30s Summary

Bitcoin dipped from $93,000 to $88,000, leading to $120 million in financial disaster. The FOMC meeting in December might see a lower interest rate cut than anticipated. Meanwhile, XRP value surged by 17% in 24 hours, hitting an all time high since June 2023 due to potential US regulatory changes promoting crypto growth. Traders are betting on a pro-crypto Trump administration, boosting tokens like Ripple Labs’ XRP and Uniswap’s UNI. Despite Bitcoin’s recent rally, its value fell around 4% after several days of growth due to profit-taking and negative remarks from Fed Chair Jerome Powell.

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Bitcoin dropped from $93,000 to $88,000, causing $120 million worth of liquidations. The market’s expectation of a 25 point interest rate cut in December’s FOMC meeting has downgraded from 83% probability to 66%.

Digital currency XRP increased by 17% in the last 24 hours, outdoing bitcoin and other majors, because a potentially more progressive US regulatory environment is encouraging growth in tokens that have been slowed down by Securities and Exchange Commission (SEC) actions. As of Friday, XRP was trading at above 82 cents, which is a 50% increase over a week and the highest it’s been since June 2023. This boost happened because 18 US states decided to sue the SEC and commissioners, including chairman Gary Gensler. They accuse them of unconstitutionally overreaching into the crypto industry.

As a response to this, traders are speculating that a pro-crypto Trump administration could aid tokens linked to US-based firms, like Ripple Labs (associated with XRP) and Uniswap (UNI). This is because these companies are more engaged in increasing value for token holders. However, bitcoin and the majors fell around 4% due to profit-taking late on Thursday, which is a typical market response after several days of growth. This fall in bitcoin value was partly triggered by comments made by Fed Chair Jerome Powell in a recent speech, which decreased investor hope of faster rate cuts.

Bitcoin’s significant rally since the US election has led followers of this market to expect values to rise up to $100,000 – $120,000. The belief is that the recent surge in bitcoin value signifies a systematic market shift in anticipation of Trump’s return to office. It’s thought that the introduction of a strategic BTC reserve and shift from gold to BTC is a strong narrative supporting this rising BTC price.