CandleFocus Bitcoin Battles for $100K, Christmas Rally Incoming? (Your Weekly Crypto Recap)
2024-12-13
Author: Content Editor
The cryptocurrency market had a volatile week, with Bitcoin experiencing price fluctuations. While it briefly reached above $101,000, it later dropped towards $94,000. However, the dip was quickly bought up, and Bitcoin is currently striving to reach the $100,000 level again.
In other news, MicroStrategy announced another significant purchase of Bitcoin worth $2.1 billion, further increasing their holdings to 423,650 BTC. This demonstrates their strong support for Bitcoin as a long-term investment.
BlackRock, the largest asset manager, stated that allocating 2% of multi-asset portfolios to Bitcoin is a reasonable margin, which could influence other institutional investors to consider Bitcoin.
The week was not favorable for altcoins, as most of them experienced losses.
There is speculation about a potential Christmas rally for Bitcoin, with several factors supporting this possibility.
Additionally, the article touches on various cryptocurrency-related news, including the growth of Bitcoin ETFs, investor Ray Dalio's preference for Bitcoin and gold, Congressman French Hill's appointment as the next chair of the House Financial Services Committee, and SEC Commissioner Hester Peirce's call for reforms in crypto regulation.
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