The Block
Quick Take As of 7:00 a.m. ET on Nov. 11, an individual share for “yes” on whether bitcoin would break $100,000 this year cost $0.32. The same share reached $0.57 by 2:35 p.m. ET, reflecting a 78% increase. Bitcoin reached a new peak price point of $85,000 around 1:30 p.m. ET on Nov. 11.
Quick Take Bipartisan crypto legislation covering stablecoins and market structure will be more likely to pass under Trump’s second term but “will not be an initial priority,” TD Cowen researchers wrote in a note on Monday. Potential blockers include industry resistance to government oversight, particularly the Bank Secrecy Act and anti-money laundering precautions, and existing political gridlock.
Quick Take The crypto market witnessed $427 million worth of short positions liquidated on Nov. 6. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take Coinbase’s stock is up 75% over the past five trading days following the U.S. presidential election. COIN was one of the five most traded stocks in Monday’s session.
Quick Take With bitcoin soaring past $88,000 for the first time, BlackRock’s spot BTC exchange-traded fund hit a new daily trading volume record. BlackRock’s spot bitcoin ETF generated $4.5 billion in daily trading volume on Monday.
Quick Take The share price of business intelligence firm Microstrategy, the largest publicly traded corporate holder of bitcoin, hit a historic high on Monday. MSTR closed at $340 per share on NASDAQ but reached a high of $350 on Monday. The stock movement broke past the firm’s all-time high of $333 in March 2000.
Greg Cipolaro believes that investors no longer have an excuse to avoid exposure to bitcoin following President-elect Donald Trump’s and the Republican party’s landslide victory in the United States.“Not owning the asset is going to become a liability in the future,” the global head of research at NYDIG claimed.
Quick Take Stacks founder Muneeb Ali, in a post on X, hinted that the long-awaited Stacks upgrade could come as early as next month. Stacks bills sBTC as the first trustless two-way bitcoin peg system, with the potential to expand DeFi applications on the bitcoin base layer.
Quick Take A post from a16z crypto’s Policy and Regulations team discussing the ramifications of Trump’s re-election says it’s too early to predict specific regulations, but crypto founders should expect a less hostile regulatory environment. Founders can now “feel empowered to explore all of the groundbreaking products and services that blockchains enable, including tokens,” the post states.
