Donald Trump, who is about to take office at the White House, has nominated Scott Bessent, the head of the hedge fund Key Square Group, to serve as the next U.S. Treasury Secretary. Global stock markets have welcomed this move, with the Dow Jones index closing up 440 points, reaching a new all-time high. The U.S. dollar has retreated, and U.S. bond yields have fallen sharply.
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ToggleMSTR buys more BTC
MSTR, which bills itself as a Bitcoin development company, announced last night that it has purchased 55,500 BTC at an average cost of $97,862 per BTC, spending $5.4 billion. As of November 24, 2024, MSTR has acquired 386,700 BTC at a total cost of approximately $21.9 billion, with an average cost of $56,761 per BTC.
Founder Michael Saylor also boasted that MSTR has achieved a 59.3% BTC yield year-to-date, providing its shareholders with a net gain of approximately 112,125 BTC, or an average of 341 BTC per day. At a BTC price of $100,000, this would equate to $11.2 billion in gains for shareholders so far this year, or $34.1 million per day.
BTC drops to 93K
After MSTR announced its BTC purchase, BTC plummeted, reaching a low of $92,600 this morning, a drop of over 4% in 24 hours.
Capital shifts to ETH, ETH holds at $3,400
Wintermute analysts state that capital is flowing from BTC to ETH, and increased derivatives market activity indicates growing confidence in ETH's near-term upside. ETH surged to $3,546 last night, the only top 10 cryptocurrency by market cap to rise.
With exchange open interest contracts reaching all-time highs over the weekend, the past few trading days have seen capital flows favoring Ethereum.
Thanksgiving holiday this week, reduced trading volume may lead to increased market volatility
This week's focus will be on Wednesday's Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, with economists forecasting a 2.3% year-over-year increase in October's PCE index. U.S. stocks will be closed on Thursday for the Thanksgiving holiday, and markets will close early on Friday. Trading volume is expected to be relatively light this week, and reduced volume could potentially lead to increased market volatility, so investors should be mindful of trading risks.
