Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC.

The price of bitcoin was last higher by 2 per cent at $89,338.20, according to Coin Metrics. It briefly touched $90,036.17 just before the US stock market closed, after quickly blowing past the the $80,000 mark in the two days prior. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year, the CNBC report detailed further.

Bitcoin has now rallied 33 per cent since US elections<o:p></o:p>

Bitcoin has now risen more than 33 per cent since Election Day on November 5, when it had reached a new record for the first time since March. Ether was down 1 per cent November 12, after a 28 per cent gain over the past week.

&nbsp;“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year”, explained the CNBC report further.

Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity on the rules of the road.

While Bitcoin has long been deemed a safe asset in Washington, that is, not subject to securities laws, the long tail of crypto-currencies and crypto-related start-ups have been operating in a riskier grey area.

“That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market, that’s going to push us higher.”

Across the crypto market, coins have soared

Across the crypto market, coins that have soared in the past week hit the brakes on November 12, including meme coin Shiba Inu, which was down 4 per cent after it soared 57 per cent in the past week.

Dogecoin was an outlier, however. It’s been one of the biggest winners, up more than 125 per cent since November 5, likely due to its connection with Elon Musk, who helped get Trump elected. It was last higher by 17 per cent.

In the stock market, MicroStrategy reduced earlier losses and ended the day higher by about 5 per cent. Coinbase retreated 1.5 per cent. On November 12, it surged 19 per cent to trade above $300 for the first time since 2021 and about 6 per cent from its high from that year. As the traders and analysts, the past week’s rally is only beginning, added the report further.

Bitcoin enthusiasts and investors will carefully follow these recent developments in Bitcoin. This will help them make informed investment decisions.

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Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC. The price of bitcoin was last higher by 2 per cent at $89,338.

Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC. The price of bitcoin was last higher by 2 per cent at $89,338.20, according to Coin Metrics. It briefly touched $90,036.17 just before the US stock market closed, after quickly blowing past the the $80,000 mark in the two days prior. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year, the CNBC report detailed further. Bitcoin has now rallied 33 per cent since US elections Bitcoin has now risen more than 33 per cent since Election Day on November 5, when it had reached a new record for the first time since March. Ether was down 1 per cent November 12, after a 28 per cent gain over the past week. “Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year”, explained the CNBC report further. Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity on the rules of the road. While Bitcoin has long been deemed a safe asset in Washington, that is, not subject to securities laws, the long tail of crypto-currencies and crypto-related start-ups have been operating in a riskier grey area. “That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market, that’s going to push us higher.” Across the crypto market, coins have soared Across the crypto market, coins that have soared in the past week hit the brakes on November 12, including meme coin Shiba Inu, which was down 4 per cent after it soared 57 per cent in the past week. Dogecoin was an outlier, however. It’s been one of the biggest winners, up more than 125 per cent since November 5, likely due to its connection with Elon Musk, who helped get Trump elected. It was last higher by 17 per cent. In the stock market, MicroStrategy reduced earlier losses and ended the day higher by about 5 per cent. Coinbase retreated 1.5 per cent. On November 12, it surged 19 per cent to trade above $300 for the first time since 2021 and about 6 per cent from its high from that year. As the traders and analysts, the past week’s rally is only beginning, added the report further. Bitcoin enthusiasts and investors will carefully follow these recent developments in Bitcoin. This will help them make informed investment decisions.

Bitcoin rallies again briefly touching $90,000 in late afternoon trading

Bitcoin hit a new all-time high near $81,000, with futures premiums surging, signalling strong investor confidence that the cryptocurrency's record rally is set to continue. According to a comprehensive report by CNBC, this surge is being fueled by the recent US elections, which saw a wave of pro-crypto candidates secure office.

Open interest in bitcoin’s price surpassing $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of a few crypto native platforms that offers futures trading. Deribit encompasses most of the offshore options market, the CNBC report explained further.

“The options market’s bias is heavily toward continued momentum. Call options trade at a premium to puts, and open interest in out-of-the-money calls has grown,” Vetle Lunde, head of research at K33 Research, told CNBC.

A call option gives the buyer the right to buy shares of an underlying asset at a certain price for a specified period. Buying a call option is a bet the asset price will move higher. Buying a put option is a bet the asset price will fall.

The CME derivates exchange offers bitcoin futures contracts and is a popular way for institutions in the US to make bets on the future price of bitcoin. Velde told CNBC that on Friday CME premiums for ether and bitcoin averaged 14.5 per cent and 14 per cent, respectively. Ahead of the election, Velde says these premiums sat at 7 per cent, and had spent a majority of the past half year hovering slightly below 10 per cent.

“The recent surge is a meaningful deviation higher emphasizing the bullish flows of late,” he added, noting that yields more or less stabilized well into the double digits after the election became clear.

“Alongside the growth in leverage, we saw the first meaningful example of growing yields in offshore derivatives, indicative of the move being led by determined risk-takers positioning for further upside,” said Velde.

The early innings of bitcoin’s push higher coincided with substantial growth in open interest in perpetual swaps, or contracts that allow buyers to speculate on where they think prices are headed without a set expiration date.

However, according to Velde, liquidity in crypto markets on weekends is typically poorer than during weekdays, as neither CME futures nor ETFs are open to trade. Thus, moves tend to overreact and substantially retrace once these markets open again.

Donald Trump promised to turn US into the 'crypto capital of the planet'

President-elect Donald Trump promised on the campaign trail to turn the United States into the “crypto capital of the planet.” His multiple pledges to the crypto community included launching a national crypto stockpile with the more than $16 billion in bitcoin the US government has amassed through asset seizures, as well as slashing interest rates. The easing of monetary policy typically dovetails with a surge in crypto prices since it makes it cheaper to borrow money.

<o:p>&nbsp;</o:p>The Federal Reserve, which guides the country’s monetary policy, sets the benchmark rate. It also, by design, operates independently from the White House. On Thursday, the Fed approved its second consecutive interest rate cut.

On the back of election results and the Fed’s unanimous vote to again slash the benchmark rate, the crypto market broadly surged into the weekend. Ether eclipsed Bitcoin’s rise, up 30 per cent in the last seven days, and Solana’s market cap topped $100 billion on Sunday.

The total market cap of all spot bitcoin ETFs is now above $80 billion, and in the last three trading days alone, the spot funds collectively added $2.3 billion.

Within fintech, companies tied to crypto were some of the top performers, after candidates funded by the crypto industry won races up and down the ballot. 

Coinbase jumped 48 per cent in a week<o:p></o:p>

Coinbase shares jumped 48 per cent for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms.

Trump has vowed to oust SEC Chair Gary Gensler, which potentially bodes well for companies like Coinbase fighting the regulator in court over alleged securities offences.

“Tuesday night was certainly a big night for crypto and the crypto voter,” Coinbase’s chief legal officer Paul Grewal said in an interview. “We’re going to have the most pro-crypto Congress ever, and Coinbase has played some part in all of that.”

Robinhood, which allows users to buy and sell a number of digital currencies, rose 27 per cent for the week. The online brokerage received a Wells Notice from the SEC in May, a move that often precedes formal charges.

Robinhood’s general manager for its crypto unit stated that the goal at Robinhood is to be able to work within the administration, as explained in the CNBC report further.

“If you think about crypto, it’s a very fast-moving pace. It’s complicated, it was made by engineers, for engineers,” said Johann Kerbrat, the Vice President and General Manager of Robinhood Crypto. “We want to help policymakers to understand it and help them drive the right protections for the customers.”

Market participants and investors will follow these developments carefully as it will help them in taking informed decisions with regard to Bitcoin.

Bitcoin hit a new all-time high near $81,000, with futures premiums surging, signalling strong investor confidence that the cryptocurrency's record rally is set to continue.

Bitcoin hit a new all-time high near $81,000, with futures premiums surging, signalling strong investor confidence that the cryptocurrency's record rally is set to continue. According to a comprehensive report by CNBC, this surge is being fueled by the recent US elections, which saw a wave of pro-crypto candidates secure office. Open interest in bitcoin’s price surpassing $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of a few crypto native platforms that offers futures trading. Deribit encompasses most of the offshore options market, the CNBC report explained further. “The options market’s bias is heavily toward continued momentum. Call options trade at a premium to puts, and open interest in out-of-the-money calls has grown,” Vetle Lunde, head of research at K33 Research, told CNBC. A call option gives the buyer the right to buy shares of an underlying asset at a certain price for a specified period. Buying a call option is a bet the asset price will move higher. Buying a put option is a bet the asset price will fall. The CME derivates exchange offers bitcoin futures contracts and is a popular way for institutions in the US to make bets on the future price of bitcoin. Velde told CNBC that on Friday CME premiums for ether and bitcoin averaged 14.5 per cent and 14 per cent, respectively. Ahead of the election, Velde says these premiums sat at 7 per cent, and had spent a majority of the past half year hovering slightly below 10 per cent. “The recent surge is a meaningful deviation higher emphasizing the bullish flows of late,” he added, noting that yields more or less stabilized well into the double digits after the election became clear. “Alongside the growth in leverage, we saw the first meaningful example of growing yields in offshore derivatives, indicative of the move being led by determined risk-takers positioning for further upside,” said Velde. The early innings of bitcoin’s push higher coincided with substantial growth in open interest in perpetual swaps, or contracts that allow buyers to speculate on where they think prices are headed without a set expiration date. However, according to Velde, liquidity in crypto markets on weekends is typically poorer than during weekdays, as neither CME futures nor ETFs are open to trade. Thus, moves tend to overreact and substantially retrace once these markets open again. Donald Trump promised to turn US into the 'crypto capital of the planet' President-elect Donald Trump promised on the campaign trail to turn the United States into the “crypto capital of the planet.” His multiple pledges to the crypto community included launching a national crypto stockpile with the more than $16 billion in bitcoin the US government has amassed through asset seizures, as well as slashing interest rates. The easing of monetary policy typically dovetails with a surge in crypto prices since it makes it cheaper to borrow money. The Federal Reserve, which guides the country’s monetary policy, sets the benchmark rate. It also, by design, operates independently from the White House. On Thursday, the Fed approved its second consecutive interest rate cut. On the back of election results and the Fed’s unanimous vote to again slash the benchmark rate, the crypto market broadly surged into the weekend. Ether eclipsed Bitcoin’s rise, up 30 per cent in the last seven days, and Solana’s market cap topped $100 billion on Sunday. The total market cap of all spot bitcoin ETFs is now above $80 billion, and in the last three trading days alone, the spot funds collectively added $2.3 billion. Within fintech, companies tied to crypto were some of the top performers, after candidates funded by the crypto industry won races up and down the ballot. Coinbase jumped 48 per cent in a week Coinbase shares jumped 48 per cent for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms. Trump has vowed to oust SEC Chair Gary Gensler, which potentially bodes well for companies like Coinbase fighting the regulator in court over alleged securities offences. “Tuesday night was certainly a big night for crypto and the crypto voter,” Coinbase’s chief legal officer Paul Grewal said in an interview. “We’re going to have the most pro-crypto Congress ever, and Coinbase has played some part in all of that.” Robinhood, which allows users to buy and sell a number of digital currencies, rose 27 per cent for the week. The online brokerage received a Wells Notice from the SEC in May, a move that often precedes formal charges. Robinhood’s general manager for its crypto unit stated that the goal at Robinhood is to be able to work within the administration, as explained in the CNBC report further. “If you think about crypto, it’s a very fast-moving pace. It’s complicated, it was made by engineers, for engineers,” said Johann Kerbrat, the Vice President and General Manager of Robinhood Crypto. “We want to help policymakers to understand it and help them drive the right protections for the customers.” Market participants and investors will follow these developments carefully as it will help them in taking informed decisions with regard to Bitcoin.

Bitcoin hits all-time high, with $2.8 billion riding on it reaching $90,000

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Bitcoin rallies again briefly touching $90,000 in late afternoon trading

Bitcoin hits all-time high, with $2.8 billion riding on it reaching $90,000