Bitcoin Battles for $100K, Christmas Rally Incoming? (Your Weekly Crypto Recap)
It hasnt been a particularly fun week in the cryptocurrency industry as the majority of the market is trading in the red. The losses are mostly tolerable, although some altcoins definitely feel the pressure. But lets start with Bitcoin, as always.
The primary cryptocurrency saw a week full of volatility. During the weekend, it increased above $101,000 but as soon as the week started, things werent going as smoothly. On Monday, the price began to fall, and at one point, it even dipped toward $94,000.
You guessed it at that point, half of the community was calling the bull market off. But the actual bulls had something else in mind, as the dip was bought up almost immediately within the next couple of days. The price shot up toward $103K yesterday but was unable to sustain itself there, and Bitcoin is currently battling for the coveted $100K level once again.
Elsewhere, if you thought that a week would go by without Michael Saylor not buying BTC, well, think again. MicroStrategy announced yet another massive purchase, this time worth around $2.1 billion. They bought 21,550 BTC at an average price of $98,782 and currently holds a whopping 423,650 BTC. Thats right, every time Bitcoin moves by a single dollar, the company makes or loses almost half a million bucks. Now, thats wild.
BlackRock also chipped in on the party. Experts from the company said that allocating 2% of ones multi-asset portfolio to Bitcoin is a reasonable margin. But why would you care? Well, these guys manage a lot of money. In fact, they manage the most money compared to other asset managers, and when they say something people tend to listen. In this case, other institutional investors might consider Bitcoin after BlackRock is publicly endorsing it yet again.
All in all, the week was very interesting in terms of price action, but if you hold altcoins, some of your portfolio is likely tanking. Most of them are in the red. A lot of the losses arent that substantial, but there are some exceptions.
Now, another interesting thing to look into is the possibility of a Christmas rally. Here are a few points in favor of this:
- The Fed is expected to cut rates again.
- Bitcoins supply cycle is in mid-swing, straight up.
- The EOY sales bump.
- Pro-Bitcoin Republicans soon take over Washington.
Market Data
Market Cap: $3.81T | 24H Vol: $264B | BTC Dominance: 52.5%
BTC: $101,136 (+1.2%) | ETH: $3,932 ( -2% ) | XRP: $2.43 (+4%)
This Weeks Headlines You Cant Miss
Bitcoin ETFs Hit $50.5B in Cumulative Net Inflows in First Year. Nearly a year since United States-based spot Bitcoin exchange-traded funds (ETFs) were launched in January, the funds have experienced remarkable growth. Inflows into the 12 funds have surpassed 500,000 BTC.
Santa Rally for Bitcoin Price This December? 5 Big BTC Supports. Here are five reasons BTC might just be catching its breath for the next leg up.
MicroStrategys Bitcoin Stash Rises to 423,650 BTC After Another Multi-Billion Dollar Purchase. It seems like a recurring event now, but MicroStrategy, the worlds largest corporate holder of BTC, has announced another massive acquisition. This time, the firm spent $2.1 billion at an average price of $98,782 to acquire 21,550 BTC.
Ray Dalio Says to Invest in BTC and Gold, Not Debt Assets: Report. Ray Dalio, an American investor and founder of the worlds largest hedge fund, Bridgewater Associates, says he is investing in bitcoin (BTC) and gold rather than debt assets.
Crypto Advocate French Hill Picked to Lead House Financial Services Committee in 2025. Congressman French Hill has been appointed as the next chair of the House Financial Services Committee. He will succeed North Carolinas Patrick McHenry, who is retiring after a 20-year stint in Congress, including multiple terms leading Republicans on the board.
SEC Commissioner Hester Peirce Calls for Reforms in Crypto Under Trumps SEC Leadership. Hester Peirce, a Commissioner at the U.S. Securities and Exchange Commission (SEC), has outlined a vision for the agencys crypto regulatory strategy under President-elect Donald Trump.
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