Bitcoin has surpassed the $100,000 mark, a milestone that has not been seen this year, as the cryptocurrency market gains momentum.
MicroStrategy, taking advantage of this trend, announced that it has acquired an additional 1,070 BTC for $101 million, increasing its total holdings to an impressive 447,470 Bitcoins. Coinbase and other stocks related to cryptocurrencies have also benefited from this rally, with Coinbase shares rising by nearly 8% and MicroStrategy seeing a 6% increase.
This rally stands in stark contrast to Bitcoin’s struggles in December, when heavy selling pressure kept prices below the $100,000 mark. Analysts now point to healthier market dynamics, including steadier funding rates for futures, which suggest a more sustainable trajectory. However, the focus for the week may shift to U.S. economic data, particularly the upcoming jobs report, which could influence investor sentiment.
Meanwhile, Bitcoin’s rising premium on Coinbase indicates a renewed interest from U.S. investors. This marks a rebound from its lows in 2022 following the FTX incident, indicating a growing demand from institutional and retail investors.
As all of this unfolds, Washington remains calm during the certification of President Trump’s victory in 2024, in stark contrast to the chaos of 2021. Vice President Kamala Harris presided over the session, maintaining order as the process moved forward without any incidents.
At the time of writing, Bitcoin is trading at $102,150 after an impressive 4.2% surge in the past 24 hours and almost 11% on the weekly chart.