Another strong weekend trading session has led us to new all-time highs of $24,300. Unfortunately, Bitcoin is suffering from the Monday blues today and has failed to build upon momentum. As 90,000 tweets trumpeted the arrival of another all-time high, and one tweet in particular caught the most attention. Michael Saylor, the Bitcoin CEO of MicroStrategy, who just took out a $650M loan to buy some more digital gold, hijacked an Elon Musk tweet and suggested Tesla should put their balance sheet into Bitcoin.
Welcome to the Weekender: your weekly recap of the top news stories across the digital asset space. Every Sunday, I take a look at the most-clicked links of the week to bring your focus to the news that matters. Today, we start with the story that American Express, one of the biggest financial firms in the US, has entered the cryptocurrency market with the latest investment in an institutional crypto trading platform, FalconX. The American Express Ventures did not disclose the actual size of the investment.
Last Monday, Bitcoin started the day at $19,375 and over the course of the week, we drifted lower, reaching $17,580 on Friday. This weekend, Bitcoin rallied, printing a Sunday high of $19,421. In recent weeks we have seen price appreciation during the more institutional Monday to Friday trading session, with weekends being largely uneventful.
Some markets move up, blind to bad news and unstoppable in their ascension. We have seen that throughout the last few years, but it has become more pronounced in the past couple of months. Something has changed and the momentum that characterised BTC throughout October and November seems to have cooled down.
This year, Christmas day is on a Friday, which also happens to be the day a large amount of Bitcoin futures and options will expire. As we know, Bitcoin never sleeps and doesn't do public holidays. The December 25th expiry will likely be met with an unusually thin day of liquidity, which in turn could bring some Bitcoin sized volatility to Santa's stocking filler.
Bitcoin is beginning to form a new trading range at these elevated levels. As much as a rip-roaring rally is fun, a little time to acclimatize is a good thing. There would be no harm done if Bitcoin decided to track between $17,000 and $19,000 for a week or two — in fact, it would build a nice base for the next bout of price appreciation to blast off from.