This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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00:52Ether ETFs Saw Biggest Outflows Since July
01:01Bitcoin Breaks $64K While Gold Soars
00:56ETH/BTC Ratio Slid to Lowest Since April 2021
00:57Is Bitcoin Losing Its Bullish Momentum?
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 won the U.S. presidency. The largest crypto has advanced 4.5% over the past 24 hours, leaving the broad-market CoinDesk 20 Index behind. Some altcoins are quickly catching up to BTC’s gain, with ether (ETH), Chainlink (LINK) and Uniswap (UNI) surging 5% in the past hour. The $100,000-per-BTC mark is just a stone’s throw away and BTC futures on Deribit maturing next year are already trading above the threshold. Still, the round-number level might pose a barrier at least in the short term as investors take some profits after a 40% rally in only two weeks. “If BTC breaks through $100K, there is a high probability of a pullback,” Gracy Chen, CEO at crypto exchange Bitget, said in a note. 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 also rallied pre-market open. MicroStrategy (MSTR), owner of the largest corporate bitcoin treasury, rose 11% to $520 before the open of U.S. trading. Public companies following MicroStrategy’s approach of buying BTC for its treasury also gained. MARA Holdings (MARA) added 10% and Semler Scientific (SMLR) 24% before the opening bell. Options trading on Defiance’s 2X long MicroStrategy ETF, which is a leveraged bet on MSTR share prices, took off yesterday and showed extreme bullish positioning with risk-on sentiment at record levels.
The creator of the Chillguy meme threatened legal action for profit-related assets or applications using his character as a spoof token went viral on social media. The Solana-based meme token CHILLGUY, inspired by Phillip Banks’ copyrighted character, skyrocketed in price this week nearing $500 million market value fueled by its viral spread on TikTok. Banks’ legal threats tanked the token’s price from Wednesday’s peak, as holders likely took profits.
Chart of the Day
- Google Trends, a widely used tool to gauge interest in trending topics, is returning a value of 100 for the worldwide search query “memecoins” over the past five years.
- A score of 100 represents peak popularity — the maximum number of searches for the query during a given time frame — and points to an impending retail investor frenzy.
- Source: Google Trends
– Omkar Godbole
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