Bitcoin Pushed Past $100k
Market Update - December 6, 2024
Bitcoin Surges Past 100K Mark As Momentum Continues
The price of bitcoin surged past $100,000 on Wednesday night, breaking through significant selling resistance to reach an all-time high around $104,000 before dipping back below $100,000 Thursday afternoon. Still, the price of bitcoin has risen nearly 50% over the past 30 days, driven by steady spot bitcoin ETF inflows, continued buying from Michael Saylor’s MicroStrategy, and anticipation of a crypto-friendly administration from president-elect Donald Trump.
Bitcoin’s push past $100,000 set off a series of celebrations in the crypto community and served as a victory lap for bulls that endured a 2022 crypto winter that saw the price of bitcoin drop below $17,000. Now just two years later, traditional financial actors have increasingly embraced crypto, with analysts setting a $120,000 near-term price target. Analysts at Bernstein said the price could reach $200,000 by the end of 2025.
During an interview at the DealBook Summit on Wednesday, Federal Reserve chair Jerome Powell added more legitimacy to the asset class by comparing it to digital gold. The market price of bitcoin measured in gold has hit 39 ounces, an all-time high.
“It’s just like gold, only it’s virtual, it’s digital,” Powell said. “ People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold.”
➕Topic of the Week: Polymarket: A Decentralized Prediction Market
🫱 Read more here
- Bitcoin breaks contain: The price of bitcoin surged past the $100,000 mark on Wednesday night, setting off celebrations within the digital asset ecosystem.
- XRP surpasses Tether’s USDT to claim the third spot in market cap: A new regulatory regime in the United States has boosted the coin’s prospects.
- Trump chooses crypto advocate for next SEC chair: President-elect Donald Trump has selected Paul Atkins, a long-time crypto industry advocate, to lead the Securities and Exchange Commission.
- Alex Mashinsky pleaded guilty to fraud related to Celsius’ collapse: Facing up to 30 years in prison, his plea represents a broader reckoning after the 2022 crypto winter.
- DMM Bitcoin will cease operations after a 305M hack, transferring accounts and assets to SBI VC Trade next year: The hack, linked to suspected Lazarus Group activity, caused widespread service disruptions and financial losses.
Bitcoin Surges Past 100K Mark As Momentum Continues
The price of bitcoin surged past $100,000 on Wednesday night, breaking through significant selling resistance to reach an all-time high around $104,000 before dipping back below $100,000 Thursday afternoon. Still, the price of bitcoin has risen nearly 50% over the past 30 days, driven by steady spot bitcoin ETF inflows, continued buying from Michael Saylor’s MicroStrategy, and anticipation of a crypto-friendly administration from president-elect Donald Trump.
Bitcoin’s push past $100,000 set off a series of celebrations in the crypto community and served as a victory lap for bulls that endured a 2022 crypto winter that saw the price of bitcoin drop below $17,000. Now just two years later, traditional financial actors have increasingly embraced crypto, with analysts setting a $120,000 near-term price target. Analysts at Bernstein said the price could reach $200,000 by the end of 2025.
During an interview at the DealBook Summit on Wednesday, Federal Reserve chair Jerome Powell added more legitimacy to the asset class by comparing it to digital gold. The market price of bitcoin measured in gold has hit 39 ounces, an all-time high.
“It’s just like gold, only it’s virtual, it’s digital,” Powell said. “ People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold.”
➕Topic of the Week: Polymarket: A Decentralized Prediction Market
🫱 Read more here
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