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Highlights of the crypto market today
The stock price of business analytics company Microstrategy reached a record high of $350 on November 11, according to data from NASDAQ. The sharp rise in the stock price coincided with the historic price increase of Bitcoin on Monday, when the cryptocurrency surpassed the $85,000 mark.
Microstrategy recorded a record trading volume of $12 billion in a single day, six times higher than JP Morgan or General Electric, according to Bloomberg Senior ETF Analyst Eric Balchunas shared on channel X. Microstrategy is currently the largest public company holding Bitcoin on the stock market. On Monday morning, the company announced that it had spent more than $2 billion to purchase an additional 27,200 Bit, bringing the total Bitcoin holdings of the company and its subsidiaries to 279,420 Bit.
According to The Block's Bitcoin price page, Bitcoin was trading at $88,064 at 4:42 PM ET (21:42 UTC) on November 11. Microstrategy's stock once reached an ATH of $333 in 2000. However, at the end of March 2000, the company had to restate its financial results for 1997, 1998 and 1999. The U.S. Securities and Exchange Commission (SEC) said the company had overstated its revenue during this three-year period, reducing the initially reported revenue of $365 million to $299 million.
The SEC also filed a civil lawsuit against three top Microstrategy executives, including Michael Saylor, the co-founder and CEO of Microstrategy, for overstating revenue and profits. Saylor paid a $8.28 million fine and a $350,000 civil penalty.
BingX Bitcoin Chart
Source: TradingView & BingX
The crypto market saw strong growth today as investors viewed the Bitcoin Spot ETF pipeline and last week's election results as catalysts for the uptrend. The total crypto market capitalization increased by 1.85% in the past 24 hours, reaching $2.77 trillion on November 11. Trading volume also increased by 75% during the day, reaching $235 billion, reinforcing the price rally in November. Bitcoin, the largest cryptocurrency by market capitalization, gained 4.8% in the past 24 hours, trading at $89,530, surpassing the previous ATH of $81,858 reached during early Asian trading on November 11.
Additional data on initial jobless claims will be released on November 14, along with the PPI index and a speech by Fed Chair Jerome Powell on the economic outlook. According to the CME Group's FedWatch tool, the probability of another 0.25% interest rate cut at the Fed's next meeting on December 18 is 68.5%. The price surge of major cryptocurrencies has led to large-scale liquidations in the crypto derivatives market in recent days.
Overleveraged short positions have been caught off guard, leading to a series of liquidations. In the past 24 hours, over $634 million in positions have been liquidated across the market, with $203 million being wiped out in the past 12 hours. Leveraged short BTC positions worth $121 million have also been liquidated during the day.
The current support level for BTC is $86,500, while the resistance level is $90,500.
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