● BTC briefly broke 108,000 USDT, setting a new all-time high
According to Binance market data, BTC broke 108,000 USDT, reaching a peak of 108,353 USDT, setting a new all-time high. The current price is 108,048.257813 USDT, with a 24-hour increase of 2.28%.
● Analysis: BTC quickly fell back after breaking historical highs, whale holdings may provide support
According to Cointelegraph, Bitcoin experienced volatility after Wall Street opened on December 17, with BTC/USD quickly dropping over $2000 after reaching an all-time high, returning to near the day's opening price.
Whalemap data shows that a large number of whales accumulated over 150,000 BTC at $98,133, which could serve as support during the decline. CoinGlass data indicates that open interest in the futures market has dropped by about $1.3 billion from over $70 billion.
QCP Capital points out that despite spot prices reaching new highs, the options market remains bearish, which may indicate investors' tendency to hedge risks. Analyst Rekt Capital warns that Bitcoin may face a deeper correction, as historical data shows that the seventh week of price discovery often sees pullbacks.
According to Odaily Planet Daily, QCP Capital published an analysis stating that it is becoming increasingly difficult to find reasons to be bearish on Bitcoin's spot price. However, the options market has issued a warning that even if the spot continues to reach new highs, the market still leans towards bearish options, suggesting a tendency to hedge rather than actively chase gains.
VanEck predicts that the cryptocurrency market will reach a 'mid-term' peak in the first quarter of 2025, driven by sustained bullish sentiment, with Bitcoin's target price set at $180,000.
More optimistically, the Financial Accounting Standards Board (FASB) has adopted fair value accounting for Bitcoin and other digital assets, allowing companies to reflect fair value gains directly in their net income—this is a game-changer for the financials of companies holding BTC. Supported by a favorable regulatory environment, this could trigger a cross-asset feedback loop where companies holding BTC find it easier to raise capital, potentially stimulating institutional demand for BTC in a non-linear manner.
● Bitcoin ETF in the US surpasses gold ETF in assets under management
According to Odaily Planet Daily, K33 research director Vetle Lunde stated that in the US, the assets under management of Bitcoin ETFs amount to $129.3 billion, exceeding the $128.9 billion of gold ETFs. Despite having a 20-year head start, gold has been surpassed.
According to PANews, US president-elect Trump plans to establish a strategic Bitcoin reserve (SBR) through an executive order, using the Treasury's forex stabilization fund (ESF) to purchase Bitcoin. The ESF is typically used to address financial crises and had total assets exceeding $200 billion as of October 2024. If implemented, this plan would position the US at the forefront of the global Bitcoin reserve race.
Meanwhile, several states in the US have begun to push for Bitcoin reserve legislation, including Pennsylvania and Texas. Additionally, countries like Brazil, Poland, and Japan are discussing proposals for establishing national Bitcoin reserves.
● Analyst: LTC and HBAR ETFs may be approved first, SOL and XRP have legal issues to resolve
According to reports from Wu Shuo, Bloomberg ETF analyst James Seyffart stated that the approval of Solana and XRP ETFs by the US SEC has been delayed and will only be reconsidered after the new SEC management takes office, with legal issues needing resolution.
The approval prospects for Litecoin and HBAR ETFs are relatively good, as Litecoin is regarded as a Bitcoin fork and has not been classified as a security by the SEC. Currently, Canary is the only issuer that has submitted applications for Litecoin and HBAR ETFs, but investor demand remains unclear.
Bloomberg ETF analyst Eric Balchunas indicated that a wave of cryptocurrency ETFs is expected next year, starting with a BTC + ETH combo ETF, followed by Litecoin, HBAR, and finally XRP/Solana.
● Binance wallet launches Binance Alpha, focusing on discovering emerging crypto projects
According to Binance's announcement, the Binance wallet has officially launched Binance Alpha, focusing on discovering emerging crypto projects with growth potential, providing users with an entry point for discovering new tokens. The platform serves as an observation selection pool prior to token listing, aimed at enhancing project transparency and helping users understand tokens that align with community interest and industry trends. Users can quickly purchase tokens through the Binance wallet and enjoy an optimized trading experience, including automatic slippage adjustments and anti-MEV mechanisms.
Starting from December 18, 2024, users can explore Binance Alpha and its five token projects showcased that day in the Binance wallet, with five more token projects to be announced on December 19 and December 20 (subject to change).
More tokens will be announced later. It is important to note that Binance Alpha is an educational initiative and does not constitute recognition or guarantee of tokens listed on the Binance exchange. Tokens are selected based on various factors, including community interest, attention, and market trends.
