Crypto Weekly Digest | "Crypto Enemy" to Step Down! Bitcoin Nears $100,000 Mark; US-Listed Companies Rush to Join "BTC Strategic Reserve" Club

This week, the crypto market continued its bullish trend, with Bitcoin (BTC) successfully breaking through the $99,000 mark, just a step away from $100,000. Ethereum (ETH) also showed strong momentum, with its price approaching $3,400.

According to Polymarket, the market currently bets a 65% probability of breaking the $100,000 mark in November.

1. Trump team reportedly considering creating the first-ever White House crypto position

According to media reports, President-elect Trump's team is discussing with the digital asset industry whether to create a new position in the White House specifically responsible for cryptocurrency policy. This position would be the first ever in the White House dedicated to the crypto industry, highlighting the prominence of the crypto sector in the Trump administration.

2. Confused "Crypto Enemy" Gary Gensler to step down as SEC Chairman next January

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler announced on Thursday that he plans to step down on January 20, 2025 (the day President-elect Trump is sworn in). This news was celebrated by crypto bulls. As he announced his upcoming departure, Bitcoin's price was approaching the $100,000 milestone. Gary Gensler is a well-known cryptocurrency skeptic. During his tenure, he targeted the crypto industry, suing companies like Coinbase, Kraken, and Binance, stating that they violated regulations by failing to register with the SEC.

3. U.S. Bitcoin ETF assets surpass $100 billion

As Bitcoin continues to hit new highs and approaches the $100,000 mark, the assets under management (AUM) of U.S. exchange-traded funds (ETFs) directly investing in Bitcoin surpassed the $100 billion mark for the first time on Thursday. Overall, the 12 U.S. Bitcoin ETFs, including products from BlackRock and Fidelity Investments, now manage total assets of approximately $104 billion. Since the launch of spot Bitcoin ETFs in January, Bitcoin has dominated the U.S. ETF market. Investor interest in Bitcoin further intensified after pro-cryptocurrency Republican candidate Trump won the U.S. election on November 5.

4. Bitcoin "Whale" MicroStrategy Shorted by Citron

Famous short-selling firm Citron Research announced on Thursday (November 21) via the social media platform X that the company has decided to short "Bitcoin whale" MicroStrategy (MSTR.US), believing that the company has transformed itself into a Bitcoin investment fund. However, while shorting MicroStrategy, Citron remains bullish on Bitcoin.

Reportedly, MicroStrategy's stock price has soared over 500% year-to-date (as of Wednesday), while Bitcoin's gains over the same period barely exceeded 130%. According to the latest statistics from BitcoinTreasuries, against the backdrop of continued issuance of convertible bonds to increase Bitcoin holdings this year, MicroStrategy's Bitcoin holdings have reached 331,200 coins, with a holding value of $32.464 billion. Notably, MicroStrategy became the most traded stock in the U.S. stock market on Tuesday (November 20), surpassing Nvidia and Tesla. ETF analyst Eric Balchunas stated that day that it had been many years since a single stock's trading volume exceeded these two stocks.

Bitcoin's price performance has been excellent since early November, consistently forming new ATHs throughout the month. When comparing the current cycle's price performance to the 2015-2018 and 2018-2022 cycles, there are striking and persistent similarities. Despite vastly different market conditions, the magnitude and duration of the rebounds are surprisingly consistent.

This long-term consistency across cycles remains interesting, providing insights into Bitcoin's macro price behavior and cyclical market structure.

Historically, past bull markets from this point have lasted between 4 to 11 months, providing a historical framework for assessing cycle duration and momentum.

Bitcoin has been setting new records this month as investors continue to anticipate that President-elect Trump will usher in a "golden age" for cryptocurrencies, including more supportive regulation for the industry and potential national strategic Bitcoin reserves or holdings.

BCA Research data shows Bitcoin approaching $100,000 for the first time, with the potential to double thereafter. Analysts generally believe the strong momentum in cryptocurrencies will continue, with Bitcoin expected to reach $200,000 and Ethereum $10,000 by the end of 2025.

Swan Bitcoin analyst Sam Callahan states that Bitcoin's price continues to be driven by a series of factors, including improved liquidity conditions, increased institutional adoption, and a regulatory environment shifting from headwinds to tailwinds. Another Trump term also implies larger budget deficits, potentially more inflation, and changes in the dollar's international role—all of which would positively impact Bitcoin's price.

Galaxy Digital founder and CEO Michael Novogratz says Bitcoin is poised to break the much-anticipated $100,000 mark in its strong post-US election rally, but this doesn't mean it will continue rising. While a six-figure Bitcoin price is "inevitable" and may continue to rise, it will eventually pull back. There's currently a lot of leverage in the crypto market, with the crypto community highly leveraged, so a market correction is imminent. Additionally, Novogratz warns that stocks trading similarly to leveraged Bitcoin trades, like MicroStrategy, may face larger adjustments.

Currently, more and more listed companies have recognized the enormous potential of blockchain technology and are actively incorporating it into their strategic planning. Many blockchain concept stocks are developing strongly, gaining significant attention and investment in the market.

Bitcoin is highly correlated with global liquidity, undoubtedly marking a significant trend. With zero-commission trading available, why not give it a try?