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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 making another strong push toward new all-time highs as it stays just under $94,000. The leading cryptocurrency saw a 2% gain in the past 24 hours and is once again commanding the spotlight in the market. Yesterday, Bitcoin set a new record, and it is expected to continue rising as market momentum remains strong. Meanwhile, the broader CoinDesk 20 Index held steady, and major altcoins like ether (ETH) and solana (SOL) saw a pullback.

A major catalyst for Bitcoin’s price surge has been the incredible trading activity surrounding BlackRock’s spot bitcoin ETF (IBIT). The ETF options launched on Nasdaq yesterday, with first-day trading volumes soaring. Analysts noted that much of the action centered on call options, reflecting a bullish outlook. Crypto quant researcher Samneet Chepal pointed out that “it’s notable to see professional traders diving into $100 strike options, signaling bets on a potential BTC price doubling.” More activity is expected as other bitcoin ETF options begin trading over the next few days.

In South Korea, a shift in trading volumes is emerging. Memecoins such as dogecoin (DOGE) and XRP (XRP) have surpassed Bitcoin in trading volume on major exchanges like Upbit and Bithumb, signaling growing interest in these tokens despite Bitcoin’s dominant presence.

MicroStrategy Joins the Top 100 U.S. Companies

MicroStrategy (MSTR) has now broken into the top 100 publicly traded companies in the U.S., with its stock price closing at $430 on Tuesday, surpassing its dotcom bubble peak. The firm, known for holding the largest corporate bitcoin treasury in the world, has seen its shares surge 528% in 2024, outperforming both Bitcoin and major companies like Nvidia (NVDA). CoinDesk analyst James Van Straten highlighted that the company recently announced a $1.75 billion convertible senior note issuance, with a 0% coupon. There is speculation that the issuance could increase to $2 billion if oversubscribed.

Robinhood Poised for Growth Under U.S. Crypto Deregulation

According to broker Bernstein, Robinhood (HOOD) stands to benefit significantly from expected crypto deregulation under a new Trump administration. Bernstein’s report states that Robinhood can expand its revenue streams by listing additional cryptocurrencies and introducing new crypto-related products. The acquisition of Bitstamp, a European crypto exchange, is expected to bolster Robinhood’s services. Bernstein raised its price target for Robinhood shares to $51 from $30, predicting a 45% upside from Tuesday’s closing price.

Chart of the Day: U.S. 10-Year Yield

One of the most significant charts in the financial markets right now is the U.S. 10-year yield, considered the benchmark for risk-free returns. The yield is currently at a critical juncture, either breaking above its downtrend or potentially turning lower. A downward movement could provide support for risk assets like stocks and cryptocurrencies, unless a “black swan” event occurs to disrupt the trend.

Source: TradingView