The bitcoin cryptocurrency (BTC) has once again been in the spotlight, breaking the $99,000 mark and setting a new all-time high. Over the past 24 hours, the asset’s price has risen by 4.4%. Investors and analysts are watching the movement of BTC as the price may continue to rise.
Large investments in bitcoin spot ETFs
According to SoSoValue, there was a significant inflow of capital into bitcoin (BTC) via spot ETFs on Nov. 21. The largest contributors were BlackRock ETF IBIT with $608 million and Fidelity ETF FBTC with $301 million.
Solana reached an all-time high
Along with bitcoin, the cryptocurrency Solana (SOL) is also breaking records. The price of Solana has crossed the $260 mark, reaching a new all-time high. Over the past 24 hours, the value has risen by 12.11%.
Negative results for Ethereum
Amid the growth of bitcoin and Solana, Ethereum shows a different trend. According to the data, there was a total outflow of $9.04 million from ETH via spot ETFs on Nov. 21. The Grayscale ETHE ETF had a particularly significant negative result of $27.07 million.
Changes at the SEC
The big news came from the U.S. Securities and Exchange Commission (SEC) – Chairman Gary Gensler will step down on January 20, 2025. Under his leadership, the agency actively regulated the crypto market. The departure of the head may change the vector and make supervision more lenient. Many industry representatives accused Gensler that he and his policies hinder the development of technology.
New steps in the regulation of cryptocurrencies in the United States
It is reported that the Donald Trump administration plans to create an advisory committee on cryptocurrencies. His task will be to coordinate the regulation of digital currencies and develop a strategy for bitcoin reserves. It is important to note that leading companies such as Ripple, Kraken and Circle have already declared their interest in participating.
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Other market news
The big news was MicroStrategy raising $3 billion through a zero-interest convertible bond issue. The proceeds will be used for bitcoin and other corporate purposes. Asset management company Wisdomtree announced the launch of Wisdomtree Physical XRP (XRPW) on major European exchanges with a 0.5% management fee rate. Finally, activity on cryptocurrency markets is showing growth – the Clanker platform recorded a record token trading volume of $59.8 million.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
