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First Mover Americas: Bitcoin Flirts With $90K in Volatile Trading Session
The latest price moves in crypto markets in context for Nov. 12, 2024.
Updated Nov 12, 2024, 1:01 p.m. Published Nov 12, 2024, 1:01 p.m.
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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Bitcoin came within touching distance of $90,000 in volatile trading during the European morning, swinging between highs well above $89,000 before falling below $86,000 as it encountered resistance on its path to another milestone. It was recently trading around $87,400. The surge in the last 24 hours has seen nearly $900 million of liquidations in crypto-tracked futures, equally distributed between bullish and bearish bets at almost $450 million apiece, according to Coinglass data. Notwithstanding the price swings, bitcoin is around 6% higher over 24 hours, outperforming the wider crypto market, which has risen just under 3.5%, as measured by the CoinDesk 20 Index.
Ether ETFs registered record inflows of $295.5 million on Monday, with BlackRock's ETHA and Fidelity's FETH both gathering a net $100 million. Their bitcoin equivalents saw their second-highest-ever daily inflows, recording gains of $1.1 billion as BTC's market cap climbed to $1.78 trillion to overtake silver as the world's eighth-largest asset. "Assets in the US spot bitcoin ETFs are now up to $84b, which is 2/3 of the way to what gold ETFs have, all the sudden there's a decent shot they surpass gold before their first birthday (we predicted it would take 3-4yrs)," Eric Balchunas, a senior analyst at Bloomberg, said on X.
DOGE climbed to over $0.43 during the European morning, enjoying gains of around 50% in the last 24 hours. That's the memecoin's highest price since May 2021, when it hit an all-time high of $0.71. DOGE-tracked futures saw over $68 million in cumulative losses. Those liquidations were the largest for dogecoin this year, with open interest nearing a lifetime record from April. Much of the current rally has been fueled by bullish sentiment around the meme’s endorsement by technology entrepreneur Elon Musk in the Trump administration. DOGE subsequently retreated to below $0.40 as the crypto market fell, but remains over 30% higher in the last 24 hours.
Chart of the Day
- Bitcoin has rallied to test a trendline resistance formed by the twin peaks of 2021, aligning itself with movements in the Nasdaq-to-S&P 500 ratio.
- Historically, the ratio, representing tech optimism on Wall Street, has been a reliable indicator for BTC, guiding the cryptocurrency through various market conditions.
- Source: TradingView
- Omkar Godbole
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Lebih untuk Anda
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
Yang perlu diketahui:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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