#Bitcoin Surges Above $100,000 for the First Time This Year
Bitcoin has broken through the $100,000 price barrier for the first time in 2024, driven by a significant tailwind that continues to boost trader sentiment. According to CoinGecko, the cryptocurrency reached a high of $101,192 before retracing slightly. Although it remains below its all-time high of $108,135, this milestone marks a notable achievement for the world’s largest digital asset.
Whales Accumulate Bitcoin
Sunday’s move follows a nearly three-week period where Bitcoin traded below the psychological milestone of $100,000, having dropped 5.6% in a single day on December 18. Despite the mixed trading environment, some of last year’s most popular digital assets are showing signs of recovery. According to digital asset investment research firm 10x Research, Bitcoin appears to be navigating a tactical trading range, presenting opportunities for strategic positioning rather than a straightforward bullish trend.
US Strategic Bitcoin Reserve Proposal Weighs on Investor Minds
President-elect Donald Trump’s plan to implement a US strategic Bitcoin reserve is continuing to influence investor sentiment. The proposal involves the US government retaining its current Bitcoin holdings, valued at around $21 billion, and potentially acquiring more. This aligns with the Bitcoin Act of 2024, proposed by Senator Cynthia Lummis, which calls for the US Treasury and the Fed to acquire 1 million Bitcoins over five years. While it remains to be seen whether Trump can follow through on his promise, experts believe that the mere prospect of a US strategic Bitcoin reserve will continue to bolster the outlook for the first half of the year.
Conclusion
In conclusion, Bitcoin’s surge above $100,000 marks a significant milestone for the cryptocurrency. Despite the mixed trading environment, the proposal for a US strategic Bitcoin reserve and the potential for strategic positioning are contributing to a positive outlook for the first half of the year. As the market continues to navigate the tactical trading range, investors will be closely watching the developments in the US and their potential impact on the cryptocurrency market.
Source: Decrypt.co
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