As a seasoned cryptocurrency investor with a knack for spotting trends and a penchant for taking calculated risks, I find myself intrigued by the current market dynamics. Each coin presents its unique story, and today, I’d like to share my insights on some of the coins that have caught my eye recently.
Today, Bitcoin (BTC) dropped below the $100,000 threshold earlier, with its price holding steady yet encountering resistance near the $101,000 zone. Initially climbing to $101,267 during trading hours, it experienced a significant decline that took it down to a low of $99,113 before slightly bouncing back to its current position. Over the course of Trump’s presidency, Bitcoin has surged nearly 50%, but in the last 24 hours, it has dipped by 1.25% as it maintains its position around the $100,000 level.
The crypto market has started the week in the red, with almost all major cryptocurrencies firmly in the red. These include Ethereum (ETH), which is down almost 2%, and Ripple (XRP), down nearly 5%, and Solana (SOL), down almost 4%. Significant losses were also recorded by Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Toncoin (TON), Polkadot (DOT), Stellar (XLM), and Bitcoin Cash (BCH). However, Chainlink (LINK) bucked the trend, registering a substantial increase of almost 10%. Thanks to these losses, the crypto market cap has declined by nearly 2% and currently sits at $3.62 trillion.
BlackRock Spot Bitcoin ETF Crosses 500,000 BTC
The iShares Bitcoin Trust ETF, managed by BlackRock, recently bought 7,750 BTC worth approximately $253 million, taking its total Bitcoin holdings to over half a million BTC. This places it among the largest private companies owning this digital asset. The purchase underscores increasing faith in Bitcoin as an investment and wealth management option. Since its launch, BlackRock’s spot Bitcoin ETF has amassed more than $50 billion in assets under management within 228 days, indicating a rising appetite among traders to invest in Bitcoin through regulated channels. Additionally, these spot Bitcoin ETFs offer entrepreneurs an easy way to enter the cryptocurrency market without needing to manage wallets or private keys.
As a crypto investor, I’m excited to share some recent news: BlackRock’s iShares BitCoin ETF (IBIT) purchased approximately $253.2 million in Bitcoin on December 6th. This latest move brings the total inflow for this week to a staggering $2.6 billion for IBIT.
Bitcoin (BTC) has consistently attracted attention from big-name institutions and businesses, leading experts to note that the increased interest from new investors is pushing BTC towards record-breaking highs. The rising popularity of BTC is also transforming its image from a risky speculative asset into a trusted investment choice.
Corporations Increase BTC Holdings
Multiple companies such as MicroStrategy and MARA Holdings have substantially boosted their Bitcoin holdings. In a notable move, MicroStrategy bought approximately 15,400 BTC for $1.5 billion, pushing its overall portfolio to an impressive 402,100 BTC. Meanwhile, MARA Holdings acquired 6,484 BTC worth $618 million between October and November, making it the second-largest corporate Bitcoin holder with a total of 34,794 BTC in its reserves.
Crypto Industry Frustrated Over Anti-Crypto Commissioner Vote
The U.S. Senate Banking Committee is about to decide whether to reappoint Securities and Exchange Commission (SEC) commissioner Caroline Crenshaw, who is known for her criticism of cryptocurrencies. Key figures in the industry have expressed strong discontent over the prospect of her reappointment. In a recent post on platform X, Coinbase president and COO Emilie Choi voiced her concern about this potential re-election, emphasizing that “the SEC needs to change.
“Caroline Crenshaw is skeptical about cryptocurrency, going so far as to publicly oppose the approval of Bitcoin Exchange Traded Funds (ETFs). It’s time for the Securities and Exchange Commission (SEC) to reconsider this stance.
Alexander Grieve, Vice President of Government Affairs at cryptocurrency investment firm Paradigm, referred to the re-election as a parting gift for the crypto sector, indicating that it could be beneficial for the industry on its way out.
In a final move before departing, Senate Banking Chair Sherrod Brown is pushing to reappoint Caroline Crenshaw, a critic of cryptocurrency, as an SEC commissioner. The committee will vote on this matter next Wednesday.
Bloomberg ETF analyst James Seyffart stated,
In my opinion, she wasn’t merely supportive of Gensler; rather, she appeared to be more fiercely against cryptocurrency than Gensler himself. This is evident in the strongly-worded letter she wrote in opposition to the Bitcoin ETF approvals in January, a position that even fellow commissioner Lizárraga did not share.
Iran Embraces Crypto To Counter Sanctions
Minister Abdolnaser Hemmati has announced that Iran is changing its approach towards cryptocurrency, now focusing more on regulation than limitations. Hemmati explained that the Iranian administration aims to minimize the financial risks associated with digital currencies while maximizing their possible advantages. Furthermore, he emphasized the central bank’s role in overseeing digital assets and underscored their potential for promoting economic expansion, creating job opportunities, and combating sanctions.
Bitcoin (BTC) Price Analysis
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin (BTC) has been moving within a range as it gathers strength for its upcoming significant shift. The bullish momentum appears to be subsiding slightly due to formidable resistance around the $101,000 level. On November 26, the price dipped to $90,708 but quickly rebounded, successfully clearing crucial resistance at $96,000 and $98,000. This resilience eventually led Bitcoin to surpass the $100,000 mark for the first time and set a new all-time high of $103,900.
Last week, Bitcoin began on a downward trend, falling 1.25% on Monday to reach $95,812. The selling pressure escalated on Tuesday when BTC momentarily dropped below its 20-day moving average, reaching a low of $93,763. However, it bounced back from this point, rising above $95,000 and finishing the day at $95,751. The price experienced a significant increase of nearly 3% on Wednesday, closing at $98,851. Thursday was marked by extraordinary volatility and a notable milestone as BTC broke through $100,000. The day started with sellers in control, pushing BTC to an intraday low of $92,285. Yet, it quickly surpassed $100,000, reaching a new record high of $103,900 before ending the day at $97,093.
On Friday, Bitcoin surpassed $100,000 momentarily, reaching a high of $101,911, but it failed to sustain this level and dropped to $99,695, recording a 2.68% growth. Over the weekend, BTC showed a slight uptrend, gaining a minimal amount on Saturday before experiencing a 1.32% rise on Sunday, closing the weekend at $101,043 and maintaining its position above $100,000. However, in the present trading session, Bitcoin has dipped below $100,000, declining by more than 2%, currently trading at $98,898.
After hitting a roadblock near $101,000, Bitcoin might either drop down due to resistance, with potential support at $99,000 first, followed by $97,500 and $95,000. Conversely, if buyers regain control, Bitcoin could climb up towards the $105,000 level.
Ethereum (ETH) Price Analysis
Ethereum (ETH) faced challenges in surpassing the barrier at $4,000, leading to a substantial decline in its price during the current trading period. ETH began the previous week on a downward trend, decreasing nearly 2% to reach $3,645. Pessimism grew more intense on Tuesday as ETH dipped to a low of $3,504. However, it rebounded from this point and ended the day at $3,617, showing a slight growth. Yet, ETH saw a substantial increase of approximately 6% on Wednesday, breaking through the resistance at $3,700 to reach $3,844. The price fluctuated significantly on Thursday as both buyers and sellers fought for control. This struggle led ETH to touch an intraday high of $3,957 and an intraday low of $3,644 before ending the day at $3,787, resulting in a decline of 1.48%.
On Friday, ETH climbed above $4,000 to reach an intraday peak of $4,093, but it failed to maintain this level and fell slightly to $4,003, marking a 5.71% growth. The next day, ETH experienced a slight decrease as sellers aimed to lower the price and buyers sought to raise it, ending the day at $3,999. On Sunday, sellers attempted to push ETH towards $3,800, driving the price down to $3,924. However, it bounced back slightly to close at $4,007. Currently, sellers are dominating, with ETH declining by more than 3% and trading at $3,875.
For ETH, breaking through the $4,000 barrier poses a challenge. If buyers manage to push it higher, we might witness a climb towards $4,250. However, if sellers maintain their grip, we could see the price sliding down to around $3,500.
Solana (SOL) Price Analysis
In simpler terms, Solana (SOL) started this week with a significant drop, losing nearly 5% of its value and falling below the 20-day Simple Moving Average (SMA). It reached an intraday low of $219 on Monday before bouncing back slightly to $234 by Tuesday. On Wednesday, buyers tried to push SOL above the 20-day SMA but lost momentum, resulting in a drop to $229, roughly a 2% decline from its intraday high of $241. The overall trend seems to be bearish with increased selling pressure.
On Thursday, there was a significant rise in volatility as SOL dipped to an intraday low of $221 and peaked at $244 before falling below its 20-day Simple Moving Average (SMA) and closing at $236, marking a nearly 3% increase. Buyers’ momentum waned on Friday due to the 20-day SMA serving as a dynamic resistance level, causing SOL to only slightly rise and close at $237. The weekend saw mixed results for SOL, with a 0.51% increase on Saturday followed by a 0.48% drop on Sunday, leaving it at $237. However, selling pressure has escalated during the current session, causing SOL to decrease almost 4% and trade at $227. If sellers maintain control, SOL may fall to $220. A break of this support level could potentially drive the price down to $200.
Litecoin (LTC) Price Analysis
During the past trading periods, Litecoin (LTC) exhibited a strong upward trend. However, this momentum started to dwindle towards the end of last week, with volatility and selling pressure significantly on the rise. On Sunday alone, LTC spiked over 16%, breaking important resistance levels and reaching $119. The bullish feeling remained on Monday as LTC gained almost 11% to surpass $130, settling at $132. Despite a promising beginning to the week, Litecoin dipped down to $121 on Tuesday due to bearish sentiments returning. By the end of the day, it had recovered slightly and closed at $130, marking a decrease of 1.43%. On Wednesday, LTC experienced another sharp decline, dropping to $121 before bouncing back by 2.23% to close at $133.
On Thursday, LTC experienced a significant surge, reaching a peak of $147 before plunging to $125, then rising again to $135, marking an increase of approximately 1.43%. Despite this rise, sellers kept the price in check on Friday, leading to only a minimal uptick and a closing price of $136. However, LTC took a tumble on Saturday, dipping nearly 1.67% to $133. Buyers intervened on Sunday, causing a 0.90% rise to $134. As of now, during this current session, LTC has seen a substantial decline, dropping over 8%, and is trading at $123.
Chainlink (LINK) Price Analysis
Last week, Chainlink (LINK) experienced a remarkable spike, climbing approximately 34% to surpass $20 and reach $25. But the upward momentum faded on Tuesday, allowing sellers to seize control, causing LINK to drop by around 4%, settling at $24.12. Buyers tried to regain ground on Wednesday as LINK broke through the resistance at $25 and reached $26.52. However, it failed to maintain this level and slid to $24.10, showing a slight decrease. The bearish trend continued on Thursday as LINK dropped nearly 4% to $23.15. Despite ongoing selling pressure, LINK rebounded on Friday, gaining almost 12% and climbing back above $25, settling at $25.88.
On Saturday, LINK experienced a dip of over 4%, falling below $25 to reach $24.81. But on Sunday, optimistic feelings emerged, causing LINK to peak at an intraday high of $27.42 before ending the day at $26.10. As we speak, the market session shows LINK in a downward trend as sellers aim to push it under $25 again. Currently, LINK is nearly 3% lower, trading at $25.34.
Uniswap (UNI) Price Analysis
As a researcher analyzing the cryptocurrency market, I observed that Uniswap (UNI) began the week with a bearish trend as sellers aimed to push it below the $15 mark, following a highly bullish previous week. On Monday, UNI experienced a significant surge of over 7%, peaking at $13.98. Sellers then tried to drive down the price on Tuesday, causing UNI to dip to an intraday low of $13.15. However, it recovered and saw an increase of 8.14%, surpassing $15 and reaching $15.12. UNI climbed further to an intraday high of $16.52 on Wednesday as buyers attempted to break through resistance levels. Despite this effort, UNI failed to maintain its position above $16 and fell back, settling at $16.69 after a nearly 4% increase. Sellers regained control on Thursday following another unsuccessful attempt to surpass resistance levels, causing UNI to drop 4.09%, settling at $15.04.
On Friday, UNI experienced a significant jump of nearly 17%, moving beyond its resistance level at $16 to end the day at $17.58. The cryptocurrency maintained its upward trend over the weekend, gaining 2.43% on Saturday and an additional 3.30% on Sunday, despite heightened market volatility. As a result, UNI closed the weekend at $18.61. However, during the current trading session, UNI has taken a downturn, losing over 5% of its value and is currently being traded at $17.65.
Celestia (TIA) Price Analysis
As a researcher, I’ve observed a significant dip in Celestia (TIA) after it failed to surpass the resistance at $9. Following a rocky start last week, TIA managed to bounce back on Tuesday, rising from an intraday low of $7.30 with a 5.46% increase, closing at $8.09. On Wednesday, TIA spiked to an intraday high of $8.93 due to growing bullish sentiment. However, the buying momentum waned upon reaching this level, causing TIA to drop back to $8.33 following a nearly 3% increase. The volatility continued on Thursday as TIA reached an intraday high of $8.70 and plunged to an intraday low of $7.86 before closing at $8.24.
On Friday, TIA saw a significant rise, climbing more than 7% to reach $8.84 due to renewed bullish feelings. However, it failed to surpass $9. On Saturday, buyers tried to push past the resistance but were unsuccessful, causing TIA to lose momentum and drop to $9.98. This failure allowed sellers to take control, pushing the price down by 4.24% to $8.47 on Sunday. The downtrend continued on Sunday as well, with TIA falling further to $8.37 after a decline of 1.11%. Currently, sellers are in charge, and bearish sentiments have grown stronger, causing the price to drop nearly 8% to $7.73.
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2024-12-09 16:14