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Stablecoin Inflows Hit Record $9.7B, Setting Stage for Bitcoin’s Push to $100K
Record monthly stablecoin inflows of $9.7 billion to crypto exchanges could propel Bitcoin to the $100,000 milestone by the end of November, historically its most bullish month. Analysts, including Ryan Lee of Bitget Research, predict a 14.7% price increase could achieve the target, as inflows signal rising investor demand. Combined with strong inflows into U.S. spot Bitcoin ETFs, which added $773 million on Nov. 20 alone, the crypto market shows significant buying pressure and optimism.
FTX Co-Founder Gary Wang Sentenced to Time Served
FTX co-founder Gary Wang has been sentenced to time served, three years of probation, and forfeiture of illicit assets, concluding the sentencing of executives involved in the exchange’s 2022 collapse. Wang, who pleaded guilty to fraud charges last year, was credited by Judge Lewis Kaplan for his extensive cooperation in the investigation. Other executives, including Caroline Ellison and Sam Bankman-Fried, received harsher sentences, with Bankman-Fried serving 25 years. Wang expressed remorse in court, vowing to make amends. The focus now shifts to Bankman-Fried’s ongoing appeal efforts.
Sui Network Recovers from 2-Hour Outage, Challenging Its ‘Solana Killer’ Reputation
Sui Network, a layer-1 blockchain competing with Solana, experienced its first major outage on Nov. 21, halting block production for over two hours. The downtime, caused by a bug in transaction scheduling logic, led to an 11% drop in SUI’s token price and temporarily halted deposits and withdrawals on exchanges like Upbit. The Sui Foundation deployed a fix, restoring operations with support from its validators. Observers noted similar outages during Sui’s testnet phase, marking this as the network’s first significant disruption since launch.
Trading Desk Insights
The cryptocurrency market displayed robust dynamics early today as Bitcoin surpassed the $98,000 threshold, driven by anticipatory sentiment around regulatory frameworks favorable to the sector emerging from a prospective second term for Donald Trump. Throughout 2024, Bitcoin has appreciated over 130%, reflecting heightened investor confidence. This bullish trend was mirrored in U.S.-based crypto equities, which saw an uptick in pre-market trading.
The momentum gained traction between 10pm and 10:30pm ET, a period marked by a spike in short liquidations and increasing open interest that escalated funding rates. Despite Bitcoin's technically overbought status, market participants are captivated by the strategic opportunities, particularly as the asset approaches the psychologically significant $100,000 mark, which may pose resistance in the near term.
Bitcoin is on the cusp of attaining a $2 trillion market capitalization, a feat achievable at a price point of $101,000. Currently, Bitcoin's dominance in the market is nearly 62%. Furthermore, record levels of open interest in Bitcoin futures on the CME, totaling 218,000 BTC ($21.3 billion), underscore a prevailing bullish sentiment. As Bitcoin becomes further entwined with conventional financial systems, expectations are that its volatility will diminish over time.
In tandem, Mastercard and JPMorgan are advancing their blockchain endeavors, aiming to enhance foreign exchange operations through a unified API that facilitates B2B transactions across both platforms, thereby optimizing the transactional framework.
In the equities market, stock futures reversed earlier losses, posting gains as traders capitalized on the initial downturn in Nvidia shares post-earnings. Following its earnings announcement, which surpassed expectations for the third quarter and projected robust future performance, Nvidia's shares quickly rebounded.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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