Author: Coindesk
Other top-tier banks/wealth management operations, including Morgan Stanley, Cantor Fitzgerald, Royal Bank of Canada, Bank of America, UBS and HSBC, didn’t add to or subtract much from their positions. A new entrant was Australian investment bank Macquarie Group, which purchased 132,355 shares of IBIT worth $4.8 million. Wells Fargo, which has a very minor stake in the ETFs, held most of its shares in the Grayscale Bitcoin Trust (GBTC) and Grayscale Bitcoin Mini Trust (BTC). Read the full article here
People are policy, and Trump surrounds himself with an orange-pilled group. VP-elect JD Vance owns Bitcoin, and has a long track of engagement with crypto, even authoring a market structure bill as a senator. Vivek Ramaswamy, the new co-lead of the Department of Government Efficiency (DOGE), has been a crypto bull for some time. Trump’s transition team co-chair Howard Lutnick is a bitcoin and stablecoin megabull (his company Cantor Fitzgerald custodies for Tether). Musk himself, who is becoming a right-side Soros of sorts, has dabbled in crypto for years. Read the full article here
The trend of more of the older wallets that held bitcoin from its early days coming out of the woodwork could continue, as they might be able to bag massive profits at current price levels. Such moves could limit any additional price upside, even though some traders are still optimistic that bitcoin could reach $100,000—a key psychological level of resistance—by year-end. Read the full article here
“I think that happened with Covid. Your eyes open even more … I think the monetary system, once you do go around it and with inflation, how it’s stealing from us. I’ve tried to tell friends, and they’re still not listening. But bitcoin just fits today. It’s more of a store of value,” Boyd said. Read the full article here
Bitcoin pared some of Thursday’s losses during the European morning to trade above $90,000. BTC remains over 1% lower in the last 24 hours, a possible sign of profit-taking following its surge above $93,000 earlier in the week. The drop was catalyzed by Fed Chair Jerome Powell’s hawkish comments that damped hopes of swifter interest-rate cuts. “The economy is not sending any signals that we need to be in a hurry to lower rates,” Powell said in prepared remarks at a Dallas conference. As of Friday, the market is pricing in a 66% chance of a 25 basis-point cut at…
Botanix Labs developed Spiderchain to be compatible with protocols that use Ethereum Virtual Machine (EVM), the software that powers Ethereum and enables smart contracts. Botanix’s goal is to allow any Ethereum-based application to be compatible with Bitcoin. Read the full article here
Since the launch of the ETFs, Thursday was the third worst day for the bitcoin-linked products. Interestingly, the other two times the ETFs saw outflows of over $400 million was on Nov. 4 ($541.1 million), just prior to the U.S. election, and May 1 ($563.7 million). On Nov. 4, bitcoin bottomed around $67,000 before going on a tear all the way to over $93,000. While the May low coincide with a bottom at just under $60,000. Read the full article here
“A typical indicator is the implied probability distribution: whether it is MSTR, COIN or Deribit’s BTC options, the implied probability distribution of different expiration dates has shown a significant left shift,” Griffin Ardern, head of options trading and research at crypto financial platform BloFin, told CoinDesk in a Telegram chat. “It seems that traders have an implied consensus that the prices of BTC and altcoins are still high, and more pullbacks may be on the way.” Read the full article here
“In view of bitcoin’s impressive rally since the US election, our view is that $100,000 – $120,000 may not be too far off,” traders at QCP Capital said in a Telegram broadcast. “We believe that the underlying strength in BTC represents a systematic shift in the market in anticipation of Trump’s return to office” Read the full article here
In the week since his reelection, the former and now future president has named a number of individuals he intends to nominate to cabinet and other positions, including Robert F. Kennedy Jr. to the Department of Health and Human Services, Representative Matt Gaetz to be the U.S. Attorney General, Senator Marco Rubio to be Secretary of State and former Representative Tulsi Gabbard to be the Director of National Intelligence. Read the full article here