BTC Drops Below $96K, and Altcoins Gain Momentum - November 25, 2024

Also, Phantom App Surpasses Coinbase, and Spot Bitcoin ETFs see $30 billion in inflows.

TL;DR: Crypto Insights in Seconds

• Altcoins: See momentum during the weekend and reflect gains. 

• Spot Bitcoin ETFs: Surpass $30 billion in inflows.

• U.S. Government: Trump has nominated Scott Bessent for Treasury Secretary, and SEC Commissioner announced leaving the agency. 

• UK: Prepares comprehensive crypto regulations.

• Polymarket: Blocks French users during regulatory scrutiny.

• Stripe: Integrates crypto services into the Aptos network.

• Phantom: Wallet surpasses Coinbase in popularity.

Price Update 

Bitcoin Drops Below $96K as Liquidations Surge

Bitcoin’s rapid descent to $96,000 triggered over $500 million in crypto liquidations in a single day. Analysts suggest profit-taking and growing market uncertainty could lead to more volatility in the near term. Currently the toke jumped back to the $98K mark.

Solana’s Bullish Momentum Continues

Solana jumped 11% to reach an all-time high, solidifying its position as one of the market's top-performing assets. The rally was driven by increased adoption across DeFi and NFT platforms, reinforcing Solana’s appeal to investors.

XRP Surges 25% Amid Optimism for Ripple

XRP experienced a 25% price surge as regulatory clarity surrounding Ripple further improved. Analysts see this as a pivotal moment for the token, potentially paving the way for future institutional adoption.

Dogecoin Surges on Musk Speculation

Dogecoin jumped following an Elon Musk tweet hinting at potential integrations with his "X" platform. Market excitement around Dogecoin’s role in Musk’s broader ecosystem remains a consistent driver of its price action.

Market Trends

Spot Bitcoin ETFs Surpass $30 Billion in Inflows

Spot Bitcoin ETFs crossed a cumulative $30 billion in inflows, reinforcing their role as a driving force behind Bitcoin’s recent rally. The growing adoption of ETFs is reshaping institutional access to cryptocurrency​ and defining a new chapter for the industry. 

Crypto Regulation

Trump Nominates Hedge Fund Manager as Treasury Secretary

In a bold move, Donald Trump has nominated Scott Bessent, a prominent hedge fund manager, as the next Treasury Secretary. This nomination signals a strong pro-crypto stance as Bessent is known for advocating financial innovation.

SEC Democrat Set to Exit, GOP Takes Control by February

After Gary Gensler announcement, Jaime Lizarrága, Democratic commissioner, said he is joining Gensler in the decision of leaving the SEC. The decision is paving the way for a Republican-led agency, since there is only one Democrat left. This shift could lead to a more crypto-friendly regulatory environment in the coming months.

UK Prepares Comprehensive Crypto Regulations

The UK government announced plans to introduce a regulatory framework for cryptocurrencies and stablecoins by early 2025. This initiative aims to provide clarity for market participants while ensuring consumer protection and financial stability.

Polymarket Blocks French Users During Regulatory Scrutiny

Prediction marketplace Polymarket has restricted access for users in France, citing proactive measures during an investigation by France's National Gaming Authority (ANJ) into compliance with local gambling laws. French users can now only access the platform in "view-only mode." The ANJ's interest reportedly intensified after a French trader, “Théo,” profited $80 million on U.S. election bets, sparking concerns over potential market manipulation. 

Don’t Miss Anything

Stripe Expands Crypto Offerings

Payments giant Stripe has integrated crypto services into the Aptos network, allowing users to interact with Circle’s USDC stablecoin. This development underscores the growing intersection between traditional payment solutions and blockchain​.

Phantom Wallet Surpasses Coinbase in Popularity During Memecoin Frenzy

Phantom, a decentralized crypto wallet, now ranks higher than Coinbase on Apple’s U.S. App Store (7th vs. 27th). This shift highlights the growing interest in on-chain trading, driven by the popularity of risky yet high-reward memecoins like Chill Guy. While Coinbase has recently added memecoins such as FLOKI and PEPE, decentralized platforms like Phantom attract traders eager for newer tokens. 

As the market navigates heightened volatility, regulatory clarity and institutional engagement are emerging as critical themes. From Bitcoin's rollercoaster ride to Solana's impressive gains, the crypto industry continues to evolve, offering both challenges and opportunities for traders and investors alike. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.