📢 Bitcoin Soars Past Key Highs, Boosting Prices of Bitcoin, XRP, and Dogecoin!!

As a turbulent year comes to a close, the price of Bitcoin rose on Christmas Eve, having more than doubled this year for the largest cryptocurrency.

According to CoinDesk data, Bitcoin has surged about 5% in the past 24 hours, with the latest price at $98,700, close to its significant $100,000 milestone that it first broke in 2024.

Trump's Support Stance: President-elect Trump's supportive stance on cryptocurrencies has pushed up the prices of Bitcoin, XRP, and Dogecoin.

Any developments regarding Trump's push to establish a strategic Bitcoin reserve, or the Senate's approval of his nominated officials supporting cryptocurrencies, could impact cryptocurrency prices.

Interest Rate Changes: Just like traditional currencies, interest rates are equally important for cryptocurrencies. Monetary easing almost always benefits Bitcoin prices, while the opposite tends to have negative effects on prices.

The Federal Reserve (Fed) lowered interest rates by another 0.25 percentage points last week, bringing this year's total rate cuts to a full percentage point. However, the Fed also hinted that the number of rate cuts may decrease next year.

Government Debt: High interest rates will continue to put pressure on government debt payments. The ever-increasing government debt has raised questions about its sustainability, which could become a closely watched issue in the market by 2025.