Today (22/11/2024), the cryptocurrency market continued to witness an explosion as Bitcoin (BTC) set a new all-time high (ATH) at $99,000. BTC is currently trading around $98,600, up nearly 5% in the past 24 hours. According to CoinGecko, BTC's market capitalization reached around $2.07 trillion, with a trading volume exceeding $122 billion per day.
Highlights of the day on 22/11
1. Bitcoin (BTC)
- US-based Spot BTC ETFs recorded a net inflow of $90.1 million on 21/11. However, there is no data yet from major funds like IBIT (BlackRock) and FBTC (Fidelity).
- MicroStrategy has completed the issuance of $3 billion in bonds with a 0% interest rate to buy more Bitcoin. These bonds are expected to mature in 2029.
2. Ethereum (ETH)
- While BTC ETFs are seeing strong inflows, ETH ETFs witnessed a net outflow of $28.3 million on 21/11, with the majority of the selling pressure coming from Grayscale's ETHE fund ($27.1 million).
- ETH price increased by nearly 10%, contributing to the rise of Altcoins.
3. SEC Chairman resigns
- Gary Gensler, the SEC Chairman, officially announced his resignation on 20/01/2025. The likely successor is Chris Giancarlo, the former CFTC Chairman, a well-known cryptocurrency advocate.
- According to Reuters, the cryptocurrency advisory council of President-elect Donald Trump is considering the establishment of a national Bitcoin reserve, an unprecedented move in history.
Altcoin Effect and Important Updates
1. Solana (SOL)
- The SOL/USDT price set a new ATH at $261, according to data from Binance Futures.
- The CBOE exchange has filed 4 19b4 forms with the SEC for Spot SOL ETF applications from VanEck, Bitwise, Canary Capital, and 21Shares.
2. Ripple (XRP)
- After the news of Gary Gensler's resignation, the XRP price increased by nearly 17%, as investors expect Ripple to escape the prolonged legal battle with the SEC.
3. Sui (SUI)
- First Digital's stablecoin FDUSD has been officially integrated into the Sui blockchain, expanding the ecosystem from Ethereum and BNB Chain.
4. Binance Futures
- On 21/11, Binance Futures listed two new coins:
- SLERF: A meme coin with a sloth icon.
- SCRT: A Layer 1 coin from the Cosmos ecosystem.
5. Monkey Tilt
- The cryptocurrency Casino project Monkey Tilt has successfully raised $30 million in a leading round led by Pantera Capital, with the participation of Polychain Capital, Hack VC, and other investors.
6. DWF Labs
- The renowned market maker DWF Labs has announced a $20 million investment fund focused on Meme coin projects, aiming to drive innovation and community engagement in the cryptocurrency space.
Notable Opinions
The CEO of Charles Schwab, a firm managing assets worth $7.1 trillion, shared:
"I have never bought cryptocurrencies and now I feel stupid. We will participate in the cryptocurrency Spot market."
Conclusion
The cryptocurrency market on 22/11/2024 witnessed not only the strong growth of Bitcoin but also the explosion of leading Altcoins such as ETH, SOL, and XRP. The event of Gary Gensler's resignation, along with the expectation of more crypto-friendly policies under the new President Donald Trump, has provided a significant boost to the market.
At the same time, positive developments from ETF funds, major projects like Monkey Tilt, and the expansion of the DeFi ecosystem are reinforcing investor confidence in the future of cryptocurrencies. Could this be the start of a new era of sustainable growth? Let's wait and see!
