Crypto trading/market thread

... 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.



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.
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• 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.

• 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.

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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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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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.

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searcher said:

El Salvador's Bitcoin Stash Rises Above $500M

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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.