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Bitcoin Hovers Below $100,000 on Provide-Demand Traits
BTC supply-demand traits remained a tailwind on Sunday, with buyers seemingly contemplating November’s US BTC-spot ETF move traits. The US BTC-spot ETF market registered internet inflows of $6.68 billion in November, the biggest since launching in January 2024.
Sentiment towards US President-elect Trump’s marketing campaign pledges has fueled BTC-spot ETF demand, supporting BTC’s transfer to an all-time excessive of $99,318.
On the marketing campaign path, Trump pledged to make BTC a US strategic reserve asset, making the US authorities a BTC HODLER. The US authorities changing into a BTC HODLER would mitigate oversupply threat. The US authorities at present has a 208,109 BTC stockpile, equal to $20.26 billion.
Nonetheless, Trump’s nominations for the SEC and Commodities Futures Buying and selling Fee Chairs can be essential. The businesses must implement appropriate regulatory guidelines.
Trump’s US Treasury Secretary nomination, Scott Bessent, was a serious step towards making BTC a strategic reserve asset. In July 2024, Bessent highlighted the significance of the crypto market to US buyers whereas criticizing the Democratic Social gathering’s anti-crypto stance.
Congress, the Federal Reserve, the Treasury Division, and the President must approve BTC as a strategic reserve asset.
Whereas BTC continues to hover beneath the coveted $100k mark, betting platform Kalshi continues sending bullish BTC value indicators. On Monday, December 2, the possibilities of BTC hitting $100k by December 31 stood at 77%. This was up from 59% earlier than Thanksgiving.
Bitcoin (BTC) Value Prediction
On Sunday, BTC gained 0.79%, partially reversing a 1.14% loss from Saturday, closing at $97,026. Considerably, BTC averted a drop beneath the $95,000 mark for the third consecutive session.
Close to-term BTC value traits will seemingly rely on Trump’s SEC and CFTC nominations. Professional-crypto Chairs may elevate hopes that BTC will develop into a US strategic reserve asset and drive BTC above $100,000.
