- Bitcoin’s Price Volatility: Bitcoin experienced significant price swings, briefly spiking to $112,000 before settling around $110,000 following softer-than-expected US CPI data. Technical analysis suggests a potential for expansion after a period of price compression, with some analysts still eyeing a $200,000 target by year-end, despite recent market corrections.
- Institutional Adoption & Investment: JPMorgan is reportedly planning to allow clients to pledge Bitcoin and Ether as collateral, signaling growing institutional acceptance. Sygnum Bank is also launching a Bitcoin lending product with multisignature custody. Early Bitcoin whales are increasingly shifting to ETFs, favoring TradFi perks over self-custody.
- Regulatory Landscape: Donald Trump is considering nominating Michael Selig, perceived as “pro-crypto,” as CFTC chair. Crypto.com is seeking a US trust bank charter. Indian exchange WazirX ended its shutdown, while the UK’s FCA is targeting unregistered exchanges. Relai, a Bitcoin-only app, secured a MiCA license in France.
- Binance & CZ: The possibility of a pardon for Binance founder Changpeng Zhao (CZ) by Donald Trump has reignited speculation about Binance’s potential return to the US market. BNB saw a volume spike following the news.
- Coinbase & Layer-2 Solutions: JPMorgan upgraded Coinbase, citing the potential of its Base layer-2 network and USDC rewards overhaul to unlock significant value.
- Stablecoins & Payments: Tether anticipates record profits in 2025, driven by increasing stablecoin adoption. Zelle is integrating stablecoins for faster cross-border payments within the US. Tether is eyeing new investments to push its USAT stablecoin to 100 million Americans upon launch in December.
Analysis:
The crypto market is showing signs of maturation with increasing institutional participation and regulatory clarity, although the path to regulatory framework are still uncertain. The potential pardon for CZ could reshape the exchange landscape in the US, although it is still a rumor. Finally, stablecoins continue to be a focal point, with major players like Tether expanding their reach and traditional payment systems like Zelle integrating them for cross-border transactions. The performance of Bitcoin seems to be correlated with macroeconomics factors (e.g. US CPI Data).