Bitcoin

“Wolf of All Streets” Trader Expects Bitcoin To Surpass $100K In 6-12 Months

'Wolf of All Streets' Trader Expects Bitcoin to Surpass $100K Within 6 to 12 Months

Crypto trader Scott Melker, also known by “The Wolf of All Streets”, expects bitcoin’s price to reach new all-time highs before the end of this year. “I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months, or ethereum even pushing towards $10,000 in that time,” he said. He also views the $1.2 trillion Senate infrastructure bill as the largest advertisement for bitcoin in history.

‘Wolf of All Streets’ Trader Sees Many Upsides to Bitcoin Pushing the Price Toward $100K

Scott Melker, the host of “The Wolf Of All Streets” podcast, shared his bitcoin outlook with Kitco News last week. Melker is an investor and trader, both at Texas West Capital and privately. Melker is the author of “The Wolf Den”, a newsletter that focuses on blockchain-based investments. He also serves as an advisor to several other blockchain-based projects. Binance presented him with the Influencer of North America Award in June 2017.

Commenting last week on the $1.2 Trillion infrastructure bill , Melker said that it was the most prominent advertisement for bitcoin in history. With so many intense discussions within the crypto community and a growing number of lawmakers speaking in favor of cryptocurrency, Melker said:

It’s raising awareness, which is probably actually causing more people to buy than to sell.

He said, “We’re discussing printing over a trillion dollars from thin air to pay an infrastructure bill that has absolutely no connection to cryptocurrency. The bill was frozen for three to four days because of the cryptocurrency provision. We had the whole world talking about Bitcoin and the crypto industry. There is some irony here

The host of The Wolf of All Streets podcast pointed out that the infrastructure bill must still pass the House of Representatives before it can be signed into law. “That wouldn’t even happen until 2023. We’re talking about a very long horizon for any activity here .

Another positive factor that affects the crypto market is the possibility of a bitcoin exchange traded fund (ETF), being approved by the U.S Securities and Exchange Commission (SEC), he stated. He stated that the approval of an ETF would mark the most significant single event in bitcoin’s history. It would allow a large pool of money, including pension funds, sovereign wealth funds, to be able to invest. They will come in when an ETF is available.” The trader added:

That would be the catalyst for real institutional adoption of bitcoin. They need a regulated asset they can trust, that has been vetted by their risk managers as well as the SEC.

While acknowledging the fact that regulation in cryptospace is inevitable, Melker stated that Gary Gensler (the new chairman of the SEC), who was previously a professor at the Massachusetts Institute of Technology, will likely implement sensible regulations that will benefit crypto industry. Gensler recently told Senator Elizabeth Warren that additional authorities and resources are needed for the oversight of the crypto industry.

“A reasonable regulation to protect consumers is a positive thing. It would open the door for a lot big institutional money to wait on the sidelines to get that kind of green light,” stated Melker.

Melker also spoke out about his prediction of the price of bitcoin and ether. At the time of writing, the price of bitcoin stands at $47,218 while the price of ether is $3,273 based on data from Bitcoin.com Markets.

“It is a function of price actually catching up with the value,” The Wolf of All Streets host explained. “We witnessed a significant liquidation of leveraged traders which caused the cascade price drops to go down much more than they should have .”

He elaborated: “When bitcoin dropped from $60,000 to $50,000, we saw almost $10 billion in liquidation. One million retail accounts were closed. And we saw similar activity from $40,000 to $30,000. That was not the fair price of bitcoin, I think. We are now seeing institutional interest returning in order to take advantage of the dip prices .”

Predicting record-high bitcoin and ethereum prices by the end the year, Melker explained:

I believe that this correction is likely over and that we should see new all-time highs by the end of the year. I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months, or ethereum even pushing towards $10,000 in that time.

He added that in the long run, bitcoin will likely be a seven-figure asset and ethereum a $20,000 to $30,000 asset at a minimum.

In May, Melker said that investors could get into the crypto market by investing in the meme cryptocurrency dogecoin. Tesla CEO Elon Musk and the owner of the NBA team Dallas Mavericks, Mark Cuban, recently said that dogecoin is the “strongest” cryptocurrency when it comes to using it as a medium of exchange.

What do you think about Melker’s comments? Please leave your comments below.

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Bitcoin

Curve Finance launches scrvUSD, a decentralized yield-bearing stablecoin

Curve Finance launches yield-bearing stablecoin, Savings-crvUSD (scrvUSD). scrvUSD stabilizes borrowing rates and enhances DeFi composability. Curve has partnered with The Open Network to boost ecosystem integration and efficiency. Curve Finance, a leading decentralized finance (DeFi) platform, has launched a new decentralized yield-bearing stablecoin called Savings-crvUSD (scrvUSD) to offer low-risk returns for investors and further scale…

Curve Finance launches yield-bearing stablecoin, Savings-crvUSD (scrvUSD).
scrvUSD stabilizes borrowing rates and enhances DeFi composability.
Curve has partnered with The Open Network to boost ecosystem integration and efficiency.

Curve Finance, a leading decentralized finance (DeFi) platform, has launched a new decentralized yield-bearing stablecoin called Savings-crvUSD (scrvUSD) to offer low-risk returns for investors and further scale its crvUSD stablecoin.

The new product aims to stabilize the borrowing rates for crvUSD while enhancing composability within the DeFi ecosystem.

The scrvUSD stablecoin

Launched on November 13, 2024, the scrvUSD stablecoin allows users to mint the token by depositing crvUSD into the scrvUSD module. The underlying crvUSD is overcollateralized by digital assets such as Ethereum (ETH), Wrapped Bitcoin (WBTC), and others, providing security to users’ funds.

Crucially, Curve Finance has emphasized that funds in scrvUSD are not rehypothecated or moved from the vaults, ensuring that the stablecoin remains a safe and sustainable option for investors.

According to Curve Finance founder Michael Egorov, the scrvUSD module is already sustainable, with over 3 million crvUSD stored in the vault. This initiative is designed to offer stability to the DeFi ecosystem, addressing the volatility concerns associated with traditional stablecoins.

The introduction of scrvUSD also marks an important step in Curve Finance’s broader strategy to enhance composability within decentralized finance.

Composability refers to the ability of various DeFi applications to work together seamlessly, allowing users to access innovative financial products.

Curve Finance’s move to scrvUSD follows its earlier decision in June 2024 to adopt crvUSD as the primary fee distribution asset, signalling a shift towards further integration across DeFi platforms.

Curve Finance’s partnership with TON

Additionally, Curve Finance is expanding its ecosystem through a collaboration with The Open Network (TON). This partnership seeks to increase interaction and composability between the two decentralized networks, fostering new opportunities for traders and investors.

As part of this collaboration, a competition was launched to develop Curve’s Constant Functional Market Maker (CFMM) — a tool designed to curb volatility and market slippage, thus improving overall efficiency in the DeFi space.

Through these strategic moves, Curve Finance continues to reinforce its position as a pivotal player in the evolving DeFi landscape.

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Crypto critic Elizabeth Warren rises to top Democrat on Senate Banking Committee

Senator Elizabeth Warren will be the top Democrat on the Senate Banking, Housing, and Urban Affairs Committee. The crypto critic’s new role means her input could have an impact crypto regulation in the US. Senator Elizabeth Warren, the top crypto critic in the US Senate, has confirmed she’s set to be the senior most Democrat…

En bild av senator Warren som representerar Massachusetts

Senator Elizabeth Warren will be the top Democrat on the Senate Banking, Housing, and Urban Affairs Committee.
The crypto critic’s new role means her input could have an impact crypto regulation in the US.

Senator Elizabeth Warren, the top crypto critic in the US Senate, has confirmed she’s set to be the senior most Democrat on the crucial Senate Banking, Housing, and Urban Affairs Committee.

Warren, who defeated pro-crypto lawyer John Deaton for the Massachusetts senate seat in the 2024 elections, noted this in a statement published on Wednesday. Notably, the Senate Banking Committee is the entity that’s set to handle critical legislation on cryptocurrencies.

While Republicans have control of the Senate, any changes to this scenario likely during the mid-terms could see Warren become even more influential in the next two years.

Warren’s new Senate role

Warren’s elevated position follows the exit of Sherrod Brown, the former chairperson of the Senate Banking Committee. The Ohio Democrat lost in the 2024 U.S. election, with his defeat coming amid massive effort from across the crypto space to support the winner and new Ohio Senator-elect Bernie Moreno.

The 2024 US election has also seen the most pro-crypto lawmakers elected.

However, the crypto industry’s larger concern will be on the influence of the Dem’s ranking member in Senate. While Warran did mention crypto in the statement, she said:

“In the aftermath of the 2024 election, it’s powerfully important for Democratic leadership to show that we can make life more affordable for working people and to act with urgency to rebuild our middle class. For Massachusetts and hard-working families nationwide, this new role means a better chance to advance solutions like building more housing to lower prices and protecting consumers from private equity greed and special interest scams.”

Cryptocurrencies have rallied since Donald Trump won a second term by defeating Democrat Kamala Harris in Nov. 5. Bullish sentiment has seen Bitcoin break past the previous bull market’s high to hit highs of $93k.

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BlackRock’s spot Bitcoin ETF hits $40 billion, sets new record in 211 days

BlackRock’s IBIT reached a new record in 211 days, surpassing iShares Core MSCI Emerging Markets ETF’s previous record of 1,253 days BlackRock’s new record comes two weeks after it hit $30 billion in net assets at the end of October BlackRock is now in the top 1% of all ETFs by assets and is bigger…

blackrock ceo larry fink crypto digitalising gold

BlackRock’s IBIT reached a new record in 211 days, surpassing iShares Core MSCI Emerging Markets ETF’s previous record of 1,253 days
BlackRock’s new record comes two weeks after it hit $30 billion in net assets at the end of October
BlackRock is now in the top 1% of all ETFs by assets and is bigger than all the ETFs launched in the past 10 years

BlackRock has done it again. This time its IBIT spot Bitcoin exchange-traded fund (ETF) has hit a record of over $41 billion in net assets in 211 days.

News of the milestone comes two weeks after BlackRock reached $30 billion in net assets in 293 days at the end of October.

Posting on X in October, Bloomberg analyst Eric Balchunas, said what BlackRock has achieved is an “all-time record,” adding “the old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”

With BlackRock’s new achievement, it’s surpassed the previous record of 1,253 days held by iShares Core MSCI Emerging Markets ETF, according to Balchunas.

In a post on X, he said: “[BlackRock’s] now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years.”

JUGGERNAUT: $IBIT has hit the $40b asset mark (a mere two wks after hitting $30b) in a record 211 days, annihilating prev record of 1,253 days held by $IEMG. It’s now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years. pic.twitter.com/WTATlpShUq

— Eric Balchunas (@EricBalchunas) November 13, 2024

Now, BlackRock holds more than 467,000 Bitcoin, valued at $41.8 billion, according to iShares data.

Reaching new heights

The new record comes as Bitcoin reached an all-time high of over $93,000 on November 13 in a continued rally that’s showing no signs of slowing.

The upward trajectory is partly due to Donald Trump being re-elected as US President earlier this month. Following news of his win, Bitcoin broke the $75,000 mark. It then passed $82,000, and continued to $84,000, before pushing to $87,000 earlier this week.

In September, Bernstein analysts predicted that Bitcoin would surge to between $80,000 and $90,000 if Trump won the US election. With that prediction having now passed, Bernstein analysts believe Bitcoin could reach $200,000 in 2025, urging investors to “buy everything they can.”

It remains to be seen how far Bitcoin will go, but for now, it’s showing no signs of slowing down.