Bitcoin has surpassed the $100,000 mark, a significant milestone that has not been seen this year, as the cryptocurrency market gains momentum.
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Taking advantage of this surge, MicroStrategy announced its acquisition of an additional 1,070 BTC for $101 million, increasing its total holdings to an impressive 447,470 Bitcoins. Coinbase and other stocks linked to cryptocurrencies have also benefited from this rally, with Coinbase shares rising by nearly 8% and MicroStrategy seeing a 6% increase.
This rally is 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, including the upcoming jobs report, which could influence investor sentiment.
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Meanwhile, the rising premium of Bitcoin on Coinbase indicates a resurgence of interest from U.S. investors. This marks a rebound from its lows on FTX in 2022, hinting at growing demand from institutional and retail investors.
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As this unfolds, Washington remains calm during the certification of President Trump’s 2024 victory, in stark contrast to the chaos of 2021. Vice President Kamala Harris presided over the session, maintaining order as the process moved forward without incident.
At the time of writing, Bitcoin is trading at $102,150 after an impressive 4.2% surge in the past 24 hours and an almost 11% increase on the weekly chart.
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