What’s going on with Bitcoin?

Metrics like the number of confirmed payments allow us to evaluate the activity of investors in the crypto. Still, on December 17, Bitcoin’s price crossed the historical high of $108,000, and then more than 857,000 transactions were confirmed per day, which is 37 percent more than the result at the end of this week.

Against the backdrop of what is happening, analysts expect the BTC price to soon recover above $105,000 by the end of the holiday period, which is usually characterised by low institutional liquidity, i.e. the weak presence of major professional players.

The relatively weak hype around the main cryptocurrency also indicates the likelihood of local growth soon, because often a bad news background becomes a suitable condition for price jumps.

Number of transactions and Bitcoin rate

According to Cointelegraph’s sources, sentiment in the crypto reached its lowest level in 2024 on 22 December, with one negative comment for every four or five positive comments about Bitcoin.

Nevertheless, the low retail investor interest could be a sign of an upcoming spurt for the Bitcoin market, according to experts at Santiment. Here is their commentary on the matter.

Traders are showing a lot of fear and uncertainty right now. This is good news for investors who know that the markets are moving in the opposite direction from the expectations of the majority.

Other experts also expect Bitcoin’s current correction to end below the $100,000 mark. Still, on December 20, Bitcoin’s daily chart showed three red candles in a row, which happened for the first time since the first week of November. We are talking about the period coinciding with the victory of Donald Trump in the US presidential election.

Social media sentiment around Bitcoin

Bitcoin’s current downtrend is a natural symptom of festive low liquidity, said Ryan Lee, chief analyst at Bitget Research. Here is his rejoinder.

After Christmas, market activity typically begins to recover and funds are expected to be actively positioned in sectors that could benefit from Trump’s upcoming inauguration. The expected trading range for BTC this week is $94,000 to $105,000.

President-elect Donald Trump’s inauguration will take place on 20 January 2025 and could be the next significant catalyst for Bitcoin and the cryptocurrency industry as a whole. However, the opposite effect is also possible: a sharp drop in the exchange rate with even greater speed, because this event has been long-awaited by all market players for several months now.

Earlier, the former head of crypto exchange BitMEX Arthur Hayes hinted at such a prospect. According to him, residents of the US and other countries may realise after the inauguration that Trump does not have a “magic wand”. Accordingly, it may take much longer than planned to fix the economy and create adequate regulation of digital assets. This means that the positivity of digital asset owners can very quickly be replaced by negativity.

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Amid the New Year holidays, a real miracle may happen: one of the users of the pump.fun platform decided to give a gift to the daughter of the head of the financial startup Runway, Xiqi Chen.

Chen posted a tweet this week asking for donations to support the Hankinson Lab at the University of Colorado. It’s the only lab in North America that researches craniopharyngiomas in children, a rare type of brain tumour that affects Chen’s young daughter named Mira.

Entrepreneur Xiqi Chen with her daughter

Thanks to the support of celebrities including Twitter CEO Linda Iaccarino, Chen’s GoFundMe campaign has raised more than $230,000 as of this writing.

However, what struck Chen the most was a charity meme token called MIRA, which was created by users of the famous pump.fun platform for launching such assets. Its capitalisation at its peak reached $80 million. Thanks to a user under the nickname Waddles, who bought and then transferred 50 per cent of the coins to Chen shortly after the launch, his stake in the project was suddenly valued at millions of dollars.

He then left the following comment, whose contents are quoted by The Block.

Starting in about 12 hours, I will continuously sell $1,000 worth of MIRA tokens every ten minutes. No more, no less. If I change this schedule, I commit to announcing it 24 hours in advance.

MIRA meme token exchange rate that helped the research

Chen acknowledged that some traders may have profited from the coin without planning to donate the funds to charity, but he does not pay attention to this feature. After the mentioned tweet, the value of MIRA decreased and the capitalisation of the asset reached $20 million.


The situation with Bitcoin should not raise questions. Still, during the New Year holidays, blockchain users traditionally spend time offline, which affects the corresponding indicators of networks. Based on last year, user activity will begin to pick up in January.
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