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Bitcoin Hits Record $106K and XRP Consolidates Gains.
Dec 16, 2024 at 15:35
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Member Since Dec 14, 2024
23 posts
Dec 16, 2024 at 15:35
INTRODUCTION
Bitcoin Soars Past $106K Amid Trump Reserve Speculation
Bitcoin (BTC) reached a record-breaking high above $106,000, driven by speculation around Donald Trump’s potential establishment of a Bitcoin Strategic Reserve and the inclusion of MicroStrategy in the Nasdaq 100 index. This surge comes after BTC overcame a weekend dip, fueled by Trump’s statements supporting cryptocurrency reserves.
Additionally, MicroStrategy’s inclusion in the Nasdaq 100 has bolstered market confidence, with investors seeing it as a significant step for corporate Bitcoin adoption. Broader cryptocurrency prices followed Bitcoin’s lead, though gains were tempered by anticipation of the upcoming Federal Reserve meeting, which is expected to result in a 25-basis-point rate cut. However, persistent inflation concerns could signal a slower pace of rate reductions in 2025.
Technical Overview:
Bitcoin Soars Past $106K Amid Trump Reserve Speculation
Bitcoin (BTC) reached a record-breaking high above $106,000, driven by speculation around Donald Trump’s potential establishment of a Bitcoin Strategic Reserve and the inclusion of MicroStrategy in the Nasdaq 100 index. This surge comes after BTC overcame a weekend dip, fueled by Trump’s statements supporting cryptocurrency reserves.
Additionally, MicroStrategy’s inclusion in the Nasdaq 100 has bolstered market confidence, with investors seeing it as a significant step for corporate Bitcoin adoption. Broader cryptocurrency prices followed Bitcoin’s lead, though gains were tempered by anticipation of the upcoming Federal Reserve meeting, which is expected to result in a 25-basis-point rate cut. However, persistent inflation concerns could signal a slower pace of rate reductions in 2025.
Technical Overview:
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Dec 17, 2024 at 07:25
Also, the Fed is expected to lower its benchmark interest rate by 25 basis points tomorrow bringing it to 4.25%-4.5%. I think , this widely anticipated move, backed by 97% of market participants, is likely to further influence Bitcoin’s price dynamics as investors respond to shifting economic policies.
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