Crypto trading/market thread

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... This rainbow chart is a popular tool that helps visualize bitcoin’s long-term price trends and market sentiment.

The chart itself is a colorful look at bitcoin’s historical price swings, plotted on a logarithmic scale. Originally crafted in 2014 by a Reddit user named Azop, it’s since been updated several times. Currently, blockchaincenter.net features two versions of the chart, which, at present, show BTC in the green “accumulate” zone. In past peaks—like the bull runs of 2013 and 2017—bitcoin surged into the “maximum bubble territory” range, represented in deep red.

heat-1.jpg


But during the 2021 bitcoin rally, prices didn’t reach those red extremes, only making it as high as the “FOMO intensifies” level in dark orange. Now, there’s a chance bitcoin may never hit the red zone again. However, if it rises to the orange level, prices could reach six figures, significantly higher than today. If bitcoin climbs into the “Is this a bubble?” light orange zone by mid-February 2025, the price would surpass $200,000 per coin.
...
Click to expand...

news.bitcoin.com

Bitcoin Hits Record High, but the Rainbow Chart Hints at Even Wilder Rides Ahead – Markets and Prices Bitcoin News

While bitcoin recently hit a record-breaking $89,983, the widely followed rainbow chart—known for illustrating bitcoin's long-term price movements and
news.bitcoin.com news.bitcoin.com

Interactive chart here:
 
El Salvador's Bitcoin Stash Rises Above $500M, but Bhutan Story Might Be Even Bigger

Monday’s bitcoin rally propelled El Salvador and Bhutan’s crypto stashes to $500 million and $1.1 billion respectively.

  • The value of El Salvador's bitcoin holdings have risen above $500 million and Bhutan's above $1 billion.
  • Bhutan's BTC holdings now account for more than one-third of its GDP versus El Salvador's stack at just 1.5% of its GDP.
  • The fiscal situation of El Salvador's government continues to improve.

More:

www.coindesk.com

El Salvador's Bitcoin Stash Rises Above $500M, but Bhutan Story Might Be Even Bigger

Monday’s bitcoin rally propelled El Salvador and Bhutan’s crypto stashes to $500 million and $1.1 billion respectively.
www.coindesk.com www.coindesk.com
 
Dogecoin Trade Goes From Meme to Reality as Donald Trump Confirms D.O.G.E

In an X post, Musk said that all Department of Government Efficiency actions will be posted online for maximum transparency.

  • President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead a newly formed Department of Government Efficiency (DOGE).
  • Musk mentioned creating a leaderboard for the most inefficient government spending, blending transparency with public engagement.
  • The announcement and the use of "DOGE" have significantly boosted dogecoin’s memetic fundamentals, with traders setting a long-term target of $1.
A frenzied narrative that boosted dogecoin (DOGE) prices over 500% turned to reality on Tuesday — showcasing how memetic bets could be a strong trading thesis.

More:

www.coindesk.com

Dogecoin Trade Goes From Meme to Reality as Donald Trump Confirms D.O.G.E

In an X post, Musk said that all Department of Government Efficiency actions will be posted online for maximum transparency.
www.coindesk.com www.coindesk.com
 
Stock and crypto trading platform Robinhood (HOOD) has added sizably to the number of cryptocurrencies available to trade for U.S. customers just one week after elections appeared to usher in a far friendlier regulatory environment for the industry.

With the introduction of Solana (SOL), Pepe (PEPE), Cardano (ADA) and XRP (XRP), Robinhood will now offer trading in 19 cryptocurrencies for its American clientele, the company said in a blog post Wednesday morning.
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www.coindesk.com

Robinhood Adds SOL, PEPE, ADA, XRP Following Trump Victory

Crypto-friendly Donald Trump’s win in the U.S. presidential race will likely result in a change in leadership at the Securities and Exchange Commission.
www.coindesk.com www.coindesk.com

I suspect this is just the beginning of wider availability of crypto on more traditional brokerage platforms. @searcher - have you heard anything from Fidelity on this subject? Are they planning to add more crypto options to their portal?
 
pmbug said:
I suspect this is just the beginning of wider availability of crypto on more traditional brokerage platforms. @searcher - have you heard anything from Fidelity on this subject? Are they planning to add more crypto options to their portal?
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Haven't heard anything about new stuff as of yet.

BTC, ETH & LTC listed as tradable coins.

Commission free funds:

Fidelity® Wise Origin® Bitcoin Fund (FBTC) and Fidelity® Ethereum Fund (FETH)
Fidelity® Crypto Industry and Digital Payments ETF (FDIG)
Fidelity® Metaverse ETF (FMET)

ETF screener:

ETF Screener, Research, News and Performance | ETF Research | Fidelity

Get the latest ETF news and performance with Fidelity’s ETF research tools. Use our ETF screener to search over 2,500 commission free ETFs
digital.fidelity.com

Edit to add:

www.fidelity.com

2024 End-of-Year Outlook | Covering Crypto | Fidelity

Fidelity professionals and industry leaders answer customer questions on crypto, FinTech, and blockchain technology. Topics include what is cryptocurrency, how to invest in Ethereum or bitcoin, and crypto market insights.
www.fidelity.com

www.fidelity.com

Types of cryptocurrencies and their potential pros and cons | Fidelity

Compare the key attributes of bitcoin, ethereum, and other cryptocurrencies, as well as their potential advantages and disadvantages.
www.fidelity.com

 
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Saw this just now and it made me laugh:



It's actually a nice way to visualize the issue though. AFAIK, Cardano is outclassed by SUI and EGLD and possibly others at the moment, but Cardano peeps are trying to punch up with their marketing.
 
Hmmm....



The 2 leading contenders for US Treasury Secretary are openly pro-Bitcoin.

1. Scott Bessent is "is very pro-crypto, particularly pro-Bitcoin"

2. Howard Lutnick, who is a Bitcoin mega-bull

Polymarket rates it 92.2% likely that one of these 2 will get the nod.

Here's what each have said about Bitcoin recently

“I think everything is on the table with Bitcoin. One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
-- Scott Bessent (source, @EleanorTerrett)

"I believe in a future where Bitcoin trades freely around the world. And we are going to do everything in our power to make it so that Bitcoin does just that – without exception and without limitation."
-- Howard Lutnick, Bitcoin Conference, 2024, Nashville

Polymarket ranks Bessent as 76% likely, Lutnick at 16.2% likely to get the job but today his odds are rising steeper than a Nov 11 Bitcoin price.

GcRSn9EW0AAQc4L
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Senator Lummis proposes swapping Federal Reserve’s gold for Bitcoin reserves​

In this post:​

  • Senator Cynthia Lummis wants the U.S. to swap some of its gold for Bitcoin, building a massive Bitcoin reserve without adding to the national debt.
  • The plan? Buy 1 million Bitcoin, about 5% of the whole supply, using money from the Fed’s gold, which Lummis says won’t mess up the balance sheet.
  • Trump’s backing it, but not everyone’s sold, with experts saying Bitcoin prices could explode if the U.S. follows through.
Senator Cynthia Lummis has a plan. In a sweeping move that would upend the U.S. financial status quo, the Wyoming Republican wants the Federal Reserve to trade part of its gold stash for Bitcoin.

That’s right — ditch gold, buy Bitcoin. The idea, which Lummis plans to introduce in Congress next year, would create a strategic Bitcoin reserve for the United States, without adding a single dollar to the national debt. The goal is to accumulate one million Bitcoin—5% of all the Bitcoin in existence. At today’s prices, that’s $90 billion.

More:


en.wikipedia.org

Cynthia Lummis - Wikipedia

en.wikipedia.org en.wikipedia.org
 
Yeah... I'm happy for Fedgov to diversify and support decentralized crypto - building a BTC reserve is a worthwhile idea, but not at the expense of divesting gold reserves. Fedgov can fund purchases by cutting spending from the war machine or administrative state.

Also, I saw many comments on Xitter asking (paraphrased), "what gold? The Federal Reserve doesn't own any gold. They are custodians, not owners".
 
47-minute podcast here. Nothing to see, can listen in one tab, play around the forum in a different tab. I'm halfway through and think it's worth sharing. Some of this. some of that, lotta talking points but interesting - imo. As always, take it fwiw and dyodd.

share.transistor.fm

Lever Time | Welcome To The United States of Crypto

No matter what, the cryptocurrency industry was going to win the election. After spending hundreds of millions to influence politicians in both parties, the industry defeated some of its fiercest critics and scored bipartisan support, particularly from President-elect Donald Trump, despite...
share.transistor.fm share.transistor.fm
 
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