Bitcoin Rally Financial News

On Wednesday, crypto exchange Kraken announced job cuts a person familiar with the matter said amounts to 15% of workers, while rival Coinbase reported earnings that missed estimates. Software developer Consensys is among other digital-asset firms that recently started trimming jobs.

Crypto Strategic Reserve," aiming to make the U.S. the «crypto capital of the world.» The reserve will include Bitcoin, Ethereum, XRP, Solana, and Cardano. The announcement triggered a sharp rally, with these cryptocurrencies seeing significant price gains. In a series of posts on Truth Social, Trump expressed his endorsement of Bitcoin and Ethereum, stating, «And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!»

Bitcoin triggered by Donald Trump's victory in the US presidential election may just be getting started. «We saw an immediate risk-on rotation across derivatives amidst the surge,» said Vetle Lunde, head of research at K33 Research. «CME's basis has surged from 7% yesterday to highs above 15% today, while perps have moved from trading below the spot market to its largest premiums to the spot market since March.»

bitcoin", 2023 has been the year of trauma recovery. Bitcoin has bounced pluckily in the face of depressed crypto prices, low trading volumes and tough economic conditions. It even found a second wind in October following a summer slump. «We've had a nice recovery, but we're just in the cusp of the new cycle,» said Kevin Koh, co-founder and managing partner at investment firm Spartan Group. Indeed, 2023 has been a surprisingly good year for bitcoin.

Bitcoin’s longest winning run since May lifted the token past $44,000, sparking questions about whether the breakout increasingly reflects a conviction that looser Federal Reserve monetary policy lies ahead. The largest digital asset climbed for six days through Tuesday, adding roughly 16%, and was consolidating the gains in early Asian trading on Wednesday. Its 2023 rebound from last year’s crypto rout now stands at 165%. Much of the rally is pegged to the prospect of the US allowing its first spot Bitcoin exchange-traded funds, paving the way to a wider investor base. BlackRock Inc. and Fidelity Investments are among those awaiting the outcome of their applications, with some analysts expecting a green light by January. But ETF hype has shadowed Bitcoin since June, when asset managers began seeking approval to roll out the funds. That’s leading some to ask if the token’s surge is now drawing more succor from wagers on Fed rate cuts next year.

The price of Bitcoin has risen substantially in recent weeks, pushing the value of MicroStrategy’s Bitcoin holdings above $5.8 billion. The rally has resulted in over $1.2 billion in unrealized profit for the company and its CEO Michael Saylor.

In a report published Wednesday, JPMorgan analysts cast doubt on the sustainability of the latest bitcoin rally, stating that the sharp gains look ‘overdone’ relative to the cryptocurrency’s underlying fundamentals.

Tether’s stablecoin USDT reached a milestone on October 21 by surpassing the $84 billion supply mark. Data from Messari indicates a week-on-week increase of about $1 billion, coinciding with the current market rally--spurred by optimistic sentiment over the possible approval of a Bitcoin spot exchange-traded fund (ETF) in 2023.