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Top Stories
Bitcoin (BTC) continues to make strides toward new all-time highs, currently hovering just below $94,000. The cryptocurrency is leading the market with a 2% increase over the past 24 hours, contributing to its remarkable upward trajectory. Bitcoin reached a new price record on Tuesday, and many analysts expect this trend to continue into Wednesday’s U.S. session. The broader CoinDesk 20 Index showed minimal change, with altcoins like ether (ETH) and solana (SOL) facing slight declines.
A key factor behind Bitcoin’s climb is the high volume of options trading tied to BlackRock’s spot Bitcoin ETF (IBIT). The ETF saw explosive first-day trading on Nasdaq, further driving up Bitcoin’s price. Analysts highlighted that most of the options activity centered around call options, which reflect a bullish sentiment for the crypto. Crypto quant analyst Samneet Chepal noted the intriguing nature of some traders betting on IBIT strike prices that would effectively double Bitcoin’s price if successful. With more Bitcoin ETFs set to launch in the coming days, analysts expect further market excitement.
Over in South Korea, memecoins are also taking center stage. Both dogecoin (DOGE) and XRP (XRP) have surpassed Bitcoin in terms of trading volume on major exchanges like Upbit and Bithumb. The shift signals rising interest in these altcoins, even as Bitcoin continues to dominate the global market.
MicroStrategy Joins U.S. Top 100 with Huge Stock Gains
MicroStrategy (MSTR) made history this week by entering the top 100 publicly traded companies in the U.S., as its stock surged to $430, breaking its previous dotcom bubble record. Known for holding the largest corporate Bitcoin treasury, MicroStrategy’s stock has increased by an impressive 528% in 2024, outperforming both Bitcoin and tech giant Nvidia (NVDA). As CoinDesk analyst James Van Straten noted, the company’s success was further underscored by its recent announcement of a $1.75 billion 5-year convertible senior note issuance, with a 0% coupon. Speculation suggests the offering could rise to $2 billion if it is oversubscribed.
Robinhood Set to Benefit from Crypto Deregulation Under New U.S. Administration
Broker Bernstein released a report highlighting Robinhood (HOOD) as one of the key beneficiaries of potential crypto deregulation under a President Donald Trump administration. The report anticipates that Robinhood will be able to boost revenues by expanding its cryptocurrency offerings and introducing new crypto-related products. The company’s acquisition of Bitstamp, a European-based exchange, is expected to enhance its crypto services even further. Bernstein raised its price target for Robinhood shares to $51, up from $30, forecasting a 45% upside from the closing price on Tuesday.
Chart of the Day: U.S. 10-Year Yield
One of the most critical charts currently in financial markets is the U.S. 10-year Treasury yield. Known as the “risk-free” rate, the yield is testing a pivotal level that could either break above its current downtrend or reverse downward, forming a potential head-and-shoulders pattern. A break lower would likely support risk assets like stocks and crypto, though any significant market disruption could challenge this expectation.
Source: TradingView
