Bitcoin: Inches Away From History 💯
Crypto OG hovering around $100K. Gary Gensler announces departure from SEC. Trump's Crypto Advisory Council plans. Bitcoin L2s set for massive growth. Warning signs in the BTC rally.
TGIF, crypto fam! And what a Friday it is - Bitcoin's knocking on $100K's door, are we ready with the champagne bottles?
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Donald Trump In ✔️
Gary Gensler Out ✔️
Bitcoin $100K - Loading ⌛
$99,400 ATH.
That's the high Bitcoin hit as we write this.
Just $600 away from the magical six figures that crypto believers have dreamt about for years.
The journey? Wild.
The mood? Electric.
The implications? Massive.
Crypto's most exciting moment since Satoshi's whitepaper.
The Perfect Storm
Three major catalysts just aligned.
The Gensler Exit
SEC's crypto sheriff finally announced his January 20 departure.
No more "regulation by enforcement"? Looks like it.
XRP jumped 27% on the back of the news.
Markets are betting on friendlier oversight.
The Trump Effect
Promises of crypto-friendly regulation
"Crypto capital of the planet" vision
Bitcoin national reserve discussions
Dedicated crypto cabinet position in talks
The Wall Street Wave
BlackRock ETF options launch
CME futures hitting record 218,000 BTC
Institutional money flooding in
Cash-margin contracts at ATH
"It's validation as much as it is just exciting," says Kaiko Research's Adam McCarthy.
And Bitcoin's not partying alone.
Alt rally is also getting spicy
XRP celebrating with 27% gains
SOL pumping 9% - Hits ATH
ETH surging 8.2% to $3,369
ADA jumping 13.2%
MATIC up 6.1%
This not a FOMO rally.
Look at the numbers.
CME dominates 33% of futures market.
Only 16% of futures using crypto margin (ATL)
Volatility dropped from 100% to 40%
Market cap approaching $2 trillion
Key metrics to watch
Futures open interest: $64.06B
Stablecoin market cap: $191B
Bitcoin dominance: 60.62%
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Block That Quote 🎙️
Gary Gensler, US Securities and Exchange Commission Chair
“On January 20, 2025, I will be stepping down as SEC Chair.”
That’s Gary Gensler's farewell tweet.
The moment the entire crypto world has waited for.
Read: Gensler On His Way Out? 🚦
"The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issuers alike."
His reign summed up in numbers
50% of all SEC crypto actions happened under him
18% of SEC complaints were crypto-related
4 years of "regulation by enforcement"
But here's the spicy part:
"Court after court agreed with the Commission's actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered — whatever their form" - SEC's press release.
Translation? No regrets. Even at the end.
And just last week, Gensler couldn't resist one final jab at the industry that made him Wall Street's most controversial sheriff.
The market's response to his exit?
Bitcoin: +$5,000 in hours
XRP: +27% jump
Coinbase stock: New 3-year high
Read: Who Will Replace Gary Gensler? 👀
Maybe its time Gensler consider Justin Sun’s job offer.
The Warning Signals
But while you are busy celebrating the flight to $100K ... some caution.
After hitting the historic figure, Bitcoin may see some pull-back.
And there have been some concerning indicators.
Retail investors ("shrimps") sold $7B in last 30 days
Largest distribution since March ATH
Daily profit-taking hitting $4B
OTC desk balances up 20,000 BTC
However, exchange data begs to differ.
Only 3 million BTC left with exchanges (two-year low)
"Sharks" (100-1,000 BTC holders) accumulated 140,000 BTC
Strong buying pressure continuing
Institutional accumulation phase
Bitcoin Reserve Around the Corner?
Word on the street? Trump's not just talking about making America crypto-friendly – he's planning to give Bitcoin a permanent home in Washington.
Upcoming Crypto Advisory Council has a spicy mission: establishing America's first Bitcoin reserve, sources told Reuters.
And everyone wants in on the action
Ripple execs are jumping in line
Coinbase’s Brian Armstrong also in the fray
Kraken's team is making their case
a16z and Paradigm fighting for seats
Industry veterans polishing their résumés
Why does this matter?
US government already holds $21 billion in crypto
98% of it is Bitcoin
Total government Bitcoin treasuries: $28.5 billion
Potential to become largest BTC holder
Remember when governments were selling? Germany's Saxony just lost out on $2.1 billion by dumping 50,000 BTC too early.
In The Numbers 🔢
$47 billion
That's how much Bitcoin could flow into Layer-2s by 2030, according to Galaxy Research.
2024's L2 Story
$174 million invested in Bitcoin L2s (Jan-Sep)
$105 million went to sidechains
$63 million to rollups
7x increase in projects
$447 million total VC investments
Q2 2024 Highlights
44% of all L2 VC capital
159% increase from Q1
Record-breaking quarter for Bitcoin L2s
The Surfer 🏄
Bitwise has filed for a Solana ETF as the cryptocurrency approaches its all-time high of $259, driven by optimism surrounding potential SEC approvals under a new Trump administration.
MicroStrategy's stock has surged 500% year-to-date, fueled by Bitcoin's rally nearing $100,000, with the company holding 331,200 Bitcoin. Its holdings are currently valued at about $32 billion with $15.5 billion in unrealised gains.
The memecoin index has surged over 90% in November, driven by significant weekly gains from tokens like PEPE (over 70%), BONK (100%), and WIF (32%), following their listings on major exchanges like Coinbase and Robinhood. This trend reflects a broader bullish momentum in the market, with retail investors increasingly favouring speculative tokens.
Charles Schwab plans to directly offer cryptocurrency investments to clients, according to incoming CEO Rick Wurster, who anticipates a favourable regulatory shift in the US soon. Currently, Schwab clients engage with crypto through ETFs and futures, but the bank aims to expand its offerings once regulations allow for spot trading.
FTX has announced plans to begin reimbursing customers by March 2025, following the completion of its Chapter 11 reorganisation plan expected to take effect in January.
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So long. OKAY? ✋