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Worth
Buying and selling quantity in 24h
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Final 7d worth motion
surged to a historic excessive above $106,000 on Monday, 16 December 2024, following remarks by President-elect Donald Trump, who hinted at plans for a US Bitcoin strategic reserve akin to the nation’s strategic oil reserve.
The announcement ignited a bullish surge amongst traders, pushing the world’s most precious cryptocurrency to a file excessive of $106,533 earlier than settling at $104,462, marking a 3.2% achieve for the day.
Ethereum (ETH), the second-largest cryptocurrency, additionally noticed positive factors, climbing 1.5% to $3,965.
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Bitcoin Subsequent To Hit $110,000
Tony Sycamore, an analyst at IG, told Reuters that “we’re in blue sky territory right here.” He claimed that the “subsequent determine the market might be in search of is $110,000.”
“The pullback that a number of individuals have been ready for simply didn’t occur, as a result of now we’ve received this information,” Sycamore mentioned.
Investor sentiment was additional boosted by MicroStrategy’s inclusion within the tech-heavy Nasdaq 100 index. The software program firm, which has turn into one of many largest institutional holders of Bitcoin, is predicted to see elevated inflows, reinforcing market confidence.
Trump’s statements have reignited investor optimism for a extra favorable regulatory stance on cryptocurrencies. Talking to CNBC, Trump declared, “We’re gonna do one thing nice with crypto as a result of we don’t need China or anyone else – not simply China however others are embracing it – and we wish to be the pinnacle.”
When requested about the potential for a Bitcoin reserve, Trump replied, “Yeah, I believe so.”
World governments presently maintain round 2.2% of Bitcoin’s whole provide, in keeping with CoinGecko. The US reportedly possesses near 200,000 Bitcoins, valued at over $20 billion at current costs.
Michael Saylor calls on the US Authorities to promote all of its gold and purchase #Bitcoin. pic.twitter.com/G25G6uXHOf
— Watcher.Guru (@WatcherGuru) December 15, 2024
Different notable holders embody China, the UK, Bhutan, and El Salvador, in keeping with information from Bitcoin Treasuries.
Speak of cryptocurrency strategic reserves is just not new. Russian President Vladimir Putin just lately criticized the US for weaponizing the greenback’s reserve standing, pushing different nations to discover alternate options like Bitcoin.
Skepticism stays, nevertheless, with US Federal Reserve Chair Jerome Powell evaluating Bitcoin to gold. Analysts, too, warning {that a} US Bitcoin reserve can be complicated to implement.
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Texas Proposes Creating Bitcoin Reserve
Final week, Texas introduced a new bill to determine a strategic Bitcoin reserve. The laws proposes that the state settle for Bitcoin funds for taxes, charges, and donations, with the collected Bitcoin held in reserve for a minimum of 5 years.
Pennsylvania was the primary state to introduce a strategic Bitcoin reserve invoice in November, whereas different states, together with Oklahoma, Louisiana, Montana, and Arkansas, have enacted legal guidelines defending the rights to mine, self-custody, and conduct peer-to-peer Bitcoin transactions.
Wyoming Senator Cynthia Lummis has additionally proposed laws to create a federal Bitcoin reserve.
On the community facet, Bitcoin’s hashrate has reached unprecedented ranges, signaling a surge in mining exercise. Information from Glassnode exhibits the hashrate hovering from 128 EH/s to over 804 EH/s in 2024, with 37% of whole computational exercise occurring this yr alone.
The elevated safety has enabled Bitcoin miners to generate a cumulative $71.49 billion in income.
EXPLORE: 20 New Crypto Coins to Invest in 2024
The publish Bitcoin Hits Record $106K As Trump Teases US Bitcoin Strategic Reserve Plan appeared first on 99Bitcoins.
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