On Thursday (November 21), Bitcoin remained strong above $94,000 after hitting a record high of $94,964. The team of President-elect Donald Trump is reportedly considering setting up a "crypto czar" position in the White House, and the person in charge will have direct contact with the president. Billionaire Elon Musk announced new policies for the U.S. Department of Efficiency (D.O.G.E.), which he leads, and launched a weekly podcast to report on the country's cost reduction status.
US media: Trump team considers setting up a "crypto czar"
Bloomberg cited people familiar with the matter as saying it was unclear whether a senior White House staff position or "crypto czar" - a Washington term for someone who oversees federal government policy and regulation - would be created. They said crypto industry advocates are pushing for the position to be in direct contact with Trump.
Trump's team is reviewing candidates for the position, according to people familiar with the transition. If established, it would be the first-ever White House position dedicated to cryptocurrency and would highlight the burgeoning industry's influence on the new administration. Trump's team is discussing with the digital asset industry whether to create a new position in the White House dedicated to cryptocurrency policy, according to people familiar with the transition.
Trump’s team is reviewing candidates for the position, which would be the first-ever White House position dedicated to cryptocurrency and highlight the burgeoning industry’s influence on the new administration, people familiar with the matter said.
US media mentioned that Trump strongly supported the cryptocurrency industry during the campaign, vowing to fire Gary Gensler, the current chairman of the US Securities and Exchange Commission, who is cracking down on the digital asset industry, and to scale back regulation and establish a new presidential advisory committee on cryptocurrency. According to several people familiar with the matter, cryptocurrency supporters are currently vying for seats on the committee.
Trump has met with executives from bitcoin mining companies and cryptocurrency exchanges several times this summer and spoke at a bitcoin conference in July. The president-elect himself owns several cryptocurrency businesses. He recently launched a fourth series of non-fungible tokens and helped launch a new business called World Liberty Financial (WLFI).
Discussions about the cryptocurrency role include the person leading a small team and serving as a liaison between Congress, the White House and the various agencies that regulate cryptocurrencies, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the people said.
Crypto allies have traveled to Trump’s private club, Mar-a-Lago, in recent days, where the president-elect’s team is holding personnel discussions and interviewing potential candidates.
Brian Brooks, a former Coinbase Global Inc. and Binance.US executive who is also a potential candidate for SEC chairman, met with Trump on Tuesday, according to people familiar with the matter. Coinbase Global Inc. Chief Executive Officer Brian Armstrong also spoke with Trump this week, people familiar with the matter said.
Musk's new policy: launch a weekly podcast to report on national cost reductions
Musk and Ramaswamy will launch the "Dogecast" podcast for the U.S. government's Department of Efficiency, according to Watcher.Guru.
This is a separate podcast series that explains to the public exactly what the U.S. government efficiency department is doing to provide transparency and what is a once-in-a-century project. "We want to keep the public involved," Ramaswamy emphasizes in the video.
BlackRock Bitcoin Spot ETF Options Are Hot
(The Wall Street Journal) reported that cryptocurrency investors were excited about the BlackRock Bitcoin Spot ETF (IBIT) options that debuted this week, as trading volume on the first day of IBIT ETF options surged, pushing Bitcoin prices to a record high of nearly $95,000 on Wednesday.
The iShares Bitcoin Trust ETF saw about $1.9 billion in options volume on Tuesday, according to Bloomberg Intelligence, with much of that volume in call options, which would earn money if the price of bitcoin rises.
U.S. regulators recently approved Bitcoin ETF options from Fidelity Investments and ARK Invest, and these options are now available.
Options also drove IBIT's trading volume up 32% month-on-month. Among all the traded contracts, 288,700 were call options and 65,000 were put options. The call/put ratio was 4.44, indicating that market sentiment was generally optimistic.
Data shows that market transactions are concentrated on long options expiring on January 17, 2024, with a price range of $55-60. Corresponding to a 4.4%-13.9% increase in IBIT's closing price on Tuesday, analysts said that the roughly corresponding Bitcoin price is $97,000-105,000, indicating that the market expects Bitcoin to reach $100,000 before Trump's official inauguration.
It is worth noting that the implied volatility of options expiring in January is between 68% and 69%, which corresponds to the 60-day historical volatility of IBIT in the range of 55%. 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 said Bitcoin showed a new positive trading attempt to break through the $93,261 level, which supports the continuation of the expected bullish trend today, with a target starting from $94,000 and extending to $95,500 after breaking through the previous level.
As a reminder, it is very important for Bitcoin to stay above $90,000 to continue the suggested bullish wave, breaking it represents the key to incurring intraday losses with the goal of testing $87,025 before the next trend can be clearly identified.
