Crypto market news: What is the current situation of the crypto market?

The global crypto market cap today is $3.50 Trillion, a -1.75% change in the last 24 hours.

Crypto Market News today

MicroStrategy has made headlines by purchasing $4.6 billion worth of Bitcoin, with plans to acquire an additional $2.6 billion.

In a notable political move, Senator Lummis has proposed that the U.S. government buy 1 million Bitcoin to establish a "Strategic Reserve."

The CME has reported a surge in Bitcoin futures, reaching record levels with over $21.6 billion in open interest, representing a 33% share of the total futures market.

Additionally, the CFTC has issued a statement paving the way for listed options on Bitcoin ETFs, which have started trading on BlackRock’s Bitcoin ETF, IBIT.

In the stablecoin sector, Tether, Kraken, and Fabric Ventures are supporting Quantoz Payments in launching two compliant stablecoins, EURQ and USDQ, in line with MiCA regulations.

Gary Gensler, the SEC Commission Chair known for his challenging stance on the crypto industry, is expected to step down from his position on January 20th.

Meanwhile, several firms, including Bitwise and VanEck, have submitted applications for Solana ETFs.

In another development, Donald Trump's social media company is reportedly nearing an acquisition of Bakkt, a crypto-trading platform. The former President is also set to meet with Coinbase CEO Brian Armstrong.

Bitcoin Technical Analysis

After a week of consolidating around $90K, Bitcoin surged dramatically last week, reaching a peak above $99K as of this writing. The current momentum and crypto market sentiment are undeniably bullish. However, it's important to consider whether the upcoming resistance at $100K—a psychologically significant milestone—or at $102K, which aligns with the 161.8% Fibonacci extension of the 2021-2022 pullback, might trigger some profit-taking. The RSI is also indicating a potential bearish divergence, though confirmation would require a price reversal.

That said, as we mentioned last week, substantial breakouts following long periods of consolidation can often extend beyond expectations. Therefore, traders should exercise caution with any counter-trend positions.

Ethereum Technical Analysis

Ether also experienced an increase this week, bolstered by a significant bullish crypto market on Thursday. However, the second-largest cryptocurrency stalled at the $3,400 level, which we highlighted last week, failing to reach a four-month high while Bitcoin surged toward $100K.

Looking ahead, the area around $2,800—previously a support level that has now turned into resistance—will be crucial to monitor. As long as ETH/USD stays above this mark, the technical outlook remains at least moderately bullish, especially in light of expectations for a more favorable regulatory environment. Additionally, a breakout above the $3,400 resistance could indicate that Ether is poised for a potential "catch-up" trade.

Crypto Liquidations Continue

The small crypto market capitalizations of altcoins have been significantly affected by recent crypto liquidations, with approximately $100 million lost in the market. On November 24, a total of $494 million was liquidated.

The wide crypto market correction is viewed as a typical response following Bitcoin's rally over the past month. As of today, Bitcoin continues to dominate the market with a share of 57.4%, and the crypto fear-greed index stands at 82 points, indicating a highly greedy market sentiment.

This momentum may also pave the way for further bullish trends, especially as macroeconomic conditions in the United States appear favorable for the future of crypto. This could foster a positive sentiment in the market, particularly as Bitcoin's dominance shifts and influences an altcoin rally.

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