Bitcoin (BTC) is back above $96,000 after suffering a slight pullback which dragged the price to a low of $93,645 late on Tuesday. The cryptocurrency is marginally up over the past 24 hours and is trading around the $96,500 mark, consolidating between $94,000 and $98,000. BTC’s trading volume is at $70 billion, but market dominance registered a marginal decline. Ethereum (ETH) also registered a marginal increase as it held above $3,600 after bouncing back from a low of $3,504. Meanwhile, Solana (SOL) registered a sharp increase, rising almost 5% to$238 as it looks to overcome recent bearish sentiment. Several cryptocurrencies made substantial gains over the past 24 hours including Dogecoin (DOGE) , Tron (TRX) , Toncoin (TON), Avalanche (AVAX), Shiba Inu (SHIB), and Bitcoin Cash (BCH) . The crypto market cap continued to grow, registering an increase of 1.50% and moving to $3.54 trillion. South Korea’s Crisis Sparks $34B In Local Crypto Trades South Korean crypto exchanges registered over $34 billion in trading volume over the past 24 hours as the country’s president declared martial law, only to be forced to lift it by an overwhelming vote in parliament. The martial law lasted six hours. According to data from CoinMarketCap, South Korean exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopa,x recorded a combined crypto trading volume of $34.2 billion in 24 hours, with Upbit processing $27 billion worth of crypto transactions alone. The 24-hour trading volume also increased to record the highest single-day total for the year. The jump in crypto trading occurred after the country’s president, Yoon Suk-yoel, declared martial law late on Tuesday after stating he wanted to protect the country from threats to democracy posed by “anti-state” forces, primarily targeting the country’s primary left-wing opposition. As a result, South Korean crypto traders rushed to sell their crypto on local exchanges. The rush to sell caused BTC’s price on Upbit to drop to $62,182. Almost all major South Korean exchanges saw considerable price drops and experienced outages thanks to a spike in activity. Coinbase Integrates Apple Pay Coinbase has announced the integration of Apple Pay to facilitate seamless fiat-to-crypto transactions. The integration will make purchasing crypto easy and more accessible to millions of users by leveraging the ease and security of Apple Pay’s ecosystem. Coinbase announced the integration in a statement, stating, “Coinbase Onramp takes the hassle out of fiat-to-crypto conversions with lightweight KYC for eligible purchases, free USDC on and offramping, and access to the most popular payment methods.” Users can log in and purchase using Apple Pay on apps developed with Coinbase Onramp services. The integration eliminates manual card entries for external payment processors, a step usually required when funding Coinbase accounts. It also aligns with efforts to streamline user experiences while maintaining security. Onramp solutions could facilitate greater adoption by making it easy to conduct crypto transactions through Apple Pay, giving users a sense of security when interacting with blockchain, crypto, and Web3 solutions. MicroStrategy Can Ignore Bitcoin (BTC) Crash To $20,000 Research published by capital advisor Jeff Walton has stated that Bitcoin (BTC) could drop as low as $20,000 without significantly impacting MicroStrategy’s treasury, indicating the firm could survive an 80% drop in BTC’s value. MicroStrategy’s BTC exposure is higher than ever after the firm added more of the asset to its treasury. BTC has appreciated almost 40% in November, and Walton believes even a protracted correction would not have a significant impact on MicroStrategy, with the price needing to fall significantly lower. “The price of Bitcoin would need to fall to $18,826 in order for $MSTR’s assets to be worth less than their liabilities.” Adding BTC to company balance sheets has drawn considerable criticism since the asset has seen significant corrections previously. BTC crashed from $69,000 to as low as $15,600 between November 2021 and November 2022. However, Walton believes the argument against Bitcoin adoption carries very little weight. “As the price of Bitcoin rises, the financial leverage falls fast. For the ‘This will not end well’ / ‘Ponzi’ ‘pyramid scheme’ bears, run the math. The $MSTR balance sheet is arguably underutilized from a ‘leverage’ perspective.” Charles Edwards, the founder of quantitative Bitcoin and digital asset fund Capriole Investments, is equally bullish. Edwards stated in a post on X that MicroStrategy was just one player in the new institutional Bitcoin investment arena, arguing the market is not bullish enough on the outcome. “MSTR raising $B/week to deploy into Bitcoin. MARA currently boosting its holdings by 30% with a $1B raise. Absolutely insane institutional demand. 13.5% of all Bitcoin is now held by institutions and ETFs and it's going parabolic. It's wild how numb we all are to this now that it's the new normal. But this is the institutional adoption we were all dreaming about.” Is A New Bitcoin Soft Fork Brewing? Cobra, the owner and maintainer of the bitcoin.org domain, has issued an alert about the development of a user-activated soft fork for Bitcoin that unnamed developers outside the Bitcoin Core project could propose next year. “Some bitcoiners are going to attempt to soft fork in CTV through a UASF sometime in 2025. Not enough people are paying attention to this.” CTV, short for Check Template Verify, is a series of improvements that introduce the concept of covenants to Bitcoin. Covenants establish spending conditions for BTC stored in a determined wallet. CTV allows for developments that can enhance the security of Bitcoin transactions. One of these developments is vaults, cold storage addresses with a spending condition that forces users to send transactions to a single, predetermined wallet asset. Users can also cancel these transactions before a predetermined time, allowing them to cancel potentially malicious transactions. However, the biggest drawback of the update is linked to fungibility, as the BTC would be siloed in these addresses and be deemed less valuable. The update could also expose the codebase to attackers looking to take advantage of the update. Bitcoin (BTC) Price Analysis Bitcoin (BTC) fell to a low of $93,645 on Tuesday as it remained pinned under $100,000. The drop came after the market was rattled by news that the US government had moved a significant chunk of seized BTC to Coinbase. The cryptocurrency trades between $94,000 and $98,000 after failing to go above the $100,000 mark despite reaching an all-time high of $99,655. The asset fell marginally after the US government moved almost 20,000 BTC valued at $1.9 billion to Coinbase, sparking speculation about the motive. Transferring assets to an exchange typically happens before a sale. However, the move by the government may not necessarily herald a sale given Coinbase has a contract with the Justice Department’s US Marshals Service to provide custody services. The price chart shows BTC continuing to trade sideways as buyers struggle to build momentum for a move past $100,000. The cryptocurrency recorded substantial price action last week but has remained relatively muted this week, trading between $94,000 and $98,000. BTC fell back after setting a new all-time high of $99,655 and recorded a substantial drop at the beginning of last week when it dropped over 5% to $92,846. The price continued to decline on Tuesday, falling to a low of $90,708 before settling at $91,913. BTC made a strong recovery on Wednesday, rebounding to register an increase of 4.32% and settle at $95,883. However, buyers lost momentum on Thursday as BTC registered a marginal decline to settle at $95,690. The price recovered on Friday, registering an increase of almost 2% to climb above $97,000 and settle at $97,374. Source: TradingView BTC was back in the red on Saturday, starting the weekend with a drop of 1.14% to settle at $96,263 before recovering on Sunday to settle at $97,026 after an increase of 0.79%. The current week began with BTC in the red, facing considerable selling pressure and volatility. The price ultimately registered a drop of 1.25% and settled at $95,812. Selling pressure intensified on Tuesday as sellers dragged BTC to a low of $93,665. However, it recovered from this level to climb above $95,000 and settle at $95,751. The current session sees buyers back in control with BTC up almost 1% and trading around $96,650. Ethereum (ETH) Price Analysis Ethereum (ETH) has made a strong recovery during the current session as buyers attempt to build momentum and push towards $4,000. ETH has faced considerable volatility since last week despite starting positively. ETH surged to an intraday high of $3,547 last Monday before settling at $3,415 after an increase of 1.60%. However, it fell back on Tuesday, dropping by almost 3% to $3,325. Despite the prevailing bearish sentiment, ETH recovered strongly on Wednesday, rising nearly 10% to go above $3,500 and settle at $3,657. Sellers were back in control on Thursday as ETH fell by 2.09% to $3,580 before registering a marginal recovery on Friday and moving to $3,594. Source: TradingView Bullish sentiment intensified over the weekend as ETH registered an increase of over 3% to go above $3,700 and settle at $3,705. Despite facing considerable resistance at this level, ETH registered a marginal rise on Sunday to settle at $3,710. ETH fell back in the red on Monday as sellers drove the price down by almost 2%. As a result, ETH dropped to a low of $3,556 before settling at $3,645. ETH continued to drop on Tuesday, falling to a low of $3,503. However, with support building at this level, it recovered to climb above $3,600 and settle at $3,618.. ETH has made a strong recovery during the current session, with the price up almost 3% and trading at $3,719. If buyers can build momentum and keep ETH above $3,700, we could see a move to $4,000. However, if sellers retake control, ETH could drop to $3,500 or lower. Solana (SOL) Price Analysis Solana (SOL) had been facing considerable selling pressure since the previous weekend when it fell in the red after reaching a high of $264. With sellers in control, SOL registered a substantial drop at the beginning of the previous week, dropping 7.37% to $234. SOL briefly went below the 20-day SMA on Tuesday as sellers dragged it to a low of $222. However, it recovered from this level to settle at $230, registering a drop of 1.49%. SOL recovered on Wednesday, registering an increase of almost 5% and settling at $242. However, it was back in the red on Thursday as sellers took control, dropping nearly 2% to settle at $237. Despite registering a substantial drop on Thursday, SOL rose by 2.41% on Friday to settle at $243. Source: TradingView Bearish sentiment intensified over the weekend as SOL dropped 233% on Saturday to settle at $237. Sellers attempted to drag SOL below the 20-day SMA on Sunday but were unsuccessful as the price registered only a marginal decline. However, it fell below the 20-day SMA on Monday as it registered a drop of almost 5% to slip below $230 and settle at $225. SOL recovered on Tuesday despite falling to a low of $215, registering an increase of almost 4% to settle at $234. Buyers have retained control during the current session, with the price up nearly 1% and trading at $236. Buyers will look to build momentum and push above the 20-day SMA. A break above the moving average could see SOL retest the resistance at $260. Toncoin (TON) Price Analysis Toncoin (TON) has been trading positively since last Tuesday, going above key resistance levels despite significant volatility and selling pressure. TON faced significant volatility last Tuesday as buyers and sellers struggled to exert influence. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $6.14. TON went past the 200-day SMA on Wednesday after rising almost 4% and settling at $6.39. Volatility returned on Thursday as TON fell to an intraday low of $6.07 and reached an intraday high of $6.63 before settling at $6.42 after a marginal increase. Sellers attempted to drag TON below $6 on Friday as the price dropped to a low of $6.25. However, it recovered from this level to register a marginal increase and settle at $6.47. Source: TradingView The price surged on Saturday, rising by 5.45% to go above the resistance at $6.50 and settle at $6.82. However, it faced considerable volatility on Sunday as sellers attempted to lower the price. As a result, TON fell to a low of $6.64 before settling at $6.82. Bearish sentiment intensified on Monday as TON dropped by almost 4%, falling to an intraday low of $6.30 before settling at $6.55. TON faced unprecedented volatility on Tuesday after failing to stay above $7. As buyers lost momentum, TON plummeted to an intraday low of $5..89 before recovering to reclaim $6 and settle at $6.77, ultimately registering an increase of 3.37%. Buyers have retained control during the current session, with TON up almost 5% to trade above $7 at $7.10. Aptos (APT) Price Analysis Aptos (APT) has recovered strongly after bouncing from a low of $10.93 last Tuesday, climbing above the 20-day SMA and settling at $12. APT continued to push higher on Wednesday, rising by 5.54% to $12.66. The price faced considerable volatility on Tuesday as sellers attempted to exert control. Ultimately, buyers gained the upper hand, and APT registered a marginal increase to settle at $12.77. Buyers tightened their grip on Friday as APT rose 4% and settled at $13.29, just short of the resistance level. Source: TradingView The weekend saw a spurt in volatility as buyers attempted to go above the resistance, and sellers tried to lower the price. APT ultimately registered a marginal increase to $13.38 but could not go above the resistance level. Volatility persisted on Sunday as APT inched above the resistance with a marginal increase and settled at $13.39. Sellers attempted to take control on Monday, driving APT to a low of $12.31. However, it recovered from this level to register an increase of 2.03% and settled at $13.73. Bullish sentiment intensified on Tuesday as APT rallied almost 6% to surge past $14 and settle at $14.53. The current session sees APT marginally down as buyers and sellers struggle to establish control. Arbitrum (ARB) Price Analysis Arbitrum (ARB)’s latest rally has taken its price past $1 as buyers look to build momentum and push higher. ARB’s rally began on November 21 as it recovered after dropping to $0.649. By the beginning of the previous week, ARB went above the resistance at $0.90 and settled at $0.905. Despite dropping on Tuesday, ARB recovered on Wednesday, surging over 11% and settling at $0.968. However, sellers re-established control on Thursday, falling almost 6% to $0.914. ARB recovered on Friday, rising nearly 2% to $0.930, and registered a bigger increase of 4.38% on Saturday to settle at $0.971. Source: TradingView ARB registered a marginal decline on Sunday as sellers attempted to take control. However, it resumed its upward trajectory on Monday despite facing considerable volatility, ultimately registering an increase of almost 6% to go above $1 and settle at $1.02. ARB continued to push higher on Tuesday despite volatility, rising nearly 2% to $1.04. The current session sees ARB up by 5.45% and trading at $1.10, with buyers firmly in control. Jupiter (JUP) Price Analysis Jupiter (JUP) surged past the 20-day SMA over the weekend as it surged to an intraday high of $1.19 on Friday before settling at $1.14, registering an increase of 1.32%. Buyers retained control on Saturday as JUP rose by 1.05% and moved to $1.15. Bullish sentiment intensified substantially on Sunday as JUP surged almost 8% to $1.24. However, it fell on Monday as sellers returned to the market, dropping to a low of $1.11 before settling at $1.20. Source: TradingView Volatility increased substantially on Tuesday as JUP fell to an intraday low of $1.09 and reached an intraday high of $1.29 before settling at $1.24 after an increase of almost 4%. The current session sees JUP up over 5% and trading at $1.30 as buyers look to build momentum and go towards $1.50. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
