PDAXScope: $BTC nears US$100K and ETFs are booming

Bitcoin Climbs Closer to $100,000 on Trump’s Support for Crypto (Yahoo Finance/Bloomberg)

Bloomberg reports that $BTC’s imminent US$100,000 valuation is directly tied to Trump’s support of the crypto market, as evidenced by “friendly regulations in place of a crackdown.” They also note that “the crypto market as a whole has gained approximately $900 billion” in the wake of Trump’s election.

SOL Looks Set to Outperform BTC as Solana-Based DEXs Register Record $41B in Trading Volume: Godbole (CoinDesk)

According to CoinDesk, the ratio between  $SOL and $BTC ratio “rose over 1% last week, moving out of a narrowing price range.” They interpret this as “the bulls are finally willing to lead the price action, having been in a stalemate with the bears for eight months,” resulting in a sustained uptrend.

Bitcoin and Ethereum ETFs Add Billions, Breaking Record for Crypto Products (Decrypt)

Decrypt cites a CoinShares report from earlier in the week that indicates “assets under management for crypto investment vehicles are now at a new all-time high of $138 billion.” Approximately US$2.2B from the past week alone contributed to that record, with a strong likelihood that confidence in the market will continue.

DISCLAIMER: PDAX reaffirms that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems. Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.

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