Bitcoin Battles to $100K while Trump Reshapes the SEC

DAILY MARKET OVERVIEW
Bitcoin’s Path to $100K Continues

👋 Hey Crypto Enthusiasts! From Bitcoin’s momentum to Trump’s SEC pick and South Korea’s market shake-up, here’s the latest. Let’s unpack the news and explore what it means for the future of crypto. 🚀

💹 Bitcoin’s Path to $100,000 Faces Hurdles

Bitcoin’s journey toward the $100,000 milestone is being slowed by profit-taking from long-term holders. Analysts note that these sellers are introducing significant sell pressure, which short-term buyers must absorb for prices to continue rising. Currently, short-term holder supply is nearing levels typically seen at the peak of bull markets, highlighting increased retail interest.

Spot Bitcoin ETFs, which brought in record inflows of $6.6 billion in November, are expected to play a critical role in driving demand. Analysts estimate that every 10,000 BTC purchased by ETFs can raise Bitcoin’s price by 2.2%. With sustained institutional inflows, the $100,000 mark could still be within reach, provided demand continues to offset selling pressure from long-term holders.

🇺🇸 Trump Picks Crypto Advocate to Lead SEC

President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner and known crypto supporter, to lead the Securities and Exchange Commission. Atkins is widely respected for his pro-innovation stance and his work advising blockchain and fintech companies through his firm, Potomak Global Partners.

If confirmed, Atkins is expected to foster a friendlier regulatory environment for cryptocurrencies, a significant shift from the outgoing SEC Chair Gary Gensler’s enforcement-heavy approach. This move is part of Trump’s larger plan to position the U.S. as a global crypto leader, which includes establishing a Strategic Bitcoin Reserve and a Crypto Advisory Council. Industry experts believe Atkins’ leadership could unlock new growth for the digital asset market by encouraging institutional adoption while maintaining balanced oversight.

🇰🇷 South Korea’s Political Turmoil Rocks Crypto Markets

South Korea’s crypto markets saw record trading volumes after President Yoon Suk-yeol briefly imposed martial law - a state of emergency that gives the military control over civilian governance. The move, aimed at addressing alleged opposition collusion with North Korea, was met with widespread backlash and overturned within six hours.

The uncertainty triggered panic selling, with South Korean crypto trading volumes hitting $34 billion in 24 hours. Bitcoin on Upbit plunged to $62,000 before stabilizing, and XRP saw a sharp 52% drop at one point. Political tensions remain high as lawmakers pursue impeachment proceedings against President Yoon, which could lead to further volatility in South Korea’s crypto markets. Despite the turmoil, analysts expect the impact to remain largely localized to the region.

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SOCIAL SENTIMENT
Ethereum Making a Comeback

After what felt like an eternity of underperformance, Ethereum is finally making a strong comeback, and sentiment on social media is turning positive.

• Analyst Benjamin Cowen believes Ethereum has likely bottomed against Bitcoin and is starting to reverse. ETH recently hit $3,850 while Bitcoin stayed stagnant, showing Ethereum is gaining strength independently.
  

• ETF inflows are also rising, with over $480 million recorded in the past three days.

Adding to the bullish momentum crypto influencer Brian Young who has close to 2m subscribers on YouTube has been promoting Ethereum and its Layer 2 chain, Base, in his latest video, which has amassed over 500,000 views. This has drawn significant attention to Base, leading to a sharp rise in trading volume for Base-related tokens.

Tokens like CHAOS on Base are drawing attention for their potential as high-risk, high-reward opportunities. Meanwhile, larger meme coins like Pepe continue to gain traction. If Ethereum maintains its strength against Bitcoin, ETH-based meme coins are likely to experience large increase in interest and activity.

Ethereum’s recent momentum could spark the much-awaited alt season!!

NEWS OVERVIEW
The Latest Crypto Headlines 📰 

HYPE Token Rockets 200%, Hits $12 Billion Milestone
Hyperliquid’s HYPE token explodes over 200% since launch, reaching $12B valuation. Massive trading volume shows decentralized platforms are taking over.

U.S. Moves $33M in Seized Crypto Amid ETH Boom
U.S. transfers $33M in seized crypto as Ethereum hits $183.7B in November volume. Big moves, big numbers—what’s next?

Celsius CEO Mashinsky Pleads Guilty to Fraud
Alex Mashinsky admits to fraud and token manipulation, facing up to 30 years in prison. A shocking fall for the former Celsius chief.

Ethereum Smashes $183B On-Chain Volume in November
Ethereum’s on-chain volume soars, reviving NFTs and shifting funds from exchanges. The blockchain proves it's still a force to reckon with.

YOUTUBE INFLUENCER SUMMARY 📷️ 
Lark Davis - Crypto Holders You Only Have A Few Months Left... (04.12.2024 Summary)

Lark Davis delivers an urgent update on the ongoing altcoin season, Bitcoin’s pivotal price levels, and Cardano’s breakthrough in blockchain scalability. Let’s unpack his insights.

Altcoin Season: Limited Time to Act According to Lark, the Altcoin Season Index hitting 80 confirms altcoin dominance is here. Historically, such periods last a few months, as seen in early 2021. He advises investors to focus on profit-taking, warning against jumping in too late as corrections could come faster than expected. While opportunities still exist, caution is key as the window narrows.

Bitcoin and Ethereum: Key Levels Bitcoin remains in a downtrend, hovering below $100K. Lark highlights $92K as a crucial support level for December, with a breakout above $100K likely to lead to new highs. Ethereum, meanwhile, is testing a multi-year resistance at $3,728. Lark predicts a potential short-term pullback before ETH surges toward a cycle peak of $15K, emphasizing the importance of patience and timing.

Institutional Confidence Grows Wall Street is all in. Lark notes over $1 billion in Bitcoin ETF inflows this week alone, with Ethereum ETFs pulling in $132 million. Institutional investors aren’t here to flip coins- they’re positioning for long-term price discovery, underscoring bullish sentiment for the months ahead.

Cardano’s Hydra Milestone: Lark celebrates Cardano’s New Hydra achieving 1 million transactions per second in testing, calling it a significant achievement for scalability. He sees this as a pivotal moment for Cardano, now poised for broader adoption.

Key Takeaways

1. Altcoins: Profit-taking is critical as the current rally won’t last forever.

2. Bitcoin & Ethereum: Major price moves are on the horizon—watch closely.

3. Institutions: Big money is driving optimism and stability.

4. Cardano: A leader in scalability, it’s one to watch for innovation.

Lark Davis emphasizes the importance of staying strategic during this volatile period. The crypto market is alive with opportunity but only for those who act wisely.

Altcoin Daily - Bitcoin Is About To Get Out Of Control (04.12.2024 Summary)

In their latest video, Altcoin Daily dives into Michael Saylor’s bold Bitcoin predictions, altcoin news, and the shifting regulatory landscape. Let’s break it down.

Michael Saylor’s Bitcoin Forecast: Michael Saylor anticipates Bitcoin surging to $180,000 before crashing to $140,000 - a wild ride for investors. He emphasizes Bitcoin’s unique position as a scarce, volatile asset outperforming traditional commodities and the S&P 500. Saylor highlights its appeal as a treasury asset for publicly traded companies, with firms like MicroStrategy and Marathon Digital leading the charge by converting billions into Bitcoin.

Regulatory Shakeup Trump’s SEC Pick: Donald Trump’s pick for SEC Chair, pro-crypto advocate Paul Atkins, signals potential positive changes for the crypto industry. Atkins, with a history of supporting digital assets, could bring innovation-friendly regulations. However, his confirmation is pending, and the industry awaits updates on his acceptance.

Altcoin News and Trends

Altcoin projects are also making waves. Notable updates include:

• ONDO Finance: This Real World Asset (RWA) token hit an all-time high, driven by interest from BlackRock and speculation around a Binance listing. Altcoin Daily previously flagged Ondo as a top pick for 2024, and it continues to gain traction.

Key Takeaways

1. Bitcoin remains a high-stakes game with unprecedented volatility, driven by institutional adoption.

2. Pro-crypto regulatory changes could ignite the next phase of industry growth.

3. Altcoins like Ondo are surging, with institutional interest and potential exchange listings fueling momentum.

Altcoin Daily keeps the focus sharp: institutional moves, regulatory updates, and market trends are shaping crypto’s future. Whether you’re betting on Bitcoin or exploring altcoin opportunities, the road ahead promises action.

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