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Nov 21, 2024 3:27 PM | Eric Bleeker
Bitcoin’s peak briefly almost hit $99,000 at 2:25 p.m. ET. Its price reached $98,850 before falling. Still, as of 3:30 Bitcoin is once again testing these highs.
What’s helping push Bitcoin north today?
- Coin Telegraph reports that Trump’s crypto council is likely to coordinate policy and will also create a Bitcoin reserve.
- SEC Chief Gary Gensler confirmed he’ll be stepping down on January 20th. Gensler had an adversarial relationship with the crypto industry and leaders in the space like Marc Andreesen have spoken out against him.
- Media coverage has also heavily featured Bitcoin today, with Mike Novogratz predicting Bitcoin will hit $800,000 plus within the next 5 to 10 years.
Bitcoin Approaching $98,000
Nov 21, 2024 12:34 PM | Eric BleekerAfter dropping below $96,000 at 10:40 a.m. ET, Bitcoin has now surged back to trading at $97,500.
The big news of the day is reports Donald Trump has selected a Treasury nominee. If an announcement comes today, who Trump appoints will likely be the next major impact on Bitcoin’s direction.
Right now Scott Bessent is the favorite on prediction markets with Polymarket placing his odds at 48%. Other potential candidates include Mark Rowan, Kevin Warsh, and Bill Hagerty.
Can Bitcoin ETF Holdings Pass Satoshi?
Nov 21, 2024 10:49 AM | Eric BleekerBloomberg’s Senior ETF Analyst posted an interesting comparison on X today. He noted that U.S. Bitcoin ETFs have now surpassed $100 billion in assets under management ($104 billion by his estimates).
That puts Bitocin ETFs at 97% of the way to passing Satoshi as the biggest holder of Bitcoin.
It seems that a $100,000 price isn’t the only record-breaking milestone that Bitcoin could see today.
Microstrategy Falling Today
Nov 21, 2024 10:34 AM | Eric BleekerWhile Bitcoin’s price approaches $100,000, crypto-adjacent stocks aren’t soaring across the board today.Microstrategy (Nasdaq: MSTR) is down nearly 10% today.
Citron Research, which is a short-seller that’s been successful in attracting attention to its shorts, announced its now short the company. Microstrategy has attracted attention from the short-selling community as the company’s market cap and the value of its Bitcoin holdings continue to diverge.
The post-election rally in Bitcoin (CRYPTO: BTC) continues to roar. As of 10:15 a.m. ET, Bitcoin is at $96,932. We’re keeping this blog updated with live updates throughout the day tracking whether today is the day Bitcoin breaks the historic $100,000 milestone.
nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%Here’s a look at how Bitcoin’s returns look in recent years:
- Past 24 Hours: Up 2.71%
- Past 7 Days: Up 8.39%
- Since The Day Before the Election: 43%
- Year-To-Date: Up 119.4%
- Past 5 Years: Up 1,220%
Bitcoin is far from alone in seeing strong recent gains. In the past week XRP is up 55%, Cardano is up 43%, and Solana is up 17%.
Why is Bitcoin Rallying?
The overriding reason Bitcoin is rallying is that Donald Trump campaigned as the pro-cryptocurrency candidate. The most recent news creating a tailwind for cryptocurrencies is reports that Trump is considering creating a position to oversee policy and regulation on cryptocurrencies across the federal government.
The very bull case of how a Trump Administration could boost Bitcoin prices is the creation of a strategic Bitcoin strategic reserve. Prediction markets like Polymarket are now selling contracts on whether this happens, with ‘Yes’ contracts selling for $.43 and ‘No’ contracts selling for $.60.
On the prediction market front, Polymarket contracts on Bitcoin hitting $100,000 in November trade for $.72. So while Bitcoin is now extremely close to this level, prediction markets are a bit more ‘conservative’ than you might imagine.
This is a live post that will be updated throughout the day as more Bitcoin price news emerges.
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