First Mover Americas: BTC in Price Discovery Mode Following Record High

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CoinDesk 20 Index: 2,333.79 +4.21%

Bitcoin (BTC): $76,158.35 +1.45%

Ether (ETH): $2,937.70 +4.23%

S&P 500: 5,973.10 +0.74%

Gold: $2,690.57 -0.27%

Nikkei 225: 39,500.37 +0.3%

Bitcoin made several attempts to establish a foothold above $76,000 during the Asian and European mornings. BTC has added 1.7% in the last 24 hours and is about 0.9% below its all-time high of over $76,900, which it reached Thursday afternoon in the U.S., Coindesk Indices data show. The broader digital asset market has risen by about 4%, in part because of outsize gains from Cardano’s ADA, which is 16% higher at $0.43. Solana’s native token also continued its post-election pump, breaking $200 for the first time since March. SOL trades just above $204, an increase of 8.75% in the last 24 hours.

Traders are eyeing $100,000 as the next level of interest for bitcoin’s price, though there is likely to be a period of consolidation first, according to some analysts. BTC is riding the wave of President-elect Trump’s victory and the Fed’s expected 25 basis-point interest rate cut on Thursday. There are some concerns about a short-term pullback given Trump’s proposed tariffs on China and fiscal concerns like rising national debt. BTC is “defending its top,” Alex Kuptsikevich, senior market analyst at FxPro, told CoinDesk. “In general, we stick to the idea that the new highs have triggered a powerful new growth wave with the potential to rise to $100-110K within 2-3 months without any significant shakeout.”

Bitcoin ETFs listed in the U.S. logged a record $1.38 billion in net inflows on Thursday, the day Trump won the U.S. presidency. BlackRock’s IBIT took on over $1.1 billion in net inflows, the most among all products, and the highest since going live in January. Cumulative net inflows across all products crossed $25 billion for the first time. None of the 12 ETFs showed any net outflows. Ether ETFs logged $78 million in net inflows on renewed bullishness for decentralized finance following Trump’s victory. ETH rose more than 10% on Thursday as expectations of pro-crypto policies and deregulation in a Trump regime boosted investor confidence in the asset.

– Omkar Godbole