Donald Trump

Arkham

Drops

On Wednesday, the global crypto market capitalisation <a href="https://www.fxstreet.com/cryptocurrencies/news/crypto-punishes-sceptics-202411130910">touched </a>$2.88 trillion as it declined 5% in the last 24 hours. This happened as the crypto market started making profits from the price rally of the US election week. 
The market seems to have targeted a pullback to the March-June resistance of $2.70 trillion market cap but analysts are hopeful that digital assets will rise to higher levels and trigger a fear of missing out (FOMO). 
Bitcoin (<a href="https://yellow.com/asset/btc">BTC</a>) is making things interesting for the crypto market as it tested the $90,000 level on Tuesday. It kept on trading between $85K and 90K until it gained more than 7% to set a new ATH by rising up to the $92,000 level <a href="https://yellow.com/news/bitcoin-crosses-the-dollar90000-barrier-sets-new-ath-market-cap-rises-to-dollar18-trillion">on Wednesday.</a> Earlier in the morning, BTC went down to $87000, its first major slump since Donald Trump won the US election. Ideally, the $84K or $81K pullback will fit into the price correction pattern, which would have indicated of a price correction in the broader crypto market. 
However, Bitcoin soon returned to growth as predicted by analysts and reached the $92000 level on November 13 evening. 
Analysts like Ali Martinez suggest that there is “an explosion of institutional FOMO” as per Bernstein’s positive report. According to the founder of MN Trading, Michael van de Poppe, the crypto market is at the cusp of a dot-com cycle. 
All this is attributed to different developments in the crypto market including the spike in crypto stocks and the defunct crypto exchange <a href="https://yellow.com/news/mt-gox-dollar22b-bitcoin-transfer-sparks-creditors-repayment-hope">Mt. Gox seeing some activity. </a> 
On Monday, November 11, crypto stocks like MicroStrategy soared to reach new heights of $351.7 with a 438% growth rate in its year-to-date price. Meanwhile, Coinbase shares were at their highest since November 2021 as they grew 75% in the past 5 days. 
According to an Arkham Intelligence report, $222 million worth of Bitcoin (about 2500 BTC) was transferred to two unknown wallet addresses in the Mt.Gox crypto exchange, sparking speculation of a repayment. This marked the 5th Bitcoin transaction to the defunct crypto exchange in the last 2 weeks which resulted in a cumulative $2 billion transfer. 
Meanwhile, Polymarket has predicted that Bitcoin will rise to $100,000 by the end of this month as more traders are betting on the cryptocurrency. The bets for BTC at $100,000 are at 57% now. 
Another market player, Elon Musk’s Tesla which holds 11,509 Bitcoin has seen its BTC holding value surge to $1 billion because of the price rally. Even El Salvador’s Bitcoin value surpassed the $500 million mark. The country which has made BTC its chief currency holds 5932 tokens. 
At the time of writing, BTC was up nearly 7% in the last 24 hours to reach $92,714 while its trading volume was down 27.76% to touch $111.13 billion and the market cap rose 7.17% to hit $1.83 trillion.

Crypto Market Cap Drops 5% in 24 Hours As Investors Cash In Post-Trump Win Profits

Yellow News

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