The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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Happy New Year! Here’s what you need to know in crypto today. |
| BTC trades above $99,000.MicroStrategy, Metaplanet plan to continue buying bitcoin.A SOL market dynamic may indicate a local top. |
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CoinDesk 20 Index: 3,680.22 +1.78%
Bitcoin (BTC): $99,326.53 +1.51%
Ether (ETH): $3,653.66 +1.14%
S&P 500: 5,942.47 +1.26%
Gold: $2,643.13 +0.1%
Nikkei 225: 39,307.05 -1.47% |
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Bitcoin appears poised for a return to $100,000 amid a pickup in activity following the New Year period. BTC traded just above $99,000 at the start of the European afternoon, around 1% higher than Friday evening's price and an increase of 6.6% from Dec. 31. Just as President-elect Donald Trump's election victory spurred prices above $100,000 in December, there are expectations his inauguration will propel BTC higher still. "A restructured SEC under pro-cryptocurrency leadership may reduce enforcement risks and foster innovation. These changes, coupled with streamlined compliance requirements, could enhance investor confidence," CF Benchmarks said in an annual report. "We believe that an industry framework will come, however, implementation delays or policy shifts may temper market optimism, creating short-term volatility." |
MicroStrategy and Metaplanet, two of the biggest corporate bitcoin holders, plan to continue adding more BTC to their already sizeable coffers. MicroStrategy aims to raise up to $2 billion through preferred stock offerings to fuel purchases in the first quarter. Japanese investment firm Metaplanet said it aimed to hold 10,000 bitcoin (worth nearly a billion dollars at current prices) by year-end, alongside several activities to ramp up general bitcoin usage. “In 2025, we aim to expand our Bitcoin holdings to 10,000 BTC by utilizing the most accretive capital market tools available to us," CEO Simon Gerovich said in an X post. A SOL market dynamic that characterized the March 2024 price top has reappeared, clouding the token's bullish technical outlook. Last week, centralized exchanges recorded a hefty net inflow of $227.21 million in SOL, the token powering Solana's smart contract blockchain, marking the highest influx since the third week of March, according to Coinglass. Back then, exchanges saw a net inflow of over $300 million in SOL. Interestingly, that moment coincided with SOL's price rally peaking near $200 and paving the way for a seven-month range play between $120 and $200. A large movement of coins to exchanges indicates that holders may be gearing up to either sell their coins or put them to work in derivatives trading or DeFi strategies. |
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Market Insight: High-Stakes $100K Bitcoin Call Signals Expectation for Record Price Jump
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Bitcoin market trends indicate expectations for prices to reach record highs following President-elect Donald Trump’s inauguration on Jan. 20. A trader on crypto exchange Deribit has spent over $6 million to purchase the $100,000 strike call options set to expire on March 28, according to data source Amberdata. "This trade anticipates that new highs for bitcoin will be broken just a few months after Trump officially takes office," Amberdata said on X. Traders are also net buyers at the $120,000 strike, indicating strong anticipation of a rally pushing prices above that level. The $120,000 call is the most popular option on Deribit, boasting a notional open interest of $1.52 billion at press time. The renewed interest in the call options comes as BTC looks to regain the $100,000 handle. At press time, the leading cryptocurrency by market value traded above $99,500, marking an 8% recovery from the Dec. 30 low of $91,384, according to data source CoinDesk and TradingView. |
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| The spread between yields on the U.S. 10-year note and the three-month bill has turned positive in a so-called normalization or de-inversion of the yield curve.Previous de-inversions have often signaled sharp economic downturns.This time may be different because the movement is led by a faster rise in the 10-year yield, representing economic optimism. Source: TradingView |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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