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flex-shrink-0 w-full text-5xl font-semibold text-left text-[#110b29]">Markets</h1><p class="self-stretch flex-grow-0 flex-shrink-0 w-full text-xl text-left text-[#110b29]">Markets are volatile with everyone rushing to get their hands on the latest, greatest cryptocurrency. Get ahead of the pack with Blockworks premium insights. </p></div><div class="mt-12 grid gap-8 grid-cols-1 xs:grid-cols-2 md:grid-cols-3 xl:grid-cols-4"><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/tracking-solana-all-time-highs"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-shiny-token.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-shiny-token.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-shiny-token.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/tracking-solana-all-time-highs">Solana’s all-time high by the numbers</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Today we’re bringing you some interesting data to recap Solana’s landmark day </p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-22T21:30:00.000Z">November 22, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/btc-price-predictions-thanksgiving"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-purple.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-purple.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-purple.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/btc-price-predictions-thanksgiving">As BTC nears $100K, keep an eye on Thanksgiving</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-22T20:30:00.000Z">November 22, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-sets-all-time-high-of-263"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2F2024-11-22-solana-yellow-blue-bg.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2F2024-11-22-solana-yellow-blue-bg.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2F2024-11-22-solana-yellow-blue-bg.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-sets-all-time-high-of-263">Solana sets all-time high of $263</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">SOL has climbed more than 2,000% in the past two years</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-22T10:08:37.000Z">November 22, 2024</time></div></div></div><div class="py-2 xs:hidden"><ins id="div-gpt-ad-1667348040636-0" data-ad-slot="/22757941429/ROS_mobile_categoryPages_inContent1" data-ad-client="ca-pub-5302683418973475" style="width:300px;height:250px" class="ad-slot ad-slot-label w-0 xl:w-[250px] xl:mt-8 text-center align-middle"></ins></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/altcoin-season-when-bitcoin-dominance-hits-60"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-bitcoin-2.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-bitcoin-2.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-bitcoin-2.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/altcoin-season-when-bitcoin-dominance-hits-60">Expect a ‘massive altcoin season’ once bitcoin dominance hits 65%</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">HashKey Capital’s Jupiter Zheng highlighted three success areas he’s watching: Ethereum, Solana and certain tokens in DeFi</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-21T16:28:11.000Z">November 21, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-close-to-all-time-high-against-gold"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2F2-pink-bitcoin.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2F2-pink-bitcoin.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2F2-pink-bitcoin.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/bitcoin-close-to-all-time-high-against-gold">Bitcoin is inches away from cracking all-time high against gold</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">If gold remains steady today, a single move from bitcoin to $98,500 would do it</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-21T14:08:19.000Z">November 21, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/nvidia-third-quarter-earnings-expectations"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fnvidia.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fnvidia.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fnvidia.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/nvidia-third-quarter-earnings-expectations">Nvidia heads into earnings as its star chip continues to glitch </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-20T21:00:00.000Z">November 20, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/us-equities-recover-after-trump-fueled-rally"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-3.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-3.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-3.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/us-equities-recover-after-trump-fueled-rally">US equities recover after Trump-fueled rally lost steam last week </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Several big companies report third quarter earnings this week, likely moving markets</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-18T20:34:33.000Z">November 18, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/450b-behemoth-forging-btc-path-to-100k"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpink-bitcoin-token.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpink-bitcoin-token.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpink-bitcoin-token.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/450b-behemoth-forging-btc-path-to-100k">There’s a $450 billion behemoth forging BTC’s path to $100k</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The Crypto-Industrial Complex is always churning, gobbling up coins much faster than they can be mined and sold</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-15T15:37:33.000Z">November 15, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-could-hit-100k-within-weeks"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbitcoin-b-.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbitcoin-b-.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbitcoin-b-.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/bitcoin-could-hit-100k-within-weeks">Bitcoin could hit $100K ‘within weeks:’ Galaxy</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Bitcoin hitting $100,000 is expected by the end of the year, but might happen before the holidays</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-15T14:27:05.000Z">November 15, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-100k-very-possible"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F08%2Fpurple-lego-bitcoin-logo.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F08%2Fpurple-lego-bitcoin-logo.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F08%2Fpurple-lego-bitcoin-logo.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/bitcoin-100k-very-possible">Bitcoin at $100k very possible before EOY, analysts say</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The market is due for a breather, but analysts expect prices to continue moving up in the coming weeks</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-13T14:37:22.000Z">November 13, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/eth-killers-not-close"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F07%2Fpurple-eth-ethereum.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F07%2Fpurple-eth-ethereum.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F07%2Fpurple-eth-ethereum.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/eth-killers-not-close">ETH killers are still no closer to doing the deed</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Solana is the crowd favorite to potentially flip Ethereum somewhere down the line, and it tends to feel realistic at times</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-13T14:15:00.000Z">November 13, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-price-discovery-mode"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-colorful-.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-colorful-.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-colorful-.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/bitcoin-price-discovery-mode">What needs to happen before bitcoin enters price discovery mode</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">BTC continues to smash expectations as it holds near $90,000</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-12T14:13:03.000Z">November 12, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/btc-surge-above-86k-analysis"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-lego-purple.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-lego-purple.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-lego-purple.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/btc-surge-above-86k-analysis">A closer look at BTC’s record-setting surge above $86K</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-11T20:17:47.000Z">November 11, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/sol-eyes-fresh-all-time-high"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-token-ring.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-token-ring.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-token-ring.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/sol-eyes-fresh-all-time-high">SOL crosses $220, eyes fresh all-time high</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Traders will be looking toward $260, roughly the all-time high the asset set in November 2021</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-11T19:00:00.000Z">November 11, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/fed-25bps-rate-cut"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ffederal-reserve-building.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ffederal-reserve-building.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ffederal-reserve-building.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/fed-25bps-rate-cut">In a surprise to no one, Fed cuts rates by 25bps</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Odds of a second 25bps cut in December are now at 66%, according to CME Group</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-07T21:00:00.000Z">November 7, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/markets-digest-trump-win"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fjerome-powell.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fjerome-powell.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fjerome-powell.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/markets-digest-trump-win">What’s the market saying about the Trump win?</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">With respect to today’s FOMC meeting, Powell needs to carefully consider where he wants to attempt guiding yields</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/felix-jauvin">Felix Jauvin</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-07T20:30:00.000Z">November 7, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/btc-is-trumps-opportunity-to-beat-biden"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-green-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-green-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-green-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/btc-is-trumps-opportunity-to-beat-biden">Bitcoin is Trump’s next opportunity to beat Biden</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Biden’s victory in 2020 aligned with a big rally for bitcoin — can Trump beat the Biden bump?</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-07T16:30:00.000Z">November 7, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-carves-out-fresh-all-time-high"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-bitcoin.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-bitcoin.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-bitcoin.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/bitcoin-carves-out-fresh-all-time-high">Bitcoin carves out fresh all-time high as crypto stocks take off</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">COIN, MARA, RIOT and MSTR were soaring in midday trading</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-06T20:11:09.000Z">November 6, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-new-all-time-high-trump-victory"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-side-profile.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-side-profile.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-side-profile.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/bitcoin-new-all-time-high-trump-victory">Bitcoin hits new all-time high on Trump presidential victory</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Bitcoin markets soared just after 10 pm ET on election night, briefly surpassing $75,000</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/michael-mcsweeney">Michael McSweeney</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-06T14:15:00.000Z">November 6, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/btc-election-day-boost"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fchris-perkins.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fchris-perkins.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fchris-perkins.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/btc-election-day-boost">BTC sees early Election Day boost above $70K</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">CoinFund president Chris Perkins said crypto voters will influence a number of election outcomes</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-05T21:00:00.000Z">November 5, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/btc-election-market-moment"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbitcoin.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbitcoin.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbitcoin.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/btc-election-market-moment">Bitcoin’s election market moment has arrived</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Predictions that the US election will fuel bitcoin’s price are set to be tested</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-05T16:30:00.000Z">November 5, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/election-eve-harris-trump-crypto-impact"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fkamala-harris.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fkamala-harris.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fkamala-harris.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/election-eve-harris-trump-crypto-impact">Weighing the Harris/Trump crypto impact on Election Eve </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Swan Bitcoin managing director John Haar is among those expecting that the election may only have a short-term impact on crypto markets</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-04T20:30:00.000Z">November 4, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/btc-further-from-all-time-high"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-neon.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-neon.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-neon.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/empire-newsletter">Empire Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/btc-further-from-all-time-high">Bitcoin is further away from all-time high than you think</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">It turns out that bitcoin never actually hit an all-time high in March. Thanks a lot, inflation.</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-04T14:09:53.000Z">November 4, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/major-earnings-weeks-tech"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fmeta.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fmeta.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fmeta.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/major-earnings-weeks-tech">Major earnings week weighs on tech stocks </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Thursday’s selloff was led by tech stocks, triggered by disappointing outlooks from giants Meta and 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type="application/json">{"props":{"pageProps":{"_sentryTraceData":"e96f464cc54742ffbd8c81b2ff2e1d1e-b93182ec5f830d5f-1","_sentryBaggage":"sentry-environment=vercel-production,sentry-release=d8aba1cef726c63bf595133a84fffabffaa418d9,sentry-public_key=1611e80d3db34d73a44c914b7be6d330,sentry-trace_id=e96f464cc54742ffbd8c81b2ff2e1d1e,sentry-sample_rate=1,sentry-transaction=%2Fcategory%2F%5Bslug%5D,sentry-sampled=true","articles":[{"slug":"tracking-solana-all-time-highs","id":94755,"permalink":"/news/tracking-solana-all-time-highs","title":"Solana’s all-time high by the numbers","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-shiny-token.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-shiny-token.jpg","caption":"\u003cp\u003eIoanna_artist/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 22 Nov 2024 21:01:35 GMT","publishedAt":"Fri, 22 Nov 2024 21:30:00 GMT","publishedAtTimestamp":1732311000,"excerpt":"Today we’re bringing you some interesting data to recap Solana’s landmark day ","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eSOL touched $260 for the first time ever last night, setting off a round of \u003ca href=\"https://x.com/calilyliu/status/1859901821856166149\"\u003equasi-religious\u003c/a\u003e celebration and dunks on Solana bears. We have covered \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-solana-bull-run\"\u003ethe narrative side\u003c/a\u003e of Solana’s turnaround from a massive post-FTX sell-off previously, but today we’re bringing you some interesting data to recap Solana’s landmark day.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e1,111\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s the number of days between Solana’s first and second all-time highs. As long as the wait may have felt for SOL holders, that’s actually less time than it took bitcoin to set its second price record: The orange coin \u003ca href=\"https://blockworks.co/news/bitcoin-all-time-high-comparison\"\u003etook some 1,200 days\u003c/a\u003e to top its 2013 high.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e$294.42\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat would be Solana’s previous all-time high adjusted for inflation, according to the data from the Bureau of Labor Statistics. So $263 is pretty good, but those SOL tokens don’t go quite as far as they used to.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e7.72%\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s the percentage of one ether token that one solana token represents, and this SOLETH ratio also set an all-time high yesterday. When solana last hit an all-time high, the coin was only worth 5.7% of one ether.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e$2.4 billion\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s how much the SOL tokens Galaxy Trading purchased from the FTX estate are worth at today’s prices, according to details \u003ca href=\"https://www.bloomberg.com/news/articles/2024-04-05/ftx-s-solana-sale-galaxy-pantera-buy-tokens-at-64-sol?utm_campaign=socialflow-organic\u0026amp;utm_content=crypto\u0026amp;utm_source=twitter\u0026amp;utm_medium=social\"\u003ereported\u003c/a\u003e by Bloomberg. The subsidiary of Mike Novogratz’s Galaxy Digital purchased $620 million in SOL at $64 per token in April. SOL was trading at around $172 at the time. Not a bad deal.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e80%\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s roughly the percentage of Solana decentralized exchange activity that involved memecoins yesterday. Speculative meme tokens have largely been the story of Solana’s massive run-up in volume and blockspace demand. Solana founders and investors will often portray memecoins as a “stress test” for the network — presumably as it readies itself to onboard more meaningful financial activity.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e1,150%\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s roughly the price appreciation between when Robinhood delisted SOL in June 2023 and when it added the token back to the platform last week. The popular retail trading app stopped offering SOL and repaid users at June 2023 market prices after the SEC declared in lawsuits against Coinbase and Binance that the asset is an unregistered security. Following Donald Trump’s electoral victory and the prospect of a more crypto-friendly regulatory environment, Robinhood brought SOL back. Robinhood users missed out on some pretty big gains in between those dates.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter","Markets"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","meme coins","SOL","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Solana’s all-time high by the numbers","description":"Today we’re bringing you some interesting data to recap Solana’s landmark 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Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"btc-price-predictions-thanksgiving","id":94736,"permalink":"/news/btc-price-predictions-thanksgiving","title":"As BTC nears $100K, keep an eye on Thanksgiving","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","caption":"\u003cp\u003eDragon Claws/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 22 Nov 2024 20:37:28 GMT","publishedAt":"Fri, 22 Nov 2024 20:30:00 GMT","publishedAtTimestamp":1732307400,"excerpt":"Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eBitcoin hit about $99,500 overnight before dipping below $97,300 a few hours later. The asset’s price was right around $99,350 at 2 pm ET.\u003c/p\u003e\n\n\n\n\u003cp\u003eOn \u003ca href=\"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold\"\u003ethe cusp\u003c/a\u003e of $100,000, what will happen after BTC hits that level? Or if it doesn’t break through that in the short term?\u003c/p\u003e\n\n\n\n\u003cp\u003eAs you know by now, nobody knows for sure. But I caught up \u003ca href=\"https://blockworks.co/news/21shares-us-crypto-etf-adoption-outlook\"\u003e(again)\u003c/a\u003e with Federico Brokate, head of 21Shares’ US business. He also helped BlackRock launch the iShares Bitcoin Trust (\u003ca href=\"https://blockworks.co/news/blackrock-bitcoin-etf-1b-inflows\"\u003eIBIT\u003c/a\u003e) in January while he led iShares’ business strategy in the Americas.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe main takeaways? Well for one, the six-figure mark represents “a psychological barrier for markets” and a price target investors have been eyeing since the last crypto bull run, Brokate explained.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHe noted, too, that BTC’s price last week quickly rose another 3-5% after hitting the $90,000 mark with enough volume — a scenario that could happen again \u003ca href=\"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks\"\u003eat $100,000\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003e“If the barrier isn’t decisively broken by Thanksgiving, we could expect to see prices come down 15-20% — a correction that would test the $80,000 support level and wash out leveraged and low-conviction players,” Brokate told me.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eReaching the six-figure level would mean “greater short-term volatility as orders are filled, options liquidate and liquidity providers fulfill ETF block order requests,” he said, adding: “It wouldn’t be surprising to see some drawdown in the coming months.”\u003c/p\u003e\n\n\n\n\u003cp\u003eOutside of BTC, Brokate noted that altcoin markets \u003ca href=\"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60\"\u003eoften surge\u003c/a\u003e after bitcoin establishes a price plateau. This comes as investors tend to rotate to what are viewed as “higher-risk, higher-reward opportunities.” Perhaps that happens in late Q1, or Q2, the 21Shares executive posed.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile solana (SOL) just reached a \u003ca href=\"https://blockworks.co/news/solana-sets-all-time-high-of-263\"\u003enew price peak\u003c/a\u003e at roughly $263, ether (ETH) remains about 32% off its November 2021 high. XRP was up about 65% from a week ago, as of 2 pm ET Friday.\u003c/p\u003e\n\n\n\n\u003cp\u003eFinally, Thanksgiving might mean more than turkey and football this year. After all, Brokate reminded, holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.\u003c/p\u003e\n\n\n\n\u003cp\u003eBrokate recalled that in 2017, BTC hovered in the $6,000-to-$9,000 range before surging to about $16,000 after Thanksgiving.\u003c/p\u003e\n\n\n\n\u003cp\u003eHe added: “We may see a similar move this year.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"21Shares","tags":["21Shares","BTC","Forward Guidance newsletter"],"customFields":{"display_options":[]},"meta":{"title":"As BTC nears $100K, keep an eye on Thanksgiving","description":"Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/btc-price-predictions-thanksgiving","og_locale":"en_US","og_type":"article","og_title":"As BTC nears $100K, keep an eye on Thanksgiving","og_description":"Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.","og_url":"https://blockworks.co/news/btc-price-predictions-thanksgiving","og_site_name":"Blockworks","article_published_time":"2024-11-22T20:30:00+00:00","article_modified_time":"2024-11-22T20:37:28+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving","url":"https://blockworks.co/news/btc-price-predictions-thanksgiving","name":"As BTC nears $100K, keep an eye on Thanksgiving","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#primaryimage"},"image":{"@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","datePublished":"2024-11-22T20:30:00+00:00","dateModified":"2024-11-22T20:37:28+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.","breadcrumb":{"@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/btc-price-predictions-thanksgiving"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","width":1600,"height":900,"caption":"Dragon Claws/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"As BTC nears $100K, keep an eye on Thanksgiving"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"solana-sets-all-time-high-of-263","id":94700,"permalink":"/news/solana-sets-all-time-high-of-263","title":"Solana sets all-time high of $263","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-solana-yellow-blue-bg.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-solana-yellow-blue-bg.jpg","caption":"\u003cp\u003eDennis G Zill/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 22 Nov 2024 10:13:11 GMT","publishedAt":"Fri, 22 Nov 2024 10:08:37 GMT","publishedAtTimestamp":1732270117,"excerpt":"SOL has climbed more than 2,000% in the past two years","content":"\n\u003cp\u003eSOL reached a new all-time high of $263 more than three years after it last peaked, according to data from CoinGecko.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s native token price fell dramatically amid the FTX exchange’s unwinding, briefly trading in the single digits in late 2022. SOL then endured a sluggish 2023, as the SEC made the argument that SOL was a security, creating regulatory fears around the asset. But after a year of explosive growth, a resurgent Solana has climbed all the way back to become one of only a few major cryptoassets to set a price record this market cycle.\u003c/p\u003e\n\n\n\n\u003cp\u003eTwo years ago today, SOL was changing hands for a little under $12. The asset has appreciated by more than 2,000% since then.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn recent weeks, user demand to include transactions in Solana blocks has skyrocketed amid explosive growth in the memecoin trading sector. Solana memecoins attached to AI agent projects began the uptick, and Donald Trump’s presidential election victory turbocharged it.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMoonpay, a popular fiat to crypto on-ramp, said it saw an all-time record for Solana transactions on the platform Tuesday.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s “real economic value” metric — which largely comprises extra money traders will pay to get transactions processed faster —\u0026nbsp;totaled a record of over $100 million-worth last week, as measured by Blockworks Research.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image size-large\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1644\" height=\"759\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=1024\u0026amp;h=1024\" alt=\"\" class=\"wp-image-94704\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=1644 1644w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=80 80w\" sizes=\"(max-width: 1644px) 100vw, 1644px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eSource: \u003ca href=\"https://app.blockworksresearch.com/analytics/sol\"\u003eBlockworks Research\u003c/a\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eSo-called REV can be thought of as a proxy for Solana blockspace demand, and the metric was under $10 million weekly just two months ago.\u003c/p\u003e\n\n\n\n\u003cp\u003eBased on the past few days, Solana’s REV could approach $200 million this week.\u003c/p\u003e\n\n\n\n\u003cp\u003eFurther fueling the recent rise was \u003ca href=\"https://lightspeed-4bed7b.beehiiv.com/p/bitwise-ceo-on-sol-etfs\"\u003especulation on Thursday\u003c/a\u003e that the chances of a SOL ETF being approved by the SEC under a Trump administration are higher than previously thought.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Markets","categories":["Markets"],"primaryTag":"SOL","tags":["SOL","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Solana sets all-time high of $263","description":"SOL has climbed more than 2,000% in the past two years.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-sets-all-time-high-of-263","og_locale":"en_US","og_type":"article","og_title":"Solana sets all-time high of $263","og_description":"SOL has climbed more than 2,000% in the past two years.","og_url":"https://blockworks.co/news/solana-sets-all-time-high-of-263","og_site_name":"Blockworks","article_published_time":"2024-11-22T10:08:37+00:00","article_modified_time":"2024-11-22T10:13:11+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-solana-yellow-blue-bg.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-sets-all-time-high-of-263","url":"https://blockworks.co/news/solana-sets-all-time-high-of-263","name":"Solana sets all-time high of $263","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-sets-all-time-high-of-263#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-sets-all-time-high-of-263#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-solana-yellow-blue-bg.jpg","datePublished":"2024-11-22T10:08:37+00:00","dateModified":"2024-11-22T10:13:11+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"SOL has climbed more than 2,000% in the past two years.","breadcrumb":{"@id":"https://blockworks.co/news/solana-sets-all-time-high-of-263#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-sets-all-time-high-of-263"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-sets-all-time-high-of-263#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-solana-yellow-blue-bg.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-solana-yellow-blue-bg.jpg","width":1600,"height":900,"caption":"Dennis G Zill/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-sets-all-time-high-of-263#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Solana sets all-time high of $263"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"altcoin-season-when-bitcoin-dominance-hits-60","id":94668,"permalink":"/news/altcoin-season-when-bitcoin-dominance-hits-60","title":"Expect a ‘massive altcoin season’ once bitcoin dominance hits 65%","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin-2.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin-2.jpg","caption":"\u003cp\u003eNimoii/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 22 Nov 2024 16:52:54 GMT","publishedAt":"Thu, 21 Nov 2024 16:28:11 GMT","publishedAtTimestamp":1732206491,"excerpt":"HashKey Capital’s Jupiter Zheng highlighted three success areas he’s watching: Ethereum, Solana and certain tokens in DeFi","content":"\n\u003cp\u003eWe’ve asked ourselves one question over and over again: Wen altcoin szn?\u003c/p\u003e\n\n\n\n\u003cp\u003eTo be fair, David’s done a \u003ca href=\"https://blockworks.co/news/waiting-for-altcoin-season\"\u003every good job\u003c/a\u003e of setting up what it would take to see the next altcoin season take off. But to get some clarity on how bullish folks should be, I turned to HashKey Capital’s Jupiter Zheng. \u003c/p\u003e\n\n\n\n\u003cp\u003eZheng and David see eye-to-eye when it comes to when we could see the next altcoin season, with HashKey putting together a report on why the team is so bullish on altcoins right now.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePart of it is the potential for bitcoin’s dominance to peak, which — if you’re a regular Empire reader — you know is one of the necessary ingredients for altcoins to take off.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOnce we get that bitcoin dominance over 60% or even 65%, that’s when Zheng expects a “massive altcoin season” to begin. BTC \u003ca href=\"https://www.tradingview.com/symbols/BTC.D/\"\u003edominance\u003c/a\u003e is currently sitting at 61.64%.\u003c/p\u003e\n\n\n\n\u003cp\u003eZheng highlighted three success areas he’s watching: Ethereum, Solana and certain tokens in DeFi, such as UNI and SKY (formerly MKR).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLet’s start with Ethereum, especially because it feels like more and more people are dropping off the bull train right now.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThere are three factors bringing down Ethereum, HashKey argued: Increased competition (duh), value diversion and lower transaction fees.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1488\" height=\"716\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png\" alt=\"\" class=\"wp-image-94673\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=1488 1488w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=80 80w\" sizes=\"(max-width: 1488px) 100vw, 1488px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eA look at past altcoin seasons courtesy of HashKey\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“Currently, the Ethereum community is developing metrics to measure ‘Ethereum alignment,’ and it is anticipated that best practices will emerge from these efforts, further consolidating Ethereum’s ecosystem and ensuring long-term success,” the report stated.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs for Solana, it’s a “major fundamental play,” unlike Ethereum’s role as the “distressed play.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“Solana has been achieving a lot of things this year, and — compared to Ethereum — Solana is a little bit centralized, but it\u0026#8217;s very efficient. So, Solana is strong in its operational capabilities. Ethereum is more focused on the tech …\u0026nbsp; technical layers and decentralized layers and security layers, but Solana is more focused on how to deliver mass adoption,” Zheng explained to me.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd to add to that, Zheng believes it’ll be the next coin to be selected for an ETF following the ETH and BTC funds.\u003c/p\u003e\n\n\n\n\u003cp\u003eTo round it out, “many DeFi projects from the last cycle have gradually become foundational infrastructure and have crossed cycles, forming a ‘must-have’ landscape,” HashKey wrote.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut it’s not all bulls and daydreams, there are a few things that Zheng’s not feeling so optimistic about.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLayer-2s for example. There can only be so many that investors can focus on. And, even beyond that, only the “top 5 or top 10 will be valuable,” he explained.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTo solve this, he has a suggestion: “If we try to select the best layer-2s from the 100 [on offer], It\u0026#8217;s quite hard, so maybe just pick the top ones, just like we picked the Magnificent Seven from the US stock market.”\u003c/p\u003e\n\n\n\n\u003cp\u003eWho wants to pick the name?\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eUpdated Nov. 22, 2024 at 11:45 am ET: Replaced mentions of Hashkey with Hashkey Capital.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"altcoins","tags":["altcoins","BTC"],"customFields":{"display_options":[]},"meta":{"title":"Expect a 'massive altcoin season' once bitcoin dominance hits 65%","description":"HashKey's Jupiter Zheng highlighted three success areas he’s watching: Ethereum, Solana and certain tokens in DeFi.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60","og_locale":"en_US","og_type":"article","og_title":"Expect a 'massive altcoin season' once bitcoin dominance hits 65%","og_description":"HashKey's Jupiter Zheng highlighted three success areas he’s watching: Ethereum, Solana and certain tokens in DeFi.","og_url":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60","og_site_name":"Blockworks","article_published_time":"2024-11-21T16:28:11+00:00","article_modified_time":"2024-11-22T16:52:54+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin-2.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60","url":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60","name":"Expect a 'massive altcoin season' once bitcoin dominance hits 65%","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60#primaryimage"},"image":{"@id":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin-2.jpg","datePublished":"2024-11-21T16:28:11+00:00","dateModified":"2024-11-22T16:52:54+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05"},"description":"HashKey's Jupiter Zheng highlighted three success areas he’s watching: Ethereum, Solana and certain tokens in DeFi.","breadcrumb":{"@id":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin-2.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin-2.jpg","width":1600,"height":900,"caption":"Nimoii/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Expect a \u0026#8216;massive altcoin season\u0026#8217; once bitcoin dominance hits 65%"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"bitcoin-close-to-all-time-high-against-gold","id":94657,"permalink":"/news/bitcoin-close-to-all-time-high-against-gold","title":"Bitcoin is inches away from cracking all-time high against gold","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2-pink-bitcoin.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2-pink-bitcoin.jpg","caption":"\u003cp\u003eIaroslav Neliubov/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 21 Nov 2024 14:08:21 GMT","publishedAt":"Thu, 21 Nov 2024 14:08:19 GMT","publishedAtTimestamp":1732198099,"excerpt":"If gold remains steady today, a single move from bitcoin to $98,500 would do it","content":"\n\u003cp\u003eOnly one milestone left before bitcoin officially enters price discovery mode: gold.\u003c/p\u003e\n\n\n\n\u003cp\u003eNo question that bitcoin is at an all-time high for US dollars. BTC hit $98,000 earlier this morning, awarding it a market cap close to $1.94 trillion (fully-diluted: $2.06 trillion).\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin’s price has also formally broken 2021 records against all three major US benchmark stock indexes: the Dow Jones, S\u0026amp;P 500 and Nasdaq 100.\u003c/p\u003e\n\n\n\n\u003cp\u003eGold, though, had outperformed bitcoin following crypto’s peak in November 2021 — until this past week. As of this morning, bitcoin was up 55% since then compared to gold’s 46%.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin still needs to catch up to gold, which converts to lag between BTC’s gold all-time high, as well as its US dollar and stock market ratios.\u003c/p\u003e\n\n\n\n\u003cp\u003eOn Thursday morning, the bitcoin-to-gold ratio was just under 36.83. When BTC set its November 2021 high, it was as much as 37.05, a tiny difference of less than half a percent.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf gold is steady today, a single move to $98,500 would do it from here, and even less if gold slips slightly. (Current bitcoin price: $97,845.)\u003c/p\u003e\n\n\n\n\u003cp\u003eAt that point, there’s probably some other annoying technicality to pin on bitcoin. Perhaps it’s still below its all-time high against gold after adjusting for inflation, for instance. But whatever.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1549\" height=\"982\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png\" alt=\"\" class=\"wp-image-94661\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=1549 1549w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=405 405w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=412 412w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=345 345w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=80 80w\" sizes=\"(max-width: 1549px) 100vw, 1549px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIn any case, we’re all totally locked into the bitcoin price chart for the foreseeable future, including, probably, the Feds.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe US government crypto stash — seized in a variety of criminal cases — has now ballooned to almost $21 billion, over 98% of it bitcoin. The rest is mostly made up of ETH, BNB, TRX and stablecoins.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s up from just under $10 billion at the start of the year, per \u003ca href=\"https://intel.arkm.com/dashboards/view?dashboardID=47d779bb-3c6f-4dd3-8f8e-1f6602e2f631\"\u003eArkham Intelligence\u003c/a\u003e data. Although it’s difficult to find the exact value of the crypto kept by the US government, as agencies regularly move it between unmarked wallets.\u003c/p\u003e\n\n\n\n\u003cp\u003eWe can however zoom in on the 3,999 BTC \u003ca href=\"https://blockworks.co/news/us-german-governments-selling-bitcoin\"\u003esold by the Feds\u003c/a\u003e in June and July. Valued at the times of transfer to Coinbase Prime, those coins were worth on average $61,300 and likely generated more than $245 million for government coffers.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf sold today, they would’ve netted closer to $392 million, leaving $147 million on the table.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe German state of Saxony has it much worse. It altogether \u003ca href=\"https://blockworks.co/news/germany-bitcoin-stash-exchange-transfers\"\u003edumped almost 50,000 BTC\u003c/a\u003e on a string of exchanges around the same time as the US, raking in the euro equivalent of $2.78 billion.\u003c/p\u003e\n\n\n\n\u003cp\u003eHad Saxony held, it would’ve had almost $4.9 billion — converting to over $2.1 billion in lost potential revenue. That’s equal to 1.7% of Saxony’s total GDP in 2018.\u003c/p\u003e\n\n\n\n\u003cp\u003eAll told, identified government treasuries are worth a combined $28.5 billion, belonging to the US, UK, Bhutan and El Salvador.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd with bitcoin properly in price discovery mode, now comes the true test of strength for their hands.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"Bitcoin","tags":["Bitcoin","BTC","Gold"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin is inches away from cracking all-time high against gold","description":"If gold remains steady today, a single move from bitcoin to $98,500 would do it.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold","og_locale":"en_US","og_type":"article","og_title":"Bitcoin is inches away from cracking all-time high against gold","og_description":"If gold remains steady today, a single move from bitcoin to $98,500 would do it.","og_url":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold","og_site_name":"Blockworks","article_published_time":"2024-11-21T14:08:19+00:00","article_modified_time":"2024-11-21T14:08:21+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2-pink-bitcoin.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold","url":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold","name":"Bitcoin is inches away from cracking all-time high against gold","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold#primaryimage"},"image":{"@id":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2-pink-bitcoin.jpg","datePublished":"2024-11-21T14:08:19+00:00","dateModified":"2024-11-21T14:08:21+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"If gold remains steady today, a single move from bitcoin to $98,500 would do it.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2-pink-bitcoin.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2-pink-bitcoin.jpg","width":1600,"height":900,"caption":"Iaroslav Neliubov/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin is inches away from cracking all-time high against gold"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"nvidia-third-quarter-earnings-expectations","id":94641,"permalink":"/news/nvidia-third-quarter-earnings-expectations","title":"Nvidia heads into earnings as its star chip continues to glitch ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","caption":"\u003cp\u003eNovikov Aleksey/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 20 Nov 2024 20:22:11 GMT","publishedAt":"Wed, 20 Nov 2024 21:00:00 GMT","publishedAtTimestamp":1732136400,"excerpt":"Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt’s a high-stakes day for tech stocks as the grand finale to earnings season looms: Nvidia’s third quarter report, set to drop today after the bell.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs the world’s largest public company by market cap, Nvidia has been the \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-nvda-market-breadth\"\u003edefinitive winner\u003c/a\u003e of the AI boom. Shares are up almost 200% year to date and 1,000% since September 2022.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnalysts are expecting big things from Nvidia tonight. Wall Street has consistently upped its predictions for the report, increasing earnings per share estimates to $2.84 (from $2.81 in September). Earnings per share from the second quarter came in at $2.70, a 148% increase year over year.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRevenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year. Second quarter \u003ca href=\"https://blockworks.co/news/nvidia-earnings-and-the-baked-in-premium\"\u003eearnings\u003c/a\u003e showed revenue was $30 billion.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eInvestors are going to be looking for signs that Nvidia’s Blackwell GPU, a high-performance chip expected to drive the next AI wave, is in high demand and functioning well. Tonight’s call comes as reports of Blackwell GPUs overheating continue to swirl. Nvidia has invested more than $2 billion in developing Blackwell, so shareholders (and the broader market) are going to want to see signs that these issues are being worked out.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCheck back tomorrow for a full recap of Nvidia’s Q3 earnings and what will no doubt be some interesting market moves to follow.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Artificial Intelligence","tags":["Artificial Intelligence","earnings","Forward Guidance newsletter","Nvidia"],"customFields":{"display_options":[]},"meta":{"title":"Nvidia heads into earnings as its star chip continues to glitch 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year.","og_url":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations","og_site_name":"Blockworks","article_published_time":"2024-11-20T21:00:00+00:00","article_modified_time":"2024-11-20T20:22:11+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations","url":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations","name":"Nvidia heads into earnings as its star chip continues to glitch ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations#primaryimage"},"image":{"@id":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","datePublished":"2024-11-20T21:00:00+00:00","dateModified":"2024-11-20T20:22:11+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year.","breadcrumb":{"@id":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/nvidia-third-quarter-earnings-expectations"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","width":1600,"height":900,"caption":"Novikov Aleksey/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Nvidia heads into earnings as its star chip continues to glitch "}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"us-equities-recover-after-trump-fueled-rally","id":94553,"permalink":"/news/us-equities-recover-after-trump-fueled-rally","title":"US equities recover after Trump-fueled rally lost steam last week ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","caption":"\u003cp\u003erarrarorro/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 18 Nov 2024 20:34:37 GMT","publishedAt":"Mon, 18 Nov 2024 20:34:33 GMT","publishedAtTimestamp":1731962073,"excerpt":"Several big companies report third quarter earnings this week, likely moving markets","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eUS stocks were once again on the rise Monday, recovering some of the losses posted late last week. Crypto assets — mostly insulated from the selloff — were largely maintaining their post-election rally.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLet’s start with what caused last week’s dip in equities. In my view, it was a bit of a perfect storm.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe GOP sweep, as expected, sent share prices higher. When Trump won in 2016, the S\u0026amp;P 500 gained about 6% between election night and Inauguration Day, a slightly bigger bump than the index saw when George W. Bush won in 2000 (+4%).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe market is, apparently, once again betting on \u003ca href=\"https://blockworks.co/news/unpacking-trump-potential-tariff-policies\"\u003eTrump’s plans\u003c/a\u003e (lower corporate taxes, fewer regulations, etc.) as being \u003ca href=\"https://blockworks.co/news/trump-lenient-crypto-regulation\"\u003egood for business\u003c/a\u003e. Or, at least the market felt this way until last Thursday.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLet’s face it: Trump’s cabinet picks thus far have been controversial. The process, in just two weeks, has been chaotic and dramatic — likely reminding investors that while a red sweep is typically advantageous for shareholders, a Trump presidency is still, well, a Trump presidency.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThese past couple weeks have not exactly been reassuring for those hoping for smooth-sailing politics over the next four years. Couple that with increasing concerns over the economic impacts of Trump’s planned tariffs and mass deportations and it’s no wonder markets pulled back.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEnter perfect storm condition number two: Inflation is still rising while the job market is proving remarkably resilient. Initial jobless claims for the week ended Nov. 9 came in at 217,000 vs. the expected 224,000. Core CPI for October showed prices are 3.3% higher than a year ago; that was in line with expectations, but still a far cry from the Fed’s 2% target.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThis combination makes the Fed’s job more difficult. Chair Jerome Powell told us as much last week when he cautioned the central bank is in no hurry to lower interest rates and will continue to evaluate the data. This week’s data will be telling (but more on that later).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eDoom and gloom aside, stocks were looking up today. The S\u0026amp;P 500 was up 0.4% while the Nasdaq Composite had gained 0.7% as of 2 pm ET. Bitcoin, which seemed to hit a new all-time high almost everyday \u003ca href=\"https://blockworks.co/news/450b-behemoth-forging-btc-path-to-100k\"\u003elast week\u003c/a\u003e, was holding steady, hovering around $90,300 Monday afternoon.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLooking ahead, several big companies report third quarter earnings this week, likely moving markets.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs the largest publicly listed company by market cap in the world, Nvidia on Wednesday will be the highlight. Investors will be looking for signs that the \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-stocks-ai-returns\"\u003erecent AI boom\u003c/a\u003e is still paying off for the chipmaker.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWalmart and Target also report this week, on Tuesday and Wednesday, respectively. As retail powerhouses, their numbers will give us a different look at consumer health.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Donald Trump","tags":["Donald Trump","earnings","Equities","Forward Guidance newsletter","Nvidia"],"customFields":{"display_options":[]},"meta":{"title":"US equities recover after Trump-fueled rally lost steam last week ","description":"Looking ahead, several big companies report third quarter earnings this week, likely moving markets. ","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally","og_locale":"en_US","og_type":"article","og_title":"US equities recover after Trump-fueled rally lost steam last week ","og_description":"Looking ahead, several big companies report third quarter earnings this week, likely moving markets. ","og_url":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally","og_site_name":"Blockworks","article_published_time":"2024-11-18T20:34:33+00:00","article_modified_time":"2024-11-18T20:34:37+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally","url":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally","name":"US equities recover after Trump-fueled rally lost steam last week ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#primaryimage"},"image":{"@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","datePublished":"2024-11-18T20:34:33+00:00","dateModified":"2024-11-18T20:34:37+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Looking ahead, several big companies report third quarter earnings this week, likely moving markets. ","breadcrumb":{"@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","width":1600,"height":900,"caption":"rarrarorro/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"US equities recover after Trump-fueled rally lost steam last week "}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"450b-behemoth-forging-btc-path-to-100k","id":94478,"permalink":"/news/450b-behemoth-forging-btc-path-to-100k","title":"There’s a $450 billion behemoth forging BTC’s path to $100k","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/pink-bitcoin-token.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/pink-bitcoin-token.jpg","caption":"\u003cp\u003eSem_Sem/Shutterstock and Adobe Stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 15 Nov 2024 15:41:35 GMT","publishedAt":"Fri, 15 Nov 2024 15:37:33 GMT","publishedAtTimestamp":1731685053,"excerpt":"The Crypto-Industrial Complex is always churning, gobbling up coins much faster than they can be mined and sold","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eLong ago, skeptics insisted that bitcoin was worthless because it had no intrinsic value. Times have really changed.\u003c/p\u003e\n\n\n\n\u003cp\u003eBTC wasn’t backed by anything, they’d say. There’s no revenue, cashflow or profits pooling with a single source, so no reliable framework for figuring how much each coin is worth. To zero, they said!\u003c/p\u003e\n\n\n\n\u003cp\u003eThe correct answer was: Bitcoin doesn’t need to be backed by anything. Bitcoin backs bitcoin. After all, the first coins were sold only for the cost of the energy spent to mine them.\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, there’s so much more to it. Bitcoin isn’t just powered by its industrialized mining sector.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThere’s now a whole Crypto-Industrial Complex forging a path for bitcoin and the wider crypto space — and it’s worth almost half a trillion dollars.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"944\" height=\"1067\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png\" alt=\"\" class=\"wp-image-94487\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png?w=944 944w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png?w=265 265w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png?w=906 906w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png?w=227 227w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png?w=231 231w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png?w=194 194w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-14.png?w=71 71w\" sizes=\"(max-width: 944px) 100vw, 944px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eThe half-trillion behemoth at the heart of crypto\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eTo be clear, the entire crypto market — as in the actual coins and tokens — has a $3 trillion-plus capitalization. The Crypto-Industrial Complex is a different beast.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIt consists of the most prominent, influential, valuable entities and vehicles in the industry right now:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003ePublicly-traded stocks\u003c/strong\u003e: MicroStrategy, Coinbase, bitcoin miners and ETFs.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStablecoins\u003c/strong\u003e: USDT, USDC and USDS (formerly DAI)\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eDeFi governance\u003c/strong\u003e: Uniswap and Raydium (DEXs), Aave (lending) and restaking apps (Lido and Jito).\u003c/p\u003e\n\n\n\n\u003cp\u003eThere are, of course, other big players worth including. Perhaps Ethereum giant Consensys, last \u003ca href=\"https://consensys.io/blog/consensys-raises-450m-series-d-funding\"\u003evalued\u003c/a\u003e at $7 billion in March 2022. Or Solana Labs and Binance, although the latter would’ve almost certainly taken a meaty hit to its valuation after its run-in with the DOJ.\u003c/p\u003e\n\n\n\n\u003cp\u003eNot to mention the other funds holding billions in crypto altogether that aren’t ETFs, which don’t show up in this data, like Bitwise’s index fund BITW and the ever-expanding roster of Grayscale trusts.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1030\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png\" alt=\"\" class=\"wp-image-94486\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=399 399w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=405 405w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=340 340w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-13.png?w=80 80w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eThe Crypto-Industrial Complex now closely follows the price of bitcoin\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eStill, for many, the Crypto-Industrial Complex as presented here would be the first points of entry into crypto (and, perhaps more critically for this newsletter, their valuations are easily trackable: up 140% year-on-year and 50% above its previous top in 2021).\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eMichael Saylor, the bitcoin alpha bull provides the orange pull. \u003c/li\u003e\n\n\n\n\u003cli\u003eTether, the stablecoin with a compelling history, reveals just how deep the rabbit hole goes. \u003c/li\u003e\n\n\n\n\u003cli\u003eUniswap, Lido and Aave form the basis for DeFi 101.\u003c/li\u003e\n\n\n\n\u003cli\u003eAll while the public miners help keep Bitcoin humming.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eThe Crypto-Industrial Complex is always churning, gobbling up coins much faster than they can be mined and sold.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd here we are, just one more ~10% rally away from $100,000. If it felt unrealistic before, perhaps it’s because the Complex was much smaller than it is today, with fewer players.\u003c/p\u003e\n\n\n\n\u003cp\u003eWho knows what happens on the other side.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"Bitcoin","tags":["Bitcoin","BTC"],"customFields":{"display_options":[]},"meta":{"title":"There’s a $450 billion behemoth forging BTC’s path to $100k","description":"The Crypto-Industrial Complex is always churning, gobbling up coins much faster than they can be mined and sold.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/450b-behemoth-forging-btc-path-to-100k","og_locale":"en_US","og_type":"article","og_title":"There’s a $450 billion behemoth forging BTC’s path to $100k","og_description":"The Crypto-Industrial Complex is always churning, gobbling up coins much faster than they can be mined and sold.","og_url":"https://blockworks.co/news/450b-behemoth-forging-btc-path-to-100k","og_site_name":"Blockworks","article_published_time":"2024-11-15T15:37:33+00:00","article_modified_time":"2024-11-15T15:41:35+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/pink-bitcoin-token.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/450b-behemoth-forging-btc-path-to-100k","url":"https://blockworks.co/news/450b-behemoth-forging-btc-path-to-100k","name":"There’s a $450 billion behemoth forging BTC’s path to $100k","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/450b-behemoth-forging-btc-path-to-100k#primaryimage"},"image":{"@id":"https://blockworks.co/news/450b-behemoth-forging-btc-path-to-100k#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/pink-bitcoin-token.jpg","datePublished":"2024-11-15T15:37:33+00:00","dateModified":"2024-11-15T15:41:35+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"The Crypto-Industrial Complex is always churning, gobbling up coins much faster than they can be mined and 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$100k"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"bitcoin-could-hit-100k-within-weeks","id":94472,"permalink":"/news/bitcoin-could-hit-100k-within-weeks","title":"Bitcoin could hit $100K ‘within weeks:’ Galaxy","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin-b-.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin-b-.jpg","caption":"\u003cp\u003eEmre Kahraman/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 15 Nov 2024 14:27:09 GMT","publishedAt":"Fri, 15 Nov 2024 14:27:05 GMT","publishedAtTimestamp":1731680825,"excerpt":"Bitcoin hitting $100,000 is expected by the end of the year, but might happen before the holidays","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eBitcoin once again hit $90,000 early Friday.\u003c/p\u003e\n\n\n\n\u003cp\u003eThursday’s pullback, Galaxy’s Alex Thorn tells me, was “anticipated.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“Some consolidation below the new $93,000 all-time high is healthy; it clears out recent leverage, creating a more stable foundation for another upward move. $100,000 by year’s end is very possible — or we might even see it within weeks,” he said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWe saw bitcoin quickly take on fresh price records before falling back slightly, which left one question on my mind: Wen $100,000?\u003c/p\u003e\n\n\n\n\u003cp\u003eSounds like, from my chats with folks, Thorn’s thesis about the end of the year is the general consensus.\u003c/p\u003e\n\n\n\n\u003cp\u003eBrian Rudick, managing director of research at GSR, told me that “new demand takes time to materialize, and will likely occur over the coming months.”\u003c/p\u003e\n\n\n\n\u003cp\u003eAdmittedly, I wondered aloud if we could see holders hit the sell button when we hit six figures, due to how big of a milestone it’ll be. Rudick, however, doesn’t buy it.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“The possibility of a US strategic bitcoin reserve will likely dampen selling. For example, whereas one may have been happy to let their bitcoin go at $95,000 before, it is now tougher to justify selling at that price when $500k is a real possibility, should the US add it as a reserve asset,” he told me.\u003c/p\u003e\n\n\n\n\u003cp\u003eThorn added that the “emerging catalysts, particularly from the Trump transition team, could keep momentum strong, pushing BTC beyond this mark” despite the fact that it’s a “psychological barrier.”\u003c/p\u003e\n\n\n\n\u003cp\u003eMaybe it’s time to start asking: Wen $500,000?\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"Bitcoin","tags":["Bitcoin","BTC"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin could hit $100K 'within weeks:' Galaxy","description":"Bitcoin hitting $100,000 is expected by the end of the year, but might happen before the holidays.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks","og_locale":"en_US","og_type":"article","og_title":"Bitcoin could hit $100K 'within weeks:' Galaxy","og_description":"Bitcoin hitting $100,000 is expected by the end of the year, but might happen before the holidays.","og_url":"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks","og_site_name":"Blockworks","article_published_time":"2024-11-15T14:27:05+00:00","article_modified_time":"2024-11-15T14:27:09+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin-b-.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks","url":"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks","name":"Bitcoin could hit $100K 'within weeks:' 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holidays.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin-b-.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin-b-.jpg","width":1600,"height":900,"caption":"Emre Kahraman/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin could hit $100K \u0026#8216;within weeks:\u0026#8217; Galaxy"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"bitcoin-100k-very-possible","id":94384,"permalink":"/news/bitcoin-100k-very-possible","title":"Bitcoin at $100k very possible before EOY, analysts say","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/purple-lego-bitcoin-logo.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/purple-lego-bitcoin-logo.jpg","caption":"\u003cp\u003eddRender/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 13 Nov 2024 14:37:26 GMT","publishedAt":"Wed, 13 Nov 2024 14:37:22 GMT","publishedAtTimestamp":1731508642,"excerpt":"The market is due for a breather, but analysts expect prices to continue moving up in the coming weeks","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eBitcoin at $90,000 is a reality.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRight now, a lot of market signals point to a continued run-up for bitcoin, though it quickly backed down from $90,000 after initially breaking the new all-time high.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOne interesting data point to look at when we have this kind of price action is what’s happening over on CME.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor example, traders are clearly ecstatic about the current setup, with CME trading volumes surging to records after the election. This time last week, on Nov. 6, CME notched its highest notional volume day with over $16.4 billion transacted in over 316,000 contracts.\u003c/p\u003e\n\n\n\n\u003cp\u003e“As Trump’s win became clear, futures premiums began to soar and have since risen above 15% as BTC continued its rally towards $90,000. Despite aggressive positioning, we note that market tops rarely coincide with CME premiums in an uptrend, a promising indicator for now,” K33 analysts wrote. Open interest on CME grew by $2.4 billion.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"878\" height=\"518\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-8.png\" alt=\"\" class=\"wp-image-94397\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-8.png?w=878 878w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-8.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-8.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-8.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-8.png?w=442 442w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-8.png?w=371 371w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-8.png?w=80 80w\" sizes=\"(max-width: 878px) 100vw, 878px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: K33\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e$100,000 is clearly on the table, and it might even be a reality before the end of the year.\u003c/p\u003e\n\n\n\n\u003cp\u003e“While the market is due for a breather, we expect prices to head in this direction in the coming weeks. Round numbers tend to be extreme volatility triggers, exemplified by BTC’s $10k breakout in 2017,” analysts Vetle Lunde and David Zimmerman continued.\u003c/p\u003e\n\n\n\n\u003cp\u003e“The first $10k visit happened on November 29, 2017, a day seeing intraday highs of $11,465 and intraday lows of $8,579, a high-low spread of a massive 34%. A whipsaw of softer magnitude (19%) happened on November 30 before a firm breakout was established on December 1. An eventual $100,000 breakout is well-shaped up to face mirroring volatility.”\u003c/p\u003e\n\n\n\n\u003cp\u003eGalaxy’s Alex Thorn noted that Monday’s price action in bitcoin notched the “49th biggest gain in history,” though he was careful to highlight that there was a lot of dramatic price action in the early days of bitcoin.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnyway, we’re obviously not just watching bitcoin, so I wanted to take a look at how the rally could impact other parts of crypto.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“BTC’s momentum has awoken the animal spirits within perp traders, as funding rates continue to soar above neutral levels for both BTC and altcoins, indicating heavy long positioning,” K33 said.\u003c/p\u003e\n\n\n\n\u003cp\u003eTie the election outcome to lower interest rates and bam! You have a pretty favorable DeFi environment.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s hard not to be a bull these days.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"Bitcoin","tags":["Bitcoin","BTC"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin at $100k very possible before EOY, analysts say","description":"The market is due for a breather, but analysts expect bitcoin's price to continue moving up in the coming weeks.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-100k-very-possible","og_locale":"en_US","og_type":"article","og_title":"Bitcoin at $100k very possible before EOY, analysts say","og_description":"The market is due for a breather, but analysts expect bitcoin's price to continue moving up in the coming weeks.","og_url":"https://blockworks.co/news/bitcoin-100k-very-possible","og_site_name":"Blockworks","article_published_time":"2024-11-13T14:37:22+00:00","article_modified_time":"2024-11-13T14:37:26+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/purple-lego-bitcoin-logo.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-100k-very-possible","url":"https://blockworks.co/news/bitcoin-100k-very-possible","name":"Bitcoin at $100k very possible before EOY, analysts say","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/bitcoin-100k-very-possible#primaryimage"},"image":{"@id":"https://blockworks.co/news/bitcoin-100k-very-possible#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/purple-lego-bitcoin-logo.jpg","datePublished":"2024-11-13T14:37:22+00:00","dateModified":"2024-11-13T14:37:26+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05"},"description":"The market is due for a breather, but analysts expect bitcoin's price to continue moving up in the coming weeks.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-100k-very-possible#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-100k-very-possible"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-100k-very-possible#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/purple-lego-bitcoin-logo.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/purple-lego-bitcoin-logo.jpg","width":1600,"height":900,"caption":"ddRender/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-100k-very-possible#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin at $100k very possible before EOY, analysts say"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"eth-killers-not-close","id":94386,"permalink":"/news/eth-killers-not-close","title":"ETH killers are still no closer to doing the deed","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/purple-eth-ethereum.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/purple-eth-ethereum.jpg","caption":"\u003cp\u003eWindAwake/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 13 Nov 2024 13:48:31 GMT","publishedAt":"Wed, 13 Nov 2024 14:15:00 GMT","publishedAtTimestamp":1731507300,"excerpt":"Solana is the crowd favorite to potentially flip Ethereum somewhere down the line, and it tends to feel realistic at times","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eNobody really wonders what the next bitcoin will be anymore.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s because Bitcoin won. There’s no “next” Bitcoin. Bitcoin is the next bitcoin and it’s already here. Better to build something else.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s natural, then, that a fixation on the next Ethereum would then take over.\u003c/p\u003e\n\n\n\n\u003cp\u003eAfter almost a decade of smart contract platforms launching to rival Ethereum, we now have more than 30 coins which you might consider would-be ETH killers.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat includes tokens for newer chains like Sui, Sei, Celestia and TON, as well as older networks such as Cronos, Cardano, Fantom and EOS.\u003c/p\u003e\n\n\n\n\u003cp\u003eOver the past three years, only 10 have outperformed ETH. TRON’s ETH ratio has jumped about 140%, for instance, while TON’s has doubled.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSOL has appreciated 26% against ETH since this time in 2021, but over the past year it has swelled by 140%.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana is indeed the crowd favorite to potentially flip Ethereum somewhere down the line. And while it tends to feel realistic at times, the market is quietly saying otherwise in the current moment.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe first step is stripping away all the noise. In this case, that’s bitcoin.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWe’ve already established that Bitcoin doesn’t compete with Ethereum (and most other general-purpose smart contract platforms, for that matter), leaving little reason to compare the two directly.\u003c/p\u003e\n\n\n\n\u003cp\u003eNow, let’s separate ETH and the so-called ETH killers from the rest of the crypto market. We’re left with three segments: Ethereum (in purple below), Ethereum killers (green) and crypto without bitcoin (blue).\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1069\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png\" alt=\"\" class=\"wp-image-94389\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=391 391w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-6.png?w=80 80w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThis chart shows the market dominance of each of the three categories over the past 10 years, a period that started just before Ethereum mined its first block in 2015.\u003c/p\u003e\n\n\n\n\u003cp\u003eNotice that Ethereum’s share of the crypto market \u003cem\u003eexcluding bitcoin\u003c/em\u003e has practically stayed the same for almost three-quarters of the chart.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRight now, it’s around 22%. Halfway through 2022 it was at under 20%, and five years ago it was less than 15%.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEthereum killers, meanwhile, altogether make up 18% of the non-bitcoin crypto space, which is about where it was in late 2018 and 2021.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat that says is that Ethereum isn’t really budging in terms of market share. It’s growing at a similar scale and pace to everything else that isn’t bitcoin.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1068\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png\" alt=\"\" class=\"wp-image-94390\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=391 391w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-7.png?w=80 80w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eAll while a rotating cast of smaller coins go through their own trajectories, with most losing significant ground against ETH, whether across three-year timeframes or one month.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe chart above bundles all the ETH killers together and lays them flat against each other.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eClearly, the market is betting on SOL and BNB to continue encroaching on Ethereum’s territory. Both enjoy a market cap of about $100 billion, and there’s an enormous gap between those two and all the others. Cardano is the next best with $20 billion.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAt the same time, ETH is headed for $400 billion as we digest the reality of a five-year development cycle for Ethereum’s next big upgrade, \u003ca href=\"https://blockworks.co/news/ethereum-consensus-beam-chain\"\u003eBeam Chain\u003c/a\u003e, which would help it stay relevant in a world littered with alternative super-fast layer-1s.\u003c/p\u003e\n\n\n\n\u003cp\u003eJust like how Bitcoin has broken off from the crypto market and now mostly exists within its own orbit, it could be that Ethereum is destined for similar treatment.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn which case, it’s hard to see it going anywhere.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"ETH","tags":["ETH","Ethereum","SOL","Solana"],"customFields":{"display_options":[]},"meta":{"title":"ETH killers are still no closer to doing the deed","description":"Solana is the crowd favorite to potentially flip Ethereum somewhere down the line, and it tends to feel realistic at times.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/eth-killers-not-close","og_locale":"en_US","og_type":"article","og_title":"ETH killers are still no closer to doing the deed","og_description":"Solana is the crowd favorite to potentially flip Ethereum somewhere down the line, and it tends to feel realistic at times.","og_url":"https://blockworks.co/news/eth-killers-not-close","og_site_name":"Blockworks","article_published_time":"2024-11-13T14:15:00+00:00","article_modified_time":"2024-11-13T13:48:31+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/purple-eth-ethereum.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/eth-killers-not-close","url":"https://blockworks.co/news/eth-killers-not-close","name":"ETH killers are still no closer to doing the 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times.","breadcrumb":{"@id":"https://blockworks.co/news/eth-killers-not-close#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/eth-killers-not-close"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/eth-killers-not-close#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/purple-eth-ethereum.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/purple-eth-ethereum.jpg","width":1600,"height":900,"caption":"WindAwake/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/eth-killers-not-close#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"ETH killers are still no closer to doing the deed"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"bitcoin-price-discovery-mode","id":94344,"permalink":"/news/bitcoin-price-discovery-mode","title":"What needs to happen before bitcoin enters price discovery mode","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-colorful-.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-colorful-.jpg","caption":"\u003cp\u003eWoman from Baku/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 12 Nov 2024 16:08:13 GMT","publishedAt":"Tue, 12 Nov 2024 14:13:03 GMT","publishedAtTimestamp":1731420783,"excerpt":"BTC continues to smash expectations as it holds near $90,000","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eNo more questioning it: Bitcoin has never been worth this much against the US dollar.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin set a bunch of new price records overnight, with the latest — $89,864 — during the super-early hours of Tuesday morning.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s 15% above bitcoin’s \u003ca href=\"https://blockworks.co/news/btc-further-from-all-time-high\"\u003einflation-adjusted record high\u003c/a\u003e from November 2021 ($77,975). Bitcoin has since pulled back to under $87,600 but remains 27% up over the past week.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin is now tracking the previous bull market cycle, which spanned from 2018, through the pandemic, to early 2022.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcFdPHqa8bgZwX-pQ2edWGUaQZcNwbBbjMi5FfyRzGI5pVcdwAYPU73QoQgdknXpoarNXjjI2Tt17Jw1b03mdcDOf7GfVq6Sly7L5xBpUiYwR4hkTDkZ-jd10Hb7I_6J-FVITpSCw?key=ouFvfiYHZb6W41mDkNH6NoaM\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe above chart plots bitcoin’s price performance across major bull cycles as if they all started at once. Our current cycle, which began when BTC bottomed out in November 2022, is in purple.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs of earlier this morning, bitcoin was up 580% since then. At this point in the 2021 bull market, bitcoin had gained 570%, and in the one prior between 2015 and 2018, over 2,000%.\u003c/p\u003e\n\n\n\n\u003cp\u003eAll super impressive, considering bitcoin bull market returns were \u003ca href=\"https://blockworks.co/news/bitcoin-halving-cycle-returns\"\u003ediminishing every cycle\u003c/a\u003e. Until this one, apparently, although it’s early days.\u003c/p\u003e\n\n\n\n\u003cp\u003eMore good news: Tuesday saw another new record for bitcoin beyond its US dollar exchange rate.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBTC’s market cap jumped as much as $181.55 billion throughout the day — the biggest dollar-denominated intraday spike on record.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePrevious records were $149.32 billion earlier this year, in August, and $146.04 billion in February 2021.\u003c/p\u003e\n\n\n\n\u003cp\u003eOf course, the dollar figure record is destined to be broken repeatedly as bitcoin rises. Its market cap has never been higher, over $1.72 trillion, to the point that even a moderate surge in percentage terms would add over a hundred billion dollars.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXeTUijgEF9Qq4JNmPRubpR2H2DcKTRydKc-QAwrUkkUUFgvlp4-1z3_k5two4BIJuOivm4nfqnYPzPw_ArvYlIo4bvQc-Ph7h0WSLIALmjkLr4JvoaCinMIJobbzdbY8h910hayew?key=ouFvfiYHZb6W41mDkNH6NoaM\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eOn the above, the top heatmap shows daily growth in bitcoin’s market cap — redder strips represent more billions added in a single day. Yesterday, at the far right end of the spectrum, was the reddest on record.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe bottom otherwise reflects the percentage gains in bitcoin’s price over the same period. Not so hot, at least compared to the period between 2017 and 2021. But it’s all relative.\u003c/p\u003e\n\n\n\n\u003cp\u003eSpeaking of, there’s one more barrier than bitcoin needs to smash before we can really say that we’re in price discovery mode: Bitcoin’s stock market ratio.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin’s price against the S\u0026amp;P 500 and the Nasdaq 100 — the stock market equivalents of the ETH/BTC ratio — is still below records set in late 2021.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXceX8z3eAlU-kRLghx3OgPQY9U787MtZKOr6Pp0v1fb4bNESWDajWgshCk6CDkISeKMRNHBsVZ4RSbYbYZutpQCZ_6A3Gb5tF7vrh3zFnlrYrkIgqiPpNO9b3UqZokwnZxw8GMT?key=ouFvfiYHZb6W41mDkNH6NoaM\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eEarlier today, the BTC/SPX ratio (pink line) was 14.99 compared to 15.34 in March 2021. The BTC/NDX ratio (purple) was 4.26, still 11% below the 4.7 peak, also in March 2021. Bitcoin would need to hit around $95,000 to set new highs against either index., at current prices.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s a minor point, but it shows just how hot parts of the stock market were in leadup to the current bitcoin euphoria.\u003c/p\u003e\n\n\n\n\u003cp\u003eSomething tells me that crypto will take it from here.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"BTC","tags":["BTC","Empire Newsletter"],"customFields":{"display_options":[]},"meta":{"title":"What needs to happen before bitcoin enters price discovery mode","description":"BTC continues to smash expectations as it holds near $90,000.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-price-discovery-mode","og_locale":"en_US","og_type":"article","og_title":"What needs to happen before bitcoin enters price discovery mode","og_description":"BTC continues to smash expectations as it holds near $90,000.","og_url":"https://blockworks.co/news/bitcoin-price-discovery-mode","og_site_name":"Blockworks","article_published_time":"2024-11-12T14:13:03+00:00","article_modified_time":"2024-11-12T16:08:13+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-colorful-.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-price-discovery-mode","url":"https://blockworks.co/news/bitcoin-price-discovery-mode","name":"What needs to happen before bitcoin enters price discovery mode","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/bitcoin-price-discovery-mode#primaryimage"},"image":{"@id":"https://blockworks.co/news/bitcoin-price-discovery-mode#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-colorful-.jpg","datePublished":"2024-11-12T14:13:03+00:00","dateModified":"2024-11-12T16:08:13+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"BTC continues to smash expectations as it holds near $90,000.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-price-discovery-mode#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-price-discovery-mode"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-price-discovery-mode#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-colorful-.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-colorful-.jpg","width":1600,"height":900,"caption":"Woman from Baku/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-price-discovery-mode#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"What needs to happen before bitcoin enters price discovery mode"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"btc-surge-above-86k-analysis","id":94335,"permalink":"/news/btc-surge-above-86k-analysis","title":"A closer look at BTC’s record-setting surge above $86K","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","caption":"\u003cp\u003eddRender/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 11 Nov 2024 20:17:50 GMT","publishedAt":"Mon, 11 Nov 2024 20:17:47 GMT","publishedAtTimestamp":1731356267,"excerpt":"Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt’s Veterans Day. It’s also now known as the day bitcoin climbed above $86,000 for the first time.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd, oh yeah, that crypto exchange filed for bankruptcy exactly two years ago. FTX, I think it was called. Not to mention US spot bitcoin ETFs \u003ca href=\"https://blockworks.co/news/sec-approves-bitcoin-etf\"\u003elaunched\u003c/a\u003e 10 months ago, today.\u003c/p\u003e\n\n\n\n\u003cp\u003eFirst, about bitcoin: Donald Trump’s \u003ca href=\"https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win\"\u003ecrypto-related promises\u003c/a\u003e and ultimate election win (along with pro-crypto Congress members) certainly has sparked additional industry euphoria.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitwise’s Matt Hougan \u003ca href=\"https://blockworks.co/news/matt-hougan-crypto-reputational-risk\"\u003ehad said\u003c/a\u003e he expects BTC to hit $100,000 by the end of the year and continue upward in 2025. Aside from the expected general crypto regulatory clarity, he and others continue to point out the possibility of BTC becoming a \u003ca href=\"https://blockworks.co/news/bitcoin-as-a-potential-us-reserve-asset\"\u003eUS reserve asset\u003c/a\u003e — an idea \u003ca href=\"https://blockworks.co/news/senator-lummis-bitcoin-reserve-bill-crypto-policy\"\u003efloated by\u003c/a\u003e US Sen. Cynthia Lummis.\u003c/p\u003e\n\n\n\n\u003cp\u003e“I think it makes it a harder market to short because we could wake up at any moment and the US could be establishing a strategic bitcoin reserve or another country could be front-running the US establishing a strategic bitcoin reserve,” Hougan explained. “That was just a wild idea that you couldn’t consider [before].”\u003c/p\u003e\n\n\n\n\u003cp\u003eThere were \u003ca href=\"https://www.forbes.com/sites/digital-assets/2024/11/10/huge-things-coming-bitcoin-explodes-as-secret-nation-state-adoption-mystery-rumors-fuel-a-crypto-price-boom/\"\u003erumors\u003c/a\u003e that a nation-state snatching up BTC was driving the latest price boost. We did find out that the company best known for hoarding BTC made another big purchase (more on that later).\u003c/p\u003e\n\n\n\n\u003cp\u003eBlockworks co-founder Jason Yanowitz summed up the crypto market vibes with a screenshot of a Monday research note from financial firm Bernstein:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eBernstein ($800 billion AUM) just put out their Monday morning note to clients:\u003cbr\u003e\u003cbr\u003e“Welcome to the Crypto bull market. Buy everything you can. Don’t fight this – add crypto exposure asap.”\u003cbr\u003e\u003cbr\u003eStage 3 really is upon us. \u003ca href=\"https://t.co/ZGLoLvtXJD\"\u003epic.twitter.com/ZGLoLvtXJD\u003c/a\u003e\u003c/p\u003e\u0026mdash; Yano 🟪 (@JasonYanowitz) \u003ca href=\"https://twitter.com/JasonYanowitz/status/1855976870220550600?ref_src=twsrc%5Etfw\"\u003eNovember 11, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“We recommend investors who have so far remained shy of any crypto exposure due to regulatory concerns invert their mental model,” the analysts wrote. “We are in a regulatory tailwind zone now.”\u003c/p\u003e\n\n\n\n\u003cp\u003eSome have warned of short-term “retrenchments,” or dips, as we know BTC is a volatile asset.\u003c/p\u003e\n\n\n\n\u003cp\u003eCopper.co research head Fadi Aboualfa also cautioned that securities laws won’t change overnight, and that BTC remains closely tied to broader economic forces.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Inflation is still elevated, interest rates haven’t eased, and the US dollar remains strong; these forces are not sustainable in tandem,” he wrote in an email. “One will eventually weaken. The real question is: Which one, and why?”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTaking a step back, it’s pretty wild that BTC reaching a new peak comes exactly \u003ca href=\"https://blockworks.co/news/ftx-impacts-on-cryptos-future\"\u003etwo years\u003c/a\u003e after FTX filed for bankruptcy. Re-reading a piece I wrote on Nov. 11, 2022 — \u003ca href=\"https://blockworks.co/news/whats-next-for-ftx-and-its-customers-after-bankruptcy-filing\"\u003etitled\u003c/a\u003e “What’s next for FTX and its customers after bankruptcy filing?” — was a bit surreal.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin’s price had dropped to as low as about $16,000 that month. That’s less than one-fifth of what it is today.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSentiment seemed to shift a bit when \u003ca href=\"https://blockworks.co/news/blackrock-files-bitcoin-etf\"\u003eBlackRock entered the race\u003c/a\u003e to launch a spot bitcoin ETF in June 2023. Less than seven months later, the SEC greenlit those products; BTC eclipsed \u003ca href=\"https://blockworks.co/news/bitcoin-all-time-high\"\u003e$73,000\u003c/a\u003e a couple months after that — a high that would stand until election night last week.\u003c/p\u003e\n\n\n\n\u003cp\u003eToday is an even 10 months since the US spot BTC ETFs launched. Net flows into those products hit a single-day record of nearly $1.4 billion on Nov. 7. After reeling in another $293 million on Nov. 8, the category’s total inflows now amount to more than $25.8 billion.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eAssets in the US spot bitcoin ETFs are now up to $84b, which is 2/3 of the way to what gold ETFs have, all the sudden there\u0026#39;s a decent shot they surpass gold bf their first birthday (we predicted it would take 3-4yrs) \u003ca href=\"https://t.co/MlPZNhdKjO\"\u003epic.twitter.com/MlPZNhdKjO\u003c/a\u003e\u003c/p\u003e\u0026mdash; Eric Balchunas (@EricBalchunas) \u003ca href=\"https://twitter.com/EricBalchunas/status/1856013871116320902?ref_src=twsrc%5Etfw\"\u003eNovember 11, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThese vehicles are poised to play a big role in allowing institutions wanting exposure to bitcoin (particularly in a friendlier environment) to more easily execute that desire.\u003c/p\u003e\n\n\n\n\u003cp\u003eThen there are the other planned spot crypto ETFs, which \u003ca href=\"https://blockworks.co/news/xrp-etf-contingent-on-election-and-sec-appeal\"\u003eindustry watchers noted\u003c/a\u003e would have a better chance of gaining approval in the short term with a Trump win and new SEC leadership.\u003c/p\u003e\n\n\n\n\u003cp\u003eDare I ask: What could go wrong?\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"bitcoin etf","tags":["bitcoin etf","BTC","Forward Guidance newsletter","FTX"],"customFields":{"display_options":[]},"meta":{"title":"A closer look at BTC's record-setting surge above $86K","description":"Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/btc-surge-above-86k-analysis","og_locale":"en_US","og_type":"article","og_title":"A closer look at BTC's record-setting surge above $86K","og_description":"Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025.","og_url":"https://blockworks.co/news/btc-surge-above-86k-analysis","og_site_name":"Blockworks","article_published_time":"2024-11-11T20:17:47+00:00","article_modified_time":"2024-11-11T20:17:50+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/btc-surge-above-86k-analysis","url":"https://blockworks.co/news/btc-surge-above-86k-analysis","name":"A closer look at BTC's record-setting surge above $86K","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#primaryimage"},"image":{"@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","datePublished":"2024-11-11T20:17:47+00:00","dateModified":"2024-11-11T20:17:50+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025.","breadcrumb":{"@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/btc-surge-above-86k-analysis"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","width":1600,"height":900,"caption":"ddRender/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"A closer look at BTC\u0026#8217;s record-setting surge above $86K"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"sol-eyes-fresh-all-time-high","id":94325,"permalink":"/news/sol-eyes-fresh-all-time-high","title":"SOL crosses $220, eyes fresh all-time high","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","caption":"\u003cp\u003eddRender/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 11 Nov 2024 18:27:14 GMT","publishedAt":"Mon, 11 Nov 2024 19:00:00 GMT","publishedAtTimestamp":1731351600,"excerpt":"Traders will be looking toward $260, roughly the all-time high the asset set in November 2021","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eSoak it all in, SOL holders.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eDonald Trump’s victory in the US presidential election ignited a crypto market rally. SOL reached a nearly three-year high Monday morning, crossing the $220 mark for the first time since early December 2021. The asset’s market capitalization also set a new record, crossing $104 billion for the first time, according to CoinGecko data.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s chief rival ETH has been an even bigger beneficiary of the election pump, rising some 26% since Trump declared victory in the wee hours of the morning on Wednesday, compared to an 18% jump for SOL. Bitcoin is up 13% in that span.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor the last several months, sources \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-solana-breakpoint-2024\"\u003ecited the election outcome\u003c/a\u003e repeatedly as a potential catalyst for SOL. The crypto industry has operated largely in a legal gray area in the US under the oversight of SEC Chair Gary Gensler, and Trump courted crypto voters and donors with the promise of a more friendly regulatory regime.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana, which has spent 2024 trying to establish itself as part of a “big three” in crypto assets next to bitcoin and ether, arguably had the most at stake in the election out of any of them. In approving spot bitcoin and ether ETFs for trading this year, the SEC acknowledged both assets as commodities, meaning they can be bought and sold without running afoul of stricter securities trading laws. SOL, on the other hand, is one of a handful of assets the SEC currently paints as securities in its \u003ca href=\"https://blockworks.co/news/sec-didnt-say-sol-isnt-a-security\"\u003eongoing lawsuit against Coinbase\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBeing formally declared a crypto asset security by the SEC could present an existential risk for SOL, because the agency has been loath to let US firms register as broker-dealers who could facilitate crypto securities trading. In other words, SOL (and the several other alleged securities tokens) could have been functionally cut off from trading in the US, \u003ca href=\"https://www.morganstanley.com/im/publication/insights/articles/article_stockmarketconcentration.pdf\"\u003ewhere\u003c/a\u003e some 60% of the world’s equity markets live.\u003c/p\u003e\n\n\n\n\u003cp\u003eM^0 chief growth officer Jacob Laufer cited SOL’s lingering securities law status getting resolved alongside the approval of \u003ca href=\"https://blockworks.co/news/canary-capital-sol-etf-filing\"\u003epending spot SOL ETFs\u003c/a\u003e as sources of optimism surrounding Solana.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith friendlier regulators, SOL could be “poised” to capture institutional interest alongside the retail interest it has already drawn, Laufer said. Solana continues to be the top \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-pumpdotfun-record-highs\"\u003evenue for memecoin trading\u003c/a\u003e, with the launchpad pump.fun topping $1 million in daily trading fees every day since Oct. 13. \u003c/p\u003e\n\n\n\n\u003cp\u003eWith SOL now sitting at around $220, traders will be looking toward $260, roughly the all-time high the asset set in November 2021. In \u003ca href=\"https://www.theblock.co/post/325319/as-bitcoin-hits-80000-standard-chartered-calls-new-solana-peak-inevitable-by-years-end?utm_source=rss\u0026amp;utm_medium=rss\"\u003ecomments\u003c/a\u003e to The Block this weekend, an analyst from Standard Chartered called a fresh SOL peak by the year’s end “inevitable.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter","Markets"],"primaryTag":"ETFs","tags":["ETFs","ETH","Lightspeed Newsletter","SEC","SOL"],"customFields":{"display_options":[]},"meta":{"title":"SOL crosses $220, eyes fresh all-time high","description":"Traders will be looking toward $260, roughly the all-time high the asset set in November 2021.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/sol-eyes-fresh-all-time-high","og_locale":"en_US","og_type":"article","og_title":"SOL crosses $220, eyes fresh all-time high","og_description":"Traders will be looking toward $260, roughly the all-time high the asset set in November 2021.","og_url":"https://blockworks.co/news/sol-eyes-fresh-all-time-high","og_site_name":"Blockworks","article_published_time":"2024-11-11T19:00:00+00:00","article_modified_time":"2024-11-11T18:27:14+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high","url":"https://blockworks.co/news/sol-eyes-fresh-all-time-high","name":"SOL crosses $220, eyes fresh all-time high","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high#primaryimage"},"image":{"@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","datePublished":"2024-11-11T19:00:00+00:00","dateModified":"2024-11-11T18:27:14+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Traders will be looking toward $260, roughly the all-time high the asset set in November 2021.","breadcrumb":{"@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/sol-eyes-fresh-all-time-high"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","width":1600,"height":900,"caption":"ddRender/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"SOL crosses $220, eyes fresh all-time high"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"fed-25bps-rate-cut","id":94240,"permalink":"/news/fed-25bps-rate-cut","title":"In a surprise to no one, Fed cuts rates by 25bps","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/federal-reserve-building.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/federal-reserve-building.jpg","caption":"\u003cp\u003eFed interest rate cut\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 07 Nov 2024 20:09:45 GMT","publishedAt":"Thu, 07 Nov 2024 21:00:00 GMT","publishedAtTimestamp":1731013200,"excerpt":"Odds of a second 25bps cut in December are now at 66%, according to CME Group","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe FOMC today, as expected, lowered interest rates by 25 basis points. Committee members cited a commitment to “achieving maximum employment” and a 2% inflation target as reasons for the decision.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOdds of a second 25bps cut in December are now at 66%, according to CME Group’s federal funds futures markets data.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe FOMC’s forward guidance (see what we did there) from this week’s meeting remained unchanged, indicating committee members likely are confident that interest rates will end 2024 another 25bps lower.\u003c/p\u003e\n\n\n\n\u003cp\u003e“In considering additional adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook and the balance of risks,” today’s statement read.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s the same crucial sentence we’ve seen before, which shouldn’t shock markets. And, as a result of no surprises, stocks should see at least a mild extension of their \u003ca href=\"https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high\"\u003eTrump-fueled rally\u003c/a\u003e, according to Sevens Report Research founder Tom Essaye.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Given yesterday’s strong rally, I’d expect some digestion of the move or a mild drift higher,” Essaye said. “However, this outcome should keep expectations for a rally into year-end in place, led by cyclical sectors — industrials, financials, small caps [and] energy — with tech and defensives lagging.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe S\u0026amp;P 500 was up 0.6% over today’s session in the moments after the Fed’s decision, while the tech-heavy Nasdaq Composite had gained 1.3% just after 2 pm ET.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Federal Reserve","tags":["Federal Reserve","FOMC","Forward Guidance newsletter","Interest Rates"],"customFields":{"display_options":[]},"meta":{"title":"In a surprise to no one, Fed cuts rates by 25bps","description":"Odds of a second 25bps cut in December are now at 66%, according to CME Group.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/fed-25bps-rate-cut","og_locale":"en_US","og_type":"article","og_title":"In a surprise to no one, Fed cuts rates by 25bps","og_description":"Odds of a second 25bps cut in December are now at 66%, according to CME Group.","og_url":"https://blockworks.co/news/fed-25bps-rate-cut","og_site_name":"Blockworks","article_published_time":"2024-11-07T21:00:00+00:00","article_modified_time":"2024-11-07T20:09:45+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/federal-reserve-building.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/fed-25bps-rate-cut","url":"https://blockworks.co/news/fed-25bps-rate-cut","name":"In a surprise to no one, Fed cuts rates by 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Group.","breadcrumb":{"@id":"https://blockworks.co/news/fed-25bps-rate-cut#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/fed-25bps-rate-cut"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/fed-25bps-rate-cut#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/federal-reserve-building.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/federal-reserve-building.jpg","width":1600,"height":900,"caption":"Fed interest rate cut"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/fed-25bps-rate-cut#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"In a surprise to no one, Fed cuts rates by 25bps"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"markets-digest-trump-win","id":94234,"permalink":"/news/markets-digest-trump-win","title":"What’s the market saying about the Trump win?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell.jpg","caption":"\u003cp\u003eFederal Reserve Chair Jerome Powell | \u003ca href=\"https://www.flickr.com/photos/europeancentralbank/53008059409/\"\u003eSérgio Garcia/Your Image for ECB/”ECB Forum on central banking 2023″\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/licenses/by-nc-nd/2.0/\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 07 Nov 2024 19:59:47 GMT","publishedAt":"Thu, 07 Nov 2024 20:30:00 GMT","publishedAtTimestamp":1731011400,"excerpt":"With respect to today’s FOMC meeting, Powell needs to carefully consider where he wants to attempt guiding yields","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAfter Trump’s election win was \u003ca href=\"https://blockworks.co/news/donald-trump-declared-president-2024-election\"\u003econfirmed\u003c/a\u003e (and with a likely sweep of Congress), markets began to digest the news.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn bond markets, the major factor was a Congress sweep that will allow unrestrained legislation from the Republican party. This — paired with concerns around a re-accelerating economy and potential inflationary policies, such as Trump’s tariffs — sent long bond yields soaring globally, but especially domestically:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXd5IELWZJJMVFoqwGhmMdK2GCzuTcWvVtZv48EM-rDey-uyisqoODgm5JLdQaxjKbpYY0Z14vQUsY1wV6D8gNeOz3B0whU15BUli1iWyY68yVK8rRIhD2-perNJbjn01hx7s0yE?key=wPb1ntoH5CUCMdssIRRm6h3j\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eAt the same time, the DXY soared as global investors anticipated higher nominal growth and a roaring economy in the US. That said, half the move has reversed today alongside a calming down of long bond yields.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSo what does this all mean? And what were the implications for the Fed as it entered its FOMC meeting today?\u003c/p\u003e\n\n\n\n\u003cp\u003eAs Jim Bianco shows in the chart below, this reverse in yields on the long end since the Fed’s first rate cut is historic:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXecLPehAlsKel5_VCc5nTP6kpUSkwcy43u4R5BVq8Q_g1xlAfuDJMprjp0goWDy42FQAISqKbtDPr2-exnaNXRL9Xbh9jvdZXYRMXUNFiIXqlRLIQxqyTa8uRU5POJPBj-H_nf9sw?key=wPb1ntoH5CUCMdssIRRm6h3j\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eRegardless of what the Fed does to the short rate (i.e the fed funds rate), the vast majority of the economy borrows and lends on the long end of the yield curve, such as mortgages.\u003c/p\u003e\n\n\n\n\u003cp\u003eTherefore, regardless of what happens to the short rate, the surge in long bond yields has been tightening financial conditions.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWith respect to today’s FOMC meeting, Powell needs to carefully consider where he wants to attempt to guide yields. There are currently two evolving approaches:\u003c/p\u003e\n\n\n\n\u003cp\u003eAndy Constan of Damped Spring Advisors \u003ca href=\"https://x.com/dampedspring/status/1853817893089112487\"\u003ebelieves\u003c/a\u003e that for yields to come down and counter-intuitively ease financial conditions, the Fed needed to be more hawkish today and potentially pause its cuts. In his view, more rate cuts could actually tighten conditions as bond vigilantes show up and send bond yields higher — doing the tightening the Fed refuses to do.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOn the other side is \u003ca href=\"https://x.com/CNBCOvertime/status/1854274724521492929\"\u003eTom Lee\u003c/a\u003e, who believes the Fed needs to be even more dovish. This is because a large portion of what comprises the price of long bond yields is expectations on short rates for the maturity of the bond.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWith the FOMC’s 25bps cut today and no signal yet of an end to QT, it\u0026#8217;s looking likely the Fed will continue to wait and observe how its current rate-cutting path transpires and is digested by markets.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Donald Trump","tags":["Donald Trump","FOMC","Forward Guidance newsletter","Interest Rates"],"customFields":{"display_options":[]},"meta":{"title":"What's the market saying about the Trump win?","description":"With respect to today’s FOMC meeting, Powell needs to carefully consider where he wants to attempt to guide yields.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/markets-digest-trump-win","og_locale":"en_US","og_type":"article","og_title":"What's the market saying about the Trump win?","og_description":"With respect to today’s FOMC meeting, Powell needs to carefully consider where he wants to attempt to guide yields.","og_url":"https://blockworks.co/news/markets-digest-trump-win","og_site_name":"Blockworks","article_published_time":"2024-11-07T20:30:00+00:00","article_modified_time":"2024-11-07T19:59:47+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell.jpg","type":"image/jpeg"}],"author":"Felix Jauvin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Felix Jauvin","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/markets-digest-trump-win","url":"https://blockworks.co/news/markets-digest-trump-win","name":"What's the market saying about the Trump win?","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/markets-digest-trump-win#primaryimage"},"image":{"@id":"https://blockworks.co/news/markets-digest-trump-win#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell.jpg","datePublished":"2024-11-07T20:30:00+00:00","dateModified":"2024-11-07T19:59:47+00:00","author":{"@id":"https://blockworks.co/#/schema/person/44b96d518e34f61df756a6b1c2625b74"},"description":"With respect to today’s FOMC meeting, Powell needs to carefully consider where he wants to attempt to guide yields.","breadcrumb":{"@id":"https://blockworks.co/news/markets-digest-trump-win#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/markets-digest-trump-win"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/markets-digest-trump-win#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell.jpg","width":1600,"height":900,"caption":"Federal Reserve Chair Jerome Powell | Sérgio Garcia/Your Image for ECB/\"ECB Forum on central banking 2023\" (CC license)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/markets-digest-trump-win#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"What\u0026#8217;s the market saying about the Trump win?"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/44b96d518e34f61df756a6b1c2625b74","name":"Felix Jauvin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/06/1715472082337.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/06/1715472082337.jpg","caption":"Felix Jauvin"},"description":"Felix Jauvin is the host of the On the Margin podcast. Based in British Columbia, Canada, he lives and breathes where crypto and macroeconomics intersect.","url":"https://blockworks.co/news/author/felix-jauvin"}]}},"authors":[{"title":"Felix Jauvin","id":369,"slug":"felix-jauvin","image_url":""}],"blurhash":null},{"slug":"btc-is-trumps-opportunity-to-beat-biden","id":94212,"permalink":"/news/btc-is-trumps-opportunity-to-beat-biden","title":"Bitcoin is Trump’s next opportunity to beat Biden","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-green-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-green-1.jpg","caption":"\u003cp\u003eIvan Popovych/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 07 Nov 2024 14:26:36 GMT","publishedAt":"Thu, 07 Nov 2024 16:30:00 GMT","publishedAtTimestamp":1730997000,"excerpt":"Biden’s victory in 2020 aligned with a big rally for bitcoin — can Trump beat the Biden bump?","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eBiden dropped out of the presidential race too soon for Trump to get proper revenge for 2016, and he’ll have to settle for taking out his VP instead.\u003c/p\u003e\n\n\n\n\u003cp\u003eLuckily, there’s still time to beat Biden in perhaps the only popular vote that really counts: bitcoin.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin already set record highs alongside the stock market around Trump’s win this week — the S\u0026amp;P 500 is up 4% in the past month to bitcoin’s 18%.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s much more than what happened after Trump’s win in 2016, which was good for a brief 5% jump.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eObama’s win in 2012 meanwhile coincided with bitcoin’s price dropping by one-fifth in the leadup to Election Day, before recovering over following weeks.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut Biden’s victory in 2020 aligned with a far bigger rally. Bitcoin had risen 30% in the month heading into the vote and continued on for another 50% in the 30 days after.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXegJOeS5Cyn3H6PfxPS1NSrof2Hjcfp4HrwgBmwdz4LtdBwjiT6Z12Ce6s8P5hGbxFGMYXCKUwRU3O3_wwTJ3WS9jOsifIlbhckgow662YtLQJHIm_MH02svY8tDdbhXw_O32q9zA?key=BxdygvSe_YuQXs-EWv95Jr74\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eEach line is bitcoin’s price performance around Election Day, with the week either side shown by the shaded area\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThis was the start of bitcoin’s monstrous pandemic run from $10,000 to $60,000, as Trump was handing over the White House, which spanned September 2020 to March 2021.\u003c/p\u003e\n\n\n\n\u003cp\u003eOf course, bitcoin today is a much bigger beast. BTC’s market cap was under $300 billion at the time — now it’s almost $1.5 trillion. It takes much more to move the needle so far.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf it happened, it would be big. Bitcoin rallied up to 87% in the 60 days surrounding Biden’s election win.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBTC has so far gone about 20% for Trump, and another 70% would put bitcoin at almost $130,000 before year’s end.\u003c/p\u003e\n\n\n\n\u003cp\u003eWe’re gonna need bigger bulls.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"BTC","tags":["BTC","Empire Newsletter","Joe Biden"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin is Trump's next opportunity to beat Biden","description":"Biden's victory in 2020 aligned with a big rally for bitcoin — can Trump beat the Biden 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minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/btc-is-trumps-opportunity-to-beat-biden","url":"https://blockworks.co/news/btc-is-trumps-opportunity-to-beat-biden","name":"Bitcoin is Trump's next opportunity to beat Biden","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/btc-is-trumps-opportunity-to-beat-biden#primaryimage"},"image":{"@id":"https://blockworks.co/news/btc-is-trumps-opportunity-to-beat-biden#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-green-1.jpg","datePublished":"2024-11-07T16:30:00+00:00","dateModified":"2024-11-07T14:26:36+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"Biden's victory in 2020 aligned with a big rally for bitcoin — can Trump beat the Biden bump?","breadcrumb":{"@id":"https://blockworks.co/news/btc-is-trumps-opportunity-to-beat-biden#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/btc-is-trumps-opportunity-to-beat-biden"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/btc-is-trumps-opportunity-to-beat-biden#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-green-1.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-green-1.jpg","width":1600,"height":900,"caption":"Ivan Popovych/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/btc-is-trumps-opportunity-to-beat-biden#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin is Trump\u0026#8217;s next opportunity to beat Biden"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"bitcoin-carves-out-fresh-all-time-high","id":94189,"permalink":"/news/bitcoin-carves-out-fresh-all-time-high","title":"Bitcoin carves out fresh all-time high as crypto stocks take off","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin.jpg","caption":"\u003cp\u003eNimoii/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 06 Nov 2024 20:22:19 GMT","publishedAt":"Wed, 06 Nov 2024 20:11:09 GMT","publishedAtTimestamp":1730923869,"excerpt":"COIN, MARA, RIOT and MSTR were soaring in midday trading","content":"\n\u003cp\u003eBitcoin carved out a fresh all-time high as crypto stocks took off following the outcome of the US presidential election on Wednesday.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePresident-elect Donald Trump was declared the winner in the wee hours of Wednesday morning, leading to a bump across crypto stocks that’s only gained momentum throughout the trading day.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin topped $76,000, a new all-time high just hours after it carved out its last ATH.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cimg loading=\"lazy\" decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXe0O2G7Th0x2HIJMi5e2-FFTDhZzaVqBxHwKYzNjfSVsFKrYyflKAx2PMMeR1an4nINHKx3iOzf4L81y80xZgARJX-14iEo4FUBbIS-kyT4yDVcQKQY_I_xgjYwjNUUdeGKimdJ2PVtFKEW2AqpLq4Dol8?key=5KoM32HRCcPxeRAK35_RCXpJ\" width=\"624\" height=\"192\"\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eShares of Coinbase were up 30% in midday trading to $253 a share as it inches up toward a 52-week high. COIN is roughly $34 from carving out a new 52-week high, up 187% in the last year.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe market enthusiasm can be boiled down to two things: Trump was largely seen as the pro-crypto candidate, who’s made multiple promises around crypto including a promise to remove Gary Gensler as chair of the SEC. Whether or not he has the ability to do so remains up in the air, as Blockworks’ Casey Wagner reported.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIf Gensler steps down or is removed as the head of the SEC, Coinbase could benefit given its multi-year legal battle with the SEC.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut Coin’s not the only stock to see the overall euphoria throughout the crypto community. Bitcoin mining stocks, including Marathon and Riot, were up double digits.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMARA was up over 18%, while RIOT and Cleanspark were up roughly 20% in midday trading.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003e🚨 Crypto stocks keep pumping after following President-elect Donald Trump\u0026#39;s win\u003ca href=\"https://twitter.com/search?q=%24COIN\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$COIN\u003c/a\u003e up 29%\u003ca href=\"https://twitter.com/search?q=%24MSTR\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$MSTR\u003c/a\u003e up 12.5%\u003ca href=\"https://twitter.com/search?q=%24MARA\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$MARA\u003c/a\u003e up 19%\u003ca href=\"https://twitter.com/search?q=%24RIOT\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$RIOT\u003c/a\u003e up 21%\u003ca href=\"https://twitter.com/search?q=%24CLSK\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$CLSK\u003c/a\u003e up 20%\u003ca href=\"https://twitter.com/search?q=%24HUT\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$HUT\u003c/a\u003e up 9%\u003c/p\u003e\u0026mdash; Blockworks (@Blockworks_) \u003ca href=\"https://twitter.com/Blockworks_/status/1854234599783592321?ref_src=twsrc%5Etfw\"\u003eNovember 6, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e\u0026#8220;The GOP\u0026#8217;s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is set to be a game-changer for industry growth. Just like with the space race or recent Bitcoin mining developments, we\u0026#8217;ve always believed that when America steps up in crypto adoption, it\u0026#8217;ll do so with gusto—and ultimately take the lead globally. Now, we\u0026#8217;re about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before,” CoinShares CEO Jean-Marie Mognetti said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Markets","categories":["Markets"],"primaryTag":"Bitcoin","tags":["Bitcoin","Coinbase","Donald Trump","US politics"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin carves out fresh all-time high as crypto stocks take off","description":"COIN, MARA, RIOT and MSTR were soaring in midday trading.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high","og_locale":"en_US","og_type":"article","og_title":"Bitcoin carves out fresh all-time high as crypto stocks take off","og_description":"COIN, MARA, RIOT and MSTR were soaring in midday trading.","og_url":"https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high","og_site_name":"Blockworks","article_published_time":"2024-11-06T20:11:09+00:00","article_modified_time":"2024-11-06T20:22:19+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_image":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin.jpg","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high","url":"https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high","name":"Bitcoin carves out fresh all-time high as crypto stocks take 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trading.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-bitcoin.jpg","width":1600,"height":900,"caption":"Nimoii/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-carves-out-fresh-all-time-high#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin carves out fresh all-time high as crypto stocks take off"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"bitcoin-new-all-time-high-trump-victory","id":94160,"permalink":"/news/bitcoin-new-all-time-high-trump-victory","title":"Bitcoin hits new all-time high on Trump presidential victory","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile.jpg","caption":"\u003cp\u003eDonald Trump | Shutterstock/lev radin modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 06 Nov 2024 13:43:25 GMT","publishedAt":"Wed, 06 Nov 2024 14:15:00 GMT","publishedAtTimestamp":1730902500,"excerpt":"Bitcoin markets soared just after 10 pm ET on election night, briefly surpassing $75,000","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThose who bet that a Trump victory —\u0026nbsp;or at least the first inklings of one —\u0026nbsp;would fuel a new all-time high for bitcoin were right.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin markets soared just after 10 pm ET on election night, briefly surpassing $75,000. It was a remarkable move to correspond with a remarkable political comeback for Trump, who earlier this morning was projected to win enough Electoral College votes to become the 47th president of the United States.\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to \u003ca href=\"https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD\"\u003eTradingView\u003c/a\u003e data, bitcoin crossed $70K during the morning voting hours before slipping back beneath that level for much of the afternoon trade. As the polls closed on the East Coast, bitcoin regained that level and has held it since.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1082\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png\" alt=\"\" class=\"wp-image-94164\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=380 380w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=324 324w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=80 80w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eSource: \u003ca href=\"https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD\"\u003eTradingView\u003c/a\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eOver in equities, pre-market moves \u003ca href=\"https://www.cnn.com/markets/premarkets\"\u003eindicate\u003c/a\u003e that US indices will open in the green. The Dow appears poised to open up just over 3% as of the time of writing, with the S\u0026amp;P 500 and Nasdaq primed to open 1.5% and 2.2%, respectively.\u003c/p\u003e\n\n\n\n\u003cp\u003eCrypto equities appear set for a strong performance today. Coinbase looks set to open up more than 12% at $217.8 after closing Tuesday at $193.96. MicroStrategy’s pre-market trading performance suggests a similarly strong open, up nearly 12%.\u003c/p\u003e\n\n\n\n\u003cp\u003ePerhaps the strongest market performer on Election Night was Polymarket, which had indicated a Trump win heading into the vote. Trump’s \u003ca href=\"https://x.com/Blockworks_/status/1853999975807541670\"\u003eodds hit 90%\u003c/a\u003e as bitcoin’s price crested and stayed above that level throughout the duration of the night. The election results hewed closer to the Polymarket odds than those of many polls heading into Election Day. \u003c/p\u003e\n\n\n\n\u003cp\u003eWith this morning’s victory call, Théo, the \u003ca href=\"https://www.wsj.com/finance/trump-odds-polymarket-election-betting-whale-3d94bed3?st=FAddHR\u0026amp;reflink=article_copyURL_sharehttps://www.wsj.com/finance/trump-odds-polymarket-election-betting-whale-3d94bed3?st=FAddHR\u0026amp;reflink=article_copyURL_share\"\u003eFrench Polymarket whale\u003c/a\u003e, might have had the best night of all, having potentially more than doubled his $30 million stake.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"Bitcoin","tags":["Bitcoin","Donald Trump","US politics"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin hits new all-time high on Trump presidential victory","description":"Bitcoin markets soared just after 10 pm ET on election night, briefly surpassing $75,000.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory","og_locale":"en_US","og_type":"article","og_title":"Bitcoin hits new all-time high on Trump presidential victory","og_description":"Bitcoin markets soared just after 10 pm ET on election night, briefly surpassing $75,000.","og_url":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory","og_site_name":"Blockworks","article_published_time":"2024-11-06T14:15:00+00:00","article_modified_time":"2024-11-06T13:43:25+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile.jpg","type":"image/jpeg"}],"author":"Michael McSweeney","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Michael McSweeney","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory","url":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory","name":"Bitcoin hits new all-time high on Trump presidential victory","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory#primaryimage"},"image":{"@id":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile.jpg","datePublished":"2024-11-06T14:15:00+00:00","dateModified":"2024-11-06T13:43:25+00:00","author":{"@id":"https://blockworks.co/#/schema/person/fe2dc2c10c1ceba31f573821620a6915"},"description":"Bitcoin markets soared just after 10 pm ET on election night, briefly surpassing $75,000.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile.jpg","width":1600,"height":900,"caption":"Donald Trump | Shutterstock/lev radin modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin hits new all-time high on Trump presidential victory"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/fe2dc2c10c1ceba31f573821620a6915","name":"Michael McSweeney","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/07/Screenshot-2023-07-24-at-10.30.53-AM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/07/Screenshot-2023-07-24-at-10.30.53-AM.png","caption":"Michael McSweeney"},"url":"https://blockworks.co/news/author/michael-mcsweeney"}]}},"authors":[{"title":"Michael McSweeney","id":162,"slug":"michael-mcsweeney","image_url":""}],"blurhash":null},{"slug":"btc-election-day-boost","id":94127,"permalink":"/news/btc-election-day-boost","title":"BTC sees early Election Day boost above $70K","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/chris-perkins.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/chris-perkins.jpg","caption":"\u003cp\u003eCoinFund president Christopher R. Perkins | Ben Solomon Photo LLC for Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 05 Nov 2024 20:16:25 GMT","publishedAt":"Tue, 05 Nov 2024 21:00:00 GMT","publishedAtTimestamp":1730840400,"excerpt":"CoinFund president Chris Perkins said crypto voters will influence a number of election outcomes","content":"\n\u003cp\u003eYou already know it’s Election Day, and \u003ca href=\"https://blockworks.co/news/election-eve-harris-trump-crypto-impact\"\u003ewe’ve detailed\u003c/a\u003e the events leading up to today and what the results could spur in crypto land.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin’s price surged above $70,000 Tuesday morning, before dropping below that threshold. BTC stood at roughly $70,170 just after 2 pm ET — up 3.5% from 24 hours prior.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitfinex analysts said in an email that BTC, historically, has \u003ca href=\"https://blockworks.co/news/btc-election-market-moment\"\u003eresponded positively\u003c/a\u003e to periods of political change, especially when fiscal and monetary policies are uncertain.\u003cbr\u003e\u003cbr\u003e“The demand for safe-haven assets amidst rising US debt and deficits could drive bitcoin’s appeal as election outcomes unfold,” they wrote.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitOoda analysts noted in a Tuesday report that implied volatility remains elevated. That is likely to persist throughout the week due to the uncertainty around the \u003ca href=\"https://blockworks.co/tag/elections\"\u003eelection\u003c/a\u003e and the Fed’s Thursday meeting, they explained.\u003c/p\u003e\n\n\n\n\u003cp\u003e“The options market is signaling potential price movements of around 8% following the election, compared to the typical 2% daily fluctuation,” the BitOoda analysts added.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCoinFund managing partner Seth Ginns told Blockworks he would be watching the $75,000 level. “If we break decisively above it, we’d expect a quick and large follow-through,” he noted.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFollowing \u003ca href=\"https://blockworks.co/news/btc-price-movements-etf-flows-surge\"\u003ebitcoin’s rise\u003c/a\u003e above $73,000 last week (and subsequent decline), Ledn CIO John Glover predicted another test of the $74,000 level before the election results come in. A \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-republican-sweep-markets\"\u003eRepublican win\u003c/a\u003e could bring a “quick jump” to around $82,000, he added, followed by a period of “sideways-to-lower trading” in the $68,000 to $72,000 range.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“A break and close below $63,000…could open up the potential for a correction down to $55,000 to 62,000, but that is not my preferred count,” Glover said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBeyond price, Ginns’ colleague, CoinFund president Chris Perkins, said crypto voters (estimated to be \u003ca href=\"https://x.com/HarrisXdata/status/1852520633906975024\"\u003e18% of the electorate\u003c/a\u003e) have already shaped party platforms and will influence a number of election outcomes.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003e“\u003c/em\u003eAs a result, we expect the next Congress to be a ‘Crypto Congress,’\u0026#8221; he said. “This will result in a more favorable regulatory and policy climate for the asset class which will be favorable for greater adoption.\u0026#8221;\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Markets","categories":["Markets"],"primaryTag":"BTC","tags":["BTC","CoinFund","Elections"],"customFields":{"display_options":[]},"meta":{"title":"BTC sees early Election Day boost above $70K","description":"Bitcoin’s price surged above $70,000 Tuesday morning, before dropping below that threshold to stand at roughly $70,170 just after 2 pm ET.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/btc-election-day-boost","og_locale":"en_US","og_type":"article","og_title":"BTC sees early Election Day boost above $70K","og_description":"Bitcoin’s price surged above $70,000 Tuesday morning, before dropping below that threshold to stand at roughly $70,170 just after 2 pm ET.","og_url":"https://blockworks.co/news/btc-election-day-boost","og_site_name":"Blockworks","article_published_time":"2024-11-05T21:00:00+00:00","article_modified_time":"2024-11-05T20:16:25+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/chris-perkins.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/btc-election-day-boost","url":"https://blockworks.co/news/btc-election-day-boost","name":"BTC sees early Election Day boost above $70K","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/btc-election-day-boost#primaryimage"},"image":{"@id":"https://blockworks.co/news/btc-election-day-boost#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/chris-perkins.jpg","datePublished":"2024-11-05T21:00:00+00:00","dateModified":"2024-11-05T20:16:25+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Bitcoin’s price surged above $70,000 Tuesday morning, before dropping below that threshold to stand at roughly $70,170 just after 2 pm ET.","breadcrumb":{"@id":"https://blockworks.co/news/btc-election-day-boost#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/btc-election-day-boost"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/btc-election-day-boost#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/chris-perkins.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/chris-perkins.jpg","width":1600,"height":900,"caption":"CoinFund president Christopher R. Perkins | Ben Solomon Photo LLC for Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/btc-election-day-boost#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"BTC sees early Election Day boost above $70K"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"btc-election-market-moment","id":94098,"permalink":"/news/btc-election-market-moment","title":"Bitcoin’s election market moment has arrived","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin.jpg","caption":"\u003cp\u003eFuzail Khan MO/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 05 Nov 2024 14:22:20 GMT","publishedAt":"Tue, 05 Nov 2024 16:30:00 GMT","publishedAtTimestamp":1730824200,"excerpt":"Predictions that the US election will fuel bitcoin’s price are set to be tested","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eHarry Potter ran headfirst into a brick wall at Platform 9¾ to transcend into the Wizarding World.\u003c/p\u003e\n\n\n\n\u003cp\u003eWe’re about to do something similar with bitcoin.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis is it. After the next few days, there are no more immediate catalysts and prophecies to fulfill.\u003c/p\u003e\n\n\n\n\u003col class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003cstrong\u003eThe Bitcoin halving: \u003c/strong\u003eThe network cut issuance in half almost exactly 200 days ago. Cycle-maxis predicted it would inevitably lead to a supply shock one year later, as is tradition.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003cstrong\u003eUS election\u003c/strong\u003e: Always occurs six-to-eight months after the halving — and the past two elections have preceded a full bitcoin send to all-time highs.\u003c/li\u003e\n\u003c/ol\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdyi4f4aC6J-h1KAvAOVSOEQhQPmJkaHcQR5wPkZrGXF1G67EPEqoCizmSo5ViPBhsJBaMXzcTVqnuvVNoOfkdgLsv3wRzpE_q9hp2r_vHeAK_sT7LlIMJC5Rw6cT07pKTz3HS77SsrpRyIngumYgZz9GM?key=QXRKwa8Zf3eBvSk-VaXX-TJn\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eThis chart plots bitcoin rallies around the election against each other, as if they all started at once. The dotted line is Election Day (today), and the orange circles are halvings\u003c/em\u003e.\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBitcoin rallied from $720 to nearly $20,000 in the 400 or so days after Trump beat Hillary Clinton in 2016. That’s over 27x in a little over a year.\u003c/p\u003e\n\n\n\n\u003cp\u003eBTC then went 4.2x — from $16,300 to $69,000— in the year following Biden’s win in 2020.\u003c/p\u003e\n\n\n\n\u003cp\u003eBrainiacs would, however, quickly point out that only two or three halving-election cycles tells us nothing statistically significant about anything.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin’s massive rallies over the years are then just price discovery. And perhaps, elections and halvings are less significant than the global liquidity cycle, for instance (which, coincidentally, is \u003ca href=\"https://www.youtube.com/watch?v=Rg1wCWCLdrc\"\u003eheaded\u003c/a\u003e for an uptrend!)\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile the global liquidity prophecy plays out over the longer-term, Trump’s odds on Polymarket have been tipped as an immediate driver of bitcoin’s price.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcEHD3KsD-NCQSkkD9z_U_i8Rum42jhwauJUZ8AF5BHk4SQH2Y9gnlOGagNBGegZa-wT-soMdfSU_wYvqzqApP2e_tToZyTomvJZ8E_yGnOQ-C4JB-kpP16v6veqOeqa3q-vsX1A-T7dUlZt4J3AMayzKK5?key=QXRKwa8Zf3eBvSk-VaXX-TJn\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eA god candle is inevitable if Trump wins, the thinking goes\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe chart above maps the price of bitcoin (the area in green) to Trump’s odds on Polymarket, in orange. The shaded purple areas indicate when Trump’s odds and BTC/USD were correlated.\u003c/p\u003e\n\n\n\n\u003cp\u003eThey only align about half the time, which probably says they’re not really correlated at all. Although, the two have closely tracked each other since early October.\u003c/p\u003e\n\n\n\n\u003cp\u003eStill, we’re in uncharted territory. Bitcoin hit all-time high before the halving this time around, an apparent anomaly in the cycle prophecy — just like \u003cem\u003eThe Boy Who Lived.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"bitcoin halving","tags":["bitcoin halving","BTC","Elections","Empire Newsletter"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin’s election market moment has arrived","description":"Predictions that the US election will fuel bitcoin’s price are set to be tested.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/btc-election-market-moment","og_locale":"en_US","og_type":"article","og_title":"Bitcoin’s election market moment has arrived","og_description":"Predictions that the US election will fuel bitcoin’s price are set to be tested.","og_url":"https://blockworks.co/news/btc-election-market-moment","og_site_name":"Blockworks","article_published_time":"2024-11-05T16:30:00+00:00","article_modified_time":"2024-11-05T14:22:20+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/btc-election-market-moment","url":"https://blockworks.co/news/btc-election-market-moment","name":"Bitcoin’s election market moment has arrived","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/btc-election-market-moment#primaryimage"},"image":{"@id":"https://blockworks.co/news/btc-election-market-moment#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin.jpg","datePublished":"2024-11-05T16:30:00+00:00","dateModified":"2024-11-05T14:22:20+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"Predictions that the US election will fuel bitcoin’s price are set to be tested.","breadcrumb":{"@id":"https://blockworks.co/news/btc-election-market-moment#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/btc-election-market-moment"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/btc-election-market-moment#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/bitcoin.jpg","width":1600,"height":900,"caption":"Fuzail Khan MO/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/btc-election-market-moment#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin’s election market moment has arrived"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"election-eve-harris-trump-crypto-impact","id":94071,"permalink":"/news/election-eve-harris-trump-crypto-impact","title":"Weighing the Harris/Trump crypto impact on Election Eve ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/kamala-harris.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/kamala-harris.jpg","caption":"\u003cp\u003eVice President Kamala Harris | OogImages/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 04 Nov 2024 18:27:21 GMT","publishedAt":"Mon, 04 Nov 2024 20:30:00 GMT","publishedAtTimestamp":1730752200,"excerpt":"Swan Bitcoin managing director John Haar is among those expecting that the election may only have a short-term impact on crypto markets","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eElection Day is tomorrow. Polls in recent days show the race remains very tight.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eKnowing whether Kamala Harris or Donald Trump will be the next US president is expected to impact crypto markets in some way, though exactly how is something we won’t know until the next few days (at least) play out.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLet’s rewind to May for a moment, when a couple things grabbed the crypto industry’s attention: The Trump campaign started \u003ca href=\"https://blockworks.co/news/donald-trump-accepts-crypto-donations-2024-election\"\u003eaccepting crypto donations\u003c/a\u003e and President Joe Biden \u003ca href=\"https://blockworks.co/news/house-fails-to-override-anti-sab121-veto\"\u003evetoed\u003c/a\u003e a resolution (deemed to be pro-crypto) that would have \u003ca href=\"https://blockworks.co/news/house-passes-act-fit21-with-bipartisan-support\"\u003einvalidated\u003c/a\u003e the SEC’s SAB 121.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat month, Galaxy CEO Mike Novogratz \u003ca href=\"https://blockworks.co/news/mike-novogratz-crypto-us-election\"\u003elikened\u003c/a\u003e crypto opposition (more prevalent on the Democratic side) to criticizing dogs — noting the tens of millions of Americans that own each.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLater, Trump spoke explicitly about his support for crypto — at a \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-trump-bitcoin-mining-meeting\"\u003emeeting\u003c/a\u003e with bitcoin mining executives in June and then at the Bitcoin 2024 conference the following month. Among his \u003ca href=\"https://blockworks.co/news/donald-trump-speaks-bitcoin-2024\"\u003epromises\u003c/a\u003e at the latter event in Nashville included firing SEC Chair Gary Gensler and stopping government sales of seized bitcoin. Also in July, the GOP mentioned ending the “unlawful” crackdown on crypto in its party platform.\u003c/p\u003e\n\n\n\n\u003cp\u003eHarris has made a few comments in \u003ca href=\"https://www.washingtonpost.com/business/2024/09/26/crypto-kamala-harris-bitcoin/\"\u003esupport\u003c/a\u003e of emerging technologies (including crypto) and \u003ca href=\"https://blockworks.co/news/forward-guidance-newsletter-kamala-harris-crypto-silence\"\u003epledged\u003c/a\u003e to bolster Black men’s rights to safely invest in crypto — but has not shared many details. Galaxy research head Alex Thorn has said he expects Harris to be \u003ca href=\"https://x.com/intangiblecoins/status/1845845163588907486\"\u003emore supportive\u003c/a\u003e of crypto than Biden has been, but less favorable to the industry than Trump.\u003c/p\u003e\n\n\n\n\u003cp\u003eCrypto was \u003ca href=\"https://blockworks.co/news/2024-elections-crypto-policy-outlook\"\u003enot mentioned\u003c/a\u003e in the Harris/Trump or Tim Walz/JD Vance debates. And Harris has not shared what she would do about Gensler — a point Blockchain Association’s Ron Hammond said industry participants \u003ca href=\"https://www.bloomberg.com/news/articles/2024-09-06/kamala-harris-donors-privately-want-ftc-s-lina-khan-sec-s-gary-gensler-removed\"\u003ewanted more clarity\u003c/a\u003e on from her.\u003c/p\u003e\n\n\n\n\u003cp\u003eCoinbase chief policy officer Faryar Shirzad \u003ca href=\"https://blockworks.co/news/harris-trump-crypto-stances-coinbase\"\u003egave Harris credit\u003c/a\u003e for engaging with the crypto community, but lauded Trump’s more comprehensive remarks on the topic.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile the latest New York Times \u003ca href=\"https://www.nytimes.com/interactive/2024/us/elections/polls-president.html\"\u003epoll\u003c/a\u003e was largely unchanged from previous ones (national polling average shows Harris leading 49% to 48%, as of Monday morning), Trump’s big lead (according to Polymarket odds) has \u003ca href=\"https://polymarket.com/event/presidential-election-winner-2024?tid=1730768185481\"\u003eshrunk\u003c/a\u003e from several days ago.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin was trading below $69,000 on Monday morning, down from the \u003ca href=\"https://blockworks.co/news/btc-price-movements-etf-flows-surge\"\u003e$73,000-plus level\u003c/a\u003e it reached last week.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAndre Dragosch, head of Bitwise’s European research, said in a note that while bitcoin’s correlation to US presidential election odds have increased lately, its “macro correlations” to traditional assets (like US stocks or gold) remain higher.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXc5M3NC2jbdr9rZpO0lJSwLahNlgnS2o0aMCJeZRQUT2uLLcGVK9kpkvhuFJvxZLT2Z2WNtsgRys2OHsGDDKrXZPNn8bzrmd5D4ja36dYoozhpIZk0DslB1WmMFEDkxYnWJ0c4mxgrhTz1XJCikFc3e60de?key=cXCJZdMpy9bIyUA6ydef-FrN\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBitwise estimates show, if the election was held today, that a Trump victory would boost bitcoin’s price by 10.1% (sending it to an all-time high), while a Harris win would spur a 9.8% decline for the asset.\u003c/p\u003e\n\n\n\n\u003cp\u003eSwan Bitcoin managing director John Haar is among those expecting that the election may only have a short-term impact on crypto markets.\u003c/p\u003e\n\n\n\n\u003cp\u003e“In the medium and longer term, we believe that the outcome of this presidential race does not materially alter the trends supporting bitcoin, which include continued government deficit spending, expansive Fed monetary policy and ongoing bitcoin adoption,” he said.\u003c/p\u003e\n\n\n\n\u003cp\u003eMany have reminded us that what politicians say they’ll do, and what they actually do, can differ materially. So it’s safe to say the election results will represent a new chapter to this evolving story, but not the end.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Donald Trump","tags":["Donald Trump","Elections","Forward Guidance newsletter","Kamala Harris"],"customFields":{"display_options":[]},"meta":{"title":"Weighing the Harris/Trump crypto impact on Election Eve ","description":"Swan Bitcoin managing director John Haar is among those expecting that the election may only have a short-term impact on crypto markets.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact","og_locale":"en_US","og_type":"article","og_title":"Weighing the Harris/Trump crypto impact on Election Eve ","og_description":"Swan Bitcoin managing director John Haar is among those expecting that the election may only have a short-term impact on crypto markets.","og_url":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact","og_site_name":"Blockworks","article_published_time":"2024-11-04T20:30:00+00:00","article_modified_time":"2024-11-04T18:27:21+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/kamala-harris.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact","url":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact","name":"Weighing the Harris/Trump crypto impact on Election Eve ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact#primaryimage"},"image":{"@id":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/kamala-harris.jpg","datePublished":"2024-11-04T20:30:00+00:00","dateModified":"2024-11-04T18:27:21+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Swan Bitcoin managing director John Haar is among those expecting that the election may only have a short-term impact on crypto markets.","breadcrumb":{"@id":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/election-eve-harris-trump-crypto-impact"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/kamala-harris.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/kamala-harris.jpg","width":1600,"height":900,"caption":"Vice President Kamala Harris | OogImages/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/election-eve-harris-trump-crypto-impact#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Weighing the Harris/Trump crypto impact on Election Eve "}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"btc-further-from-all-time-high","id":94044,"permalink":"/news/btc-further-from-all-time-high","title":"Bitcoin is further away from all-time high than you think","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-neon.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-neon.jpg","caption":"\u003cp\u003enuttapon averuttaman/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 04 Nov 2024 14:09:55 GMT","publishedAt":"Mon, 04 Nov 2024 14:09:53 GMT","publishedAtTimestamp":1730729393,"excerpt":"It turns out that bitcoin never actually hit an all-time high in March. Thanks a lot, inflation.","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003ca href=\"https://blockworks.co/news/gensler-crypto-twitter-ratio\"\u003eGary Gensler\u003c/a\u003e. The IMF and the World Economic Forum. Inflation.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf crypto were Arya Stark from Game of Thrones, these boogeymen would high up on her death list.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhy not pour fuel on the fire?\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eDespite popular belief, bitcoin has not actually returned to its all-time high set in November 2021, all because of inflation.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat was a bitcoin all-time high of $68,998 back then would be the equivalent of $77,975 in today’s money.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s 13% cumulative inflation across nearly three years, per US consumer price index data.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo, after adjusting for inflation, bitcoin still needs to rally by more than $9,100 to break that price record — a 14% jump.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBefore adjusting for inflation, bitcoin is only $4,900 away, or 6.7%.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXd-yFNZPzir4s_9FZEZACr2it6T8wcS1jMB2ZZ3rsNkaMAomagQMYBCwxdq2Aw9bFreTQwyuSgrePXV3M8ZEKsutbZ2uGcXQYrwgvZhjEeDkqegyCekqoDO2dhR9Zzja5KEOcf1iQ?key=ZYRulavpaLJ7XPpr2UcjL1Tg\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eThe purple area shows the conventional all-time high while the blue area accounts for inflation since that peak\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eInflation never stops, so bitcoin’s inflation-adjusted all-time high continues to rise as time goes on.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen bitcoin hit its local top in March, that figure was $76,744, which means it really stopped about 4% short when it peaked at $73,738.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe same goes for ether and solana. ETH at $2,490 is actually a gut-wrenching 55% below its current inflation-adjusted price record of $5,513.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eETH had to have reached $5,426 to break an all-time high in March. So, when it hit $4,090, that was actually 22% below the mark, rather than 14%.\u003c/p\u003e\n\n\n\n\u003cp\u003eRight now, SOL is otherwise 44% below its own adjusted all-time high of $294, and was 28% below in March.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXceFgbHpSe9SRBk5CGEni4BU4i17fYy0Zqhbg5exoBCpHFEjNtLWxkBkswcQsOVLHSC95dsRnSn1pfgh-zGMV7HcOpZlwr5oSpiQ5vJms6_zhU4tHd-VbcFaUo_jCuNMB-yR3e-sw?key=ZYRulavpaLJ7XPpr2UcjL1Tg\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eInflation is down to 2.4% but it can never undo what has been\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eWhat does it all mean? It’s unlikely that crypto will break from the rest of the finance world and consider only inflation-adjusted prices as the true value of assets.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAlthough, there is an argument to do so during periods of high inflation, as was the case in the years during and after the worst of the pandemic.\u003c/p\u003e\n\n\n\n\u003cp\u003eMore critically, it’s just further proof that inflation really sucks the fun out of everything — bitcoin all-time highs included.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"BTC","tags":["BTC","Empire Newsletter","SOL"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin is further away from all-time high than you think","description":"It turns out that bitcoin never actually hit an all-time high in March since thanks a lot, inflation.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/btc-further-from-all-time-high","og_locale":"en_US","og_type":"article","og_title":"Bitcoin is further away from all-time high than you think","og_description":"It turns out that bitcoin never actually hit an all-time high in March since thanks a lot, inflation.","og_url":"https://blockworks.co/news/btc-further-from-all-time-high","og_site_name":"Blockworks","article_published_time":"2024-11-04T14:09:53+00:00","article_modified_time":"2024-11-04T14:09:55+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-neon.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/btc-further-from-all-time-high","url":"https://blockworks.co/news/btc-further-from-all-time-high","name":"Bitcoin is further away from all-time high than you think","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/btc-further-from-all-time-high#primaryimage"},"image":{"@id":"https://blockworks.co/news/btc-further-from-all-time-high#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-neon.jpg","datePublished":"2024-11-04T14:09:53+00:00","dateModified":"2024-11-04T14:09:55+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"It turns out that bitcoin never actually hit an all-time high in March since 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think"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"major-earnings-weeks-tech","id":94032,"permalink":"/news/major-earnings-weeks-tech","title":"Major earnings week weighs on tech stocks ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/meta.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/meta.jpg","caption":"\u003cp\u003eSkorzewiak/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 01 Nov 2024 17:58:17 GMT","publishedAt":"Fri, 01 Nov 2024 20:30:00 GMT","publishedAtTimestamp":1730493000,"excerpt":"Thursday’s selloff was led by tech stocks, triggered by disappointing outlooks from giants Meta and Microsoft","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eUS equities opened higher Friday morning, clawing back some of Thursday’s losses that saw the Nasdaq Composite and S\u0026amp;P 500 indexes drop 1.8% and 1.2%, respectively.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe selloff was led by tech stocks, triggered by disappointing outlooks from giants Meta and Microsoft, both of which reported after the close yesterday.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBoth Meta and Microsoft beat expectations on some earnings metrics, but you wouldn’t know that looking at the share prices. Analysts attribute Thursday’s drops (-4% for Microsoft and -3% for Meta during after hours trading) to disappointing projections from both companies.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMicrosoft execs estimate between $68.1 billion and $69.1 billion in revenue for Q4, missing Wall Street’s forecast of $69.83 billion. The tech giant anticipates its cloud computing platform, which saw a 33% increase in quarter-over-quarter revenue during Q3, will slow during the final months of this year.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMeta similarly beat on earnings per share and revenue for the third quarter, but execs say its spending spree is going to continue through the end of 2024. They calculate capital expenditures for the year to come in between $38 billion and $40 billion. This is up from the range given during the company’s last quarterly earnings report. Meta is also forecasting a “significant” increase in \u003ca href=\"https://blockworks.co/news/ai-boom-elon-musk-startup-valuation\"\u003eAI-related\u003c/a\u003e infrastructure expenses in 2025.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTom Essaye, founder of Sevens Report Research, said it wasn’t just Big Tech weighing on equities Thursday. Earnings across the board were disappointing (looking at you, Uber, Ebay and Intercontinental Exchange), plus economic data looks like we may see higher rates for a more sustained period of time.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"earnings","tags":["earnings","Forward Guidance newsletter","Meta","Microsoft"],"customFields":{"display_options":[]},"meta":{"title":"Major earnings week weighs on tech stocks ","description":"Thursday's selloff was led by tech stocks, triggered by disappointing outlooks from giants Meta and 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minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/major-earnings-weeks-tech","url":"https://blockworks.co/news/major-earnings-weeks-tech","name":"Major earnings week weighs on tech stocks ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/major-earnings-weeks-tech#primaryimage"},"image":{"@id":"https://blockworks.co/news/major-earnings-weeks-tech#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/meta.jpg","datePublished":"2024-11-01T20:30:00+00:00","dateModified":"2024-11-01T17:58:17+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Thursday's selloff was led by tech stocks, triggered by disappointing outlooks from giants Meta and 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"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset 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Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null}],"category":{"id":201,"parent":0,"count":2881,"slug":"markets","name":"Markets","description":"Markets are volatile with everyone rushing to get their hands on the latest, greatest cryptocurrency. Get ahead of the pack with Blockworks premium insights.\r\n"},"pageLimit":24,"meta":{"title":"Markets News \u0026 Insights","description":"Markets are volatile with everyone rushing to get their hands on the latest, greatest cryptocurrency. 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