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Cryptocurrency

The Fluctuations and Future of Bitcoin

2024-11-26

Bitcoin, the leading cryptocurrency, has seen significant price movements recently. On Tuesday, it was around $93,000, having retreated from levels just below $100,000 last week. Monday witnessed the third-largest day of outflows from bitcoin ETFs on record.

Profit-Taking and Investor Behavior

Bitcoin market watchers note that much of the selling is coming from relatively new buyers who entered the market above $56,000. The “bitcoin $100,000” price milestone has proven elusive. Some analysts attribute this to skittish investors taking profits as companies continue to purchase the crypto asset.For instance, after Donald Trump's electoral victory, bitcoin's rally picked up steam with optimism regarding a more crypto-friendly administration and Congress. However, the rally has slowed lately, likely due to profit-taking by relatively new investors, while longer-term investors hold on to their bitcoin. Galaxy Digital CEO Mike Novogratz stated in an X post Sunday that most of the selling is from 2024 buyers who bought above 56k, which is normal profit taking. Bitcoin analyst James Check also said those who purchased bitcoin around $68,000 six weeks ago are responsible for a large amount of the selling pressure this month.

Investors and Bitcoin ETFs

Strong selling was also observed in bitcoin exchange-traded funds (ETFs) on Monday. According to Farside Investors, it had its third-largest day of outflows at $435.3 million. This follows the large inflows seen in these products since Election Day. For example, BlackRock’s iShares Bitcoin Trust (IBIT) saw $267.8 million of inflows on Monday, despite the net outflows for the category as a whole. Bitcoin ETFs hold bitcoin and needed to purchase it as more investors poured money into these products. This is why spot bitcoin ETFs were partially responsible for the cryptocurrency's rise this year.

The Future of Bitcoin

So far this year, bitcoin prices have more than doubled, gaining roughly 120%, while the S&P 500, a broad stock index, has risen about 25%. Some analysts called for bitcoin to rise above $100,000, but others were skeptical. Novogratz in a CNBC interview last week said he expected a price correction, though not one that would send bitcoin below $80,000.The recent weakness comes at a time when more companies are purchasing bitcoin. MicroStrategy (MSTR) announced the purchase of another $5.4 billion worth of bitcoin on Monday morning. Companies like Marathon Digital (MARA), Semler Scientific (SMLR), and Rumble (RUM) have also committed to purchasing bitcoin. If this trend continues, it could bolster bitcoin prices, as Coinbase Research stated. “We think that these corporate inflows represent an increasingly important source of capital inflow into the space as corporate purchase plans that we think may be relatively more price inelastic,” Coinbase researchers wrote in recent commentary. “This could contribute to continued market momentum in the near term.”

Television enthusiasts often find themselves in a state of anticipation, wondering about the future of their beloved shows. In this exploration, we delve into the queries and answers surrounding some of the most talked-about series.

The Quest for TV Show Continuations

Season 3 of “The Lincoln Lawyer” – A Cliffhanger and Beyond

Manuel Garcia-Rulfo's captivating portrayal of Mickey Haller in Season 3 of “The Lincoln Lawyer” left viewers on the edge of their seats. The cliffhanger at the end has sparked much speculation. While there has been no official confirmation of a fourth season, indications suggest its likelihood. The “What’s On Netflix” website pointed to both the cliffhanger and excellent viewership stats, along with signals from the cast and crew hinting at more to come. However, given the approximately one-year gap between previous seasons, it may not be arriving soon.There is a sense of excitement among fans as they await news of the next installment. The show's unique blend of legal drama and suspense has kept audiences hooked, and the possibility of more adventures with Mickey Haller is a tantalizing prospect.

“Almost Paradise” – A Rocky TV Journey

Christian Kane's performance in “Almost Paradise” was a highlight. This crime drama saw him play a former DEA agent on a small island in the Philippines. The first season premiered in 2020 on the old WGN America. It took three years to get a second season, with streamer Freevee picking it up. Both seasons are still available on Prime Video as Amazon phases out Freevee. Since then, there has been no news about a third season. Kane has since moved on to other projects, such as “The Librarians: The Next Chapter,” set to air on TNT in 2025. The show's ups and downs have made it a topic of interest among viewers.

“Poker Face” – Delayed but Expected Back

Natasha Lyonne's “Poker Face” was a hit, with the second season picked up by Peacock. However, like many shows, it faced delays during the Hollywood strikes. But good news awaits as it is expected to return sometime in 2025. According to TV Line, the guest star list is impressive, including Katie Holmes, Margo Martindale, Cynthia Erivo, Giancarlo Esposito, and John Mulaney. The mystery series has a dedicated fan base, and the anticipation for its return is palpable.

“These United States” – A Short-Lived Comedy-Drama

Beau Bridges and Helen Shaver starred in “United States” (no “These”), a comedy-drama about a modern marriage that aired on NBC in 1980. With Larry Gelbart involved as a producer and writer, the show aimed to break away from TV-comedy conventions. While some critics were not fans, calling it “tedious, boring, and didactic,” it had a certain charm. Unfortunately, the small audience led to its cancellation before all 13 episodes were aired. Despite the efforts of fans to bring it back, it remains elusive.

“The Resident” – A Six-Season Journey Comes to an End

Matt Czuchry's “The Resident” was a binge-worthy medical drama that fans thoroughly enjoyed. There were rumors of a seventh season based on a Google search, but it seems those were unfounded. The sixth season finale in 2023 marked the end of the show. The producers crafted a finale that wrapped up enough storylines to serve as a series-ender, leaving viewers with a sense of closure.Each of these shows has left a mark on television history, and the questions and answers surrounding them highlight the unpredictable nature of the industry. Whether it's waiting for a cliffhanger to be resolved or hoping for a revival, fans remain passionate about their favorite shows.