This article originally appeared in First Mover, CoinDesk’s daily newsletter, offering the latest updates and analysis on crypto market movements. Subscribe to receive it directly to your inbox every day.
Latest Prices
CoinDesk 20 Index: 2,981.79 (+0.61%)
Bitcoin (BTC): $93,634.61 (+2.04%)
Ether (ETH): $3,090.71 (-1.65%)
S&P 500: 5,916.98 (+0.40%)
Gold: $2,628.53 (-0.15%)
Nikkei 225: 38,352.34 (-0.16%)
Top Stories
Bitcoin (BTC) is on the verge of breaking new records, hovering just below $94,000 as it enters Wednesday’s U.S. session. After a 2% climb over the past 24 hours, the world’s largest cryptocurrency is maintaining momentum, with Tuesday marking a new all-time high. Meanwhile, the broader market remained relatively unchanged, as large-cap altcoins like ether (ETH) and solana (SOL) experienced declines.
One key catalyst for bitcoin’s rise was the unprecedented trading volume in options tied to BlackRock’s spot bitcoin ETF (IBIT), which saw explosive activity on its first day of trading. Analysts observed a strong focus on call options, signaling a bullish outlook. Some traders even placed bets on IBIT’s share price doubling, an indicator of the broader optimism surrounding bitcoin. “It’s fascinating to see ‘professionals’ betting on $100 strike options, which essentially implies a doubling of BTC’s price,” noted crypto quant researcher Samneet Chepal. With more options linked to other bitcoin ETFs expected to launch soon, the activity is likely to intensify.
In South Korea, dogecoin (DOGE) and XRP (XRP) trading volumes have outpaced bitcoin, especially on major crypto exchanges like Upbit and Bithumb.
MicroStrategy Hits Top 100 U.S. Companies
MicroStrategy (MSTR) has broken into the top 100 publicly traded companies in the U.S. by market cap, with its share price closing at a record $430 on Tuesday—well above its dotcom-era highs. The company, which holds the world’s largest corporate bitcoin treasury, has seen its stock soar by 528% this year, outperforming both bitcoin and industry titan Nvidia (NVDA). Analyst James Van Straten of CoinDesk noted that the company continues to make headlines, recently announcing a $1.75 billion 5-year convertible senior note issuance with a 0% coupon. Should the offering be oversubscribed, MicroStrategy could increase the total issuance by $250 million, pushing the total to $2 billion.
Robinhood Set to Benefit from Crypto Deregulation
Broker Bernstein highlighted Robinhood (HOOD) as one of the key beneficiaries of anticipated crypto deregulation under a potential Trump administration. According to the report, Robinhood stands to boost its revenues by expanding its crypto product offerings and listing additional tokens. The firm’s recent acquisition of Bitstamp and its European platform is expected to further enhance its crypto service offerings. Bernstein raised its price target for Robinhood’s shares to $51 from $30, projecting a 45% increase from Tuesday’s closing price.
Chart of the Day: U.S. 10-Year Yield
One of the most critical charts in financial markets right now is the U.S. 10-year yield, often referred to as the “risk-free rate.” The yield is at a key juncture, as it may either break above a downtrend line or reverse lower, forming a potential head-and-shoulders pattern. A drop could be beneficial for risk assets, provided there isn’t an unexpected black swan event.
Source: TradingView
