As of 9:50 a.m. UTC on Monday, December 16, Bitcoin is buying and selling at $104,800, up 2.6% over the previous twenty-four hours. Earlier right this moment, Bitcoin reached an all-time excessive of $106,533 at 12:35 a.m. UTC, reflecting sturdy bullish momentum because the market awaits an vital announcement from the U.S. Federal Reserve on Wednesday.
The crypto market’s bullish sentiment has been constructing all through 2024, beginning on January 10 when the U.S. Securities and Trade Fee (SEC) accepted the primary spot Bitcoin ETFs. Just a few months later, the SEC accepted spot Ethereum ETFs, additional boosting optimism within the sector. Nonetheless, issues about regulatory readability for altcoins like Solana and Cardano continued till the November fifth U.S. presidential election, when Donald Trump gained, solidifying confidence in a extra favorable regulatory atmosphere.
Trump’s victory catalyzed a large rally within the crypto market. Bitcoin, which traded at $68,500 on November 4, has surged roughly 52% to its present worth. This momentum is pushed by Trump’s guarantees throughout his marketing campaign, together with his speech on the Bitcoin 2024 convention in July. There, he pledged to be the “crypto president,” vowing to fireside SEC Chair Gary Gensler on his first day in workplace, set up a strategic Bitcoin reserve, and champion cryptocurrency innovation in the USA.
Since his victory, Trump has additionally named a number of pro-crypto people to key positions:
- David Sachs: Enterprise capitalist and former PayPal COO, appointed because the White Home’s Crypto and AI Czar.
- Scott Besant: Chosen as Treasury Secretary.
- Paul Atkins: Nominated as the brand new SEC Chair.
The Federal Open Market Committee (FOMC) assembly scheduled for December 17–18 may also play a pivotal position in shaping Bitcoin’s near-term trajectory. In line with the CME FedWatch Device, there’s a 97.1% chance that Fed Chair Jerome Powell will announce a twenty-five foundation level fee minimize. The choice shall be introduced by way of a press launch at 2 p.m. Jap time on Wednesday, adopted by Powell’s press convention at 2:30 p.m.
Traditionally, Bitcoin has proven constructive momentum throughout December, with many within the cryptocurrency neighborhood referring to this seasonal uptrend because the “Santa Claus rally.”
Regardless of the optimistic outlook, some market contributors stay cautious. Considerations linger that Powell might strike a hawkish tone throughout his press convention, signaling a extra restrained strategy to financial easing in 2025 resulting from persistent inflationary pressures.
