First Mover Americas: BTC in Price Discovery Mode Following Record High
The latest price moves in crypto markets in context for Nov. 8, 2024.
Updated Nov 8, 2024, 1:16 p.m. Published Nov 8, 2024, 1:16 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk 20 Index: 2,333.79 +4.21%
Bitcoin (BTC): $76,158.35 +1.45%
Ether (ETH): $2,937.70 +4.23%
S&P 500: 5,973.10 +0.74%
Gold: $2,690.57 -0.27%
Nikkei 225: 39,500.37 +0.3%
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Bitcoin made several attempts to establish a foothold above $76,000 during the Asian and European mornings. BTC has added 1.7% in the last 24 hours and is about 0.9% below its all-time high of over $76,900, which it reached Thursday afternoon in the U.S., Coindesk Indices data show. The broader digital asset market has risen by about 4%, in part because of outsize gains from Cardano's ADA, which is 16% higher at $0.43. Solana's native token also continued its post-election pump, breaking $200 for the first time since March. SOL trades just above $204, an increase of 8.75% in the last 24 hours.
Traders are eyeing $100,000 as the next level of interest for bitcoin's price, though there is likely to be a period of consolidation first, according to some analysts. BTC is riding the wave of President-elect Trump's victory and the Fed's expected 25 basis-point interest rate cut on Thursday. There are some concerns about a short-term pullback given Trump's proposed tariffs on China and fiscal concerns like rising national debt. BTC is "defending its top," Alex Kuptsikevich, senior market analyst at FxPro, told CoinDesk. "In general, we stick to the idea that the new highs have triggered a powerful new growth wave with the potential to rise to $100-110K within 2-3 months without any significant shakeout.”
Bitcoin ETFs listed in the U.S. logged a record $1.38 billion in net inflows on Thursday, the day Trump won the U.S. presidency. BlackRock’s IBIT took on over $1.1 billion in net inflows, the most among all products, and the highest since going live in January. Cumulative net inflows across all products crossed $25 billion for the first time. None of the 12 ETFs showed any net outflows. Ether ETFs logged $78 million in net inflows on renewed bullishness for decentralized finance following Trump’s victory. ETH rose more than 10% on Thursday as expectations of pro-crypto policies and deregulation in a Trump regime boosted investor confidence in the asset.
Chart of the Day
- SOL has been one of the biggest winners in the aftermath of Donald Trump's election victory, rising 11% against bitcoin in the past week.
- The SOL-BTC ratio has broken out from a triangular consolidation, represented by converging trendlines, meaning bulls are finally willing to lead the price action and open the doors for a move toward 2021 highs.
- The weekly candle must close Sunday (UTC) above the upper trendline to confirm the breakout.
- Source: TradingView
- Omkar Godbole
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Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
