30s Summary

The latest crypto market prices showed Bitcoin trading around $75,000, nearing its all-time high of nearly $76,500. Experience shows that Federal Reserve’s projected interest-rate decrease won’t significantly affect Bitcoin’s performance. Wednesday’s record high for Bitcoin saw significant inflows to ETFs, offsetting outflows from BlackRock’s IBIT. Meanwhile, Ether outperformed the broader digital asset market with a rise of over 7%, marking its first time reaching $2,800 since August, potentially due to the recent electoral developments. Risk reversals signify a bullish outlook in the market. The report highlights notable topics such as political changes in Germany, Trump’s impact on crypto, and the SEC lawsuit against Kraken.

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Here are the latest prices:

CoinDesk 20 Index: 2,238.35 (+1.98%)
Bitcoin (BTC): $75,007.25 (+0.43%)
Ether (ETH): $2,809.39 (+6.34%)
S&P 500: 5,929.04 (+2.53%)
Gold: $2,665.75 (-0.07%)
Nikkei 225: 39,381.41 (-0.25%)

In the European morning, Bitcoin was trading at around $75,000, about 2% short of its all-time high of nearly $76,500 since Wednesday. Later today, attention will go to the projected interest-rate cut by the Federal Reserve. This possible event, which will likely have a nearly 100% chance of bringing the benchmark rate to 4.5%-4.7%, may not have big effects on the crypto market.

Bitcoin’s record high on Wednesday was accompanied by large inflows into ETFs, which added a net $621.9 million. In spite of market leader BlackRock’s IBIT seeing net outflows of $69 million, the high inflows were maintained. As noted by Bloomberg analyst Eric Balchunas, IBIT’s outflows were offset by significant inflows into Fidelity’s FBTC, ARK 21Shares’ ARKB, Bitwise’s BITB, and Grayscale’s BTC.

Compared to the broader digital asset market, which has increased by 2.7%, Ether showed a more remarkable rise of over 7% in the last 24 hours. This recent increase marks the first time ETH has reached $2,800 since August. The victory of President-elect Trump is possibly fostering hopes of a “DeFi Renaissance” and a resulting spike in ether’s price.

In our Chart of the Day, short and long-term risk reversals are shown to measure the spread between the pricing of call and put options. With risk reversals indicating a bias for calls or a bullish outlook, the stronger call bias of short-duration risk reversals signals bullish euphoria, which often leads to price corrections.

Here are some trending posts:

1. “German Chancellor Scholz Calls Snap Election as Coalition Government Collapses”
2. “Trump’s Biggest Boon to Crypto Would Be Passing the Bitcoin Act: CoinShares”
3. “SEC Seeks to Dismiss Three of Kraken’s Key Defenses in U.S. Lawsuit”

This post has been edited by Sheldon Reback.