Bitcoin (BTC) has achieved its biggest milestone yet, surpassing the storied $100,000 mark, as bullish sentiment increased substantially over the past 24 hours. The cryptocurrency beat analyst predictions of an insurmountable sell wall at $100,000 to smash past the level and move to its current $102,964. Market watchers had predicted BTC would cross $100,000 before the end of the year, but the asset has surpassed expectations with this latest milestone.
Ethereum (ETH) also registered a significant increase, rising over 6% to $3,800. ETH is trading around $3,850, with buyers eying $4,000 if bullish sentiment persists. Meanwhile, Ripple (XRP) registered a substantial drop of almost 7% as its stunning rally cools. The drop in price means XRP is now the fourth largest cryptocurrency by market cap, with Tether (USDT) back in third. Solana (SOL) also saw its recent rally stall, with the price down almost 2% and trading at $232. Despite these drops, the crypto market cap registered an increase of 0.61% and currently sits at $3.55 trillion.
Bitcoin (BTC) Dips Due To South Korea Crisis
Bitcoin (BTC) recovered from a slight wobble after briefly slipping below $95,000 before rebounding. The dip was triggered by South Korean President Yoon Suk Yeol declaring martial law on Tuesday, plunging the country into a brief crisis. However, it was lifted after a few hours after the opposition-led national assembly passed a resolution to lift it. According to data from CryptoQuant, the Korea Premium Index registered a sharp decline, indicating a significant selloff. However, levels were back to normal once martial law was lifted.
Institutional investors saw this as an accumulation opportunity, as shown in Bitcoin spot ETF data. Data from CryptoQuant also shows that 19,500 BTC was withdrawn from Coinbase, indicating investors are capitalizing on the smallest dips in price.
Trump Nominates Paul Atkins As SEC Chair
President-elect Donald Trump has nominated Paul Atkins as Securities and Exchange Commission Chair. According to Trump, Atkins, a former SEC commissioner and the CEO of Patomak Partners, was a proven leader for common sense regulations. Atkins has also been a vocal opponent of the SEC’s enforcement approach to regulatory compliance.
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
The SEC is currently led by Gary Gensler, who intends to step down on the day of Trump’s inauguration. Trump had promised to fire Gensler on his first day in office and make the US the crypto capital of the world. He also pledged to create a strategic Bitcoin reserve.
Crypto Liquidations Hit $588 Million
The crypto market experienced a wave of liquidations totaling almost $600 million. XRP led the liquidation wave with over $69 million, followed by Bitcoin (BTC), which registered $60 million, and Ethereum (ETH) with almost $58 million. XRP fell significantly after surging to a seven-year high, causing several traders hoping for the price to surge to $3 to lose positions. Dogecoin (DOGE) also registered a decline, leading to further liquidations.
Cryptocurrency exchange Binance saw the most liquidations, with $222 million wiped out, 63% of which were from long positions. OKX and Bybit also witnessed considerable liquidations, with $134 million and $124 million.
Binance, WazriX Owe Significant Sums In Taxes To Indian Government
The Indian government has detected substantial amounts of unpaid goods and service tax (GST) payments by Binance and WazirX. According to India’s Minister of State for Finance, Pankaj Chaudhary, the government discovered around $97 million in unpaid GST dues by several prominent exchanges operating in the country. The government has already recovered $14 million in taxes, penalties, and interest as part of an ongoing crackdown. According to Chaudhary, 17 crypto firms, including WazirX, CoinDCX, and CoinSwitch Kuber were found to have evaded GST dues. While most firms have paid the penalties due, some, including Binance, have yet to settle their dues with the tax authorities.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has done it! The world’s largest cryptocurrency shot past the hugely significant $100,000 mark, buoyed by the news that the next Securities and Exchange Commission Chair, Paul Atkins, holds favorable views about the crypto industry. Trump announced Atkins as his pick for SEC Chair, with markets expecting a smoother and friendlier regulatory environment under the former SEC Commissioner. With BTC setting a new all-time high above $100,000, the cryptocurrency’s value has more than doubled this year, up almost 45% over the past few weeks since Trump’s election victory. Mike Novogratz, the founder and CEO of crypto firm Galaxy Digital, stated,
“We're witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream. This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”
The milestone comes after 16 years as BTC stands on the brink of mainstream acceptance despite several prominent detractors and a history of controversy. Hong Kong-based crypto analyst Justin D’Anethan stated,
“Bitcoin crossing $100,000 is more than just a milestone; it's a testament to shifting tides in finance, technology, and geopolitics. The figure not long ago dismissed as fantasy stands as a reality.”
BTC fell to a low of $90,708 last Tuesday as sellers threatened to overwhelm buyers. However, it recovered to register an increase of 4.32% to go above $95,000 and settle at $95,883. BTC recorded a marginal decline on Thursday before resuming its upward trajectory, registering an increase of almost 2% on Friday and settling at $97,374. However, it was back in the red on Saturday, dropping to $96,263 after a drop of 1.14% before recovering on Sunday and settling at $97,026 after an increase of 0.79%.
Source: TradingView
BTC registered a substantial decline on Monday, falling to a low of $94,404. However, it recovered from this level to settle at $95,812, registering a drop of 1.25%. Sellers attempted to drive BTC below the 20-day SMA on Tuesday but were unsuccessful as BTC recovered from a low of $93,655 to settle at $95,751. Sentiment changed on Wednesday as BTC recovered to register an increase of almost 3% and settle at $98,581. BTC has rallied during the current session as it broke past the $100,000 mark, with the price currently at $103,034, with buyers firmly in control. With BTC continuing to push higher, buyers will look to surpass $105,000 during the current session.
Ethereum (ETH) Price Analysis
Ethereum (ETH) overcame considerable volatility and selling pressure at the beginning of last week to recover from a low of $3,255. ETH rallied on Wednesday to register an increase of almost 10% to go above $3,500 and settle at $3,657. However, buyers lost momentum as sellers took over on Thursday, driving ETH down by 2.09% to $3,580. The price recovered on Friday as ETH registered a marginal increase before rising by over 3% on Saturday to go above $3,700 and settle at $3,705. ETH faced considerable selling pressure at this level and as a result, could only register a marginal increase on Sunday to end the weekend at $3,710.
Source: TradingView
Buyers lost momentum as the week began on a bearish note, with ETH dropping almost 2% to a low of $3,559 before recovering and settling at $3,645. Bearish sentiment intensified on Tuesday as ETH fell to an intraday low of $3,504. However, buyers prevented a further decline as ETH recovered from this level to reclaim $3,600 and settle at $3,618. Buyers returned to the market on Wednesday as ETH rallied over 6% to go above the resistance at $3,700 and settle at $3,844. The current session sees ETH marginally up as buyers and sellers struggle to take control. If buyers retain control, ETH could surge towards $4,000. On the other hand, if sellers retake control, ETH could drop toward $3,500 or lower, signaling that markets have rejected the breakout.
Solana (SOL) Price Analysis
Solana (SOL) is looking to recover after dropping below the 20-day SMA earlier in the week. SOL registered a substantial increase after declining to a low of $222 last week. It rebounded from this level to register an increase of almost 5% on Wednesday and settled at $242. However, with volatility dominating the market, SOL fell back in the red on Thursday, dropping nearly 2% to $237. The price recovered on Friday, registering an increase of 2.41% and settling at $243. Despite a strong showing on Friday, SOL was back in the red on Saturday, dropping 2.33% to $237. Sunday saw a marginal decline as buyers prevented a drop below the 20-day SMA, with the price remaining at $237.
Source: TradingView
However, selling pressure intensified significantly on Monday as SOL plummeted almost 5% to go below the 20-day SMA and settle at $225. Sellers drove SOL to an intraday low of $215 on Tuesday as selling pressure persisted. Despite considerable selling pressure, SOL recovered from this level, rising almost 4% and settling at $234. However, it could not go above the 20-day SMA. SOL fell back in the red on Wednesday after buyers failed to sustain a move past the 20-day SMA. SOL reached an intraday high of $241 but lost momentum and fell to a low of $224 before settling at $229. The current session sees SOL up by 1% as buyers look to move past the 20-day SMA. A break above this level could see SOL rise to $250. On the other hand, if sellers retake control and drive SOL below $220, it could drop as low as $200.
Chainlink (LINK) Price Analysis
Chainlink (LINK) registered a significant rally on Monday but has dropped since as sellers look to lower the price. LINK has registered substantial gains since the US elections, with its latest rally beginning last week as it recovered from a low of $16.19, registering a significant increase to settle at $18.68 on Wednesday. However, with LINK facing considerable resistance at upper levels, the price fell back on Thursday, dropping almost 4% to slip below $18 and settle at $17.94. LINK recovered on Friday to register an increase of nearly 2% and settle at $18.25. Buyers retained control on Saturday as LINK registered an increase of over 4% and settled at $19.01. With sellers active at this level, LINK registered a marginal decline to settle at $18.94.
Source: TradingView
LINK broke past the resistance on Monday, rising an incredible 33.16% to go above $20 and race to an intraday high of $26.87 before settling at $25.22. However, buyers lost momentum after Monday’s rally, and LINK fell considerably on Tuesday, dropping to a low of $22.59 before settling at $24.12 after a drop of 4.35%. Buyers attempted a recovery on Wednesday as LINK surged to an intraday high of $26.51. However, LINK could not sustain momentum and fell back to register a marginal drop and settle at $24.10. The current session sees LINK down just over 1% as sellers look to lower the price and drive it towards $20.
Uniswap (UNI) Price Analysis
Uniswap (UNI) fell towards the end of the previous week after registering a staggering increase of almost 25% last Wednesday. The price fell on Thursday as buyers lost momentum, and UNI registered a drop of nearly 6% to $12.78. Sellers retained control on Friday as the price fell by 1.51% to $12.58. However, sentiment changed over the weekend as buyers returned to the market. As a result, UNI registered an increase of 1.53% on Saturday and 2.23% on Sunday to end the weekend at $13.06.
Source: TradingView
Bullish sentiment registered a substantial increase on Monday as UNI rallied over 7% despite facing considerable volatility to settle at $13.98. UNI faced considerable selling pressure on Tuesday as it dropped to an intraday low of $13.15. However, it recovered from this level to register an increase of over 8% to go above $15 and settle at $15.12. Buyers attempted to break above $16 on Wednesday as the price reached an intraday high of $16.52. However, UNI lost momentum after reaching this level and fell below $16 to settle at $15.69. The current session sees UNI down by 3.19% and trading at $15.18.
Bittensor (TAO) Price Analysis
Bittensor (TAO) is struggling to build momentum and go above $700, with sellers weighing the price down. TAO embarked on a strong rally on November 22 as it rebounded from the 20-day SMA. By the beginning of the previous week, it had gone above the 20 and 50-day SMAs as buyers seized the initiative. TAO rallied to an intraday high of $721 last Wednesday but lost momentum, allowing sellers to drive the price down to $561. However, it regained momentum and reached $678 on the weekend as bullish sentiment peaked.
Source: TradingView
However, TAO fell on Sunday as buyers lost momentum, dropping over 6% to $636. Sellers continued to dominate trading on Tuesday as TAO fell to an intraday low of $567, going below support levels. However, TAO recovered from its intraday low to climb above $600 and settle at $605. Sellers attempted to breach TAO’s support levels again on Tuesday as it dropped to a low of $570 before recovering to register an increase of almost 3% and settle at $621. TAO surged to an intraday high of $726 on Wednesday as buyers returned to the market. However, it could not remain above $700 and declined to settle at $656, an increase of almost 6%. The current session sees TAO up over 2% as buyers look to go above $700 while sellers attempt to drag the price below TAO’s support level.
Apecoin (APE) Price Analysis
Apecoin (APE) has been on a bull run since the middle of last week, rebounding from a low of $1.21. The price pushed above the resistance at $1.40 on Friday after an increase of just over 2% moved it to $1.41. APE continued to rally on Saturday, rising over 6% and settling at $1.50. However, it could only register an increase of 1.24% on Sunday, thanks to considerable volatility. Buyers retained control on Monday as APE continued to push higher, registering a rise of 4.55% and settling at $1.59.
Source: TradingView
Bullish sentiment intensified on Tuesday as APE rallied almost 20%, reaching an intraday high of $2.07 before settling at $1.90. Buyers attempted a move past $2 on Wednesday as the price rose to an intraday high of $2.16. However, APE lost momentum at this level thanks to growing selling pressure and settled at $1.95 after registering an increase of almost 3%. The current session sees APE marginally up as buyers and sellers struggle to establish control. If buyers build momentum, APE could test the $2 level. On the other hand, if sellers retake the session, they could look to drive APE below $1.50.
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.
