Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.
Bitcoin Briefly Slumps to $90,500 as Traders Hedge for Pullback
Bitcoin dropped for a short while a day after an historic surge past $100,000 led some traders to hedge for a retreat.
The digital asset fell as low as $90,500 on Friday before steadying at $97,226. Volatility hit the wider crypto market too amid a hiatus in a rally fueled by President-elect Donald Trump’s embrace of the sector.
Demand has ticked up for bearish wagers such as put options, which provide the right to sell at a predetermined price in a set period. Some of the most notable activity was for puts with strike prices of $95,000 and $100,000, according to Amberdata. Demand for puts in the $75,000 and $70,000 range also increased.
Source: Binance
GME Coin Shoots Up Over 80% As Roaring Kitty Returns With Intriguing X Post
Legendary trader Keith Gill, popularly known as Roaring Kitty, returned to social media on Thursday, sparking a wild spike in cryptocurrencies related to GameStop Corp.
GameStop (GME) blasted nearly 65% in the last 24 hours to set new all-time highs.
Another coin based on BNB Chain, namely GameStop Coin (GME), soared 82%, accompanied by a 14% jump in trading volume.
A memecoin named after Roaring Kitty himself shot as much as 25% on the development.
Trump Names David Sacks as White House AI and Crypto Czar
Donald Trump says he is selecting venture capitalist David Sacks of Craft Ventures LLC to serve as his artificial intelligence and crypto czar, a newly created position that underscores the president-elect’s intent to boost two rapidly developing industries.
“David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas,” Trump said Thursday in a post on his Truth Social network.
MARA Holdings Buys $139.5 Million Bitcoins
Bitcoin miner MARA Holdings bought 1,423 Bitcoin — worth $139.5 million — across four transactions spanning between Dec. 5 and 6, blockchain analytics firm Lookonchain noted on X.
The Bitcoin purchases followed the closing of MARA’s second $850 million convertible note offering, which it said it would use to accumulate more Bitcoin.
MARA now holds 22,108 Bitcoin worth $2.17 billion, Arkham Intelligence data shows. It marks a massive 162% increase from this exact time last month.
Tom Lee Says Bitcoin's $100K Milestone Could Be A 'Precursor' For Bullish Stock Moves
Lee, managing partner and head of research at Fundstrat Global Advisors, said in a CNBC interview, “I think Bitcoin rising is, to me, breaking out of a holding pattern is a precursor to what the S&P 500 is going to do for the rest of the year.”
Lee noted that Bitcoin’s rally reflected the market’s pro-risk sentiment. “I think it also just signals how much capital has been idle for the last couple of years, either parked in money market cash or waiting to see if the economy survives.”
Top Crypto Analyst Asks Traders To Hold Positions And Buy Dips
Well-known analyst and trader Michaël van de Poppe took note of Bitcoin's slump after the $100,000 milestone, projecting another one to come in the days ahead.
"Expecting another one to come, but this is what is likely going to happen more often in the markets," he stated.
Van de Poppe urged his followers to hold on to their positions and buy dips.
Bitcoin Spot ETF Flow
The Bitcoin spot ETF with the highest net inflow on Dec 5 was iShares Bitcoin Trust, with a net inflow of $770.51 million. Following that was Grayscale Bitcoin Mini Trust, with a net inflow of 95.35 million, according to SoSoValue.