Bitcoin Hits $106,000 as Investors Raise Stakes
The cryptocurrency market was heated up as investors raised bets and pushed bitcoin (BTC) to a new high of $106,000 on Monday. Bitcoin was up 0.5%, trading at about $103,731 before the US equities market opened bell after earlier reaching just above $106,499.
The gain drove global crypto market capitalisation higher to $3.71 trillion, translating to a 1.58% increase over the last day. Data showed that the total crypto market volume over the last 24 hours is $187.16 billion, which makes a 46.15% increase as investors bet on top 10 assets.
According to CoinMarketCap.com, the total volume in DeFi is currently $15.37 billion, translating to 8.21% of the total crypto market 24-hour volume.
Also, the volume of all stable coins is now $174.26 billion, which is 93.11% of the total crypto market 24-hour volume. Ethereum (ETH) increased by about 2.3% to $3,949. Solana (SOL) was down 0.3% to trade at about $217.77.
The global crypto market cap was up 0.3% to roughly $3.65 trillion. The CoinDesk Market Index, which tracks digital assets, was down about 0.9% in the past 24 hours.
“There have been two stories fueling the latest push higher. The first comes from more talk out from President-elect Trump about his plans to formalize a bitcoin strategic reserve,” LMAX Digital said in a Monday morning note.
“The second story comes out of the world of equities where it was announced that MicroStrategy (MSTR) will be included in the Nasdaq 100 on December 23.”
US-traded spot price bitcoin exchange-traded funds last week logged $2.17 billion of net inflows, bringing their total assets to $114.97 billion, data compiled by SoSoValue.com showed. Ethereum ETFs last week saw inflows of $854.9 million, bringing their total assets to $13.78 billion.
The Federal Reserve’s monetary policy-setting committee meeting begins Tuesday with a decision on interest rates due Wednesday. Markets are widely expecting the central bank to lower interest rates by 25 basis points, according to the CME FedWatch tool.
Retail sales numbers for November from the Census Bureau and the housing market index for December are due on Tuesday. The personal income and outlays report for November is out on Friday. The report includes the personal consumption expenditure core price index, the Fed’s preferred inflation metric.
#Bitcoin Hits $106,000 as Investors Raise Stakes Tax Reforms: Tinubu Won’t Undermine Democracy- Information Minister
