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Latest Prices
CoinDesk 20 Index: 2,981.79 (+0.61%)
Bitcoin (BTC): $93,634.61 (+2.04%)
Ether (ETH): $3,090.71 (-1.65%)
S&P 500: 5,916.98 (+0.40%)
Gold: $2,628.53 (-0.15%)
Nikkei 225: 38,352.34 (-0.16%)
Top Stories
Bitcoin (BTC) is on track to hit fresh highs once again, nearing $94,000 as it leads the market with a 2% increase in the last 24 hours. The cryptocurrency surpassed its previous record on Tuesday and continues to show resilience heading into Wednesday’s U.S. market open. The broader CoinDesk 20 Index showed modest changes, with large-cap altcoins ether (ETH) and solana (SOL) both experiencing slight declines.
A major catalyst behind Bitcoin’s rally has been the explosive activity surrounding options tied to BlackRock’s spot Bitcoin ETF (IBIT), which launched on Nasdaq earlier this week. The ETF saw an unprecedented first-day trading volume, with over $2 billion in notional value. Much of the interest centered on call options, which reflect bullish sentiment, with some traders betting on a significant surge in IBIT’s price. Crypto quant expert Samneet Chepal observed that many professionals are speculating on $100 strike prices, effectively betting that Bitcoin could double in value. Additional Bitcoin ETFs are expected to launch soon, which could increase market activity even further.
In South Korea, meme coins are gaining traction, with dogecoin (DOGE) and XRP (XRP) surpassing Bitcoin in trading volume on major exchanges like Upbit and Bithumb. This surge highlights the growing demand for altcoins, even as Bitcoin continues to hold its dominance in global markets.
MicroStrategy Enters Top 100 U.S. Companies
MicroStrategy (MSTR) has officially entered the ranks of the top 100 publicly traded companies in the U.S. after its stock surged to an all-time high of $430, breaking records previously set during the dotcom bubble. The company, which holds the world’s largest corporate Bitcoin treasury, has seen its stock price soar by 528% this year, outpacing both Bitcoin and semiconductor giant Nvidia (NVDA). As noted by CoinDesk analyst James Van Straten, MicroStrategy’s recent move to issue $1.75 billion in convertible senior notes has contributed to the stock’s rise, and there is speculation that the offering could increase to $2 billion if it is oversubscribed.
Robinhood Poised for Growth with Crypto Deregulation
According to a report from brokerage firm Bernstein, Robinhood (HOOD) stands to benefit greatly from potential crypto deregulation in the U.S. under the upcoming Trump administration. The report suggests that Robinhood can significantly increase its revenue by expanding its crypto offerings and launching new products. The trading app’s recent acquisition of European exchange Bitstamp is also expected to boost its value-added crypto services. Bernstein raised its price target for Robinhood shares to $51 from $30, projecting a 45% upside from the stock’s Tuesday closing price.
Chart of the Day: U.S. 10-Year Treasury Yield
The U.S. 10-year Treasury yield is testing a crucial level, which could signal a breakout or reversal. If the yield breaks above its current downtrend, it could lead to a more bearish outlook for risk assets like stocks and cryptocurrencies. On the other hand, if it reverses and forms a head-and-shoulders pattern, it would likely support risk assets. The movement of this yield is crucial for shaping the broader market outlook in the coming weeks.
Source: TradingView
