Last night, the price of Bitcoin hit $69,000, just a little short of $70,000.
In comparison, Ethereum’s performance was weaker, reaching a high of only $2,688.
The performance of altcoins was stronger, with a wave of general rise in prices.
Yesterday, after the U.S. stock market opened, the three major indexes all rose. They have now risen for six consecutive weeks, setting the longest streak of gains since the end of 2023.
BlackRock's stock is also continuing to rise, and American investors are continuing to buy spot ETFs. These ETF investors basically hold their positions after buying, which directly reduces the selling pressure in the market.
However, every time the price of Bitcoin exceeds $69,000 and approaches the $70,000 mark, market sentiment becomes a little excited.
Everyone is worried that there will be a big correction after the surge, which has triggered a fear of heights in the market.
But I think that as long as there is no actual bad news, the downside of Bitcoin is still relatively limited.
The support levels below Bitcoin are $66,000, $63,800, and $60,500.
$60,000 is also the bull-bear dividing line in this bull market, and is a good bottoming price.
As long as the trend remains unchanged, the U.S. economy does not decline, and the U.S. stock market does not experience a major correction, Bitcoin's performance at the end of the year is still worth looking forward to.
Next, let’s take a look at the news and data that are worth paying attention to:
1. Seven positive factors push BTC to $100,000
Bitwise CEO Matt Hougan tweeted that there are seven factors that could push Bitcoin to $100,000:
ETF funds began to flow in again
The US election is coming soon, and Trump is likely to be elected
The United States' unlimited deficit policy (bipartisan agreement)
China is vigorously stimulating its economy
Central banks around the world are cutting interest rates (including the Fed and the ECB)
Bitcoin halving effect begins to show
Big investors are accumulating Bitcoin
It can be seen that a big market trend is brewing in the cryptocurrency circle. Driven by so many positive news, we can see whether Bitcoin can break through 100,000 US dollars by the end of the year.
2. US SEC approves Bitcoin ETF options trading
Recently, the U.S. Securities and Exchange Commission (SEC) approved the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (Cboe) to launch options trading linked to spot Bitcoin ETFs.
This approval not only includes BlackRock, but also extends to all Bitcoin ETF asset management institutions. This means that more funds may flow into the Bitcoin market in the future.
As large amounts of money continue to flow into Bitcoin, it may soon break through the high of $73,000.
3. Bitcoin and Ethereum ETF funds continue to have net inflows
Yesterday, the US Bitcoin spot ETF had a net inflow of $273 million, while the Ethereum spot ETF also had a net inflow of $48.4063 million.
Judging from recent data, spot ETF institutions have high buying sentiment. Currently, ETF investors have locked up more than 950,000 bitcoins.
As long as these bitcoins are not sold, there will be little selling pressure in the market.
4. Bill Gates recently said: If there is an easy way, I will short Bitcoin
In response, MicroStrategy's founder and chairman said that if Gates really doesn't like Bitcoin, he could try shorting MicroStrategy's stock.
He also added that his company would not sell its bitcoins.
When it comes to the showdown between big guys, all we can say is that the butt determines the head, and time will prove everything.
5. BlackRock is discussing with exchanges such as Binance, OKX and Deribit to use BUIDL tokens as collateral for futures trading.
In simple terms, they want to use these tokens to support derivatives trading.
As soon as the news came out, the price of Ondo increased by 10%.
Then why is ONDO rising?
Because Ondo is one of the largest holders of BUIDL, holding $216 million worth of BUIDL tokens.
These tokens are used as the underlying assets of its tokenized Treasury fund product OUSG.
Ondo used the redemption contracts provided by BUIDL and Circle to achieve fast subscription and redemption of its money fund product OUSG.
This lowers the investment threshold for users from $5 million to $5,000.
Therefore, any major news about BUIDL will affect ONDO’s market performance. As the leader in the RWA track, ONDO has also embraced BlackRock’s thigh. This project is worthy of long-term attention.
6. Worldcoin changes its name to World Network and launches the "Orb 2.0" plan
Worldcoin recently changed its name to World Network, or World for short, with the support of Sam Altman.
They also launched a new project called "Orb 2.0". The long-term goal of this project is to allow people to anonymously "prove their identity" online.
The new Orb 2.0 device has many improvements, such as faster manufacturing, fewer parts, better chip performance, and faster operation.
Moreover, it uses open source code, which means more people can participate in its improvement and use.
World plans to open "premium authentication experience" stores in Buenos Aires and Mexico City, and will also place the devices in everyday places, such as local coffee shops.
In addition, World Network has also launched their Layer2 mainnet, called World Chain.
The blockchain is supported by Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan.
World Network states that their user transactions account for 44% of OP Mainnet activity, making them the largest application on the network.
At present, the Worldcoin project team is indeed doing something. WLD has also increased by 15% in the past week, and its performance is good. We can pay attention to whether the subsequent project team will empower the WLD token.
