Bitcoin Makes History, Trump Selects New SEC Chair, Mt. Gox Moves Billions: This Weeks Crypto Recap
To say that the past seven days were exciting would be an understatement. According to CoinGecko, the total cryptocurrency market capitalization increased by almost $300 billion and peaked at around $3.8 trillion. This comes on the back of a historic milestone for Bitcoin and the strong performance of many altcoins, so lets dive into the price action.
All eyes were turned on Bitcoin this week. To be completely honest, the price action was relatively dull and rather depressing for the first part of the week. BTC was chopping between $98,000 and $96,000, even dropping to a low below $94,000 at one point. The bulls werent active. This all changed on Wednesday when the price shot up toward $99,000.
Most of the community were convinced that the price would once again be stopped there, but the buyers had something else in mind. On Thursday morning (Central European Time), the price exploded above $100,000 for the first time in history, thus completing one of the most iconic milestones in Bitcoins history. And it didnt stop there, either. It charted a new all-time high at around $104,000, but thats where the sellers stepped in, picking up a huge amount of overleveraged long positions and causing a massive drawdown extended all the way to $92,000 (on Bitstamp).
Yes, thats what hundreds of millions of overleveraged long positions can cause to the price when theres significant selling pressure. Fortunately, Bitcoin recovered and is currently found at around $98,000.
As we mentioned, though, it wasnt just BTC that was soaring. The best performer from the top 10 is undoubtedly Ripples XRP. The cryptocurrency exploded by as much as 60% at one point but has since retraced a little bit and is currently trading at $2.30. Ethereum is also up by about 7.6%, Binance Coin (BNB) is up by 8.5%, ADA by 8%, and so forth.
Bitcoins rally above $100K came on the back of a major announcement from President-elect Donald Trump. He has made his pick for the new Chairman of the United States Securities and Exchange Commission and its former commissioner Paul Atkins. In the words of Trump himself, Atkins is well-known for his balanced and understanding approach toward digital assets and innovations.
With that said, its very interesting to monitor the crypto markets in the coming weeks. Will Bitcoin reclaim its high of $104,000 or is a deeper correction in the making? We will have to wait and see.
Market Data
Market Cap: $3.73T | 24H Vol: $406B | BTC Dominance: 51.9%
BTC: $98,939 (+1%) | ETH: $3,895 ( +7.6% ) | XRP: $2.30 (+37.9%)
This Weeks Crypto Headlines You Cant Miss
Another Monday, Another Buy: MicroStrategy Adds 15,400 BTC for $1.5 Billion. This Monday, MicroStrategy bought another 15,400 BTC for around $1.5 billion at an average price of $95,976 per coin. This brings its total Bitcoin stack to 402,100 or roughly 1.9% of the entire supply.
MARA Closes $850M Convertible Note Offering to Boost Bitcoin Holdings. MARA Holdings, the largest Bitcoin miner thats also publicly trading on Wall Street, has successfully closed a second offering of $850 million worth of convertible senior notes. The goal of this raise is to boost the firms Bitcoin holdings.
Fed Chair Likens Bitcoin to Gold, Says Its Not a Rival to the Dollar. Jerome Powell, the Chairman of the United States Federal Reserve, dismissed concerns over faith in the US Dollar. He likened Bitcoin to other speculative assets such as gold and said that its volatility keeps it away from mainstream adoption.
BlackRocks IBIT Becomes Fastest ETF in History to Hit $50B in AUM. BlackRocks spot Bitcoin ETF IBIT has made history. It became the fastest ETF ever to achieve $50 billion in total assets under management.
Mt. Gox Wallet Moves 27,871 BTC as Bitcoin Hits $100K Milestone. Mt. Gox has moved around $3 billion worth of BTC to an unidentified address on December 4th. The trustee is probably preparing for the next round of distributions to its creditors.
Solana Whales Begin Accumulation Spree Amid Predictions of SOL at $600. There are some wild SOL price predictions out there, expecting it to reach a massive $600 in the near future. Amid all this, Solana whales have started accumulating considerably.
The post Bitcoin Makes History, Trump Selects New SEC Chair, Mt. Gox Moves Billions: This Weeks Crypto Recap appeared first on CryptoPotato.
Text source: CryptoPotato
