Bitcoin Hits New All-Time High at $106,352
Bitcoin is trading at $104,700 after hitting a new all-time high of $106,352 on Sunday. Analysts say that institutional demand, ETFs, and corporate interest in treasuries are turning Bitcoin into a more robust asset class. In addition, US President Donald Trump’s plan to create a strategic crypto reserve is among the factors contributing to the price increase. Bitcoin is expected to continue its upward momentum towards the end of the year and into 2025.
Trump Approves US Bitcoin Reserve Plan
President-elect Donald Trump has confirmed plans to establish a US Bitcoin strategic reserve under the BITCOIN Act, which aims to purchase 1 million Bitcoin and reduce the US national debt. The announcement, along with Bitcoin’s surge past $100,000, has intensified global competition with Russia, which is exploring its own bitcoin reserve strategy to bypass the U.S.-dominated financial system. While proponents see Bitcoin as a hedge against inflation and fiscal mismanagement, critics warn about its high costs, the risk of inflation, and the potential for financial instability if Bitcoin loses value. The move signals a potential “crypto cold war” for economic supremacy among major powers.
MicroStrategy Begins Listing on Nasdaq
MicroStrategy (MSTR), a bitcoin-focused firm led by Michael Saylor, has taken a significant step in integrating crypto-related businesses into major financial indices by joining the Nasdaq-100. With $42 billion in bitcoin assets, MicroStrategy’s inclusion provides indirect bitcoin exposure to ETFs like the $300 billion Invesco QQQ Trust (QQQ). The move could attract billions of dollars in passive investment, but MicroStrategy also faces the risk of losing its Nasdaq-100 membership due to the risk of being reclassified as a financial company. The development points to broader adoption of crypto in the traditional financial system, as institutional investors and ETFs increasingly include bitcoin in their portfolios. Following the announcement, bitcoin rose to $102,000, reflecting market optimism.
XRP Reaches Historic High with RLUSD
XRP experienced a historic rally in late 2024, driven by political headwinds and ecosystem developments such as the RLUSD stablecoin. RLUSD will be hosted on the XRP Ledger and XRP-EVM sidechain, which will increase demand for XRP as transaction fees must be paid in XRP. Factors like Donald Trump’s pro-crypto stance, WisdomTree’s XRP ETF application, and the NYDFS approval of Ripple’s RLUSD stablecoin have kept investor interest alive. XRP reached a seven-year high of $2.90, becoming the fourth-largest cryptocurrency by market cap, edging past Tether.
Robinhood Crypto Sees Record Volume in 2024
Robinhood Crypto saw significant growth in 2024, with $119 billion in trading volume and $38 billion under management in crypto assets. The company expanded its services to all 50 states and territories across the U.S., added new crypto assets, and introduced advanced trading tools. In Europe, it launched SOL and ETH staking, bringing the number of supported assets to 40, and added advanced exchange features to its wallet on Ethereum-based networks. Despite regulatory challenges like a Wells Notice from the SEC, Robinhood Crypto has seen significant growth and expects wider adoption in 2025.
Texas Plans to Establish Strategic Bitcoin Reserve
Texas State Representative Giovanni Capriglione has proposed the Texas Strategic Bitcoin Reserve Act (HB No. 1598) to create a Bitcoin reserve that would be managed by the state treasury. The bill aims to increase financial stability, encourage digital innovation, and allow citizens to pay their taxes, fees, and charities with Bitcoin. If approved, the reserve would hold Bitcoin assets for at least five years and provide a framework for public contributions and crypto asset management. The initiative is in line with the trend of Bitcoin adoption in US states and Donald Trump’s plans for a federal Bitcoin reserve.
Japan Takes Steps for National Bitcoin Reserve
Japanese lawmaker Satoshi Hamada has proposed the creation of a national Bitcoin reserve and has formally requested the National Diet to discuss the issue. This follows calls for similar strategies to be adopted in countries such as the US, Russia, Brazil, and Poland, as Bitcoin surges past $103,000. Hamada’s proposal aligns with efforts by Democratic Party leader Yuichiro Tamaki in Japan to promote crypto-friendly tax reforms and regulations. The initiative reflects a trend for governments to explore Bitcoin as a strategic financial asset.
Nano Labs Draws Attention with $5.5 Million Bitcoin Investment
China-based integrated circuit design firm Nano Labs has successfully closed a $36.25 million private equity round. The transaction involved the issuance of 5,611,459 Class A shares at a price of $6.46 per share. The company also purchased approximately 55.6 BTC ($5.5 million) through the Hong Kong-based Hashkey platform. Nano Labs plans to adapt its investment strategy as it closely monitors developments in the Bitcoin market. The company opened a Coinbase account last month to accept Bitcoin for payment of products, responding to the increasing demand for cryptocurrency payments.
Drake’s X Account Hacked to Post Solana Memecoin
Canadian rapper Drake’s X account was hacked to promote a Solana-based memecoin. The memecoin, inspired by the rapper’s cartoon “alter ego” character Anita Max Wynn, quickly reached a trading volume of $5 million. However, the posts were removed after it was determined that they were fake. In recent weeks, many high-profile X accounts have been hacked in a similar manner.
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BITCOIN (BTC)
BTC is priced at $ 105,007 as of the morning hours, gaining 0.52% in value. After testing a support area near 93,283, the price reacted strongly and started an upward movement, breaking the resistance at 104,088. This breakout can be interpreted as a bullish signal, and the broken resistance level can now work as support. Currently, the price has reached 105,011, creating a short-term peak, and this area has become a new resistance level. If the price manages to hold above 104.088, the upward movement can be expected to continue and the target areas of 106.000 – 107.000 can be tested. However, if the price falls below this level, a false breakout situation may occur and in this scenario, the probability of a pullback to the 93.283 support area increases. In summary, it is critical for the price to remain above the 104.088 level for the continuation of the upward movement.
ETHEREUM(ETH)
ETH is priced at $ 3,967 as of the morning hours with a 0.21% gain in value. It is seen that a strong resistance area has been reached at the 3,969 level. This area has been tested before but has not been overcome. If the resistance is broken upwards, the upward momentum may increase and carry the price to the 4,050 – 4,100 levels. Otherwise, if the price reacts downward, the 3,671 and 3,613 levels stand out as intermediate support. Breaking these levels could increase selling pressure and pull the price to the main support area extending to 3,443. This main support area, which previously received a strong buying reaction, will play a critical role in limiting declines. In general, an upward break of the 3.969 level will support the upward movement, while rejection from this region may lead to short-term pullbacks.
RIPPLE(XRP)
XRP is priced at $ 2.41 as of the morning hours with a 1.44% loss in value. It exhibits a horizontal appearance stuck between the 2.3111 support level and the 2.4972 resistance level. The price has tested the 2.4972 level several times but could not make an upward break. If this level is broken upwards, the price can be expected to move to the main resistance zone of 2.6469 and the rise can be expected to accelerate. On the downside, the level of 2.3111 stands out as a critical support. If this zone is lost, the probability of the price falling back to the level of 1.9572 further down will increase.
AVALANCHE(AVAX)
AVAX is priced at $ 50.40 as of the morning hours with a 0.96% loss in value. It continues to search for direction by moving in a wide band between the 45.80 support and the 54.43 resistance. The 54.43 level is an important resistance zone and the price has tested this level but has not yet made a permanent break. This level needs to be broken for an upward movement to continue, and in this case, the upward momentum may accelerate. On the downside, the first important support level stands out as 45.80. If this level is broken, the price may retreat to the support areas of 42.56, 41.59 and 39.94, respectively. In deeper declines, the levels of 37.67 and 32.95 stand out as strong support areas.
SOLANA(SOL)
SOL is priced at $ 222.20 with a 0.92% loss in value as of the morning hours. It continues to be under downward pressure by having difficulty overcoming the 230.89 resistance. If this level is broken upwards, the price may start an upward movement towards the 236.00 region and a short-term uptrend may occur. However, if the rejection from the current resistance continues, the price may test the intermediate support at 225.21. Further down, the 215.27 and critical support zone of 205.00 stand out as important areas where the price can hold on. In case the 215.27 level is lost, the downward pressure is likely to increase and push the price into deeper corrections. In summary, the direction of the price will become clear depending on the break of the 230.89 resistance or the loss of the support levels below.
