Dec 17, 2024, 1:00 AM
Dec 16, 2024, 12:00 AM

Bitcoin proxy joins Nasdaq-100 index, sparking market turmoil

Highlights
  • Bitcoin briefly surpassed $107,000 before settling around $106,000, driven by speculation about a national Bitcoin stockpile.
  • MicroStrategy announced the purchase of 15,350 BTC for approximately $1.5 billion, raising its total holdings to 439,000 BTC.
  • Market sentiment reflects extreme greed, with fears of volatility ahead of the upcoming Federal Reserve meetings.
Story

In recent developments, leading cryptocurrencies such as Bitcoin and Ethereum faced a period of stabilization following a significant rally. Bitcoin temporarily exceeded $107,000, marking a peak before settling around $106,000 due to profit-taking activities. This shift occurred against a backdrop of speculation regarding the potential establishment of a U.S. strategic Bitcoin reserve, a topic that has generated notable market interest and optimism among investors. The discussion intensified after reports emerged about President-elect Donald Trump possibly signing an executive order aimed at creating a national Bitcoin stockpile. Transactions in the crypto market transpired with heightened volatility, resulting in substantial liquidations with about 119,098 traders affected, leading to a total liquidation value of $371.44 million. Furthermore, market sentiment indicated a prevailing

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