin market. At press time, BTC trades at $100,940, up 0.9% in the past 24 hours. Featured image from Unsplash, Chart from TradingView.com
Coinbase said it will assess reenabling services for stablecoins that achieve MiCA compliance at a later date.
Some of Alipay’s mainland Chinese users saw ads inviting them to invest up to $137 daily in a fund with indirect exposure to a US spot Bitcoin ETF and Coinbase.
Bitcoin (BTC) recaptured the vital $100,000 threshold on Wednesday, following weeks of consolidation below it. This rebound has been attributed to rising confidence in the digital currency sector’s future regulatory environment under President-elect Donald Trump. Bitcoin Price Nears Record Peaks The regulatory landscape is poised for significant changes, particularly with Brian Quintenz emerging as a strong candidate to lead the Commodity Futures Trading Commission (CFTC). Quintenz, currently the head of policy at a16z Crypto—Andreessen Horowitz’s digital asset division—and a former Republican CFTC commissioner, is seen as a favorable choice for the crypto community. Related Reading: XRP Price Defies Bearish Crypto Trend, Rallies 6%: Key Drivers Revealed This follows the recent selection of pro-crypto Paul Atkins to lead the US Securities and Exchange Commission (SEC), giving him the ability to turn the regulatory agency 180 degrees after years of leading a regulation-by-enforcement crusade led by its retiring chair Gary Gensler. Trump’s recent efforts to reverse a Biden administration crackdown on crypto have contributed to Bitcoin’s recovery, which reached an all-time high of $104,00 on December 5. Since then, Bitcoin has fluctuated around the six-figure mark, indicating sustained interest from investors. Alongside regulatory optimism, expectations for a potential reduction in interest rates by the US Federal Reserve (Fed) have also bolstered investor sentiment. Bullish Sentiment Grows Following reports that US consumer-price inflation met forecasts, speculators have increased their bets on a new interest rate cut. This shift in monetary policy expectations has had a positive impact on markets, propelling the tech-heavy Nasdaq 100 stock index to a record high. Henry Elder, a principal at UTXO Management, noted, “The market likes seeing inflation come in within expectations,” adding that traders are currently assessing whether $100,000 will act as a ceiling or a floor for BTC prices. Trump has not only indicated a willingness to foster a more favorable regulatory environment but has also supported the concept of a strategic national Bitcoin stockpile. While the feasibility of this idea remains debated, Eric Trump recently expressed on Bloomberg Television that his father would be “an unbelievable ally to the industry.” Related Reading: Solana Price At $4,000? Cup And Handle Pattern Shows Why This Is Possible Since Trump’s election victory on November 5, Bitcoin has surged nearly 50%, buoyed by approximately $11 billion in net inflows into US spot Bitcoin exchange-traded funds (ETFs). Technical expert Ali Martinez has added to the positive view for the flagship cryptocurrency by stating that whales are aggressively buying dips. Notably, 342 wallets with more than 100 BTC were created when prices dropped from $104,000 to $90,000. This accumulation by major holders fuels the positive mentality, with Martinez projecting the Bitcoin price will hit $275,000 based on a cup-and-handle formation on its one-week chart. Featured image from DALL-E, chart from TradingView.com
Bitcoin (BTC) fell to $94,500 yesterday after Microsoft shareholders decisively rejected a Bitcoin treasury proposal to allocate 1% of the company’s total assets to buy BTC as an inflation hedge. However, analysts are still confident of further appreciation of the BTC price. Bitcoin May Surge As High As $275,000 According to data from Coinglass, over $478 million worth of contracts – primarily long positions – were liquidated in the past 24 hours following the plunge in BTC and other cryptocurrencies. Interestingly, liquidation volumes were higher in altcoins compared to Bitcoin. Related Reading: Bitcoin Resets Open Interest, Targets $100,000 After Holding Key Support – Details However, some analysts view this price dip as a buying opportunity. Seasoned crypto analyst Ali Martinez took to X to highlight a long cup and handle pattern forming on Bitcoin’s weekly chart. For those unfamiliar, the cup and handle pattern is a bullish technical formation that resembles a rounded “cup” followed by a brief consolidation period or “handle.” It typically signals the potential for a continuation of an uptrend, often leading to significant price gains. Martinez noted that the pattern suggests Bitcoin could surge as high as $275,000, based on its technical structure. However, he also urged traders to exercise caution and avoid overleveraging their positions. On the other hand, prominent crypto analyst @Trader_XO warned that Bitcoin must maintain its support at $90,000 to avoid further downside. Should BTC lose this critical level, it could drop as low as $85,000. Conversely, holding above $90,000 would allow the cryptocurrency to rebound and resume its uptrend. BTC Takes Another Jab At Breaking Through $100,000 Despite yesterday’s dip, Bitcoin recovered swiftly, trading near $100,000 at the time of writing. The flagship cryptocurrency has remained in an overall uptrend, likely bolstered by today’s US inflation data for November, which largely aligned with market expectations. Related Reading: Bitcoin Price Could Peak In 200 Days, Before US Recession In Mid-2025, Report Says Bitcoin recently hit a new all-time high (ATH) of $103,679, according to data from CoinGecko. However, its price has fluctuated above and below the pivotal $100,000 mark, leading to over $1.5 billion in liquidations in the past week. Several factors could drive Bitcoin’s price to a new ATH. For instance, BTC reserves on cryptocurrency exchanges have hit multi-year lows, reflecting rising demand for the digital asset. American financier and former investment banker Anthony Scaramucci recently predicted China might establish its own Bitcoin reserve if the US proceeds with its strategic Bitcoin reserve plans. National BTC reserves are expected to reinforce Bitcoin’s supply scarcity narrative, potentially driving prices higher. At the same time, BTC adoption among corporations continues to rise, as Canadian video-sharing firm Rumble became the latest company to unveil a BTC treasury strategy. BTC trades at $100,453 at press time, up 4.1% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
An official in the US state of Alabama produced a litany of benefits a state Bitcoin reserve could bring.
The treasury reserve plan will provide Travala with additional financial resources in the future, according to the CEO.
As President-elect Donald Trump approaches his inauguration on January 20, the cryptocurrency market has experienced a significant surge, with Bitcoin reaching an all-time high of $104,000 on December 5. This increase, nearly 50% since Trump’s election, has sparked expectations of a new era for crypto regulations in the United States. Sources close to Trump indicate […]
On Tuesday, Ripple CEO Brad Garlinghouse revealed that the New York State Department of Financial Services (NYSDFS) has granted final approval for the firm’s inaugural stablecoin, RLUSD. Ripple Set To Enter Stablecoin Market With the release of RLUSD, Ripple hopes to provide a reliable option for clients interested in digital currencies while limiting the volatility […]
Data shows the cryptocurrency market has registered large liquidations in the past day as altcoins like Dogecoin and XRP have crashed. Cryptocurrency Derivatives Market Has Just Seen Massive Long Liquidations According to data from CoinGlass, a mass amount of liquidations have piled up over on the derivatives side of the cryptocurrency sector during the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes when its bet fails enough to accumulate losses equal to a certain degree (the exact value of which may differ between platforms). Related Reading: Bitcoin HODLing Rewards: Long-Term Holders Selling At 326% Profit Below is a table that breaks down the relevant numbers related to the liquidations from the past day. As is visible, there have been total liquidations of cryptocurrency-related contracts worth a whopping $1.56 billion in the past day. The long holders were involved in an overwhelming majority of this flush, with liquidations associated with them standing at $1.39 billion (almost 90% of the total). The reason behind the large liquidations is the crash that the altcoin market has faced during this window, with many popular coins like XRP and Dogecoin being down double digits. It would appear that many traders had set up bullish positions on the market, hoping that the recent momentum led by Bitcoin’s exploration to new highs would continue shortly. BTC has interestingly managed to limit its losses to just 2%, but evidently, the rest of the market hasn’t been so lucky. As for which of the assets was responsible for the most liquidations, the below heatmap shows it. Usually, Bitcoin leads the market liquidations, but it appears the second largest cryptocurrency by market cap, Ethereum has instead contributed the most towards the flush with $229 million in positions. Dogecoin and XRP have followed BTC’s $173 million liquidations with flushes of $88 million and $68 million, respectively. Their large liquidations are likely due to their popularity and the notable scale of drawdown they have seen. It would also seem that the speculative interest in the sector has been so deep recently that the small cap assets (referred to as ‘others’ in the heatmap) have added up to a massive $496 million liquidation. Related Reading: Analyst Sets $4.40 XRP Target As 3rd-Straight Bull Pennant Forms Mass liquidation events aren’t particularly rare in the cryptocurrency sector, but today’s flush has been extraordinary even for the market’s standards. These events happen from time to time because coins across the board generally display notable volatility, and a lot of speculators opt for risky amounts of leverage. These two conditions have been particularly pronounced recently, which is why the derivatives sector has exploded in this fashion. XRP Price At the time of writing, XRP is trading around $2.09, down almost 15% in the last seven days. Featured image from Dall-E, CoinGlass.com, chart from TradingView.com
Anthony Scaramucci, Founder and Managing Partner at SkyBridge Capital, recently shared his insights on Bitcoin (BTC) and the broader cryptocurrency market. Speaking at the Bitcoin MENA 2024 Conference, Scaramucci predicted that China would likely establish a Bitcoin strategic reserve in 2025. Scaramucci Predicts China Will Follow the US Bitcoin Strategy The former White House Communications director predicted that China would return to BTC mining after years of a blanket ban. In addition, the American stated that China will also likely create a BTC strategic reserve next year, following in the footsteps of the US. Related Reading: Bitcoin Exchange Reserves Plunge To Multi-Year Lows: Will BTC Gain From Supply Crunch? Scaramucci attributed this potential shift to the pro-crypto stance of the US, driven by the victory of Republican presidential candidate Donald Trump in the November election. He believes the US’ new regulatory framework for digital assets will pressure other nations to establish similar frameworks. He added that China may have its own Bitcoin strategic reserve by next year. Further, the Asian giant might reconsider the ban on Bitcoin mining and use it as a tool to mine and accumulate more BTC. Scaramucci said: China, there is no way, and I’ll bet money on this, that if the US is moving toward a strategic Bitcoin reserve, that the Chinese are not going to participate. It is worth highlighting that last month, Scaramucci stated that BTC will trade as high as $176,000 in the next two years. He pointed toward a strong demand for BTC and its limited supply of 21 million as major driving factors that could increase the asset’s price in the coming years. Countries Looking To Create BTC Strategic Reserve To recall, cryptocurrency was one of the major themes of President-elect Trump’s election campaign. Since Trump’s victory, speculations surrounding a national BTC strategic reserve have found increasing support from people across different domains. Related Reading: Bitcoin On Track To Replace Gold In 10 Years, Trading Firm Predicts While countries like El Salvador already maintain national Bitcoin reserves, the US creating a similar reserve could have significant global implications. Experts predict that such a move could propel Bitcoin’s price to over $1 million. The US isn’t the only country considering a national Bitcoin reserve. In Brazil, federal deputy Eros Biondini recently introduced legislation establishing a Sovereign Strategic Bitcoin Reserve to diversify the country’s financial assets. Similarly, Russian State Duma Deputy Anton Tkachev has proposed the creation of a Strategic Bitcoin Reserve. This initiative aims to reduce Russia’s reliance on foreign currencies like the USD and yuan for international trade and help mitigate the impact of international sanctions. Establishing a Bitcoin strategic reserve by any major country could trigger a domino effect, prompting others to follow suit. This trend has already been observed among corporations, such as Metaplanet and Hut 8, that have adopted MicroStrategy’s approach of adding Bitcoin to their balance sheets. BTC trades at $95,344 at press time, down 1.8% in the past 24 hours. Featured image from Unsplash, chart from Tradingview.com