Bitcoin reduces yesterday's rebound, remaining under supply pressure from ETFs 📌

Bitcoin reduces yesterday's gains and returns to the support zone around $94,000, losing 1.00%. Investors may expect reduced volatility and liquidity in the markets during the holiday week. For the cryptocurrency market, this could mean slight declines or consolidation at current levels.

Key events in the cryptocurrency market in recent days:

• Metaplanet purchases 620 BTC for $60 million, marking the company's largest single purchase. Metaplanet now holds a total of 1,762 BTC worth $155 million.

• Bitcoin experiences its first major drop since Trump's election win, falling 15% this week after reaching an ATH of $108,135.

• MicroStrategy now holds 439,000 BTC following last week's purchases, marking the first time the company has bought BTC at a price above $100,000 per coin. MicroStrategy also joins the Nasdaq 100, increasing institutional exposure to Bitcoin.

• MicroStrategy expands its board to nine members, adding former BinanceUS CEO Brian Brooks, Jane Dietze from Brown University, and Gregg Winiarski from Fanatics.

• The SEC fines Jump Trading subsidiary $123 million for secretly supporting TerraUSD in 2021 and misleading investors about its stability mechanism.

• Tether CEO Paolo Ardoino announces plans to launch an AI platform by Q1 2025, signaling a strategic shift beyond issuing USDT stablecoins.

• French Groupe BPCE, the second-largest bank, secures AMF approval to launch Bitcoin-based investment services for its 35 million customers in 2025.

• El Salvador purchases 11 BTC worth $1 million after securing a $1.4 billion agreement with the IMF, signaling continued commitment to its Bitcoin strategy despite IMF conditions to limit Bitcoin usage.

• The SEC approves Bitcoin-Ether index ETFs from Hashdex and Franklin Templeton, marking a significant milestone for cryptocurrency ETFs on Nasdaq and Cboe.

• MARA acquires 15,574 BTC for $1.53 billion, and Hut 8 purchases 990 BTC for $100 million. MARA now holds 44,394 BTC.

• Hong Kong grants licenses to four cryptocurrency exchanges - HKbitEX, Accumulus, DFX Labs, and EXIO.

In recent weeks, the pace of development in the cryptocurrency market has not slowed. Much of this activity is likely fueled by the anticipation of Trump’s inauguration and the transition of power in the U.S. to a pro-cryptocurrency government by the end of January next year.

Currently, however, we are experiencing the first deeper correction since the election results in early November. Bitcoin is seeing a correction of approximately 15% at the time of publication, dropping from the peaks of $108,000 to the current $94,000. The nearest support level is the aforementioned $94,000, followed by levels above $86,000. Reaching this level would represent a correction exceeding 20%.

Source: xStation 5