Bitcoin Approaching 100k on Christmas eve..
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The recent Bitcoin purchase is a welcome development for Bitcoin bulls had been struggling to regain ground following the Fed's hawkish rhetoric.
Major risk assets, including prominent cryptocurrencies, tumbled last week after it became clear that the Fed would likely implement fewer rate cuts in 2025.
However, even following the most recent price surge, the Bitcoin price is still down roughly 9% from its record high of $108,135 on Dec. 17.
Last year, Bitcoin was trading at the $43,000 level on Christmas Eve.
In 2022, the flagship cryptocurrency was changing hands at roughly $16,000 after enduring a massive crash that occurred following the FTX implosion.
So far, the cryptocurrency has surged by nearly 140% in 2024, and some pundits of the likes of SkyBridge Capital founder Anthony Scramucci believe that the flagship coin might double in price in 2025. The cryptocurrency is up by a mere 1% this week. Bitcoin bulls still have a week left to make sure that this month remains in the green.
