Over the past week, Bitcoin has risen in price by almost 9 per cent. At the same time, the other largest cryptocurrencies in terms of market capitalisation have produced a much more modest result over the same time.

Current rates of cryptocurrencies as of this evening

The original Dogecoin meme token has fallen in value the most: the cryptocurrency has fallen in price by 6 per cent in seven days.

And this is how the 15-minute chart of BTC on the crypto exchange Binance looks, where a new historical high of the digital asset above 107 thousand is noticeable.

15-minute chart of Bitcoin BTC exchange rate

It can be assumed that cryptocurrency investors are still excited about Donald Trump’s victory in the US presidential election in early November. Still, the politician promised to approve adequate regulation for digital assets in America, fire SEC Chairman Gary Gensler, and even create a national Bitcoin reserve by refusing to sell crypto confiscated earlier by the authorities.

While this still has the same impact on the market, there are other reasons for positivity in the coin world. The experts shared their thoughts on this.

What was Bitcoin’s high

As C.K. Zheng pointed out, Bitcoin has now likely moved into the stage of a pre-New Year’s Eve rally or so-called “Father Christmas mode.” The reason for this is the sense of lost profit among many investors who are committing additional capital to purchase the cryptocurrency.

And this is despite the fact that BTC continues to set new records, although two years ago the cryptocurrency was at the level of 16-17 thousand dollars. And this is a classic paradox, when the growth in the value of an asset makes it more attractive in the eyes of investors who were in no hurry to get involved with it during the periods of collapse.

Cryptocurrency market growth

Against this backdrop, Zheng admits the prospect of Bitcoin rising to $125,000 in early 2025. He also expects a major market correction after that, as most of the positive news due to the upcoming change of the political top brass in the US and its impact on the coin industry is already allegedly factored into the price.

The source of the positive rumours also came from Strike platform manager Jack Mallers. He believes that Trump may well issue an executive order to turn Bitcoin into a reserve asset for the US on his first day as president. That is, we’re talking about 20 January, when the president will be inaugurated.

Here is Mallers’ retort, as quoted by Cointelegraph.

There is a possibility of issuing a decree to purchase bitcoins on day one. It is unlikely to be about buying exactly one million BTC, but the volume will still be significant.


Recall, the bill of Senator Cynthia Lummis assumes the purchase of a million bitcoins by the US government. Coins must be stored without moving for twenty years. The exception here may be the sale of cryptocurrency for the sake of repaying part of America's national debt - at least that was the plan for the national cryptocurrency reserve.


Head of Satoshi Action Fund Dennis said that the third bill on the development of the Bitcoin reserve is now being prepared. Recall, before this, similar documents were presented for Pennsylvania and Texas.


We shared details about the bill for Texas in a separate piece. Among other things, it envisages the use of bitcoins to pay taxes, as well as the acceptance of fees and donations. In the future, something like this could be the basis for a larger, statewide initiative.


Here’s Dennis’ rejoinder on this.

We already had Pennsylvania and Texas. Now another state will join them, whose representatives sent me a draft document. So I know for a fact that this is a reality.

In all, Porter said, he expects to see such bills appear in at least ten states across the country.

The trend is not going to stop. We’re going to encounter more and more of these bills.

The power of Bitcoin and other cryptocurrencies

Wednesday 18 December will also see the Federal Open Market Committee (FOMC) meeting, where the US Federal Reserve representatives will decide on the benchmark interest rate. The lower this indicator, the more affordable financial loans are, which provokes an increase in investor activity.

Today, market participants have little doubt that bankers will lower the rate by another 25 basis points. And this is traditionally good news for risky assets, which includes crypto.

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A 25 basis point cut in the benchmark interest rate is likely on Wednesday

Meanwhile, demand for Bitcoin is only getting stronger. Today, MicroStrategy announced the purchase of 15,350 coins worth $1.5 billion, marking the first time a company has purchased coins at a rate above $100,000.

Thanks to this, the company has accumulated 439 thousand BTC, with $27.1 billion invested.

Ranking of public companies by the number of accumulated bitcoins

The event was commented on by the founder of MicroStrategy, Michael Saylor. Apparently, he does not shy away from the high purchase price of cryptocurrency.

I’m sure at some point I’ll be buying Bitcoin at a million dollars per coin – for example, a billion dollars per BTC per day at a cryptocurrency exchange rate of a million.

Riot Platforms and Semler Scientific released a similar statement. The first company purchased 667 BTC and thus accumulated 17,429 coins, well, the second bought 211 bitcoins to a total amount of 2,084 BTC.


So far, the events on the cryptocurrency market resemble the beginning of 2021. Back then, Bitcoin was issuing active growth and objectively led the bullrun in the industry. With this in mind, we can assume that the best times are still ahead for the market - and for alts in the first place.


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