Merry Christmas, everybody! Even if Christmas is not your thing, we would like to take this opportunity to wish every and each one of you good will and fortune in the upcoming year and beyond!
Speaking of holidays, Bitcoin tried to gift us with a new rally, but unfortunately the Grinch (in the face of sellers) stepped in and ruined the whole thing. The last seven days turned out to be very choppy in terms of price action. BTC pushed to $99K last weekend but the bears were quick to intervene, initiating a violent move that spanned for a few days, resulting in a drop toward $92,000.
But on Christmas Eve, the bulls stepped up and pushed the price back up to $99,000, sparking hopes of a renewed end-of-year rally, which, unfortunately, was for not.
The price quickly retraced and is currently trading at around $96,000 – more or less where it was this time last week. This highlights the importance of staying away from excessive leverage because these moves can quickly chop up your portfolio and produce unnecessary losses.
That aside, there were some interesting developments. The President-elect of the United States, Donald Trump, reiterated that his administration has big plans for the industry, saying that they will “do something great with crypto.” He argued that the US should not fall behind other countries (naming China, which is surprising to absolutely nobody) when it comes to progress in that field. So, that’s good.
In other news, MicroStrategy announced another whopping Bitcoin buy. The company bought more than 5,000 BTC earlier on Monday, solidifying its position as the world’s largest corporate holder by a massive margin.
It’s interesting to note that other companies are starting to follow Michael Saylor’s strategy. KULR Technology Group – a publicly-listed firm trading on the New York Stock Exchange – announced a $21 million BTC buy as well as plans of prolonged purchasing strategy as part of their broader policy.
Anyways, this is our last weekly market roundup for the year of 2024 and we will see you again next year! It’s incredibly exciting to see how 2025 will turn out – let’s hope that it’s every bit as good!
Market Data
Market Cap: $3.5T | 24H Vol: $157B | BTC Dominance: 54.4%
BTC: $96,368 (+2.6%) | ETH: $3,393 ( +4.9% ) | XRP: $2.19 (+1.5%)
This Week’s Crypto Headlines You Can’t Miss
Bitcoin Price Predictions for 2024 From Crypto Big Names, Hit or Miss? Dabbling into cryptocurrency price predictions must be one of the more interesting things to do at the end of the year. In this article, we’ve taken a closer look at those that were a hit and those that were a miss.
Trump Gets It: Bitcoin Is a Bounty on Abundance Electricity Production. President-elect Donald Trump confirmed that his administration is “going to do something great with crypto.” His motives stem from the fact that he doesn’t want China “or anybody else” to be ahead.
MicroStrategy’s Monday Streak Continues With 5,262 BTC Purchase. At this point, it probably doesn’t come much as a surprise to many, but yeah – MicroStrategy, the company spearheaded by one of Bitcoin’s most vocal proponents, Michael Saylor, bought another 5262 BTC this Monday.
Binance Bitcoin Reserves Hit Lowest Level in 2024, Possible Indicator of Bullish Reversal. Despite the most recent slump in Bitcoin’s price, data suggests that there could be room for more upward movement. This is because the BTC reserves on Binance hit their lowest level in 2024 earlier this week, indicating the possibility of a reduced selling pressure and even a supply shock in the near future.
Binance Backs Bitcoin Payment Pilot Proposal in Thailand. The world’s largest cryptocurrency exchange – Binance – has backed a pilot project designed to introduce cyprtocurrency payments for a tourist center in Thailand. Adoption.
Bitfinex: AI Agents Using Smart Contracts Will Revolutionize Crypto. AI agents are one of the hottest narratives of the past couple of months and experts at Bitfinex think that they have the capabilities to revolutionize the entire cryptocurrency industry.
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