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Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Bitcoin climbed back above $100,000 late Monday, marking its first rise to that level in two weeks. This rebound followed Congress’ official certification of President-elect Donald Trump’s 2024 victory, clearing the path for his Jan. 20 inauguration.
Congress officially certified the election results for all 50 states and the District of Columbia during a formal ceremony on Monday. Vice President Kamala Harris, in her role as president of the Senate, led the joint session of the House and Senate.
By 12:09 am ET on Tuesday, the asset traded near $101,775, reflecting a 10% increase over the past week. Meanwhile, the total crypto market capitalization surpassed $3.7 trillion, reaching its highest point since December 19.
Bitcoin Poised for Next Rally if It Surpasses $109K: Analyst
Alex Kuptsikevich, chief market analyst at FxPro, stated that short-term growth in the crypto market is transitioning into periods of consolidation. “The market seems to be probing the ground beneath its feet and moving gently upwards,” he continued, noting that the current sentiment index of 76, indicating extreme greed, suggests active buying and considerable potential for further growth.
The analyst noted that current technical indicators point to the end of a typical correction, with growth resuming to recoup 61.8% of the early November rally. He added that this outlook will be confirmed if Bitcoin decisively breaks through its previous highs around $109,000. Further, he expects Bitcoin’s growth to gain momentum after surpassing the $100,000 mark.
Binance Highlights Bitcoin’s Stellar Performance as It Breaks $100K Barrier
Bitcoin first reached the $100,000 milestone on Dec. 5, fueled by growing optimism that Trump would introduce crypto-friendly deregulation once in office. During his campaign, Trump promised to transform the US into the “crypto capital of the world.”
According to SoSoValue, US spot Bitcoin ETFs recorded net inflows of $987.06m as of Tuesday, Jan. 7, while US spot Ether ETFs brought in $128.7m.
Meanwhile, over in China, regulators have tightened their stance by extending forex rules to cover crypto transactions. The State Administration of Foreign Exchange (SAFE) has flagged these transactions as high-risk, instructing financial institutions to closely monitor all crypto-related dealings.
Separately, Binance published a report on Monday, highlighting Bitcoin as one of the top-performing global assets this year, second only to Nvidia. The report credits Bitcoin’s impressive run to key drivers like spot ETF approvals, the upcoming Bitcoin Halving, shifts in monetary policy, and hopes for more favorable crypto regulations. If this momentum continues into 2025, Bitcoin could climb further in global asset rankings, reinforcing its position as a leading asset class.
