On Thursday (November 21), Bitcoin maintained strength above $94,000 after reaching a historic high of $94,964. Trump’s team is reportedly considering establishing a position for a 'Crypto Czar' in the White House, who will directly connect with the president. Billionaire Elon Musk announced that his led U.S. efficiency department (D.O.G.E) will launch a weekly podcast to report on national cost reduction status.
US media: Trump's team is considering establishing a 'Crypto Czar'.
Bloomberg cites insiders saying it is unclear whether a senior White House staff position or 'Crypto Czar' will be established—this term is used in Washington to refer to the person responsible for overseeing federal government policy and regulations. They stated that advocates in the crypto industry are pushing for the position to connect directly with Trump.
Insiders say Trump's team is reviewing candidates for the position. If successfully established, this would be the first position in the White House specifically responsible for cryptocurrency, highlighting the emerging industry's influence on the new government. According to people familiar with the transition, Trump's team is discussing whether to create a new position in the White House dedicated to cryptocurrency policy.
Insiders say Trump's team is reviewing candidates for the position. If established, this would be the first position in the White House specifically responsible for cryptocurrency, highlighting the emerging industry's influence on the new government.
US media mentioned that Trump strongly supported the cryptocurrency industry during his campaign, vowing to fire the current SEC chairman Gary Gensler, who has taken a hard stance against the digital asset industry, and to reduce regulatory oversight by establishing a new presidential advisory committee on cryptocurrency. According to several insiders, cryptocurrency supporters are currently vying for seats on this committee.
This summer, Trump met multiple times with executives from Bitcoin mining companies and cryptocurrency exchanges and spoke at a Bitcoin conference in July. The incoming president himself owns several cryptocurrency businesses. He recently launched a fourth series of non-fungible tokens and helped establish a new company called World Liberty Financial (WLFI).
Insiders say discussions about the cryptocurrency role include leading a small team and acting as a liaison between Congress, the White House, and various agencies regulating cryptocurrency, including the SEC and the CFTC.
Cryptocurrency allies recently visited Trump's private club Mar-a-Lago, where the president-elect's team is conducting personnel discussions and interviewing potential candidates.
According to insiders, former Coinbase Global Inc. and Binance.US executive Brian Brooks is also a potential candidate for the SEC chairman position; he met with Trump on Tuesday. Insiders said Coinbase Global Inc. CEO Brian Armstrong also spoke with Trump this week.
Musk's department new policy: Launching a weekly podcast to report on national cost reduction status.
According to Watcher.Guru, Musk and Ramaswamy will launch the 'Dogecast' podcast for the U.S. government's efficiency department.
This separate Dogecoin podcast series accurately explains to the public what the U.S. government's efficiency department is doing to provide transparency, and what constitutes a once-in-a-century project. Ramaswamy emphasized in the video, 'We want to engage the public.'
BlackRock Bitcoin spot ETF options are active.
(Wall Street Journal) reports that cryptocurrency investors are excited about the launch of BlackRock's Bitcoin spot ETF (IBIT) options this week, as the trading volume on the first day of IBIT ETF options soared, pushing the Bitcoin price to nearly $95,000, a historic high, on Wednesday.
According to Bloomberg Intelligence, the option trading volume for the iShares Bitcoin Trust ETF on Tuesday was about $1.9 billion, most of which were call options that would profit if the price of Bitcoin rises.
U.S. regulators recently approved Bitcoin ETF options from Fidelity Investments and ARK Invest, and these options have now been launched.
Options simultaneously drove a 32% month-on-month increase in IBIT trading volume. Among all traded contracts, 288,700 were call options and 65,000 were put options, with a call/put ratio of 4.44, indicating a generally optimistic market sentiment.
Data shows that market trading is concentrated in bullish options expiring on January 17, 2024, with a price range of $55-60. Corresponding to Tuesday's IBIT closing price, there is a rise of 4.4%-13.9%. Analysts suggest that this roughly corresponds to a Bitcoin price of $97,000-$105,000, indicating market expectations that Bitcoin could reach $100,000 before Trump officially takes office.
It is worth noting that the implied volatility of options expiring in January is between 68% and 69%, corresponding to IBIT's 60-day historical volatility in the 55% range. The implied volatility is greater than the historical volatility, indicating that investors prefer to hold options rather than sell them.
Bitcoin Technical Analysis
Economies.com states that Bitcoin shows new bullish trading attempts to break through the level of $93,261, which supports today's expected continuation of the bullish trend, with targets starting from $94,000 and extending to $95,500 after breaking previous levels.
It is important to note that Bitcoin must hold above $90,000 to continue the suggested bullish wave. Breaking through it represents a key point for suffering intraday losses, with the target of testing $87,025 before clearly identifying the next trend.
