It hasn’t 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 let’s 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 weren’t 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. That’s right, every time Bitcoin moves by a single dollar, the company makes or loses almost half a million bucks. Now, that’s wild.
BlackRock also chipped in on the party. Experts from the company said that allocating 2% of one’s 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 aren’t 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.
- Bitcoin’s 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 Week’s Headlines You Can’t 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.
MicroStrategy’s Bitcoin Stash Rises to 423,650 BTC After Another Multi-Billion Dollar Purchase. It seems like a recurring event now, but MicroStrategy, the world’s 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 world’s 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 Carolina’s 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 Trump’s SEC Leadership. Hester Peirce, a Commissioner at the U.S. Securities and Exchange Commission (SEC), has outlined a vision for the agency’s crypto regulatory strategy under President-elect Donald Trump.
The post Bitcoin Battles for $100K, Christmas Rally Incoming? (Your Weekly Crypto Recap) appeared first on CryptoPotato.