The leading cryptocurrency has established a new all-time high (ATH), briefly exceeding $106,300. In response, the total crypto market capitalization has risen above a record $3.92 trillion.
According to CoinGecko, BTC reached a new ATH of $106,352. As of December 16, 2024, 10:00 a.m. (GMT+2), a slight correction brought the price to around $104,900. Bitcoin’s dominance rate is hovering just above 57%.
The main catalyst for this surge was Donald Trump’s statement on CNBC, confirming that he plans to support the use of Bitcoin as a strategic reserve. He noted that such a move would secure the United States’ leadership in the digital asset sector. It’s worth mentioning that similar ideas are also being considered at the state level in Texas, Florida, Alabama, and Pennsylvania.
Another significant factor influencing Bitcoin’s price jump is the anticipation of a U.S. Federal Reserve rate cut. According to Forbes, Fed officials may announce a 25 basis-point reduction at their upcoming meeting scheduled for December 18.
It’s important to recall that Bitcoin’s previous ATH of $103,700 was set less than two weeks ago. Afterward, CP Media analyzed potential growth limits for Bitcoin’s price and the factors driving it. One of the key drivers identified was the use of BTC as a reserve asset.
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