Saylor questions Bitcoin retrace, BTC ETF options, and more: Hodler’s Digest, Nov. 10 – 16

Michael Saylor, the founder of MicroStrategy and a big supporter of Bitcoin, recently shared his thoughts on the future of the cryptocurrency. He believes that Bitcoin will not drop back down to $60,000, a price level that was key throughout 2024. Currently, Bitcoin is trading around $87,790. Saylor is confident in Bitcoin’s upward trajectory, stating that he doesn’t see any immediate threats on the horizon. In fact, he’s already planning a party for when Bitcoin hits $100,000, which he predicts could happen by the end of the year.

Another interesting development comes from the United States Attorney’s Office for the Southern District of New York, where a prosecutor hinted that they may be scaling back on crypto-related cases in the future. This news suggests a changing regulatory landscape for cryptocurrencies.

On the investment side, VanEck, a prominent investment manager, believes that Bitcoin will continue to hit all-time highs over the next two quarters. With Bitcoin already experiencing a 30% rise since the U.S. elections and surpassing $93,490 at its peak, experts are feeling positive about its future prospects.

An update from the legal world reveals that a class-action lawsuit filed against Elon Musk and Tesla in 2022 has been withdrawn. The lawsuit alleged that Musk manipulated the price of Dogecoin through his media appearances and social media posts. This development marks a conclusion to the two-year-old legal battle.

In regulatory news, the United States Commodity Futures Trading Commission (CFTC) has cleared the way for spot Bitcoin exchange-traded fund (ETF) options. This move has generated optimism in the crypto community, with analysts anticipating the listing of these products soon.

To wrap up the week, the current cryptocurrency prices stand at $91,274 for Bitcoin, $3,097 for Ether, and $0.90 for XRP. The total market cap sits at $3.02 trillion. Some notable altcoin gainers include Peanut the Squirrel, Pepe, and Bonk, while Monero, Aave, and Celestia saw losses. For more in-depth price analysis, readers are encouraged to check out Cointelegraph’s market insights.

Overall, the world of cryptocurrencies continues to evolve with new developments shaping the industry’s future. Stay tuned for more updates as the market continues to fluctuate.