The newest value strikes in crypto markets in context for November 21, 2024.
This article initially appeared in First Mover, CoinDesk’s every day e-newsletter, placing the most recent strikes in crypto markets in context. Subscribe to get it in your inbox on daily basis.
Latest Prices
CoinDesk 20 Index: 3,048.35 +2.24%
Bitcoin (BTC): $97,988.32 +4.55%
Ether (ETH): $3,284.40 +6.06%
S&P 500: 5,917.11 0%
Gold: $2,664.88 +0.56%
Nikkei 225: 38,026.17 -0.85%
Top Stories
Bitcoin topped $98,000 heading into the U.S. morning, extending its breakout from an eight-month consolidation since crypto-friendly Donald Trump gained the U.S. presidency. The largest crypto has superior 4.5% over the previous 24 hours, leaving the broad-market CoinDesk 20 Index behind. Some altcoins are shortly catching as much as BTC’s achieve, with ether (ETH), Chainlink (LINK) and Uniswap (UNI) surging 5% prior to now hour. The $100,000-per-BTC mark is only a stone’s throw away and BTC futures on Deribit maturing subsequent 12 months are already buying and selling above the edge. Still, the round-number stage may pose a barrier no less than within the quick time period as traders take some income after a 40% rally in solely two weeks. “If BTC breaks through $100K, there is a high probability of a pullback,” Gracy Chen, CEO at crypto alternate Bitget, mentioned in a be aware. It’s a “psychological barrier where investors might reassess their positions, leading to a natural sell-off point, as seen in other asset classes when significant round numbers are breached.”
Crypto-focused U.S. equities additionally rallied pre-market open. MicroStrategy (MSTR), proprietor of the most important company bitcoin treasury, rose 11% to $520 earlier than the open of U.S. buying and selling. Public corporations following MicroStrategy’s method of shopping for BTC for its treasury additionally gained. MARA Holdings (MARA) added 10% and Semler Scientific (SMLR) 24% earlier than the opening bell. Options buying and selling on Defiance’s 2X lengthy MicroStrategy ETF, which is a leveraged guess on MSTR share costs, took off yesterday and confirmed excessive bullish positioning with risk-on sentiment at document ranges.
The creator of the Chillguy meme threatened authorized motion for profit-related belongings or purposes utilizing his character as a spoof token went viral on social media. The Solana-based meme token CHILLGUY, impressed by Phillip Banks’ copyrighted character, skyrocketed in value this week nearing $500 million market worth fueled by its viral unfold on TikTok. Banks’ authorized threats tanked the token’s value from Wednesday’s peak, as holders seemingly took income.
Chart of the Day
- Google Trends, a broadly used device to gauge curiosity in trending subjects, is returning a worth of 100 for the worldwide search question “memecoins” over the previous 5 years.
- A rating of 100 represents peak recognition — the utmost variety of searches for the question throughout a given time-frame — and factors to an impending retail investor frenzy.
- Source: Google Trends
– Omkar Godbole
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