Bitcoin Briefly Breaches $94,000 for the First Time

Bitcoin rose to a record high above $94,000 as a report that Donald Trump's social media company was in talks to buy crypto trading firm Bakkt added to hopes of a cryptocurrency-friendly regime under the incoming Trump administration.

Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078 just toward the end of the previous session.

Trump Taps Crypto Booster Howard Lutnick for Commerce Secretary

Trump on Tuesday said he plans to nominate Cantor Fitzgerald CEO Howard Lutnick to head the Department of Commerce. “He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative,” Trump said in a post on TruthSocial.

Lutnick, who is co-chair of Trump’s transition team, had been seen as a leading contender to run the Treasury Department. As Commerce secretary, he would play a major role in investigating trade practices and administering tariffs, which Trump has said will be the centerpiece of his economic agenda.

Lutnick is also an outspoken supporter of the crypto industry. His firm has been a custodian for the reserves of the stablecoin company Tether.

Bitcoin ETF Options Will Lower Volatility, Galaxy’s Thorn Says

“Over time as it’s more widely held, volatility will decrease, options will help dampen volatility and and as volatility comes down people can take larger position sizes,” Thorn, head of firmwide research, said Tuesday during an interview on Bloomberg Television.iShares Bitcoin Trust is likely to reduce volatility and increase the investor base for the original cryptocurrency, according to Galaxy Digital’s Alex Thorn.

“Over time as it’s more widely held, volatility will decrease, options will help dampen volatility and and as volatility comes down people can take larger position sizes,” Thorn, head of firmwide research, said Tuesday during an interview on Bloomberg Television.

MicroStrategy Shots up by 580% YTD as Wall Street Investors Grab up Shares

MicroStrategy’s stock rose by almost 25% after announcing on Nov. 18 that it purchased $4.6 billion worth of Bitcoin. Microstrategy shares have soared by more than 580% year to date, outpacing Bitcoin’s 110% rise in the same time period. This has attracted the attention of Wall Street investors like Vanguard, Morgan Stanley, and Capital International Investors.

MicroStrategy’s 13F report, a quarterly report that institutional investors are required to submit to the United States Securities and Exchange Commission, reveal that the number of institutional investors rose from 667 to 738 with their total holdings now valued at $15.3 billion as of September’s end.

Rumble Considers Adding Bitcoin To Balance Sheet

According to Foresight News, Michael Saylor has shared a poll initiated by Chris Pavlovski, the founder and CEO of Nasdaq-listed video platform Rumble Inc.. The poll questions whether Rumble should incorporate Bitcoin into its balance sheet. As of the time of reporting, 93.7% of respondents have voted in favor of the proposal.

The news appears to have influenced Rumble's stock performance. On the day of the announcement, Rumble's stock closed with a 2.5% increase, reaching $5.68. In overnight trading, the stock price surged further, hitting a peak of $6.3, marking an 11% rise. This development highlights the potential impact of cryptocurrency-related decisions on company valuations and investor sentiment.

PayPal PYUSD To Bring Speed and Reduced Costs to Cross-Border Payments with Xoom

PayPal announced it will be enabling disbursement partners to use PayPal USD (PYUSD) to settle cross-border money transfers made with Xoom. Cebuana Lhuillier and Yellow Card will be the first Xoom disbursement partners to use PYUSD to settle cross-border money transfers, allowing them to leverage the cost and speed advantages of blockchain technology.

These forthcoming integrations will help drive financial inclusion by providing more widespread access to digital financial solutions across Asia-Pacific and Africa. In addition, PayPal will be able to conduct cross-border settlement transactions without being restricted by traditional banking hours.

Daily Total Net Inflow of Bitcoin Spot ETFs Was $600.33 Million. ARK 21Shares Bitcoin ETF Topped the List of Daily Net Inflows

On November 19 (Eastern Time), the total net inflow for Bitcoin spot ETFs was $600.33 million, according to SoSoValue data.

The Bitcoin spot ETF with the highest net inflow on November 19 was ARK 21Shares Bitcoin ETF, with a net inflow of $267.34 million. Following that was Cboe Global Markets, Inc, with a net inflow of $256.15 million.

As of now, the total net asset value of Bitcoin spot ETFs is $97.29 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.35%.