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Bitcoin Resumes Advance, Rekindles $100,000 Milestone Optimism
Bitcoin is climbing back toward the elusive $100,000 price level again, snapping its longest losing since Donald Trump’s presidential victory triggered a record-breaking rally in the largest cryptocurrency.
Since the election, Bitcoin has risen around 40% as traders anticipate a more friendly regulatory environment for crypto with a president who has said he supports the industry. The token reached an all-time high of $99,728 on Friday before turning negative the past four days. Bitcoin climbed as much as 6% to $97,361 on Wednesday. It has more than doubled this year.
“The market is in price discovery, the dip over the last couple of days looks like a healthy pullback after a 45%+ move higher from pre-election lows. Likely fueled by profit-taking,” said Jake Ostrovskis, an OTC trader at Wintermute. “Traders are looking at the $100,000 level as very likely to break.”
Crypto stocks also jumped as Bitcoin rebounded on Wednesday. SOS Limited rose 43%; Riot Platforms rose 11%; MicroStrategy rose 10%; Bitfarms Ltd. rose 9%; MARA Holdings rose 8%; Coinbase rose 6%.
Total Stablecoin Value Tops Terra-Era Peak to Near $200 Billion
The value of the stablecoin market has risen to new heights after regaining ground lost in the aftermath of TerraUSD’s infamous collapse in 2022.
The total market capitalization for stablecoins has swollen 46% this year to a record of about $190 billion on Sunday, according to DeFiLlama data.
Stablecoins are a kind of cryptocurrency designed to maintain a price consistently in line with that of a fiat currency, usually the US dollar. In the past their main use has been as a conduit for traders to move funds in and out of other tokens. But there is now mounting optimism that stablecoins may cement a more prominent role in global commerce — in particular as a tool for cross-border payments.
Trump Team Eyes Atkins, Ex-SEC Commissioner, to Succeed Gensler
President-elect Donald Trump’s transition team has interviewed Paul Atkins, a veteran financial regulator and eminence grise of conservative financial circles, as a candidate to lead the US Securities and Exchange Commission, according to people familiar with the matter.
Atkins is a top contender for the job to replace outgoing SEC Chair Gary Gensler, the people said, who weren’t authorized to speak publicly. Trump is expected to make a pick in the coming days, and no decisions have been made, they said.
Trump Team Interviews Pro-Crypto Paul Atkins for SEC Chair
President-elect Donald Trump’s team has interviewed crypto advocate Paul Atkins as a candidate to replace Gary Gensler as SEC Chair. Atkins is a veteran financial regulator and eminence grise of conservative financial circles. According to sources familiar with the matter, Atkins is one of the top choices by Trump’s team to replace Gensler.
Trump is expected to make a pick for SEC chair in the coming days, but no decisions have been made, according to sources. Gary Gensler announced that he will step down from his position as SEC chair on January 20th, three days after SEC commissioner Jaime Lizárraga also intends to step down.
With the SEC’s new framework of leaders, much looser regulations are expected in the cryptocurrency sector.
Ex-CFTC Chair Chris Giancarlo in Running to Become First "Crypto Czar"
Former Commodity Futures Trading Commission Chair Chris Giancarlo is a serious contender to become the first-ever U.S. "Crypto Czar," a new position President-elect Donald Trump is weighing to oversee the $3 trillion blockchain industry possibly.
The former public servant, who is known as “Crypto Dad” due to his work in advancing clear regulations during his two-year tenure — including paving the way for bitcoin futures to trade on U.S. exchanges — told The Block in an interview on Wednesday that he has already turned down positions running the CFTC and Securities and Exchange Commission.
“Trump has been very specific in laying out a series of initiatives to make the United States the crypto capital of the world,” Giancarlo said, referring to a July speech the once and future president made at the Bitcoin 2024 conference in Nashville.
MARA Purchases 6,474 Bitcoin with Convertible Notes Offering
Mining company MARA, formerly Marathon Digital, updated investors on Nov. 27, outlining its acquisition of 6,474 Bitcoin through its recent 0% $1 billion convertible note offering.
According to the announcement, the company purchased an additional 703 BTC following the initial purchase of 5,771 BTC at an average price of $95,395 per coin. The year-to-date, per-share yield of MARA’s BTC is 36.7%, and MARA currently holds roughly 34,797 BTC in its treasury, valued at approximately $3.3 billion.
MARA also purchased a portion of its 2026 notes for $200 million and will use the roughly $160 million remaining from the convertible debt raise to purchase more Bitcoin at more attractive levels during price dips.
SOS Ltd Stock Price Doubles After Sharing Bitcoin Treasury Plan
SOS Ltd, a China-based cloud computing and crypto mining firm, announced on Wednesday morning that it plans to buy $50 million worth of BTC. The company’s stock soared 43%.
SOS noted that its investment strategy aligns with a more favorable U.S. regulatory environment for crypto and growing institutional support for bitcoin. The company plans to use a variety of quantitative trading strategies to manage its bitcoin holdings, designed to give steady returns.
“Bitcoin market performance is robust and supported by positive developments such as the launch of several Bitcoin-related ETF options and ongoing improvements in the U.S. regulatory environment for digital assets. We believe this investment plan will further enhance the Company’s overall competitiveness and profitability in the digital asset investment sector,” said Yandai Wang, chairman and CEO of SOS.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Wednesday was $103.09 million. The total net asset value of Bitcoin spot ETFs is $104.32 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.46%.
SoSoValue
The Bitcoin spot ETF with the highest net inflow on November 27 was Bitwise Bitcoin ETF (BITB), with a net inflow of $48.05 million. Following that was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of 40.24 million, according to SoSoValue.
SoSoValue
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