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Chinese tech company Meitu has sold its entire crypto holdings of 940 Bitcoin and 31,000 Ethereum for $180 million, just before Bitcoin surpassed $100,000. The company plans to distribute 80% of the net profits as a special dividend to shareholders while shifting its focus to expanding its AI-driven photo and video editing business. Bitcoin recently hit a historic milestone, briefly reaching $103,000, driven by optimism surrounding a pro-crypto environment in the US following Donald Trump's announcement of a new SEC head.
Bitcoin has surpassed the $100,000 mark for the first time, driven by long-term holders who control 74% of the supply, amounting to over 14.5 million BTC. This surge has increased Bitcoin's market dominance to 57%, solidifying its status as the largest cryptocurrency and the seventh most valuable asset globally, with a market cap exceeding $2 trillion. Key developments, including the appointment of former SEC commissioner Paul Atkins as chair and remarks from Federal Reserve Chair Jerome Powell likening Bitcoin to gold, have further fueled market interest.
Bitcoin has surged over 140% in 2024, crossing the $100,000 mark as institutional adoption grows, particularly following the launch of Bitcoin ETFs that attracted significant inflows. Key political support, including from President-elect Donald Trump, and favorable comments from Federal Reserve Chair Jerome Powell have further legitimized the cryptocurrency. Institutions have net-bought 683,000 bitcoins this year, with notable purchases following the recent U.S. election.
Elon Musk's initiative to reduce the federal workforce, part of Donald Trump's "department of government efficiency," could disrupt the labor market, as economists warn that cutting jobs from the 3 million civilian employees may hinder job creation. Musk and co-head Vivek Ramaswamy aim for $500 billion in savings through mass layoffs, raising concerns about the impact on job seekers and potential increases in contractor costs. Meanwhile, Trump has nominated Paul Atkins to lead the SEC, signaling a crackdown on Big Tech, as he reshapes his administration with loyalists and financial experts.
Bitcoin has surged past $100,000, reaching an all-time high of $103,918, following Donald Trump's appointment of Paul Atkins as SEC Chairman. Atkins, known for his pro-cryptocurrency stance, is expected to promote deregulation and foster innovation in the digital asset space, boosting market confidence. The breakthrough above $100,000 signals a strong bullish trend, with potential targets reaching $120,000, while support levels are noted at $99,678.
Bitcoin's surge past $100,000 was partly fueled by Federal Reserve Chair Jerome Powell's comments likening the cryptocurrency to gold rather than a competitor to the U.S. dollar. Powell emphasized that bitcoin is primarily a speculative asset, which provided a sense of legitimacy to the crypto market. This sentiment, combined with pro-crypto remarks from President-elect Donald Trump and the potential nomination of Paul Atkins to the SEC, contributed to the rally.
Bitcoin has surged past $100,000 for the first time, driven by the appointment of Paul Atkins as SEC chairman, a known advocate for digital assets. With a bullish outlook and historical price cycles suggesting potential growth until Q3 2025, speculators are eager to see how high Bitcoin can climb. The proposed trading strategy recommends buying above $100,000, targeting $150,000, with a stop level set at $90,000, indicating a favorable risk/return ratio.
On November 14, 2024, 18 Republican state attorneys general and the DeFi Education Fund filed a landmark lawsuit against the U.S. Securities and Exchange Commission (SEC), marking a significant challenge to the agency's stance on cryptocurrency regulation. In related developments, President-elect Donald Trump has nominated Paul Atkins as the new SEC chairman, signaling a potential shift in regulatory approach. Meanwhile, Ripple's legal battles continue, with recent victories against the SEC, as the agency faces increasing scrutiny over its actions.
Bitcoin's market capitalization has surpassed $2 trillion, driven by expectations of a more lenient regulatory environment under Donald Trump's administration and the nomination of Paul Atkins to the SEC. The cryptocurrency has surged 135% this year, reaching a peak of $103,620, fueled by the approval of Bitcoin spot ETFs and increased trading activity. Speculation about government crypto reserves is also contributing to the price momentum, as Bitcoin continues to dominate the digital currency landscape.
Bitcoin's market capitalization has surpassed $2 trillion, fueled by expectations of looser regulations under Donald Trump's potential SEC head, Paul Atkins, known for his pro-crypto stance. The price of Bitcoin has surged 135% this year, reaching $103,620, driven by the approval of Bitcoin spot ETFs and increased trading activity. Speculation about state crypto reserves is also contributing to the bullish sentiment in the market.
Paul Atkins
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