Crypto
Key Points
- Bitcoin is on its way to breaking $100,000, amidst increased optimism and global adoption.
- Crypto industry players reportedly compete for a set on Trump’s promised crypto advisory council.
Today, Bitcoin broke a new ATH on its way to reaching $100,000 and dethroning Alphabet (Google) in terms of market cap.
The digital asset’s rally is fueled by increased adoption, institutional interest, and Trump’s upcoming crypto-friendly policies.
BTC Breaks Above $99,000
At the moment of writing this article, BTC is trading at around $99,300, up by 2% in the last 24 hours.
Following a dip at $95,700 on November 21, BTC reached a new ATH earlier today, fueled by multiple factors and strong optimism flowing into the crypto industry.
BTC reached a market cap of $1.97 trillion, getting close to flipping Google in terms of market cap and taking the 6th position in the Top Assets by Market Cap list. Currently, Google has a market cap of $2.06 trillion.
The digital asset’s ascendant trajectory is fueled by multiple factors.
Increased Whale Accumulation
On-chain data reveals continued BTC accumulation by whales, highlighting the latest buy of a holder who bought a total of 3,577 BTC worth over $330 million in the past four days, and it’s currently holding 25,298 BTC worth over $2.5 billion.
Rising Institutional Interest in BTC
Also, the US BTC ETFs continue to see inflows this week. Yesterday, the crypto products recorded $1 billion in inflows, nearing $2.9 billion in inflows since Monday, November 18.
BTC ETFs surpassed $105 billion in total net assets locked as of November 21, and they reached above $30 billion in total flows since their January launch, according to data from SoSoValue.
This week also marked the debut of BTC ETF options. On the first day, BlackRock’s IBIT reached $1.9 billion in transactions, further highlighting increased interest in BTC and related products.
After MicroStrategy announced its plans to raise another $2.6 billion to buy more BTC, Michael Saylor revealed earlier that the company has just completed a $3 billion offering, meaning more money flowing into BTC.
More than that, yesterday MARA Holdings, a crypto-oriented company announced plans to invest in BTC, settling debts and supporting strategic growth. The company raised $1 billion to buy more BTC and address its obligations.
Trump’s Crypto-Friendly Policies – Upcoming Strategic Bitcoin Reserve
Also, Trump’s support for crypto and the upcoming changes in Washington are fueling this sustained rally for BTC.
Reuters press agency recently noted that the Trump administration plans to establish a crypto advisory committee to perform the following:
- Drive crypto legislation
- Coordinate multi-agency regulations
- Implement a Bitcoin reserve strategy
Companies including Ripple, Kraken, and Circle compete for seats in the advisory council, with Circle’s CEO, Jeremy Allaire, and Coinbase’s CEO, Brian Armstrong, expressing interest. The committee may be part of the White House National Economic Council or it could operate as an independent entity.
Regarding the implementation of a Strategic Bitcoin Reserve in the US, there’s already an ongoing race for its creation.
Satoshi Act Fund’s CEO, Dennis Porter, highlighted that he’s now in a race to pass the legislation into law before Trump signs an executive order. Senator Cynthia Lummis is also making efforts to implement the bill called BITCOIN Act 2024.
In the bill, Lummis proposes, among others, that the US Treasury buys 200,000 BTC per year for five years and hold the coins for at least 20 years.
Once the US implements a National BTC Reserve, more countries will follow.
Recently, in an interview with CNBC, Lummis even proposed that the US sells its gold reserves to buy more BTC, an initiative supported by more important voices in the industry.
In the past month, BTC outperformed gold, signaling a shift in interest from investors toward other store-of-value assets.
Everything seems to set the perfect stage for Bitcoin to reach $100,000 and continue its successful journey in 2025 and beyond.
