‼️ Cryptocurrency Update: ‼️
🚨 US Senator Urges Fed to Acquire Bitcoin, DOGE Sees $12B in Demand, NVIDIA Fuels AKT Growth
⚠️ In the Solana-based memecoin sector, BONK and the newly launched PNUT led the charts, posting daily gains of 8% and 5%, respectively.
➡️ Chart of the Day: Bitcoin Bears Place $1.6B in Leverage to Halt $95K Breakout
Bitcoin's price surged 4% on Tuesday, reaching a new all-time high of $93,816, following NASDAQ's launch of options trading for BlackRock’s iShares Bitcoin ETF (IBIT).
Despite this rally, data from the derivatives market indicates that bearish traders are maintaining strong positions and are ramping up leverage on short trades.
📈 This strategy could potentially stop Bitcoin from surpassing the $95,000 mark.
The Coinglass chart below illustrates the leverage volumes within the +/- 20% range of Bitcoin's current price levels.
At first glance, bulls seem to have the upper hand, with over $4.2 billion in leveraged long positions compared to $2.7 billion in active BTC short contracts.
However, a deeper analysis reveals that bears have strategically placed $1.64 billion in leverage near the $95,000 resistance, making up more than 65% of total active short positions.
✅ In contrast, bulls have only committed $1.1 billion to support the critical $90,000 level.
This indicates that bears have significantly more exposure at current price levels and are likely to employ more aggressive risk-management tactics in the near term.
Therefore, without additional market catalysts to build on the momentum from NASDAQ’s listing of BlackRock’s IBIT ETF, Bitcoin's breakout above $95,000 could face further obstacles.
‼️ Crypto news updates: 🚨🚨🚨
⚠️ U.S. Republican Senator Cynthia Lummis has suggested adding Bitcoin to the nation's strategic reserve.
In a recent interview with Bloomberg, U.S. Republican Senator Cynthia Lummis proposed that the Federal Reserve consider liquidating part of its gold reserves to purchase Bitcoin, viewing it as a hedge against economic risks and a way to address the growing public debt.
🗣️ “We already have financial assets in the form of gold certificates to convert to Bitcoin,” said Lummis.
Lummis, who represents Wyoming, plays a pivotal role in cryptocurrency regulation. She serves on the Senate Banking, Housing, and Urban Affairs Committee and co-leads the Responsible Financial Innovation Act alongside Senator Kirsten Gillibrand. This proposed legislation seeks to create a comprehensive framework for digital assets, fostering innovation while ensuring transparency and consumer protection.
👉 Coinbase has revealed plans to delist WBTC on December 19, only two months after introducing its own 1:1 wrapped Bitcoin token, cBTC.
In other news, Bitfinex Securities, in partnership with NexBridge, has launched USTBL, the first regulated tokenized U.S. Treasury bills, under El Salvador’s digital asset regulatory framework.
The Bitfinex offering, which runs from November 19 to November 29, aims to raise a minimum of $30 million. It offers investors access to U.S. dollar-denominated short-term Treasury bills with an anticipated annual yield to maturity of 5%.
Here is the source material that was used to put this post together FX Street | Altcoin Buzz |
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