Bitcoin’s price tag rose above$ 100, 000 for the first time this year as a major tailwind continues to sway investor sentiment in response to the traditional run last year.
At the time of writing, the Bitcoin rate has reached as high as$ 101, 192 before retracing slightly, according to CoinGecko. It’s also nicely much of its all-time large of$ 108, 135.
Sunday’s move follows a nearly three-week period where the world’s largest digital asset traded below the psychological step, having dropped 5.6 % in a single day on December 18.
Despite the Federal Reserve’s updated circle story prospect for future interest rate cuts in late December shaking up bitcoin and broader equities, the prospect is still positive, with some of the most well-known digital assets from last year poised for a healing.
However, crypto’s buying culture remains “mixed” following the December FOMC gathering and the following holiday season, according to modern asset investment research firm 10x Research.
Bitcoin appears to be navigating a military trading range, which offers opportunities for proper positioning as opposed to a simple bearish trend, the company stated in a note to investors on Sunday.
President-elect Donald Trump’s plan to implement a U. S. proper Bitcoin supply following his opening on January 20 continues to ponder on individual’s thoughts.
The proposal involves the U. S. government retaining its current bitcoin holdings —approximately 210, 000 bitcoins valued at around$ 21 billion, primarily acquired through criminal seizures—and potentially acquiring more.
It is in line with Senator Cynthia Lummis ‘ proposal for the Bitcoin Act of 2024, which requires the U.S. Treasury and the Fed to get 1 million bitcoin over five years, or roughly 5 % of the world supply.
When he regains the White House this quarter, whether Trump can fulfill his promise remains to be seen. Researchers have stated that the mere idea of a future president may continue to improve the prospect for the first half of the time.
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