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Bitcoin Odds Soar: 85% Chance of Hitting $100K by New Year

by Oscar phile phile
written by Oscar phile phile

Bitcoin’s potential to breach $100,000 by the end of 2024 is gaining serious traction. Data from prediction market Kalshi indicates an 85% chance of Bitcoin surpassing the six-figure milestone by December 31. A $125,000 price tag is the median forecast, with a 9% probability of hitting $150,000. Outlier bets even suggest a $250,000 valuation, sparking speculation about Bitcoin’s meteoric rise.

Market Cap May Reach $2.5 Trillion

Bitcoin price odds as of Nov. 23 (screenshot). Source: Kalshi

Bitcoin price odds as of Nov. 23 (screenshot). Source: Kalshi

Analysts predict Bitcoin’s market cap could hit $2.5 trillion by January 1, 2025. With prices climbing nearly 40% in November alone, this quarter has proven almost as profitable as Q4 2023. Trading experts, such as The Kobeissi Letter, have described these projections as “wild,” emphasizing that the psychological barrier of $100,000 remains a pivotal milestone.

ETF Inflows Absorb Sell-Side Pressure

US Bitcoin ETF netflows (screenshot). Source: Farside Investors

Institutional inflows via Bitcoin ETFs are playing a key role in sustaining the rally. On-chain analytics firm Glassnode reveals that ETFs absorbed over 90% of sell-side pressure from long-term holders (LTH). However, as LTH profits grow, selling activity could intensify, challenging the market’s upward momentum.

Consolidation or Continued Rally?

While Bitcoin’s rally shows little sign of slowing, some analysts caution that a retracement is necessary to stabilize gains. Despite the lack of major corrections, ongoing profit-taking by long-term holders and unprecedented ETF inflows are shaping Bitcoin’s volatile journey toward six figures.

As the year-end approaches, Bitcoin’s bullish momentum is undeniable. Whether it surpasses $100,000 or even $125,000, the market is preparing for a historic close to 2024. However, the balance between institutional demand and profit-taking remains critical for the sustainability of these gains.

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BitcoinMarketNews

Bitcoin and Crypto Markets Brace for 2025 ETF Shake-Up

by Oscar phile phile
written by Oscar phile phile

Bitcoin has soared close to $100,000 per coin, driven by optimism around spot BTC exchange-traded funds (ETFs). BlackRock’s backing has supercharged forecasts, with some analysts projecting bitcoin’s valuation to reach $30 trillion. Meanwhile, rumours of a country quietly accumulating bitcoin have added fuel to the fire.

SEC’s Changing Stance on Crypto ETFs

A significant shift in the U.S. Securities and Exchange Commission’s (SEC) stance on crypto ETFs has emerged. Reports suggest the SEC is warming to the idea of approving spot ETFs for cryptocurrencies like Solana, following initial success with BTC and Ethereum ETFs earlier this year. Talks are reportedly “progressing” on applications for Solana ETFs, with optimism growing for approval in 2025.

Market Reactions and Altcoin Rally

As crypto traders anticipate further ETF approvals, alternative coins like XRP, Solana, and Cardano have surged by double digits, propelling the market to a $3.5 trillion valuation. Despite Ethereum gaining its own spot ETF earlier this year, BTC ETFs continue to dominate Wall Street interest.

Political Change Fuels Optimism

The resignation of SEC chair Gary Gensler has amplified expectations of a crypto-friendly regulatory environment under president-elect Donald Trump. Gensler’s successor, likely a Trump appointee, could pave the way for faster approval of crypto-based financial instruments.

While the outlook is bullish, experts caution that regulatory hurdles remain, with past ETF applications facing setbacks. The market now eagerly awaits further SEC decisions that could define the trajectory of crypto in 2025.

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Bitcoin Surges as SEC Chair Gary Gensler Announces Resignation

by Oscar phile phile
written by Oscar phile phile

Cryptocurrencies are rallying after Gary Gensler, a staunch critic of the industry, announced his resignation as SEC chair. Gensler will step down on 20 January, aligning with President-elect Donald Trump’s inauguration.

Gensler to Step Down Amid Political Shift

Appointed by President Biden in 2021, Gary Gensler was a controversial figure in the crypto space. Known for his regulatory clampdowns, he sought to tame what he termed the “wild west” of the crypto industry. His departure follows Trump’s earlier pledge to remove him on his first day in office.In a post on X (formerly Twitter), Gensler expressed gratitude for his role:

“I thank President Biden for entrusting me with this incredible responsibility.”

Bitcoin surged to a record high of $99,500 (£79,463), with Ether gaining 7% and Dogecoin rising 2% in the past 24 hours. The total market cap of cryptocurrencies now stands at $3.4 trillion, marking a 4.5% rise, according to CoinDesk. Trump’s pro-crypto stance has fueled optimism, with industry players anticipating a shift in regulatory tone.

Regulatory Setbacks for Gensler

Gensler’s tenure at the SEC included attempts to enhance transparency in markets and tighten crypto regulations. However, his agenda faced significant legal challenges:

  • A Texas federal court struck down new Treasury market rules on the same day as his resignation.
  • Appeals courts overturned SEC measures for private equity and climate disclosures.

Despite his efforts, Gensler’s initiatives were often criticized for exceeding regulatory authority.

What’s Next for the SEC?

Trump is expected to nominate a successor more aligned with his deregulatory stance. Speculation surrounds Teresa Goody Guillén, a securities lawyer with expertise in blockchain and crypto defense, as a potential candidate.

Industry leaders, like Citadel’s Ken Griffin, foresee a rollback of Gensler’s policies. Griffin remarked:

“Much of Gensler’s agenda will not survive… Between the courts and a new SEC, we’re going to see a rollback of the regulatory onslaught.”

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BitcoinMarketNews

Bitcoin Eyes $100K on Pro-Crypto Optimism

by Oscar phile phile
written by Oscar phile phile

Bitcoin surged closer to the $100,000 mark on Thursday, buoyed by optimism over a potential crypto-friendly approach under President-elect Donald Trump. The flagship cryptocurrency reached an all-time high of $98,000 during European trading, marking a 4% daily gain.

Bitcoin’s Meteoric Rise

Bitcoin’s price has skyrocketed this year, more than doubling in value. In the two weeks since Trump’s election victory, Bitcoin has surged 40%, fuelled by hopes of regulatory clarity and institutional support for digital assets.

Trump’s campaign promises to make the U.S. the “crypto capital of the planet” have invigorated the market. His pledge to establish a national BTC reserve and his backing of pro-crypto lawmakers in Congress have further bolstered confidence.

ETF Boom and Market Frenzy

Since the election, over $4 billion has flowed into U.S.-listed Bitcoin exchange-traded funds (ETFs). Options trading on BlackRock’s new Bitcoin ETF saw strong interest, with bullish call options outpacing bearish puts. Crypto-related stocks have also rallied, with Bitcoin miner MARA Holdings up 14% and MicroStrategy, a prominent Bitcoin investor, gaining 10%.

Experts Cautious Amid Optimism

Despite the excitement, analysts remain cautious. “While BTC is firmly in overbought territory, it’s being magnetised toward the $100k level,” said Tony Sycamore of IG Markets. Will Peck of WisdomTree added, “It’s too early to say if this administration will deliver the regulatory clarity the crypto sector needs, but the enthusiasm is undeniable.”

With a surge in institutional interest and market momentum, the next few weeks will determine if Bitcoin can breach the psychological $100,000 barrier.

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Donald Trump is expected to pay $150 million to acquire the troubled cryptocurrency exchange Bakkt.

by V Sinclair
written by V Sinclair
Trump Media and Tech Group (TMTG), a company largely owned by United States President-elect Donald Trump, is in advanced talks to acquire Bakkt, a cryptocurrency trading platform. According to reports by Financial Times, Bakkt (BKKT) is currently valued at over $150 million. The deal will not include its crypto custody business, which is projected to crash.

Following the announcement, Trump Media and Bakkt shares (BKKT) soared with the price of Trump Media shares skyrocketing by 16% to $32, and Bakkt’s by 162% to $29.

In early 2024, the crypto exchange said in a filing with the U.S. Securities and Exchange Commission (SEC) that it might not be able to continue as a “going concern”. Also, Bakkt has been considering its potential acquisition by working with financial experts for advice. The cryptocurrency company is also weighing a breakup of its business, according to reports in June.

The New York Stock Exchange had warned Bakkt that its common stock was at risk of being delisted. This is owing to board changes at an average below the exchange’s $1 per share minimum for at least 30 consecutive trading days. Bakkt was established by Intercontinental Exchange, which is also the parent company of the New York Stock Exchange.

Kelly Loeffler, a former CEO of Bakkt, is the co-chair of Trump’s inauguration committee and married Intercontinental Exchange CEO Jeffrey Sprecher.

However, she resigned as Bakkt’s top executive in 2019 after Georgia Governor Brian Kemp appointed her to the U.S. Senate seat after Senator Johnny Isakson resigned due to health reasons.

Following the appointment of its current CEO Andy Main, he announced that the proceeds from a capital rise, plans to reduce expenses and other related cost savings had “alleviated the conditions” that raised concerns about Bakkt’s future.

In its Q3 2024 report, Bakkt published a total revenue of $328.4 million including an operating loss of $27.4 million. Though it represented a 48% improvement from the previous calendar.

For TMTG, it has seen its market value rise and fall by billions of dollars in the runup to this year’s presidential election. Its market value is still above $7 billion despite reporting a net loss of $363 million and revenue of $2.6 million this year.

According to its latest fiscal quarter report, the TMTG still holds nearly $673 million in cash and cash equivalents.

Trump proving points as “crypto candidate”

The pre-acquisition of Bakkt by Trump’s group has proved his plans to take a full decider in the cryptocurrency world. During his campaign, Trump positioned himself as the “crypto candidate”, embracing digital currencies on multiple fronts, such as accepting donations in various crypto assets, signaling his acceptance of the burgeoning sector.

A month before the election, Trump launched a new cryptocurrency venture called World Liberty Financial – a decentralized finance (DeFi) protocol that aims to blur the lines between traditional finance and DeFi. The move has been pictured as a strategy to establish his growing influence in the crypto market.

After the crypto-friendly Republican election victory, the crypto market has gained more strength following his plans during his election campaign.

In addition, he also revealed his plans to fire the United States Securities and Exchange Commission chief, Gary Gensler if he is elected over his unclear and stringent policies for the crypto industry. However, Gensler has been rumoured to be on his way out before Donald Trump’s inauguration next year.

At a Bitcoin conference in Nashville, Donald Trump expressed that he was going to make the United States the crypto capital of the world. As part of his plans, he pointed out the possibility of establishing a crypto reserve that will be used to cover the United States’ $36 trillion debt.

His victory at the US election has also seen the value of Bitcoin (BTC), the world’s largest cryptocurrency by market cap, to multiple all-time highs in the span of weeks.

Last week, Polymarket drew odds on the chances of Bitcoin hitting $90,000, $95,000, and $100,000 in the coming days. According to a Polymarket poll with a $238,000 volume, it shows a 40% chance of BTC surpassing $100,000. The odds of prices touching $95,000 and $105,000 are sitting at 57% and 20% respectively.
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BitcoinMarketNews

Dormant Bitcoin Whale Nets $180M After 14 Years

by Oscar phile phile
written by Oscar phile phile

A Bitcoin wallet from the Satoshi era, dormant for 14 years, has resurfaced, making headlines for turning early BTC holdings into a staggering $180 million. The wallet, holding 2,000 BTC, emerged as Bitcoin hit new highs, reigniting interest in long-term holding strategies, often referred to as “HODLing.”

Massive Deposits on Major Exchanges

The crypto whale’s holdings, mined when Bitcoin was nearly worthless, were deposited across three major exchanges. Spot On Chain, a blockchain analytics platform, revealed the breakdown:

Bitcoin Bulls Drive Market Greed

bitcoin

Bitcoin’s recent surge to $93,434.36—its all-time high just three days ago—has fueled extreme market enthusiasm. Analysts attribute this rally partly to renewed interest from dormant wallets and long-term investors seizing profit opportunities.

$100K BTC on the Horizon?

Currently trading at $91,246.67, Bitcoin’s price continues to climb, with predictions of crossing $100,000 before November’s end. This rally is being driven by bullish sentiment, increased adoption, and heightened trading activity.

As BTC gains momentum, long-term holders like this crypto whale exemplify the rewards of patience in the volatile world of cryptocurrency.

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Robert Kiyosaki Discloses His Bitcoin Assets and Forecasts for the Market

by V Sinclair
written by V Sinclair
Robert Kiyosaki, renowned for his financial advice through his bestseller “Rich Dad Poor Dad,” has increasingly become a vocal advocate for cryptocurrencies, particularly Bitcoin. In a recent disclosure, Kiyosaki shared that he owns 73 Bitcoins, which he began purchasing at $6,000 each. His holdings in Bitcoin alone have catapulted him into millionaire status, emphasizing his belief in the cryptocurrency’s value.

Kiyosaki’s Bitcoin Journey

From his initial investment, Kiyosaki’s strategy toward Bitcoin has been one of consistent buying, aiming to reach 100 BTC in the coming year. Despite the volatility and various price points at which he has purchased, his approach reflects a deep-seated confidence in the asset’s long-term potential. His rationale stems from his investment history, where, like with silver bought at $1 per ounce and now valued at $32, he sees significant long-term appreciation potential in Bitcoin.
Kiyosaki’s engagement with Bitcoin extends beyond mere ownership. He frequently shares his thoughts on market dynamics and future valuations. Earlier this year, he suggested that Bitcoin’s price could soar to over $100,000 by mid-year, driven by market factors such as ETF adoptions and increasing institutional interest. Although this specific prediction did not materialize as the price did not reach the projected $100,000, his bullish stance on the cryptocurrency remains unshaken.

Amidst his predictions, Kiyosaki also reflects on the broader economic outlook. He has voiced concerns about the impending

“collapse of all markets,”

advocating for Bitcoin, gold, and silver as essential havens. This viewpoint aligns with his larger financial philosophy that favors tangible assets over currency-based investments, which he believes are more susceptible to economic downturns.
Despite the occasional missed forecast, Kiyosaki’s overarching message is clear: the current economic structures necessitate an investment shift towards more stable, non-sovereign currencies like Bitcoin, which offer a hedge against traditional market instabilities.
As Kiyosaki continues to purchase Bitcoin, his actions serve as a testament to his belief in its value proposition—regardless of its present valuation. By publicly sharing his holdings and predictions, he not only underscores his commitment to the cryptocurrency but also influences public perception, encouraging others to consider Bitcoin as a viable investment option amidst economic uncertainties.
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BitcoinCryptoDeFi

Sam Trabucco consents to the transfer of assets in the FTX lawsuit.

by V Sinclair
written by V Sinclair

Since FTX’s bankruptcy, several related lawsuits have come into the spotlight; in a recent development, Sam Trabucco, the former elusive co-CEO of the bankrupt exchange’s trading arm, has agreed to hand over multiple assets to FTX creditors.

According to court filings dated November 11, 2024, Sam has agreed to settle his debt with the exchange founded by Sam Bankman Fried.

He will also transfer the ownership of two apartments and an HCB Suenos yacht (53-foot). Additional information notes that he bought apartments for $8.5 million and the yacht was bought for $2.5 million in 2021.

Some prior filings read that Trabucco allegedly bought a yacht and some other assets using the funds owned by FTX. It is worth noting that not only Sam but several other founding members of FTX and related companies have illegally used the funds of the exchange deposited by its innocent investors.

Legal experts argue that back-to-back claims by Alameda Research and FTX against companies and individuals are a clear move by both firms to recover funds that they reportedly invested or lent to them in the peak business days.

Trabucco was known for his unique trading strategies and bold moves, he reportedly left his post at Alameda Research before the firm and its parent company filed bankruptcy in November 2022.

Other Recent Claims and Lawsuits by FTX and Subsidiary

In the past few months, FTX and Alameda Research filed over one dozen lawsuits in order to recover part of their investment which they invested during their peak times.

Earlier on Monday, November 11, 2024, Todayq reported the trading arm of FTX had lodged a case against the founder of Waves, the same company received a deposit from Alameda in March 2022. It further notes that in the legal settlement, it aims to recover a sum of $90 million from Waves.

Crucial to note that, Alameda reportedly made investments or deposited USDT and USDC of stablecoins worth $80 million, following the deposit Waves token saw staggering growth reaching a new milestone.

Earlier on Sunday, November 10, 2024, CNBC reported that FTX filed a lawsuit against Binance the leading cryptocurrency exchange and its founder in order to get $1.76 billion, citing a “fraudulent” share deal. However after the filing of the lawsuit, Binance told the media outlet that the allegations by FTX are meritless, and they are ready to defend themselves.

FTX ( FTT) Token Price Update 

As of writing, FTT was trading at $2.04, it surged 4.33 percent in the past 24 hours, and its market capitalization was $672.49 million adding 4.55 percent. However, the highest trading price of FTT tokens was $85.02 recorded on September 09, 2021, in the past 52 weeks its highest trading price was $5.94.

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BitcoinMarketNews

Bitcoin Nears $90K as Holders Take Profits

by Oscar phile phile
written by Oscar phile phile

Bitcoin reached an all-time high (ATH) of $89,604 early on Tuesday, pushing its market value to $1.77 trillion, driven by positive momentum following the U.S. election results. Trading at $88,400 at the time of reporting, the leading cryptocurrency saw a spike in daily trading volume, currently sitting at $133 billion.

BTC price, dormant circulation and MVRV ratio | Source: Santiment

Long-Term Holders Begin to Sell

Data from Santiment reveals that dormant Bitcoin holders are re-entering the market, with a 130% increase in two-year dormant BTC circulation over the past day, amounting to 13,589 BTC. Meanwhile, BTC held for over three years saw a 154% rise, with 8,235 BTC moved in 24 hours. Such sell-offs have historically prompted price corrections, as seen in August when long-term holder activity led to a price drop from $60,000 to $54,000 within a week.

The recent ATH has boosted Bitcoin’s Market Value to Realised Value (MVRV) ratio to 178%, indicating that the average BTC holder now enjoys a 178% profit. Historically, elevated MVRV ratios often lead to increased profit-taking, which can result in price pullbacks as investors cash in on gains.

Crypto Market Cap Hits Record High

Bitcoin’s rally has lifted the entire cryptocurrency market, which now sits at a record global market cap of $3.11 trillion, a 4.7% increase in the last 24 hours. Over the past week, the market cap surged by $765 billion, fueled by increased institutional interest, with crypto investment products seeing record inflows of $31.3 billion year-to-date.

Institutional Demand Rises Post-Election

Following Donald Trump’s re-election, crypto-related assets have experienced renewed interest from institutional investors, with assets under management rising to $116 billion. This marks a significant rise in institutional confidence as the market embraces a ‘green’ rally driven by Bitcoin’s gains.

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BitcoinMarket

Bitcoin Surges to New Record High Amid Trump’s Re-election Win

by Isaac lane
written by Isaac lane

Bitcoin’s price surged by 6.75% to hit a new record high of $81,845 on 11 November. This surge comes amid broader market optimism following the re-election of Donald Trump as US President. At the time of writing, Bitcoin is trading at $81,607, with traders expecting further gains.

Trump’s Pro-Crypto Agenda Fuels Rally

The recent Bitcoin rally is part of a wider crypto market surge driven by Trump’s victory in key battleground states. His election campaign focused on positioning the US as a leader in the digital asset industry, pledging to establish a strategic Bitcoin reserve and appoint pro-crypto regulators. Investors are optimistic about these promises, which have already led to significant inflows into Bitcoin exchange-traded funds (ETFs). Since Trump’s re-election on 6 November, ETF investors have poured $2.28 billion into the market.

BTC/USD daily price chart. Source: TradingView

BTC/USD daily price chart. Source: TradingView

Futures Market Interest Soars

Bitcoin’s price gains are also supported by a sharp rise in open interest in its futures market. As of 11 November, the total outstanding derivative contracts reached a record $48.64 billion, compared to $18.08 billion at the start of the year. Positive weekly funding rates, now at 0.831%, suggest that bulls are willing to pay a premium, indicating strong confidence in continued upward momentum.

Bitcoin Could Reach $100,000 by Inauguration Day

Analysts are predicting further gains, with some expecting Bitcoin to reach $100,000 by Trump’s inauguration in January 2025. Fadi Aboualfa, Head of Research at Copper.co, highlighted that recent ETF accumulation trends support this bullish outlook. Currently, Bitcoin ETFs hold over one million BTC, reflecting increasing institutional interest.

Bitcoin open interest, funding rates chart. Source: Coinglass

Bitcoin open interest, funding rates chart. Source: Coinglass

Long-Term Bullish Patterns Point to $300,000 by 2026

From a technical perspective, veteran analyst Peter Brandt notes that Bitcoin’s breakout resembles Gold’s inverse head-and-shoulders (IH&S) pattern during 2009-2010. If this pattern plays out, Bitcoin could reach $300,000 by 2026. The IH&S pattern indicates a bullish reversal, with Bitcoin’s recent breakout above key resistance levels potentially leading to substantial gains in the coming years.

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