Bitcoin (BTC) hit a new all-time high of $94,041 after BlackRock, the world’s largest asset manager, officially launched the iShares Bitcoin Trust ETF (IBIT) for options trading. However, it declined after reaching this level and is currently trading at $92,114, up almost 1% over the past 24 hours. Despite BTC hitting a new all-time high, the crypto market cap registered a marginal decline and currently sits at $3.07 trillion.
Other cryptocurrencies also registered a decline, with losses reported by Ethereum (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), Toncoin (TON), and Polkadot (DOT). ChangeNOW CMO Pauline Shangett stated,
“Bitcoin's new all-time high is undoubtedly a milestone, driven by optimism surrounding the iShares Bitcoin Trust ETF launch. However, the broader crypto market's decline suggests that the rally remains isolated and hasn't translated into a sector-wide boost just yet. The pullback signals a degree of profit-taking and caution among investors who are waiting for clearer regulatory guidance across the cryptocurrency market.”
BlackRock Officially Launches iShares Bitcoin Trust ETF For Options Trading
BlackRock, the world’s largest asset manager, has officially launched the iShares Bitcoin Trust ETF (IBIT) for options trading, pushing BTC to a new all-time high of $94,041. The Securities and Exchange Commission (SEC) approved Bitcoin ETF trading options in September, with IBIT winning approval on November 18. According to Bloomberg ETF Analyst James Seyffart, there were 289,000 call options and 65,000 put options in a day of trading, indicating that traders expect the price of BTC to continue rising.
The notional exposure through the total options of 354,000 is $1.9 billion, demonstrating the high level of interest in crypto products.
“UPDATE: Final tally of $IBIT's 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That's a ratio of 4.4:1. These options were almost certainly part of the move to the new #Bitcoin all-time highs today.”
Bloomberg ETF analyst Eric Balchunas compared IBIT with the SPDR Gold Trust (GLd), which trades at $5 billion today.
“$1.9b is unheard of for Day One. For context, $BITO did $363m and that's been around for four years. And also this is with 25,000 contract position limits. That said, $1.9b isn't quite a big dog level yet tho, eg $GLD did $5b today, but give it a few more days/weeks.”
VanEck Officially Supports Bitcoin Strategic Reserve
Donald Trump’s plan to make Bitcoin (BTC) the most valuable asset is gaining support in the financial industry, with VanEck throwing its weight behind the idea. VanEck has over $118 billion in assets under management, with the endorsement coming after Wyoming Republican Senator Cynthia Lummis proposed it to Congress. Lummis had also proposed the Boost Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN Act) earlier this year.
VanEck is one of the world’s largest asset managers to support Trump’s idea of a strategic Bitcoin reserve. The asset manager was also the first to propose a futures-based Bitcoin ETF. If Congress passes the bill, it will substantially impact the US economy and its financial budget.
Trump Taps Crypto Lawyer To Lead SEC
President-elect Donald Trump is considering appointing Teresa Goody Guillen, a highly experienced Securities attorney with a background in traditional finance and blockchain regulation, as the Securities and Exchange Commission Chair. If selected, the appointment could shift the regulator’s stance toward crypto and suggest a friendly approach. Trump has stated he wants to move away from “regulation by enforcement” in the crypto space. He also promised to fire current SEC Chair Gary Gensler on his first day in office, with reports suggesting Gensler is already preparing to resign before Trump takes office.
The incoming administration is looking for someone with extensive knowledge about crypto and the digital asset space who can help change the SEC’s stance on crypto until Congress offers regulatory clarity. Stakeholders in the crypto industry consider Guillen the perfect fit, thanks to her strong understanding of security law and approach to regulation. However, several other candidates are also under consideration, including Robert Stebbins from Willkie Farr & Gallagher, Brad Bondi from Paul Hastings, former SEC commissioner Paul Atkins, and Brian Brooks, who has also served as the Acting Comptroller of the Currency.
Spot Bitcoin ETFs Surge
Spot Bitcoin ETFs surged to $138 billion thanks to Bitcoin (BTC) reaching a new all-time high contributing significantly to the increase. Inflows into spot Bitcoin ETFs alone surged to $1.67 billion in the past week, bringing the total assets in Bitcoin ETFs to $95.4 billion. Spot Ethereum ETFs also registered significant inflows totaling $646 million, bringing the total for Ethereum products to $9.15 billion. Inflows into spot Bitcoin and Ethereum ETFs have increased substantially following the US elections, bolstering investor sentiment.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) briefly pushed above $94,000 as it set another all-time high following the launch of iShares Bitcoin Trust ETF For Options Trading. However, the price declined after reaching this level, slipping below $93,000 and settling at its current level. As we can see in the price chart, BTC’s staggering post-election surge has cooled over the past few sessions, with the price struggling to go above $93,000, a level where sellers remain active. The world’s largest cryptocurrency spent most of last week in a consolidation phase, trading between $85,000 and $91,000, with the price inching towards $93,000 during the current week.
BTC registered a substantial increase last week, rising over 9% on Monday and settling at $87,706. However, it witnessed considerable selling pressure on Tuesday, dropping to an intraday low of $82,709 before recovering to climb back above $85,000 and settle at $87,210 after registering a marginal decline. Buyers returned to the market on Wednesday as BTC pushed above $90,000 to settle at $90,150 after an increase of 3.37%. However, the price fell back on Thursday, dropping by 3.13% to $87,324. Bullish sentiment returned on Friday as BTC registered an increase of 3.90% to reclaim $90,000 and settle at $90,726.
Source: TradingView
BTC fell back into the red over the weekend, dropping by 0.67% on Saturday and 0.73% on Sunday to settle at $89,464. The current week began with BTC back in positive territory, rising by 1.17% and settling at $90,509. BTC briefly pushed above $94,000 on Tuesday, reaching a new all-time high before declining and settling at $92,458. The current session sees BTC marginally up, as buyers and sellers struggle to establish control.
Looking at the MACD, we see bullish sentiment persists despite a notable decline, with BTC’s upward movement stalling around the $92,000-$93,000 mark. However, the RSI is still in the overbought zone, indicating we may see a decline in the short term before BTC resumes its upward trajectory. Analysts expect BTC to cross the $100,000 price level by the end of the year. However, some have taken a more conservative approach, predicting that BTC could undergo a significant correction before resuming its upward trajectory.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has been trading between $3000 and $3,200 since the end of the previous week, as buyers struggle to build momentum and take the price above the resistance at $3,400. Despite growing selling pressure, bulls have not ceded ground to sellers and kept ETH above $3,000. ETH’s momentum stalled after it surged to $3,373 last Monday after registering an increase of 5.90%. However, with strong selling pressure at this level, ETH fell back in the red on Tuesday, dropping almost 4% and settling at $3,246. The price faced considerable volatility on Wednesday as buyers attempted a recovery before losing momentum. As a result, sellers took over and drove ETH down by 1.68% to $3,191. Bearish sentiment persisted on Thursday as ETH dropped over 4% and settled at $3,059.
Source: TradingView
Despite considerable selling pressure, ETH recovered on Friday, registering an increase of 0.99% to remain above $3,000 and settle at $3,090. The price continued to push higher on Saturday, rising to $3,218 before declining and settling at $3,133, registering an increase of 1.38%. However, it fell back in the red on Sunday, dropping almost 2% and settling at $3,075. ETH recovered on Monday, rising by 4.37% and settling at $3,209, but fell back on Tuesday, dropping 3.13% to $3,109. The current session sees ETH marginally down, as buyers and sellers struggle to establish control.
Buyers will look to re-establish momentum and push the price above the $3,400 resistance. A break above this level could see ETH reach $3,500. However, if sellers take control and drive ETH below $3,000, we could witness a drop to $2,850.
Solana (SOL) Price Analysis
Solana (SOL) has declined over the past few sessions as it struggles to push above the resistance at $250. The Ethereum-killer spent most of the previous week consolidating between $200 and $225 before surging over 10% on Sunday. SOL began the previous week with a significant jump of 5.76%, rising to $222. However, selling pressure returned on Tuesday as SOL dropped by 4.69% to $211. SOL experienced considerable volatility on Wednesday as buyers and sellers struggled to establish control. However, SOL recovered from a low of $201 to register an increase of 1.69% and settle at $215. Bearish sentiment returned on Thursday as SOL fell almost 3% to $209 before recovering on Friday to register an increase of 4.25% and settle at $218.
Source: TradingView
SOL registered a drop of 1.30% on Saturday and fell to $215. However, bullish sentiment returned on Sunday as SOL rallied over 10% to go above $225 and settle at $237. The price reached an intraday high of $248 on Monday as buyers tested the $250 price level. However, it fell back and settled at $239, registering an increase of 1.04%. SOL attempted to push above $250 on Tuesday but lost momentum, allowing sellers to take control and drive the price down by 0.88% to $237. The current session sees SOL down by 1.12% as sellers look to drive the price back towards $225.
Bittensor (TAO) Price Analysis
Bittensor (TAO) registered a dramatic drop last week after failing to capitalize on Monday’s increase of 8.41% which pushed the price to $607. TAO endured significant volatility on Tuesday as sellers attempted to drive the price below $500. As a result, TAO dropped to an intraday low of $514 before recovering and settling at $572. TAO continued to fall on Wednesday, slipping below the 50-day SMA after a drop of just over 6% and settling at $537. TAO dipped below the 20-day SMA on Thursday, dropping by almost 8% and settling at $494. Friday saw a slight recovery as TAO registered an increase of 4.78% to go back above the 20-day SMA and settle at $518 before registering a marginal decline on Saturday.
Source: TradingView
Bearish sentiment intensified on Sunday as TAO dropped over 5% to slip below $500 and settle at $491. However, it recovered on Monday to post an increase of 4.29% and settled at $512. Sellers returned to the market on Tuesday as TAO fell 5.49% to $484. The current session sees TAO down by 2.18%, as sellers look to drive the price toward the $400 support level.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) registered a substantial decline on Tuesday, falling below the 200-day SMA and settling at $8.82. Sellers drove the price to an intraday low of $8.07 on Wednesday as bearish sentiment intensified. However, ICP recovered from this level to settle at $8.54, declining just over 3%. Sellers retained control on Thursday as ICP dropped by almost 7%, slipping below the 20 and 50-day SMAs and settling at $7.97. However, with support at this level, ICP recovered on Friday, surging over 9% to go back above the 20 and 50-day SMAs and settle at $8.70. Bullish sentiment persisted on Saturday as ICP went past the 200-day SMA to reclaim $9 and settle at $9.25.
Source: TradingView
Buyers attempted to build momentum on Sunday as ICP surged to an intraday high of $10.14. However, with sellers active at this level, buyers lost momentum, and ICP fell back, dropping almost 3% to slip back below the 200-day SMA and settling at $8.99. The current week began with ICP rising by 4.78% to move above the 200-day SMA and settle at $9.42. The price fell back on Tuesday despite reaching an intraday high of $9.79 before dropping to $9.16. The current session sees ICP up by almost 2% as buyers look to build momentum and go beyond $9.50.
Dogwifhat (WIF) Price Analysis
Dogeifhat (WIF) registered a substantial decline on Thursday after surging to an intraday high of $4.82, thanks to a staggering increase of almost 29%. However, as buyers lost momentum, WIF fell back, dropping nearly 14% and settling at $3.58. WIF fell to an intraday low of $3.37 on Friday as sellers looked to drive the price towards $3. However, it recovered from this level to register an increase of 8.51% and settle at $3.89. Bearish sentiment returned on Saturday as WIF dropped 7.41% to $3.60. WIF encountered significant volatility on Sunday, falling to a low of $3.37 and reaching a high of $3.94 before settling at $3.60.
Source: TradingView
However, bearish sentiment returned on Monday as WIF fell almost 5% to $3.43. The price continued to drop on Tuesday, falling by 4.27% and settling at $3.29. The current session sees WIF marginally up, as buyers look to counter selling pressure and push the price back above $3.50.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
