Weekly Wire | Bitcoin Hits $90K, Meme Coins Buzzing on Solana
Market Wrap: Monday, November 18, 2024
The positive momentum in crypto markets continues, fueled by Trump’s election win and subsequent cabinet appointments. BTC breached 90k, with pullbacks remaining modest. The meme coin season is in full swing again, boosting Solana protocols with transaction volumes and record fee revenues. As the markets take a breather, perpetual funding rates have have eased from their highs, according to the CoinGlass Funding Rate Heatmap.
The probability of a Fed rate cut in December dropped from over 80% to 55%, according to the CME FedWatch. This shift follows Powell’s remarks suggesting there is no need for Fed to rush rate cuts given the strong economy.
MicroStrategy bought an additional 51,780 Bitcoin for approximately $4.6B between Nov. 11 and Nov. 17, at an average price of about $88,627 per bitcoin.
Billionaire Paul Tudor Jones has significantly increased his Bitcoin holdings, through BlackRock IBIT, according to recent filings. His position has increased by more than 400% since June 30, placing him among the top 10 IBIT holders. Jones recently stated his belief that "all roads lead to inflation" thus he likes to be long gold and Bitcoin.
A recent publication by Visa illustrates the remarkable growth of stablecoin market over the years, showing how it is rapidly catching up to traditional payment systems.
Source: Making sense of stablecoins | Visa
Notable Crypto News
JPMorgan eyes six potential crypto market changes under Trump | The Block
President-elect Trump nominates bitcoin-friendly RFK Jr. for US Secretary of Health | The Block
UK fintech firm Revolut expands crypto exchange to 30 new markets in Europe | The Block
The Macro Week Ahead
Financial Advice Disclaimer: Nothing in this article constitutes professional or financial advice, performance data or any recommendation that any specific cryptocurrency, portfolio, index, investment product, transaction or investment strategy is suitable for any specific person. You assume the sole responsibility of evaluating the merits and risks associated with all financial decisions and should seek the advice of a registered financial advisor when in doubt.
