The largest cryptocurrency, Bitcoin, has surpassed $100,000 for the first time in two weeks as demand for riskier assets increases. On Sunday, the cryptocurrency’s weekly gain was 5,66%, its biggest since November 24.
The largest cryptocurrency, Bitcoin, has surpassed $100,000 for the first time in two weeks as demand for riskier assets increases. On Sunday, the cryptocurrency’s weekly gain was 5,66%, its biggest since November 24.
Bitcoin’s record 2024 rally ended in late December as investors sought to lock in profits, Bloomberg reported. Optimism that a pro-crypto White House led by Donald Trump would create a favorable regime in the United States had previously helped propel the token to an all-time high of $108,315.
«A 2025 supercycle is expected with the Trump administration’s regulatory reforms,» said Khushbu Khullar, a venture partner at Lightning Ventures, which invests in Bitcoin-related firms.
The change in momentum came after investors poured $908 million into U.S. Bitcoin exchange-traded funds on Friday, the fifth-largest inflow for the group since their launch in January 2024. The funds had seen a record net outflow of $680 million on Dec. 19.
Also positive for traders is the recovery of the Bitcoin Coinbase Premium, an indicator that tracks the difference between the price of a token on leading U.S. digital asset exchange Coinbase Global Inc. and global cryptocurrency exchange Binance Holdings Ltd.
At the start of the new year, it fell to its lowest level since Sam Benkman-Fried’s FTX collapse in 2022, but has since recovered, indicating stronger investor demand in the US.
«ETF issuers do almost all of their trading and custody through Coinbase, so they tend to raise the premium or discount based on demand for the ETF,» said Joe McCann, founder and CEO of crypto hedge fund Asymmetric.
MicroStrategy Inc., a software company that has become a proxy for Bitcoin, has also been driving purchases of the coin. The company bought $101 million worth of the cryptocurrency last week, marking its ninth consecutive week of buying Bitcoin, according to a filing with the U.S. Securities and Exchange Commission on Monday. But that’s a significant drop from the more than $1 billion the company bought in a few weeks in November and December.
Currently, the price of Bitcoin has fallen below $100,000 again and is currently at $98,879. The prospects for the largest crypto in 2025 will depend in part on how well Trump fulfills his cryptocurrency promises, which include the creation of a national Bitcoin reserve.
Recall that earlier, Russian Finance Minister Anton Siluanov confirmed that Russian companies had begun using cryptocurrencies (including Bitcoin coins mined in Russia) for international payments to circumvent Western sanctions. The Ukrainian presidential commissioner for sanctions policy, Vladislav Vlasyuk, said that Ukraine had drawn the attention of its partners to Russia’s plans to use cryptocurrencies to circumvent sanctions back in the summer.
