đŸ§Ș $100k Party!

Plus: What's moving the market

December 06, 2024

Good Morning!

This week, Bitcoin shattered $100K (finally!) before dipping back under. Institutions are doubling down, ETFs are on fire, and Trump’s got a crypto czar in his corner. Translation? The next bull market is setting up to be massive.

Let’s get into it 👇

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🌡 TradingLab’s Headline Roundup

Stock Markets

6th December, 2024

Crypto

Commodities/Forex

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📈 Bitcoin Blasts Through $100K - A Milestone Years in the Making

It finally happened. Bitcoin hit $100,000. After years of speculation, debate, and a few false starts, the king of crypto smashed through the six-figure mark, reaching an all-time high of $103,000 on Dec. 5. For a brief moment, the crypto world basked in the glow of a $2 trillion valuation for Bitcoin.

What fueled this meteoric rise? Two words: Trump Effect. The President-elect's surprising embrace of Bitcoin has unleashed a flood of optimism. Trump’s plans to create a Bitcoin strategic reserve and appoint crypto advocate Paul Atkins to head the SEC have crypto bulls roaring. Add to that the announced resignation of SEC Chair Gary Gensler—long viewed as a roadblock to crypto innovation—and the stage is set for Bitcoin to thrive.

Here’s what’s clear: Bitcoin’s $100K breakout isn’t just a win for traders; it’s a massive validation of the crypto ecosystem. It’s also got people asking: what’s next? $200K doesn’t feel so far-fetched anymore.

📉 Bitcoin Slips, But Institutional Investors Double Down

Of course, Bitcoin wouldn’t be Bitcoin without a little chaos. Within 24 hours of its six-digit triumph, the price dipped sharply, bottoming at $92,980 before rebounding to just under $98,000. The pullback wiped out over 10% of Bitcoin’s value in a single day—but the story doesn’t end there.

While retail traders might panic during dips, institutions see opportunity. Bitcoin ETF trading volume spiked 50% on Dec. 5, hitting a staggering $7.1 billion. Investors poured money into key ETFs:

  • BlackRock’s IBIT: A standout performer, pulling in $770.51 million in inflows.

  • Fidelity’s FBTC: Gained $47.47 million, showing strong institutional confidence.

  • ARK and 21Shares’ ARKB: Even smaller players chipped in with $12.32 million in inflows.

Not every fund shared the love—Grayscale’s GBTC saw outflows of $148.78 million—but the broader trend is unmistakable. Even in the face of volatility, institutions are betting big on Bitcoin.

🚀 What’s Next for Bitcoin? Eyes on $200K

Breaking $100K is no small feat, but the real question is: How high can Bitcoin go? The factors lining up in Bitcoin’s favor are hard to ignore:

  • A Crypto-Friendly Administration: Trump’s pro-Bitcoin stance could accelerate adoption, and his choice of SEC leadership signals a friendlier regulatory environment for crypto ETFs and innovations.

  • Institutional Momentum: Even as prices dip, inflows into ETFs are growing, a sign that long-term investors are seeing value in Bitcoin.

  • FOMO Is Real: Each new milestone draws in a wave of fresh investors, driving the price higher.

Bitcoin’s six-figure milestone isn’t just a number—it’s a psychological shift. The narrative has gone from “if Bitcoin can reach $100K” to “when will it reach $200K?” With institutions and policymakers increasingly in its corner, the path to the next big milestone is paved.

So buckle up. The ride to $200K might not be smooth, but it’s going to be one for the history books.

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Stay ahead, stay informed, and most importantly, stay profitable.

‘til next time,

TradingLab