Proactive - Interviews for investors

Bitcoin rally takes a breather while Ripple triples in value - Crypto Roundup

Proactive’s Billy Farrington joined Stephen Gunnion for the weekly Crypto Roundup, offering insights into the latest market developments. Bitcoin began the week with a sharp dip, dropping 5% on Monday. However, a midweek rebound saw Bitcoin stabilise at $97,200—just shy of its recent all-time high. Farrington explained, “The Trump trade sugar rush has tapered off,” highlighting that ETF inflows have slowed and retail investor interest appears to have cooled. Looking ahead, Farrington noted that while Bitcoin’s historical performance in December has been strong, reaching the $100,000 milestone may face challenges due to profit-taking and market resistance. Ripple has been another standout performer, tripling its value in just a month. Farrington attributed this surge to regulatory developments, including SEC Chairman Gary Gensler’s resignation, which signals a potentially friendlier regulatory environment for crypto under the incoming administration. Ripple’s market capitalisation now stands at $96 billion, making it the fifth-largest cryptocurrency. Stay tuned for more in-depth updates and analysis in our weekly Crypto Roundup. Don’t forget to like, subscribe, and enable notifications to stay informed on all things crypto. #CryptoRoundup #Bitcoin #Ripple #CryptoNews #BTCPrice #RippleSurge #BitcoinAnalysis #CryptoInvesting #Blockchain #DigitalAssets #ProactiveInvestors #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

Duration:: 5m
Broadcast on:: 29 Nov 2024
Audio Format:: other

Hello, you're watching Proactive, it's Friday and that means that the crypts are round up with Billy Farrington. Billy, a pleasure as always. How did Bitcoin fare this week? Friday, I like the sounds of that one and hello. Sorry, I had a Bitcoin fare this week. It was definitely a mixed one on the market this week. Earlier on on Monday, Tuesday, we saw the Bitcoin dollar pair dip around 5% on Monday alone and those losses were extended through to Tuesday. So, a very negative start to the week. However, the midweek saw a pretty healthy rebound on Bitcoin. We saw it shoot up a couple of percentage points and it's kind of stayed afloat since. So, look at, you know, on Friday afternoon, as we're talking right now, Bitcoin is sitting at around $97,200. So, there's only a couple of thousand off, it's all time high that we saw only last week or was it the week before either way. So, it is like near those all time highs, but that rally, that insane post-Trump victory rally that we saw in the past month has certainly cooled off. But let's not forget that Bitcoin has surged as much as 50% since that Trump, particularly successful presidential election and on a very pro-crypto platform, hence why Bitcoin rallied so much. So, yeah, Bitcoin fell just short of the 100k targets after that Trump rally and we've seen it cool down a bit since ETF inflows have cooled down as well. That is, to me, signal to reduce the level of FOMO buying among retail investors. So I think that Trump trade sugar rush that we've seen in the last couple of weeks has definitely tapered off a little bit. And we're looking at, yeah, around $97,200 on the Bitcoin dollar pair as we speak, which is something like 125, 130% higher year to date, so it's still in a very bullish position. So, with that cool off, has that put us stopper on a Santa rally then? Yeah, perhaps Christmas has historically been a great season for Bitcoin. That's what's landed the Santa rally moniker that we've seen in the past few years, even though last year was a bit cooler. But yeah, it's hard to see another rally of the size that we've just seen happening again before the end of the year, given the impressive performance that we've seen. Obviously, who knows, right? It's Bitcoin. No one knows what's going to happen to Bitcoin. But my guess is that we might have seen the top here for a while, just because 100k, I mean, that's such a lofty target. And there's going to be so much profit-taking, so much selling, you know, what one's Bitcoin approaches that price point, which to me could just put a bit of a stopper on any further gains by before the end of the year. But again, as I say, here really knows with Bitcoin, but that's just my estimate. Outside of Bitcoin, Ripple's tripled in value in the space of just a month. What's happening there, Billy? Yeah, Ripple has tripled in the space of a month. It's now the fifth largest cryptocurrency by market capitalization. It's flipped finance, which has more or less been larger than Ripple for the last number of years. And a really, really strong few weeks for Ripple. If you remember, Ripple was essentially the poster child for regulatory aggression in the US. There has been ongoing litigation against Ripple Labs, the developer of the Ripple token, for a number of years. Developments earlier this year kind of suggested that Ripple has partially been victorious in this long-running litigation. I think it's what's happened more recently that is really lit if I under Ripple's price. So Gary Gensler, head of the US Securities and Exchange Commission, who has been that real hawkish anti-crypto guy who has launched this litigation against Ripple Labs. He's just tended his resignation from the SEC. Presumably on pressure, because of Trump entering the White House soon, Trump did promise to fire against them, even though I'm not sure he has the right to do that. But nonetheless, Gensler has tended his resignation from the SEC, which means all of this regulatory pressure that's been leveled against Ripple for the last number of years is sort of going to start washing away when a presumably more pro-crypto head of the SEC comes in. And the net result of that has been Ripple tripling in value. If I look at the chart now, it's worth around $96 billion market cap, so very, very strong performance there. I guess Ripple's had its very own Trump trade, I suppose you could say it. Yeah. Okay, well, sense of rally or no sense of rally, I wouldn't mind if you ripple all big coins in my stocking. Thanks very much, pretty. Bye. Bye.