Has correction of Bitcoin (BTC), Ethereum (ETH) and XRP started yet?
Bitcoin’s price held steady at a dazzling $105,080 on Monday, Dec. 16, 2024, with a daily trading volume of $90.85 billion and a market cap hitting $2.05 trillion, while the leading crypto asset by market cap danced between $102,593 and $106,533 throughout the last day. Bitcoin Bitcoin keeps riding the wave of a grand bullish
According to a recent report by Bitfinex, Bitcoin has experienced a significant resurgence since its bear market low of $15,487 recorded in November 2022, soaring over 573% as of December
Bitcoin rallied nearly 5% on Dec. 15, reaching a new all-time high of $106,554, fueled by speculation that it may become a U.S. reserve asset. Data from TradingView shows Bitcoin surpassed its previous high of $104,000, set on Dec. 5, before retracing slightly. CK Zheng, chief investment officer of ZK Square, attributed the surge to a “Santa Claus mode,” as investors fear missing out and increase their capital allocation to Bitcoin. Zheng predicted Bitcoin could hit $125,000 by early 2025 but cautioned about a potential 30% correction as much of the bullish sentiment tied to the incoming Trump administration has already been “priced in.” Such a correction from $125,000 would bring Bitcoin down to approximately $87,500. Trump Administration Speculation Fuels Rally The rally follows comments from Strike CEO Jack Mallers, who suggested President-Elect Donald Trump might issue an executive order on Jan. 20, designating Bitcoin as a reserve asset. “There’s potential to use a day-one executive order to purchase Bitcoin,” Mallers said, though he clarified, “It wouldn’t be the size and scale of 1 million coins, but it would be a significant position.” Meanwhile, Dennis Porter, CEO of the Satoshi Action Fund, revealed that a third Bitcoin reserve bill is in progress at the state level, joining similar measures in Texas and Pennsylvania. “We’re going to see more and more of these bills come. At least 10, in my opinion,” Porter said during a Dec. 15 X Spaces discussion. Additional Catalysts for Bitcoin’s Surge Financial analysts are also anticipating a 0.25% interest rate cut by the U.S. Federal Reserve on Dec. 18, which could further boost Bitcoin. Additionally, a new Financial Accounting Standards Board rule taking effect after Dec. 15 allows institutions to more accurately report the value of their crypto assets, potentially attracting more institutional investors. The Crypto Fear and Greed Index currently ranks market sentiment in the “Extreme Greed” zone at 83 out of 100.
Bitcoin (BTC) started the new week strongly, reaching a new ATH by surpassing $106,000. While there was a subsequent pullback in the BTC price, whales continue to buy altcoins. According to Lookonchain's post, a giant whale purchased Chainlink (LINK) and Ethereum (ETH). Accordingly, a whale with $134 million worth of altcoins purchased 429,999 LINK worth $12.55 million and 1,600 ETH worth $6.3 million from exchanges in the last 48 hours. Apart from this whale, another whale also withdrew 4.58M ACT worth $2.46 million and 753,472 WIF worth $2.17 million from Binance. This whale also purchased other altcoins. Accordingly, the whale purchased 3.22 million JTOs worth $12.3 million on November 23, making an unrealized profit of $805 thousand. On March 3, the whale purchased 543,098 HNT worth $5 million, making an unrealized profit of $223,000. On November 30, it purchased 18.83 million GIGAs worth $1.3 million, making an unrealized profit of $304 thousand. He purchased 1.4 million SPX shares worth $1.1 million on November 29 and November 30, making $105,000 in unrealized profits. Finally, the whale purchased 1.97 million WORMs worth $74,000 on November 20 but lost $67,000. A whale withdrew 4.58M $ACT ($2.46M) and 753,472 $WIF ($2.17M) from #Binance 30 minutes ago. This whale also: Bought 3.22M $JTO ($12.3M) on Nov 23, with an unrealized profit of $805K; Bought 543,098 $HNT ($5M) on Mar 3, with an unrealized profit of $223K; Bought 18.83M $GIGA ($1.3M)… pic.twitter.com/XBc5iBZ9OJ — Lookonchain (@lookonchain) December 16, 2024 *This is not investment advice. Continue Reading: Giant Whales Are Making a Splash with Their Altcoin Purchases! Here Are the Altcoins They Poured Millions of Dollars Into!
Bitget has secured a Bitcoin Service Provider (BSP) license from El Salvador’s Central Reserve Bank. The license allows Bitget to offer Bitcoin-to-fiat exchanges, payment processing, and secure custody solutions. Bitget is also working to obtain a Digital Assets Service Provider (DASP) license to expand its services beyond Bitcoin in the region. Leading cryptocurrency exchange Bitget has officially obtained a Bitcoin Service Provider (BSP) license from El Salvador’s Central Reserve Bank. This allows Bitget to offer Bitcoin services in the country, such as Bitcoin-to-fiat exchanges, payment processing, and Bitcoin custody solutions. Notably, acquiring the BSP license is a significant part of Bitget’s strategic efforts to strengthen its regulatory framework and broaden its global footprint. With this license, Bitget is authorized to engage in Bitcoin-related activities, such as buying, selling, storing, and transferring Bitcoin. Furthermore, the exchange is actively working to secure the Digital Assets Service Provider (DASP) license from El Salvador’s National Commission of Digital Assets. This would allow Bitget to expand its services to include a b… The post Bitget Secures BSP License in El Salvador to Expand Bitcoin Services appeared first on Coin Edition .
Crypto products just hit a huge milestone, logging their 10th consecutive week of inflows at a solid $3.2 billion for the week of Dec. 9–13. Accord...
Review full report Subscribe to Bitfinex Alpha Subscribe to Bitfinex Alpha! Want to receive Alpha from Bitfinex every week? Subscribe if (document.cookie.indexOf('sticky-note-subscribe=1') === -1) { document.querySelector('#sticky-note-subscribe').style.display = 'block'}document.querySelector('#sticky-note-subscribe-cta').addEventListener('click', (e) => { e.preventDefault(); document.querySelector('#sticky-note-subscribe').style.display = 'none' document.cookie = 'sticky-note-subscribe=1; max-age=7776000';}); .wp-block-buttons > .wp-block-button { flex: 1;}.wp-block-buttons .wp-block-button .wp-block-button__link { display: block; text-align: center;}.wp-block-buttons .wp-block-button:last-child .wp-block-button__link { background-color: #1ABC91; border-color: #1abc9c; color: #fff;} Bitcoin has achieved unprecedented milestones, surpassing a $2 trillion market capitalisation and $100,000 for the first time. Currently, 94.25 percent of the total 21 million BTC supply has been mined, with Bitcoin now the seventh-largest asset globally, overtaking silver and Saudi Aramco in terms of market capitalisation. Notably, ETFs have emerged as a dominant force in BTC markets in 2024, holding over 1.13 million BTC, with cumulative US spot ETF inflows reaching $35.5 billion. This week’s Bitfinex Alpha is our final edition for 2024, and as we head into the Holiday Season, we have an optimistic view of the new year ahead. From the bear market lows of $15,487 in November 2022, Bitcoin has surged over 573 percent, with its price appreciating 130 percent year-to-date. The current bull market reflects strong institutional demand, led by ETFs and spot accumulation. Historical data suggests we are mid-cycle , following the April 2024 halving, with the market likely to peak around Q3–Q4 2025, approximately 450 days post-halving. Cycle Indicators Metrics like MVRV , NUPL , and the Bull-Bear Market Cycle Indicator indicate we remain in the bull phase but far from euphoric peaks. The Pi Cycle Top and 4-Year Moving Average models project potential cycle tops between $145,000 and $189,000. On a historical basis, diminishing returns are moderating the kind of explosive gains we saw for BTC in previous cycles. Key Trends and Future Outlook – Our view is that any corrections in 2025 will remain mild , thanks to institutional inflows. – Halving Year Effect: Historically, post-halving years have seen the strongest rallies . – Cycle Targets: Minimum price estimates stand at $145,000 by mid-2025 , potentially stretching to $200,000 under favourable conditions. While volatility is expected in Q1 2025, the broader trend points to further price appreciation, supported by ETFs, institutional adoption, and Bitcoin’s increasing prominence as a global asset. Investors should however remain vigilant for signs of overbought conditions as Bitcoin approaches its cycle top. BTC price performance in 2025 also takes place against the backdrop of a US economy that is seeing gradual normalisation across key sectors. The labour market continues its steady adjustment , with a modest rise in unemployment to 4.2 percent driven by increased supply of workers, rather than job losses. Wage growth remains robust at 4 percent annually, supporting consumer spending, while gains in sectors like healthcare and leisure highlight the economy’s resilience. The Federal Reserve is expected to proceed cautiously with rate cuts, balancing the cooling job market and persistent inflationary pressures. In the housing market, a projected 2.4 percent increase in home prices signals stable demand despite elevated mortgage rates, which, while declining slightly, remain restrictive for affordability. Improvements in housing supply and rental inventory aim to address structural shortages, but affordability challenges persist, particularly for first-time buyers. These dynamics create opportunities for construction-related industries while constraining high-end market segments. Inflation remains a central focus, with core CPI steady at 3.3 percent YoY, reflecting persistent pressures in vehicle prices and durable goods. The Fed’s restrictive stance, despite planned rate cuts, underscores the difficulty of achieving its 2 percent inflation target. Strong economic growth, including a projected 3.8 percent Q4 annualised rate, supports cautious monetary easing but leaves room for recalibration should inflation persist. The stock market outlook under President-elect Donald Trump is buoyed by pro-growth policies , including tax cuts and deregulation, which benefit industrials, financials, and consumer discretionary sectors. The housing market’s moderate growth and supply improvements could also support equities that are exposed to the sector, though high borrowing costs may limit gains in affordability-sensitive segments. Historical trends suggest potential market optimism following Fed rate cuts, with the S&P 500 and Dow Jones Industrial Average already posting strong post-cut gains . However, risks like inflationary pressures, geopolitical tensions, and fiscal constraints could temper long-term market performance. In sum, 2025 presents a cautiously optimistic economic environment marked by steady growth, persistent structural challenges, and strategic policy adjustments. While normalisation across sectors offers stability, external risks and inflationary pressures will remain critical considerations for sustained momentum. We would like to wish all our readers a highly enjoyable holiday season and we look forward to coming back in the New Year with continued analysis and insight. Happy Holidays! The post Bitfinex Alpha | Outlook for 2025: Expect More New Highs, but Volatility Too appeared first on Bitfinex blog .
Fordefi has emerged at the forefront of Bitcoin DeFi, announcing comprehensive support for all SIP-010 assets, including sBTC—Stacks’ groundbreaking asset for Bitcoin. This significant development aims to bridge institutional users
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