Bitcoin climbed again above $100,000 late Monday, marking its first rise to that stage in two weeks. This rebound adopted Congress’ official certification of President-elect Donald Trump’s 2024 victory, clearing the trail for his Jan. 20 inauguration.
Congress formally licensed the election outcomes for all 50 states and the District of Columbia throughout a proper ceremony on Monday. Vice President Kamala Harris, in her function as president of the Senate, led the joint session of the Home and Senate.
JUST IN: Vice President Kamala Harris formally certifies the outcomes of the 2024 election, making pro-#Bitcoin Donald Trump the following President of the USA
pic.twitter.com/HfWyRMmInb
— Bitcoin Journal (@BitcoinMagazine) January 6, 2025
By 12:09 am ET on Tuesday, the asset traded close to $101,775, reflecting a ten% enhance over the previous week. In the meantime, the overall crypto market capitalization surpassed $3.7 trillion, reaching its highest level since December 19.
Bitcoin Poised for Subsequent Rally if It Surpasses $109K: Analyst
Alex Kuptsikevich, chief market analyst at FxPro, acknowledged that short-term development within the crypto market is transitioning into intervals of consolidation. “The market appears to be probing the bottom beneath its toes and shifting gently upwards,” he continued, noting that the present sentiment index of 76, indicating excessive greed, suggests lively shopping for and appreciable potential for additional development.
The analyst famous that present technical indicators level to the top of a typical correction, with development resuming to recoup 61.8% of the early November rally. He added that this outlook will probably be confirmed if Bitcoin decisively breaks by its earlier highs round $109,000. Additional, he expects Bitcoin’s development to realize momentum after surpassing the $100,000 mark.
Binance Highlights Bitcoin’s Stellar Efficiency as It Breaks $100K Barrier
Bitcoin first reached the $100,000 milestone on Dec. 5, fueled by rising optimism that Trump would introduce crypto-friendly deregulation as soon as in workplace. Throughout his marketing campaign, Trump promised to rework the US into the “crypto capital of the world.”
In accordance with SoSoValue, US spot Bitcoin ETFs recorded internet inflows of $987.06m as of Tuesday, Jan. 7, whereas US spot Ether ETFs introduced in $128.7m.
In the meantime, over in China, regulators have tightened their stance by extending foreign exchange guidelines to cowl crypto transactions. The State Administration of International Change (SAFE) has flagged these transactions as high-risk, instructing monetary establishments to carefully monitor all crypto-related dealings.
Individually, Binance revealed a report on Monday, highlighting Bitcoin as one of many top-performing world belongings this 12 months, second solely to Nvidia. The report credit Bitcoin’s spectacular run to key drivers like spot ETF approvals, the upcoming Bitcoin Halving, shifts in financial coverage, and hopes for extra favorable crypto rules. If this momentum continues into 2025, Bitcoin might climb additional in world asset rankings, reinforcing its place as a number one asset class.
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