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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Bitcoin's ascent towards the $100,000 mark has stalled, trading around $98,243.25 after a significant rally post-U.S. elections. Analysts attribute this pause to profit-taking by long-term holders and a recent surge in selling pressure, while some anticipate a potential correction amid high leverage in the market. Despite these challenges, there remains optimism for future gains, bolstered by a tightening supply and ongoing pro-crypto sentiment from political figures.
The introduction of options for the $43 billion iShares Bitcoin Trust is expected to reduce volatility and broaden the investor base for Bitcoin, according to Alex Thorn of Galaxy Digital. He noted that as Bitcoin becomes more widely held, its volatility will decrease, allowing investors to take larger positions. Thorn shared these insights during an interview on Bloomberg Television.
Michael Novogratz, head of Galaxy Digital, expressed skepticism about the establishment of a Bitcoin strategic reserve under President-elect Donald Trump, citing low odds due to the Republican Senate's lack of a supermajority. He suggested that the U.S. should embrace Bitcoin to position itself as a leader in technology and digital assets, while questioning the need for the dollar to be backed by anything.
Michael Novogratz, founder of Galaxy Digital, reported a surge in crypto trading following Donald Trump's presidential victory, marking the firm's largest trading day of the year. He noted robust activity across various operations, including trading, lending, and derivatives, expressing confidence in their ongoing efforts.
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