Bitcoin reached a new all-time high yesterday, surging to $94,000 and 
solidifying the bulls’ control over the market. This milestone has ignited 
widespread speculation about the key factors fueling the rally, as Bitcoin 
continues to dominate headlines and capture investor enthusiasm. Related 
Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets 
Revealed Key insights from CryptoQuant CEO Ki Young Ju shed light on the 
drivers of this historic surge. According to Ju, this rally has been powered 
by Coinbase investors, with U.S.-based buyers playing a significant role. The 
influx of demand from these investors underscores the growing domestic 
interest in Bitcoin and highlights the critical influence of American market 
participants on global crypto trends. Adding to the excitement, market 
sentiment appears to be heavily influenced by the pro-crypto stance of 
President-elect Donald Trump. His support for digital assets has sparked 
optimism across the industry, potentially creating a favorable regulatory 
environment that could sustain Bitcoin’s growth. Bitcoin Demand Continues To 
Drive The Price Bitcoin demand remains remarkably strong, even as miners and 
long-term holders (LTHs) take profits during this rally. Despite selling 
pressure from these groups, BTC continues to rise, underscoring the robust 
market appetite for the leading cryptocurrency. This strength suggests buyers 
readily absorb the distributed supply, fueling Bitcoin’s bullish momentum. 
CryptoQuant CEO Ki Young Ju recently shared insightful data on X that 
highlights the driving forces behind this rally. According to Ju, U.S.-based 
investors using Coinbase have played a pivotal role in Bitcoin’s surge. He 
referenced the BTC Hourly Coinbase Premium (Volume-Weighted, USDT/USD 
Adjusted), which measures the difference in Bitcoin prices on Coinbase 
compared to other exchanges. The premium is currently positive and growing, 
indicating that U.S. investors are willing to pay more for BTC than their 
international counterparts. This trend demonstrates strong demand from U.S. 
market participants, likely buoyed by improving market sentiment and potential 
regulatory optimism. Related Reading: Dogecoin Breaking Out Of Falling Wedge 
Pattern – Analyst Reveals Target If this upward momentum in U.S. demand 
persists, Bitcoin’s rally could extend further in the coming weeks, 
potentially setting new highs before any major correction occurs. However, as 
with all parabolic trends, traders and analysts remain cautious, recognizing 
the possibility of eventual pullbacks. The focus remains on Bitcoin’s 
strength, as buyers continue to outpace sellers, driving the market higher. 
BTC Setting New Highs (Again) Bitcoin (BTC) is trading at $93,300, following 
its recent break above the all-time high (ATH) of $93,483. While this move 
marked a new milestone for BTC, the price has since entered a sideways range 
within a defined uptrend, indicating that demand continues to outweigh supply. 
However, the breakout above the ATH lacked significant momentum, resembling 
more of a small spring than a decisive rally. This suggests that bulls might 
be starting to lose steam. Despite this, BTC&#8217;s ability to maintain above 
$89,800 in the coming hours will be critical. Holding this key support level 
could pave the way for a surge to $95,000, aligning with broader market 
expectations of continued bullish momentum. Such a move would likely reaffirm 
confidence among investors, potentially driving further buying interest as 
Bitcoin eyes the psychological $100,000 level. Related Reading: Bitcoin Demand 
Outpaces Supply – On-Chain Metrics Reveal Low Seller Volume On the other hand, 
a drop below $89,800 would shift the short-term narrative. This scenario could 
lead to a retrace toward lower demand zones around $85,000, where buyers might 
regroup to push prices higher again. As BTC consolidates near its ATH, the 
market awaits a decisive move to determine whether the bulls remain firmly in 
control or if a temporary correction is on the horizon. Featured image from 
Dall-E, chart from TradingView

Bitcoin Rally Driven By U.S. Coinbase Investors – Top Analyst Shares Metrics

The US Securities and Exchange Commission (SEC) has distributed $4.6 million 
to investors of defunct crypto startup BitClave&#8217;s 2017 initial coin offering 
(ICO), according to a Nov. 20 announcement. The funds were disbursed as part 
of the BitClave Fair Fund established after a 2020 settlement. The firm halted 
its operations in 2020 after the SEC […]
The post SEC disburses $4.6 million to BitClave ICO investors amid unresolved 
fund discrepancies appeared first on CryptoSlate.

SEC disburses $4.6 million to BitClave ICO investors amid unresolved fund discrepancies

Avik Roy, the president of a nonprofit think tank, said Senator Cynthia 
Lummis’ idea that Bitcoin could eliminate federal debt is an “overselling” of 
what Bitcoin can do.

Bitcoin reserve won’t solve US debt crisis: Think tank co-founder

Franklin Templeton, one of the crypto exchange-traded fund (ETF) issuers, has 
expressed interest in releasing the crypto index ETF, but the authorities are 
now delaying it. The Securities and Exchange Commission (SEC) detained the 
deadline for approving the crypto index…

Franklin Templeton crypto index ETF delayed by SEC

The Cardano blockchain has witnessed a surge in trading activity over the past 
few weeks, with price data relaying this trend. Cardano&#8217;s price increase in 
the past 30 days has been more than impressive, with its price doubling within 
this period. At the time of writing, the ADA is now trading at its highest 
point so far in 2024 after breaking above the March high of $0.77. Delving 
deeper into the forces behind this rally, on-chain metrics suggest that the 
surge is being driven by strong buying momentum, particularly from large ADA 
holders. Data from the blockchain analytics platform IntoTheBlock highlights a 
noteworthy spike in large transaction volume, which today reached $22.56 
billion. This figure marks a 297% spike in large transaction volume in the 
past two weeks. Spike In Cardano Large Holder Volume The surge in Cardano&#8217;s 
large holder activity is highlighted by the &#8216;Large Transactions Volume in USD&#8217; 
metric provided by blockchain analytics platform IntoTheBlock. This metric 
captures the total value of on-chain transactions exceeding $100,000 within a 
24-hour period, offering insights into the behavior of high-net-worth 
investors and institutional participants. Related Reading: Here’s Why The 
Bitcoin Price Could Surge To $138,000 Before Recording A 30% Crash 
Interstingly, the Large Transactions Volume in USD metric recently reached 
$28.43 billion on November 16, which is its highest so far till date. Such a 
figure underscores the significant interest and heightened activity on the 
Cardano blockchain, particularly among large-scale holders who are likely 
driving much of the network&#8217;s momentum. This elevated level of activity has 
shown no signs of stopping, with the most recent data reporting $22.56 billion 
in large transactions over the past 24 hours. To provide perspective, Cardano 
began November with daily large transaction volumes hovering just below $6 
billion before experiencing a notable uptick starting November 6. What’s Next 
For ADA Price? At the time of writing, the ADA price is trading at $0.80, up 
by about 6.5% in the past 24 hours. This price point marks the highest ADA 
price since May 2022. Not just large holders; retail holders are also in on 
the trend. The ADA trading volume has surged by about 29% in the past 24 
hours, coming in at $2.31 billion. Related Reading: Bitcoin Price Forms 
Bullish Symmetrical Triangle, Crypto Analyst Says Next Stop Is $100,000 As it 
stands, Cardano is currently outperforming every other large market cap crypto 
in the past 24 hours. On-chain data and key market indicators suggest that 
this bullish momentum is likely to persist, with the next significant price 
target being a breakthrough above the psychological $1 mark. Beyond the large 
transaction metric, other metrics such as the net network growth and positive 
momentum in the futures market suggest a very optimistic outlook. Featured 
image created with Dall.E, chart from Tradingview.com

Cryptocurrency price in PKR