Bitcoin is once again hovering around $105,000 per coin, barely gaining any momentum since this time last week. Investors shouldn’t complain though, after an action-packed start to the week led the coin to hit a new high.
The price of the largest coin by market capitalization broke a new record of $108,786 on Monday before Donald Trump’s inauguration. Since then it has fallen by almost 4%, Coingecko shows.
And despite President Trump not explicitly stating plans for a bitcoin strategic reserve in his first crypto executive order, the coin is still comfortably above $100,000.
Bitcoin Surged Above $100,000 After November’s Election; The president promised to reduce regulations and help the digital assets industry. And he’s keeping his crypto promises — albeit while annoying some hardcore bitcoiners in the process.
ETF movements
Money continued to flow into crypto investment vehicles this week, after investors threw billions at the cash ahead of the inauguration last week.
But it didn’t stop, with $802.6 million hitting the money on Tuesday alone, data from Farside Investors shows. By the end of the week, more than $1.75 billion in assets had entered Bitcoin ETFs.
The bullishness comes as Donald Trump is expected to be a net positive for the industry. The Republican campaigned on a promise to help the industry and now buying bitcoin has never been easier thanks to the funds.
Ross Freed
Bitcoiners have been waiting for it for years. And on Tuesday, President Donald Trump kept his campaign promise to pardon Silk Road founder Ross Ulbricht.
The Bitcoin enthusiast and founder of the Dark Web E-Commerce site—mainly used for buying drugs with Bitcoin—released shortly afterward and expressed immense gratitude to President Trump. The crypto community has also flooded its digital wallets with BTC donations.
But Ulbricht — who went to prison in 2013 — is already simply sitting on a Goldmine: untapped Bitcoin wallets linked to Ross Ulbricht and Silk Road now have more than $47 million in the asset.
Ulbricht has long been considered a hero in the Bitcoin community for creating one of the first marketplaces to accept the cryptocurrency. And while it still can’t be verified that the wallet does indeed belong to him, it’s not outside the realm of possibility.
Where is Bitcoin?
Ahead of Donald Trump’s victory on November 5, the president had promised plans for a bitcoin strategic reserve. But after signing its first crypto executive order on Thursday, which touched on the possibility of a crypto stock, Bitcoiners noticed one thing — there was no mention of their beloved orange coin, only “digital assets.”
“The working group will evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, possibly derived from cryptocurrencies seized by the federal government through its law enforcement efforts,” the order appeared.
The news has angered ardent bitcoiners, who have hurled the usual insults about “shitcoinery” and who think it could lead the government to build up a stockpile of other digital coins.
MicroStrategy moves
Software company MicroStrategy shareholders are seemingly all-in on the company’s Bitcoin strategy: They voted on Tuesday to increase the number of Class A regulars by 30x so the company can have more resources to purchase the cryptocurrency.
The news came as the company announced its latest bitcoin buy, taking its holdings to 461,000 Bitcoin – worth more than $48 billion. And on Friday, the company said it would collect more than $1 billion of its existing debt early as it builds inventory.
Rising projections
Elsewhere, British Multinational Bank Standard, which has come out with very bullish forecasts in the past, said in a Wednesday comment that Bitcoin would continue to rise as pension funds enter the space.
Analysts at the bank predicted that institutions’ enthusiasm for the asset could mean the coin reaching $200,000 by the end of 2025.
But there were even bigger Bitcoin price predictions from major players this week. Blackrock CEO Larry Fink said growing adoption could push the asset’s price to $700,000, while Coinbase founder and CEO Brian Armstrong projected a price in the “multi-millions” at some point in the future.
Edited by Andrew Hayward
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