pessimism of crypto investors, chances for the creation of a bitcoin reserve in the USA, rumors about the release of SBF, and forecasts for 2025
This is the last weekly digest of key events in the field of crypto assets and Web3 in general from Incrypted in the outgoing 2024 year. In it, we will tell you how the prices of the largest crypto assets changed, what the chances are for the creation of a bitcoin reserve in the USA, why rumors about the release of former FTX CEO Sam Bankman-Fried arose, and what experts expect in 2025.
Main news
Bitcoin news
How has the asset price changed?
This week, there were several major spikes and drops in the bitcoin price chart. On the evening of December 24, 2024, the asset's price rose from $94,000 to over $99,000, but later fell again. There was also a drop in the price on December 26, when for unknown reasons, the bitcoin dominance indicator on the TradingView portal dropped to zero.
At the time of writing, the first cryptocurrency is trading at $94,300.
The number of bitcoins on Binance's balance has dropped to a yearly low. Why is this important?
An analyst under the pseudonym Darkfost believes this indicates accumulation of the first cryptocurrency by whales and precedes a price surge. He cited a similar trend in January 2024. At that time, the decrease in the bitcoin balance on Binance preceded a rally in March, when the asset updated its interim high above $73,000.
Santiment: Bitcoin will rise to $110,000 at an unexpected moment
As justification for this thesis, the company's experts cited previous spikes in the asset's price. The increase in mentions of the level at $110,000 indeed led to a rise in the asset's price, but was followed by a decline. In this regard, as noted by experts, the bitcoin price will be able to break through this level and consolidate at it when the crowd does not expect it.
Matrixport stated there are threats to further bitcoin growth
Several potential threats have emerged that could undermine the bullish bitcoin market. This was reported by experts from the analytical company Matrixport. These include the potential to bypass the cap of 21 million BTC fixed supply, the threat of quantum hacking, and the risk of rising interest rates from the Federal Reserve.
How is MicroStrategy doing?
At the beginning of the week, information emerged that the largest corporate bitcoin holder would hold an unscheduled shareholder meeting. Its purpose is to raise the stock issuance ceiling to accelerate the plan to purchase the first cryptocurrency for $42 billion through raised funds.
The company also increased its bitcoin balance to 444,262 BTC. The average purchase price of these crypto assets is $62,257, and the portfolio is valued at $43.2 billion.