Crypto Today: BTC at $85K, Solana hits $100B valuation, FTX sues CZ, Blackrock sets new record


 

  • On Monday, Solana’s market capitalization crossed the $100 billion milestone as the steady memecoin demand drove the native SOL coin price above $220 for the first time since April 2024. 
  • BlackRock's iShares Bitcoin Trust (IBIT) surpassed the iShares Gold Trust (IAU) in assets under management.

Bitcoin price updates

  • Bitcoin price surpassed $85,000 on Monday as it registered its second-largest gain of 5.91% since the US election.
  • The BTC rally on Monday was driven by Microstrategy’s latest inflow of $2.03 billion, the first tranche of its $42 billion acquisition plan.
  • In the derivatives markets Bitcoin bulls have mounted another $1.75 billion worth of long positions against $300 million active short positions. 

Bitcoin Liquidation Map, November 11 2024 | Source: Coinglass

Bitcoin long positions outpaced active short contracts by nearly 82%, signaling overwhelming expectations of further upside despite setting new all-time highs in each of the last six trading days.   


Trading updates: Solana, Dogecoin, US Fed in focus

  • Bullish tailwinds from the US Federal Reserve’s 25-basis-point interest rate cut on November 7 has triggered renewed corporate demand, driving the crypto market rally into its second week. 

 

  • On Monday, Solana’s market capitalization crossed the $100 billion milestone as the steady memecoin demand drove the native SOL coin price above $220 for the first time since April 2024. 

Solana Market Cap Crosses $100B | November 11 2024 | Source: CoinmarketCap


Following the latest rally, Solana has now surpassed XRP’s market valuation, leapfrogging the Ripple-backed coin to become the third-largest cryptocurrency

 

  • Dogecoin price advanced above $0.30 on Monday, bringing its 7-day time frame gains above the 100% mark. Likewise, Tesla (TSLA) also hit a 3-year peak of $340 per share, as assets linked to Elon Musk enter a bullish breakout following Trump’s victory at the November 5 poll. 


Chart of the day: Blackrock’s IBIT Bitcoin ETF has surpassed its Gold ETF 


BlackRock's iShares Bitcoin Trust (IBIT) surpassed the iShares Gold Trust (IAU) in assets under management. According to Blackrock’s official data chart depicted below, IBIT now holds approximately $33.1 billion, edging out IAU, which currently manages about $32.9 billion.

iShares Bitcoin Trust ETF (IBIT) trading data | Source: Blackrock.com 

 

iShares Gold Trust ETF (IAU) trading data | Source: Blackrock.com


Launched in January 2024, IBIT rapidly attracted $10 billion in AUM within just two months — a feat that took the first Gold ETF nearly two years to reach. 


Strong demand from both institutional traders after Trump’s win, alongside the US Fed's 25 bps rate cut are two major catalysts that have fueled interest in Blackrock’s IBIT ETF fund in the past week. 


Blackrock’s BTC ETF surpassing its Gold counterpart affirms the narrative that Bitcoin now ranks higher on corporate investors' scale of preference.

This could trigger a major paradigm shift if the Trump administration yields a favorable regulatory landscape for cryptocurrencies in 2025, as widely anticipated. 

Market updates 

  • Amid curtailed inflation pressure, the Bank of England and US Federal Reserve both announced 25 bps rate cuts, which has further intensified the post-election buying pressure across risk asset markets this week. 
  • Defunct cryptocurrency exchange FTX is suing Binance and its former CEO Changpeng Zhao, alleging the fraudulent transfer of $1.8 billion by FTX management to Binance and its executives.

FTX lawsuit filing against Binance and Changpeng Zhao | Source: US Bankruptcy court, district of Delaware.


"By this lawsuit, the Plaintiffs seek to recover, for the benefit of FTX’s creditors, at least $1.76 billion that was fraudulently transferred to Binance and its executives at the FTX creditors’ expense, as well as compensatory and punitive damages to be determined at trial,"

- FTX estate administrator, November 10, 2024. 


At press time on November 11, CZ was yet to issue a public response on the lawsuit. However, a Binance spokesperson has labeled it “meritless” vowing that the exchange will vigorously defend the case in court, per Reuters report.

 

  • Speaking to Bloomberg on Monday November 11, Metafide CEO, Frank Spicer stated that despite hitting new all time-highs in each of the last four days, the Bitcoin rally still has more upside potential. 

“I would say that the (Bitcoin) markets still have a (long) way to go because what you are seeing right now is primarily institutional driven buying that has been driving up the buying pressure, but retail hasn't come back in.


If you look at the size of the buyorders that are coming in, they are all fairly large.You're not seeing drips and drabs. 


You're not seeing your Uber driver checking their portfolio as you're driving around now. When that returns, I think that the market can go considerably higher.”

- Metafide CEO, Frank Spicer.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead. 

More Bitcoin News
GIGA investor loses $6M to phishing scam via fake Zoom link

GIGA investor loses $6M to phishing scam via fake Zoom link

On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.

More Cryptocurrencies News
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.

More Cryptocurrencies News
BNB: Bullish technical pattern validated, eyes all-time high

BNB: Bullish technical pattern validated, eyes all-time high

Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.

More Binance News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP