$1.7 Billion Position Liquidated, Bitcoin Drops to $94,000
The sharp decline in the crypto market led to the liquidation of $1.7 billion worth of leveraged positions in 24 hours. Bitcoin fell from above $100,000 to $94,100, while Ethereum fell 8% to below $3,800. The overall market lost 7.5%, while the total crypto market value took a serious hit.
Although Bitcoin partially recovered and rose to $97,800, it is still down 2% in the last 24 hours. The declines continue in the altcoin market. The biggest losses were experienced by Ripple (11%), Dogecoin (10%) and Cardano (13%). Experts predict that the market will remain volatile in the short term.
Russia Proposes a Bitcoin Reserve
Russian State Duma member Anton Tkachev has proposed the creation of a national Bitcoin reserve to protect the country against sanctions and geopolitical risks. Tkachev stated that traditional foreign exchange reserves are open to risks such as sanctions, inflation and volatility, and that crypto assets such as Bitcoin can provide solutions to these problems. Drawing attention to Bitcoin’s value exceeding $ 100,000 by the end of 2024, Tkachev emphasized the potential of cryptocurrencies as both a store of value and an investment tool. It is stated that the proposal could inspire other countries under sanctions to evaluate crypto assets as a financial stability tool. Bitcoin is currently trading at $96,500.
El Salvador Tightens Bitcoin Laws for IMF Loan
El Salvador is aiming to change its law requiring Bitcoin to be legal tender in order to qualify for a $1.3 billion loan from the International Monetary Fund (IMF). The government will make it optional, removing a requirement for businesses to accept Bitcoin. It will also commit to reducing the budget deficit by 3.5% of GDP, cutting spending and increasing taxes. The deal is expected to be finalized in a few weeks and could open the door to an additional $2 billion in loans from the World Bank and the Inter-American Development Bank. The IMF has repeatedly said that El Salvador accepting Bitcoin as legal tender poses risks to financial stability and consumer protection.
Amazon Shareholders Demand Bitcoin
Amazon shareholders are demanding that the company allocate at least 5% of its assets to Bitcoin. The proposal presented by the National Center for Public Policy Research (NCPPR) emphasizes that Bitcoin has outperformed traditional assets such as corporate bonds in recent years. It is suggested that Bitcoin be added to Amazon’s treasury as a hedge against inflation and asset diversification strategy. While Tesla and MicroStrategy’s Bitcoin investments are cited as examples, it is requested that an evaluation be made as to whether this step is in the long-term interests of shareholders.
While Amazon has not yet given an official response on the subject, it has shown interest in studies on blockchain technology in the past. The proposal stands out as part of the institutional Bitcoin adoption initiatives, where NCPPR called for a Bitcoin investment similar to Microsoft. Microsoft management had called on shareholders to reject this proposal.
Riot Platforms to Issue $500 Million in Bonds to Purchase Bitcoin
Riot Platforms announced that it plans to issue $500 million in convertible bonds. The company aims to make Bitcoin purchases and support its strategic growth goals with this resource. According to the announcement, these bonds will be offered to qualified institutional investors through a private offering. Riot, as a leading Bitcoin mining platform, aims to expand its digital asset reserves and strengthen its position in the industry with this move.
PEPE Surpasses UNI and LTC, Surpassing $11 Billion in Market Cap
Meme coin PEPE has surpassed Uniswap (UNI) and Litecoin (LTC) by surpassing $11.37 billion in market cap. According to CoinGecko data, PEPE’s price has increased by 4.5% in the last 24 hours, reaching an all-time high of $0.00002708. Following this success, PEPE has moved into 23rd place in the market cap rankings.
PEPE’s rise was supported by a wave of increasing optimism in the crypto market, with Bitcoin surpassing $100,000. Analysts say whales increased their PEPE investments by $1.14 billion over the weekend, reflecting strong institutional interest. PEPE, which has gained a massive 1,900% in value this year, is among the most notable assets in the meme coin market.
MicroStrategy Purchases 21,550 BTC for $2.1 Billion
MicroStrategy announced that it purchased 21,550 Bitcoins for a total of $2.1 billion in cash between December 2-8, 2024. The company funded these transactions with $2.13 billion in proceeds from the sale of shares. The average cost of the purchases, including expenses, was approximately $98,783 per Bitcoin.
With these latest purchases, MicroStrategy’s total Bitcoin reserves reached 423,650 BTC. The company’s total Bitcoin investment reached approximately $25.6 billion, while the average purchase cost was recorded as $60,324 per Bitcoin. With these purchases, MicroStrategy has once again demonstrated its strong commitment to Bitcoin.
Stablecoin Market Surpasses $200 Billion: DeFi Loan Yields at Their Peak
The total stablecoin market value has reached a record high, exceeding $200 billion, up 13%. This increase is attributed to investors seeking to take advantage of high loan yields on decentralized finance (DeFi) platforms. According to Coinbase analysts, the annualized yields offered on DeFi lending protocols exceed three times the yields of long-term bonds.
DeFiLlama data shows that the rise in stablecoin market value accelerated after the US presidential election around November 5. Among the prominent protocols, Aave and Compound stand out with annualized yields ranging from 10-20% on networks such as Ethereum and Base.
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BITCOIN(BTC)
BTC is priced at $ 96,680 as of the morning hours with a 0.59% loss in value. Closing yesterday with a 3.79% decrease, BTC started the new day negatively. Having fallen to $ 94,150 during the night hours, BTC is moving just above the $ 96,280 support level in the morning hours. In the event of a possible negative trend continuing, the $ 96,280 level can be expected to work as support first. If this level is broken and candles close below it, a pullback to $ 94,490 and then to $ 90,720 can be seen. In a possible positive trend, it will be important to first maintain permanence above the $ 96,280 level. On the upside, $97,746 will be met as the first resistance level. This level needs to be broken and candles should close above it. For the continuation of the rise, 99,270 seems to be our target level for now. Following the candle closes for direction will be critical.
ETHEREUM(ETH)
ETH is priced at $ 3,686 as of the morning hours with a 0.73% loss in value. ETH, which closed yesterday with a 7.30% decrease, started the new day negatively and is moving below the support level of $ 3,725. If the negative trend continues, it can be expected to hold on to the intermediate support level of $ 3,637. If it cannot hold on to this level, the decline may continue to the level of $ 3,545, which it tested yesterday evening. In a possible positive movement, it will be important to first break the $ 3725 resistance and close candles above it. Then, the $ 3800-3858 band can be met as the next resistance zone.
RIPPLE(XRP)
XRP is priced at $ 2.1590 as of the morning hours with a 2.33% loss in value. Closing yesterday with a 14.95% decrease, XRP started the new day negatively and is currently moving in the support area. If the negative trend continues in XRP, the $ 2.0740 level can be expected to work as support first. If it cannot hold on to this level, the stronger support level of $ 1.8171 can be expected to work. In a possible positive movement, it will be important for candles to close above the green zone seen in the chart, namely the $ 2.160-2.2305 band. Then, 2.3645 can be met as the next resistance level. For this reason, it is important for investors to carefully monitor the determined critical support and resistance levels.
AVALANCHE(AVAX)
AVAX is priced at $ 44.85 as of the morning hours with a 0.33% loss in value. Closing yesterday with a 16.60% decrease, AVAX started the new day with minor pullbacks. For AVAX, which is moving just above the support zone, it will be important for it to break the $ 45.08 level and close candles above it in a possible positive movement. Then, the $ 48.25-50.03 resistance zone can be met. Above these levels, the $ 52.45 resistance level continues to be protected. If the negative movement continues, it is critical not to lose the $44-42.58 support zone. If this zone is broken downward, the pullback to $38.27 levels may continue. Therefore, it is important for investors to carefully monitor the identified critical support and resistance levels.
SOLANA(SOL)
SOL is priced at $214.83 with a 0.83% gain as of the morning hours. Closing yesterday with a 8.60% decrease, SOL saw $203 levels with rapid pullbacks. For SOL, which recovered from these levels with rapid purchases, if the negative trend continues, the $214.70 level is the first support. If this level is broken and candles close below it, the $208-205 band is the support. In a possible positive movement, the $222-226.51 band may be met as the resistance zone first. If these levels are broken and maintained, an increase up to $233.34 may be expected. It will be important for investors to carefully monitor the identified critical support and resistance levels.
