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Bitcoin's recent surge to an all-time high of $100,000 is igniting hopes for a sustained altcoin season, with analysts predicting a 'Santa Rally' for cryptocurrencies like XRP and Solana. Key drivers include Donald Trump's election victory, which is expected to ease regulatory pressures, and increased institutional adoption, particularly with the anticipated launch of more crypto ETFs. As Bitcoin's market dominance declines to under 54%, traders are increasingly shifting their focus to smaller altcoins.
Bitcoin's price has dropped over 4% to around $97,000, following a recent all-time high of approximately $103,650. The decline is attributed to trader caution ahead of a key Microsoft shareholder vote on adding BTC to its treasury, alongside profit-taking by long-term holders and weakening technical indicators. Analysts suggest that if the bearish trend continues, Bitcoin could risk falling below $90,000.
Bitcoin surged past $100,000 amid heightened volatility, while South Korea's political unrest triggered a significant flash crash, particularly impacting XRP prices. Despite the turmoil, strict regulations contained the fallout, preventing major market contagion. Ethereum also reached an annual high of over $4,000, driven by renewed institutional interest and potential regulatory changes at the SEC. Crypto.com topped exchange rankings for liquidity, governance, and security, marking a notable achievement in the competitive landscape.
Since Donald Trump became president-elect, nearly $10 billion has flowed into US spot Bitcoin ETFs, reflecting optimism for a pro-crypto regulatory environment. His appointments, including a digital asset advocate for the SEC, signal a shift towards supportive policies, while Bitcoin recently surpassed $100,000 for the first time. Companies like MicroStrategy have seen significant stock increases, benefiting from the positive market atmosphere and substantial investments in Bitcoin.
Eric Trump asserts that crypto and blockchain technology will soon surpass outdated banking systems, emphasizing their efficiency and cost-effectiveness. He warns that the U.S. risks falling behind if it doesn't lead in crypto regulation, while expressing optimism for a pro-crypto Congress to establish clear guidelines. Trump also highlights Elon Musk's anticipated influential role in promoting innovation and reducing governmental barriers to business.
Ripple's XRP is gaining attention as a potential strategic asset for the U.S., with experts suggesting it could enhance the country's dominance in finance and crypto. The company’s control over 45% of XRP's supply and plans for a USD stablecoin position it uniquely for improving cross-border payments. Under a second Trump administration, the U.S. aims to become the "crypto capital" of the world, promoting a favorable environment for digital currencies.
Spot Bitcoin and Ethereum ETFs have seen record inflows, with $3.85 billion entering digital asset funds last week, driven by institutional demand. BlackRock's iShares ETFs accounted for $3.2 billion, pushing total crypto assets under management to $56.7 billion. Meanwhile, long-term Bitcoin holders sold 827,783 BTC in 30 days, contributing to Bitcoin's struggle to maintain momentum above $100,000. The U.S. has emerged as the leading market for digital asset investment, with speculation that smaller crypto ETFs may soon be approved following Donald Trump's return to the presidency.
Cardano's draft constitution has gained approval at the Constitutional Convention 2024, moving closer to a formal vote in January 2025. The network has surpassed 100 million transactions and its total value locked in DeFi applications has surged from $230 million to over $705 million in a month. Currently trading at $1.15, analysts predict a potential rise to $10 by 2025, bolstered by favorable market conditions following the appointment of Paul Atkins as the new SEC chair.
Cryptocurrencies faced a downturn today, with Bitcoin retreating to around $97,500, impacting XRP, Dogecoin, and Shiba Inu, which fell 6.6%, 5.4%, and 5.2%, respectively. Despite positive news, including MicroStrategy's significant Bitcoin purchases, investor caution and specific developments, such as Ripple CEO Brad Garlinghouse's disappointment over a recent interview, contributed to the sell-off. The overall crypto bull market remains intact, but volatility persists, particularly for meme tokens.
Donald Trump aims to position America as the global leader in cryptocurrency, advocating for investments and clear regulations. Eric Trump emphasized the need for the U.S. to embrace digital assets to avoid falling behind other nations, citing the UAE as a successful example. The incoming administration plans to establish sensible regulatory frameworks while moving away from strict oversight, particularly criticizing SEC Chair Gary Gensler's approach to the industry. Paul Atkins, a known cryptocurrency advocate, has been appointed to lead the regulatory body.
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