30s Summary

Bitcoin’s record high and increased trading volume are positive signs of further climb, despite risk concerns, say market pundits like Alex Thorn and Aurelie Barthere. Thorn is not worried about Bitcoin’s funding rate or unsettled contracts which can cause price instability. Currently, Bitcoin is consolidating at $75,776 and it’s predicted to keep going up. The U.S. Federal Reserve’s recent rate cut also makes the crypto market more appealing compared to traditional investments. However, investment in Bitcoin still carries risk and investors are urged to do due diligence.

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Bitcoin isn’t getting too hot under the collar even though it’s hit new record highs this week. In fact, a bunch of market watchers reckon there’s enough juice for Bitcoin to keep climbing. Alex Thorn, who’s a top dog at a company called Galaxy, reckons it’s all cool and isn’t too concerned in a report he made on Nov. 7.

An analyst from a company called Nansen called Aurelie Barthere agrees. She reckons Bitcoin smashing its record with loads of trading volume is a sure sign things are on the up after the elections. Traders are shrugging off the risk concerns because they’re excited about the surge in crypto since Trump’s U.S. presidential election win on Nov. 5.

Despite the price climbing, Thorn is not worried about Bitcoin’s funding rate. In normal words, this is the amount of unsettled Bitcoin contracts like options and futures floating about. Although there are slightly more since last year, the funding rates pretty much remain the same.

Normally, if there’s loads of Bitcoin unsettled, it can freak out the market because it could mean Bitcoin price swings. On the flip side, if people are feeling positive about Bitcoin’s price and are willing to pay fees to hold their positions, it shows people believe in Bitcoin.

Back on Nov. 6, Bitcoin had $45.4 billion unsettled, which was 13.3% more than Nov. 5. As we speak, Bitcoin’s funding rate on Binance, which is the biggest crypto exchange in the world, is 0.0100%, as per CoinGlass data.

Thorn from Galaxy reckons that over the next year or year and a half, Bitcoin and other cryptos are gonna trade way higher than they do now. Cryptocurrencies enthusiasts are hoping for a Bitcoin rally that could see it spike to the $78,000 to $85,000 range.

As of now, Bitcoin is sitting at $75,776 according to TradingView data. Bitcoin is “consolidating,” but it’s chillin’ above its old high of $73,679 and looks set to keep going up, says crypto trader Matthew Hyland.

In other news, the U.S. Federal Reserve has just lobbed another 25-basis point cut on Nov. 7, which was kinda expected after it first decided to cut rates in September. This rate cut makes crypto more appealing, as traditional investments like bonds and term deposits aren’t as juicy to investors.

Just remember, though, this isn’t financial advice. Investing always carries risk, so do your homework before you decide to dish out your hard-earned dough.