Bitcoiners accuse JPMorgan of rigging the game against Strategy, DATs

Nasdaq has proposed to increase the options trading limit for BlackRock's iShares Bitcoin Trust (IBIT) from 250,000 to 1 million contracts, aiming to align IBIT with the largest and most liquid ETFs in traditional markets. This proposal has been submitted to the US Securities and Exchange Commission for approval.

Bitcoin's price recently experienced a significant drop below $90,000, reaching a low of around $80,000, yet the bullish sentiment among investors remains largely intact. Analysts are optimistic about a potential rebound, with some predicting a rise to $300,000 in the long term.

Bitcoin has bounced back to seven-day highs, currently trading below key support levels, as traders anticipate a potential record Thanksgiving Day close for BTC. Despite recent fluctuations, Bitcoin's price has shown resilience, rebounding from a low of $80,000 to around $87,000 and briefly surpassing $90,000 ahead of the holiday.

Ethereum (ETH) is attempting to recover from a recent market correction, with analysts suggesting a potential end-of-year rally that could see prices jump by 50% in December. The cryptocurrency is currently retesting the $3,000 mark after experiencing a 4.4% daily surge, although it has faced resistance in reclaiming this level.

Strategy Inc.'s competitive edge in Bitcoin treasury management is diminishing as major banks like JPMorgan and Morgan Stanley launch leveraged Bitcoin products, which are tightening profit margins and negatively impacting the stock performance of MicroStrategy (MSTR).

JPMorgan has filed to issue Bitcoin-backed structured notes linked to BlackRock’s IBIT ETF, which will offer up to 1.5x leveraged returns and conditional principal protection for institutional investors. This move signifies JPMorgan's deepening involvement in the cryptocurrency market, particularly as institutional interest in Bitcoin continues to grow.

Crypto prices have shown modest gains today, with Bitcoin (BTC) reclaiming the $90,000 mark and a total market capitalization rising to $3.2 trillion, indicating the beginning of a recovery from November's sharp pullback. Other major cryptocurrencies, including Ethereum (ETH), XRP, and BNB, also experienced positive movements amid this market correction.

Bitcoin's price has fallen below the 50-week Moving Average for the first time in the current cycle, raising concerns among analysts about a potential crash to $38,000. This significant drop marks a pivotal moment in Bitcoin's price action, as historical trends suggest that such a breakdown often precedes prolonged bear markets.