Media Man News Blog
Cryptocurrency News
December 16, 2024
Sydney, Australia
Bitcoin Climbs To Record High
Bitcoin climbed to a record high, extending a rally sparked by president-elect Donald Trump’s support for digital assets and his plan to turn the US into the dominant force in the sector.
The largest token rose more than 3% at one point on Monday in Asia to an unprecedented $US106,493 ($167,193.40), exceeding its previous peak from December 5. The advance helped to boost sentiment in the wider crypto market.
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Bitcoin climbs to $US105,000 on strategic reserve hopes
Bitcoin has surged to a record high above $US105,000 in early Asian trade, boosted by comments from president-elect Donald Trump that suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve.
Bitcoin hit a high of $US105,142 ($A165,390) and last traded at $US104,609.
The price rose on news reports over the weekend that Trump would go ahead with a bitcoin strategic reserve fund, according to Tony Sycamore, an analyst at IG.
"We're in blue sky territory here," Sycamore said on Monday.
"The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn't happen, because now we've got this news."
Bitcoin has surged more than 50 per cent since the November 5 election that saw Trump elected along with many other pro-crypto candidates.
"We're gonna do something great with crypto because we don't want China or anybody else - not just China but others are embracing it - and we want to be the head," Trump told CNBC late last week.
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: "Yeah, I think so."
The cryptocurrency industry spent more than $US119 million backing pro-crypto US congressional candidates, hoping to boost those who would pass crypto-friendly bills to promote digital assets.
Trump this month named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
News
Bitcoin News via Grok
Bitcoin Price Surge: Bitcoin has recently surged to a new all-time high, briefly topping $105,000. This comes amidst expectations of Federal Reserve rate cuts and rumors that Donald Trump might use Bitcoin as a U.S. reserve asset from day one of his administration.
Strategic Bitcoin Reserve Proposal: Donald Trump has confirmed his intention to establish a Strategic Bitcoin Reserve, which could involve purchasing 200,000 BTC annually, aiming to reduce Bitcoin's circulating supply by 5% each year. This plan has sparked discussions about its potential impact on Bitcoin's value, with some market predictions suggesting Bitcoin could reach $800,000 by next year.
Market Impact and Adoption: The discussions around a U.S. Bitcoin reserve have led to speculation about Bitcoin's future market cap, with some predicting a $15 trillion valuation. There's also an ongoing debate about Bitcoin's role in national reserves, with advocates like Dan Morehead suggesting that the U.S. should convert its gold reserves into Bitcoin.
Bitcoin in State Legislation: Texas has introduced legislation to establish a strategic Bitcoin reserve, following similar efforts in Pennsylvania. This could set a precedent for other states to follow, potentially affecting Bitcoin's market dynamics and adoption rate.
Corporate Bitcoin Holdings: Companies like Riot Platforms have been expanding their Bitcoin holdings, with Riot recently purchasing an additional 5,117 BTC, reflecting a trend where firms are increasing their exposure to Bitcoin.
These developments indicate a growing acceptance and integration of Bitcoin into both national and corporate strategies, significantly impacting its market perception and value. However, the volatile nature of cryptocurrency markets means these trends could change rapidly. (Grok)
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