Share this article
First Mover Americas: Bitcoin Regains $98K After Weekend Slump
The latest price moves in crypto markets in context for November 25, 2024.
Updated Nov 25, 2024, 1:34 p.m. Published Nov 25, 2024, 1:34 p.m.
What to know:
- Bitcoin returns to $98,000.
- Crypto futures saw $500 million in liquidations amid volatility.
- Brokers raise price targets for MicroStrategy.
Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Publishing at 7 a.m. ET, it will kickstart your morning with comprehensive insights. You won't want to start your day without it.
Latest Prices
CoinDesk 20 Index: 3,433.47 +3.11%
STORY CONTINUES BELOW
Mis geen enkel verhaal.Abonneer je vandaag nog op de Crypto Daybook Americas Nieuwsbrief. Bekijk Alle Nieuwsbrieven
S&P 500: 5,969.34 +0.35%
Gold: $2,685.55 -1.13%
Nikkei 225: 38,780.14 +1.3%
Top Stories
Bitcoin traded above $98,000 having dropped below $96,000 on Sunday. A pullback had been expected as traders took profits after last week's surge to nearly $100,000. XRP and DOGE led the drop, both losing more than 5%, while ETH, SOL and ADA fell between 2%-5%. They all also pared losses, posting gains in the past 24 hours. The CoinDesk 20 Index, which offers a broad measure of the digital asset market, climbed 1.7% thanks to some healthy increases among smaller altcoins like AVAX and LINK.
Crypto-tracked futures took a beating with over $500 million in liquidations on both longs and shorts amid the volatility. Over $366 million in longs and $127 million in shorts evaporated, Coinglass data shows. Traders, however, don’t appear to consider the pullback concerning. “It's clear that Bitcoin has been leading the market, a key indicator that much of the demand is driven by institutions buying ETFs," Jeff Mei, COO at crypto exchange BTSE, told CoinDesk. “We also believe that institutions will start buying into the Ethereum ETFs soon and, hopefully, the Solana ones once they're approved. With the stock market making steady gains and the Trump transition team meeting with a number of crypto executives to discuss pro-crypto policies, it looks promising that this rally will continue into 2025,” Mei added.
Brokers Bernstein and Canaccord raised their price targets for MicroStrategy, while maintaining their positive ratings for the stock. Bernstein raised its target to $600 from $290, while Canaccord has increased it to $510 from $300. Bernstein said it expects MicroStrategy to own 4% of the world's bitcoin supply by 2033. It currently has 1.7%. Michael Saylor's company said last month that it planned to buy $42 billion of bitcoin over the next three years. "We believe bitcoin is in a structural bull market with conducive regulation and U.S. government support, institutional adoption and favorable macro," analysts led by Gautam Chhugani wrote.
Chart of the Day
- The chart shows the difference between intraday spot buying and selling volumes for .
- The net buying volume has flipped negative, hinting at profit-taking near record highs. This partly explains BTC's struggle near $100,000.
- Source: Glassnode
- Omkar Godbole
Trending Posts
Meer voor jou
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Wat u moet weten:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
