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Bitcoin trading volume hits new all-time driven by retail demand

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Bitcoin, the world’s largest crypto asset, hit a record-high trading volume after the cryptocurrency reached a new all-time high of $89,956 on Nov. 12.

According to a Matrixport report, Bitcoin’s trading volume soared above $145 billion in the past 24 hours, marking a new all-time peak that stands roughly 50% above previous highs observed in August and March this year.

In later trading hours, the volume continued to climb, briefly surpassing $170 billion according to Coingecko data.

Analysts at Matrixport noted that the surge in Bitcoin’s volume was driven largely by growing retail investor interest following Donald Trump’s recent victory in the U.S. presidential election. 

Trump has vowed to foster a crypto-friendly environment in the U.S., with promises to make it the “crypto capital of the planet,” establish a Strategic Bitcoin Reserve, and replace SEC Chair Gary Gensler—a stance the crypto sector views as a strong bullish catalyst.

Google searches for Bitcoin have also significantly increased, reaching the highest level in five years, with a 78% rise, also confirming the growing public interest in the flagship cryptocurrency.

Further, spot Bitcoin ETFs have also recorded a major uptick following Trump’s victory, bringing in over $4.2 billion, which has helped fuel Bitcoin’s rally to its recent all-time high.

Matrixport’s analysis noted that, based on historical trends, growing retail trading activity often sustains for several weeks, sometimes even months, during market upswings. As such, it is likely that BTC will maintain its bullish momentum in the coming weeks, the report added.

When writing, Bitcoin (BTC) was down 2.61% from its all-time high, as the cryptocurrency appeared to be undergoing a typical correction following its recent rally.

However, BTC proponents, like Michael Saylor, Arthur Hayes, and much of the crypto community, remain optimistic, projecting prices will climb higher, with targets of $100,000 and beyond.

Previously, analysts at Berstein noted that they remain confident in their price target of $200,000, owing to a crypto-friendlier regulatory environment under Trump, and the hopes of a pro-crypto SEC.

On X, one crypto trader pointed to a potential bullish pennant pattern forming on Bitcoin’s four-hour chart, noting a possible target of $103,000 in the near term.

Meanwhile, banking giant Standard Chartered expects BTC will reach $125,000 by January 2025.

However, before its next leg up, pseudo-anonymous analyst Rekt Capital expects Bitcoin’s price to correct further. According to the analyst, Bitcoin has only reached about 50% of its potential gains this bull cycle and expects the peak to be hit sometime around October next year.



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$2 Million PEPE Purchase Sees 105 Billion Tokens Snapped Up

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They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.



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Bitcoin Miner MARA Holdings Raises $1B To Buy More Bitcoin

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Bitcoin Miner MARA Holdings has raised approximately $1 billion through the sale of its convertible notes. The Bitcoin miner revealed that some of the proceeds from this sale would be used to buy more BTC, although they didn’t mention the exact amount.

Marathon Digital Raises $1B To Buy More Bitcoin

In a press release, the Bitcoin miner revealed that it had raised net proceeds of $980 million from its convertible notes sale after deducting the initial purchaser’s discounts and commissions but before the estimated offering expenses payable by the company.

This development is significant as MARA Holdings revealed that it will use some of the net proceeds to acquire additional BTC. It is worth mentioning that the Bitcoin miner already holds around 27,000 BTC and is the public company with the second-largest Bitcoin holdings.

This development comes as MARA also recently unveiled plans to raise $700m through convertible notes, which will mature in 2030. Meanwhile, the Bitcoin miner looks to be going head-to-head with MicroStrategy, which also recently upsized its private offering to $2.6 billion. The software company will use some of the proceeds to buy more BTC.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Says Six-Figure Bitcoin Price Incoming – But Warns One Factor Could Delay BTC Rally Till Next Year

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Analyst Benjamin Cowen is leaning bullish on Bitcoin (BTC) while warning that one factor could delay the flagship crypto asset from reaching $100,000 before the end of this year.

In an appearance on The David Lin Report, Cowen says that Bitcoin is primed to hit a six-figure price based on historical precedent.

“If you go look at like year-to-date return on investment (ROI)… and you average out all the prior halving years, we’re actually tracking it pretty closely. So if you average out 2012, 2016 and 2020 and then you overlay 2024, right now Bitcoin is at its average of prior halving years – so it’s basically 2x from the yearly open… the average of the other prior three halving years was also 2x from the yearly open.

You can see that the average from the yearly open by the end of the halving year for those was closer to 3x. So if Bitcoin can continue to follow the cyclical view, then it should be able to [reach $100,000].”

Cowen, however, says that a higher-than-expected unemployment rate could delay Bitcoin’s ascent to a six-figure price.

“I think the only thing that would prevent it from doing so would be labor market results that we’re going to get in two weeks.

So my base case is if the unemployment rate comes in low, let’s say it comes in at 4%, 4.1% maybe even 4.2%, would not be so bad. That would favor the cyclical view prevailing.

If it comes in really hot, for whatever reason, let’s say it comes in at 4.3% or 4.4%, then we might have to wait until 2025 for $100,000. That’s the way I see it right now.”

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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