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The Blockchain Bulletin, Dec 23: MSTR Joins Nasdaq-100 to Boost BTC Legitimacy

The Blockchain Bulletin, Dec 23: MSTR Joins Nasdaq-100 to Boost BTC Legitimacy

CryptotaleCryptotale2024/12/22 23:21
By:Mercy

Heyya! Hope you had a fantabulous weekend! With Bitcoin slowly regaining its leverage, the market witnessed a rollercoaster of emotions. In a major move, Metaplanet has added 619.70 BTC to its reserves, investing ¥9.5 billion at an average cost of ¥15,330,073 per BTC. This decision underscores the growing institutional confidence in Bitcoin, particularly as Metaplanet strengthens its position in the market. Further, El Salvador added another 29 $BTC worth about $2.84 million, bringing its total Bitcoin holdings to 5,995 BTC worth $562 million.

Over the past 24 hours, AAVE has emerged as the top performer among the leading 100 cryptocurrencies, soaring over 11%. Notably, the market volatility remains high, with over $304.78M liquidated, which includes $65.87M in Bitcoin, $57.58M in Ethereum, $22.42M in Dogecoin, and $17.57M in Solana. The high liquidation factor highlights the risky nature of the market. 

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Over the week, Bitcoin’s volatility speculated a potential year-end rally. After peaking at a yearly high of $108,364 on December 17, 2024, Bitcoin faced a sharp 10% correction, dropping to $92,118 by December 20. Analysts stated that such dips soon witnessed significant surges. Bitcoin’s fundamentals remain strong, with decreasing mining output, reduced exchange-held Bitcoin, and the continued growth of spot Bitcoin ETFs, which now manage over $34 billion in assets. These developments, adding to the growth of altcoins like ETH, XRP, and ADA, have aroused investor interest. 

Further, the potential rally is also speculated to be influenced by political developments. President-elect Donald Trump’s inauguration on January 20, 2025, is expected to bring changes to U.S. cryptocurrency policy. His pro-crypto stance and plans for a U.S. Bitcoin reserve further strengthen the vision of the crypto community. Experts warn that short-term market corrections are possible in the market, especially with resistance levels identified between $97,500 and $99,800. A breakthrough beyond these levels could signal the start of a significant rally.

Meanwhile, the crypto industry is closely watching David Sacks’ appointment as the White House AI and Crypto Czar. Sacks clarified that his role would be hands-on, balancing time between Washington D.C. and Silicon Valley. His focus on policy guidance and technological innovation has reassured the crypto community about future regulations and advancements.

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In another major development, MicroStrategy is set to join the Nasdaq-100 index on December 23, 2024, marking a key step in the integration of traditional finance with the cryptocurrency market. As the largest corporate holder of Bitcoin, MicroStrategy’s urge to boost Bitcoin’s legitimacy in mainstream finance can influence its nature in the market, considering its price fluctuations. At press time, the crypto is trading at $95K with a market cap of $1.88T.

The post The Blockchain Bulletin, Dec 23: MSTR Joins Nasdaq-100 to Boost BTC Legitimacy appeared first on CryptoTale.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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