Key Points
- Bitcoin trades above $100,000, nearing a market cap of $2 trillion.
- Recent CPI information, BTC ETF inflows, and optimism about upcoming BTC reserves fueled BTC’s latest rally.
Yesterday, Bitcoin kicked off a worth rally that took the digital asset above $101,000.
BTC started its ascendant trajectory following the most recent CPI information and was sustained by different components, together with optimism in regards to the upcoming Trump administration and the institution of BTC reserves within the US and past.
Bitcoin Price Holds Above $100,000
At the second of writing this text, BTC is buying and selling above $100,700, up by over 3% at the moment.
The digital asset’s market cap is nearing $2 trillion in a race to overhaul Google and grow to be the sixth largest asset on this planet by market cap.
Meanwhile, BTC ETFs within the US recorded their tenth influx day on December 11.
BTC ETFs Inflows Surpass $4 Billion in 10 Days
On December 11, BTC ETFs recorded over $223 million in inflows, marking the tenth consecutive influx day within the crypto merchandise since November 27. During this era, BTC ETFs noticed virtually $4.3 billion in influxes, in keeping with information from SoSoValue.
The complete web property locked in BTC ETFs surpassed $113 billion and the cumulative web influx within the crypto merchandise is over $34.5 billion since their January launch.
Strong inflows in BTC ETFs counsel continued curiosity in BTC and associated merchandise, regardless of a latest market turmoil triggered by a possible Microsoft rejection to think about investing in BTC following shareholders’ newest vote.
Besides the continual inflows in BTC ETFs, BTC’s rally can be supported by optimistic prospects concerning the upcoming Trump administration within the US which is able to carry crypto-friendly insurance policies and potential BTC reserves.
Upcoming US Strategic BTC Reserve
Today, Dennis Porter, Satoshi Act Fund’s CEO, shared a post by way of X, noting that in lower than 24 hours, the struggle for a Strategic BTC Reserve will hit a brand new stride.
He highlighted that almost 5,000 RSVPs got here in concerning implementing a BTC Reserve and the quantity continues to climb.
On December 10, he additionally said that a very powerful announcement concerning Bitcoin is on its approach and it’ll velocity up the timeline for international adoption.
Optimism About the Future of Bitcoin and Crypto
The upcoming Trump administration set to formally start on January 20, 2025, will carry crypto-friendly insurance policies and essential names that may assist the business, together with David Sacks and others.
Bitcoin’s latest rally is supported by the prospect of a possible upcoming rate of interest minimize by the Fed within the US.
The probabilities for a 25 bps charge minimize on December 18 are nearing 99%, in keeping with information from CME Group, following yesterday’s CPI report.
The stage appears completely set for a profitable year-end for Bitcoin and the crypto market, paving the trail for a vibrant future for the business.
