Bitcoin Overtakes Silver and 8. Has Been a Great Asset
Bitcoin’s market capitalization surpassed silver and became the 8th largest asset in the world, rising to over $88,000 to reach $1.736 trillion. This milestone reflects a surge in institutional interest, with BlackRock’s iShares Bitcoin Trust attracting a remarkable $4.5 billion in trading volume, and the broader Bitcoin market, including ETFs, has reached a record $38 billion in trading volume. Analysts are optimistic about the future of Bitcoin after Donald Trump’s election victory, and it is predicted that new regulations may be in favor of crypto. Bitcoin is expected to cross this threshold by the end of the year, with a prediction that it could reach $100,000.
Bitcoin at the Top: BlackRock ETF Breaks Volume Record
Bitcoin hit a historic high of over $88,000, and BlackRock’s spot Bitcoin ETF set a new daily trading volume record of $4.5 billion on Monday. This surge comes on the heels of Donald Trump’s U.S. presidential election victory and boosts optimism in the crypto market. Crypto-linked companies such as Bitcoin ETFs and MicroStrategy are attracting attention with increased interest and soaring share prices. BlackRock’s ETF set a record of $1.1 billion in net inflows in a single day last week, demonstrating increased interest from investors.
MicroStrategy Shares Hit Record High
MicroStrategy shares hit an all-time high of $350 on Monday amid Bitcoin’s record price rally of over $88,000. This marked a significant milestone, surpassing the previous peak of $333 set by the company in 2000. MicroStrategy, the largest institutional Bitcoin holder, has announced an additional $2 billion Bitcoin purchase, bringing its total holdings to 279,420 BTC. Bloomberg’s Eric Balchunas stated that the company broke a record of $12 billion in trading volume, emphasizing that this surpassed giants such as JP Morgan and General Electric. This performance is reminiscent of the company’s difficulties arising from financial misrepresentations in 2000 and the penalties imposed on CEO Michael Saylor.
Nano Labs Accepts Payments in Bitcoin
After Chinese crypto mining chip maker Nano Labs announced that it would accept Bitcoin payments for its products, its Nasdaq-listed shares rose 2.81% to $3.29. This step aligns with Nano Labs’ strategy to provide payment flexibility and meet the growing demand for crypto transactions, in line with its purpose of supporting the digital economy. However, the company has not disclosed its plan to keep Bitcoin on the balance sheet. This development comes amid China’s changing approach to crypto. Recent court rulings have recognized Bitcoin as a valuable digital asset, and Hong Kong approved its first spot Bitcoin and Ether ETFs earlier in the year.
Alameda Sues Waves Founder for $90 Million
Alameda Research has filed a lawsuit against Waves founder Aleksandr Ivanov, alleging that he extorted $90 million from him if he did not financially support Waves and Vires by threatening to freeze his assets on the Vires platform. The lawsuit alleges that Alameda deposited approximately $80 million in stablecoins on the Vires platform, which was converted into USDN, and that Ivanov manipulated the value of WAVES to withdraw funds from Vires, resulting in severe losses for users. When Alameda refused to support Vires, Ivanov reportedly blocked the withdrawal of assets and refused further communications. This led to Alameda taking legal action for fraud and asset recovery. The lawsuit also targets the likes of Binance and its CEO Changpeng Zhao as part of a broader effort by FTX to recover funds from other parties.
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BITCOIN (BTC)
BTC is priced at 88,400 with a loss of 0.39% as of the morning hours. After crossing the 73,620 and 75,000 levels, the price gained momentum and surpassed the 81,846 level and rose to the 88,348 level. A short-term consolidation can be seen at these levels, as a zone has been reached where buyers in the market can go for profit realization. In possible pullbacks, 86,628 and 81,846 levels can be followed as support. Maintaining these supports could give positive signals for the continuation of the trend. However, if the rise continues, the psychological resistance level of 90,000 should be monitored.
ETHEREUM (ETH)
ETH is priced at $3328 with a loss of 1.29% as of the morning hours. The price gained upward momentum with the support it received from the 2,819 level and reached the 3,248 level, above which it rose to the 3,328 level. Currently, the price has pulled back a bit from this area. In a possible correction, the 3,248 level can be watched as the first support zone. Maintaining this level is important for the continuation of the uptrend. Further down, the 3,175 level can be followed as strong support. If the uptrend continues, the price is likely to test the targets above 3,400.
RIPPLE (XRP)
XRP is priced at $0.6058 with a loss of 2.40% as of the morning hours. The price broke through the resistance zone at 0.59 and went up to 0.61, but experienced a slight pullback at this level. With this pullback, the price may find support above the 0.59 level. If this support is maintained, there is a potential for the price to accelerate to the upside again towards 0.64 levels. On the other hand, in case of a break of the 0.59 support, the 0.56 and 0.55 areas below should be watched as important support levels.
AVALANCHE (AVAX)
AVAX is priced at $35.17 with a loss of 1.48% as of the morning hours. The price broke through the resistance at 32.95 and rose to 35.17, but there was a slight pullback from this level. At the moment, the 32.95 level can work as support. Holding above this level may resume its upward movement and test 36 levels. On the other hand, in case it breaks below 32.95, 30 levels should be followed as support. The trend still looks strong, but the possibility of a short-term correction should also be considered.
SOLANA (SOL)
SOL is priced at $219.42 with a 1.18% gain in value as of morning. The price broke through the resistance levels of 205.00 and 215.27 and rose to 219.25, but there was a slight pullback at this point. The 215.27 level can work as support. Holding above this level can be expected to continue the upward movement and the price to test new highs. On the downside, the first strong support is at 205.00. In case it breaks below this level, 183.38 should be followed as the next support. Although the trend is still positive, the possibility of a short-term correction should be considered.
