On Wednesday (December 25), Bitcoin surged back above $98,000, as Russia only banned cryptocurrency mining in 10 regions for 6 years, and President Putin did not implement a nationwide ban as expected. President-elect Trump announced the appointments for the cryptocurrency committee, and MicroStrategy held a shareholder meeting to raise funds for purchasing more Bitcoin.

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Starting January 1, 2025, cryptocurrency mining will be fully banned in 10 regions of Russia for a period of 6 years, lasting until March 15, 2031. Russian lawmakers also approved seasonal restrictions on cryptocurrency mining in major mining regions to prevent energy outages. These restrictions are consistent with the cryptocurrency mining law signed by the president in August and October 2024.

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Ten regions and territories in Russia will ban cryptocurrency mining, including Dagestan, the Ingush Republic, Kabardino-Balkaria, the Karachay-Cherkess Republic, North Ossetia, Chechnya, the Donetsk and Luhansk People's Republics, as well as the Zaporizhzhia and Kherson regions.

Reports indicate that the ban will affect mining pool activities and individual cryptocurrency mining. In addition to the complete ban, Russia will also partially restrict mining operations in three regions of Siberia during the winter energy consumption peak. Seasonal restrictions will affect parts of Irkutsk, Buryatia, and the Trans-Baikal region.

In 2025, these restrictions will initially last from January 1 to March 15, and will be extended in subsequent years from November 15 to March 15.

Russia's latest mining restrictions are an improved version of the initial restrictions proposed by the government in November. Initially, lawmakers planned to ban cryptocurrency mining in 13 regions, including Irkutsk, a major mining area in Russia.

Large Russian mining companies like BitRiver rely on cheap electricity in Irkutsk. According to local sources, the Irkutsk region is home to BitRiver's first and largest data center, which was launched in Bratsk in 2019.

In addition to positive news from Russia, a series of technology appointments announced by Trump also boosted the market.

Trump stated on his social media platform Truth Social, 'I am pleased to announce that an outstanding team will work with White House AI and cryptocurrency czar David Sacks. We will drive scientific breakthroughs together, ensure America's technological leadership, and usher in a golden age of American innovation.'

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In his post, he stated that his pick for the Director of the White House Office of Science and Technology Policy (OSTP) is Michael Kratsios, and that Lynne Parker is the Executive Director of the President's Council of Advisors on Science and Technology (PCAST) and an advisor to the OSTP Director.

Kratsios served as the Chief Technology Officer for the President-elect during the previous Trump administration, and was also appointed as the acting Deputy Under Secretary of Defense for Research and Engineering during the last time the President-elect was in the White House.

According to a profile on the University of Tennessee Knoxville website, Parker serves as the Vice Chancellor of the university. The profile also notes that from 2018 to 2022, Parker held several positions as part of the OSTP, including the Deputy U.S. Chief Technology Officer, leading AI-focused national policy work.

Trump also stated that the President's Digital Asset Advisory Council (cryptocurrency committee) will be led by Bo Hines as the Executive Director, whom he described as 'a new advisory group composed of notable figures from the cryptocurrency industry.' Hines was a college football player and a Republican candidate for the House, but lost to Democratic Congressman Wiley Nickel in the 2022 election.

In the industry, MicroStrategy held a special shareholder meeting to seek approval to increase its authorized shares to support its $42 billion Bitcoin acquisition plan, known as the 21/21 plan.

The proposal includes increasing the authorized number of Class A common shares and preferred shares to provide more flexibility for future stock issuances. Since October, MicroStrategy has significantly accelerated its Bitcoin purchasing pace, acquiring 42,162 Bitcoins just in December. As of December 22, the company held over 444,000 Bitcoins, valued at approximately $43.5 billion at current prices.

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Bitcoin Technical Analysis

Economies.com states that Bitcoin prices surged strongly, breaking through $96,555, and turned bullish in the day and short-term, halting the recent bearish correction and establishing a bullish wave.

The next major target is at $105,000. Note that the bullish trend will remain valid unless it falls below $95,195 and stays below it again.

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