Summary:
Bitcoin reached a new high of $108,786 before Trump’s inauguration.
Investors poured $2.2 billion into digital asset ETFs last week.
Ross Ulbricht was pardoned, receiving support from the Bitcoin community.
Standard Chartered predicts Bitcoin could hit $200,000 by 2025.
MicroStrategy expands its Bitcoin purchasing strategy, holding 461,000 Bitcoin.
Bitcoin Price Surge
Bitcoin is currently hovering around $105,000 per coin, maintaining its value from last week. The coin reached a record high of $108,786 on Monday, just before Donald Trump’s inauguration. Although it has since dipped by nearly 4%, it remains comfortably above the $100,000 mark.
Trump’s Influence on Bitcoin
Despite no explicit plans for a Bitcoin strategic reserve in Trump's first crypto executive order, Bitcoin's price reflects investor optimism. Following Trump's election, Bitcoin surged past $100,000, driven by promises to reduce regulations affecting the digital asset industry.
ETF Investments on the Rise
Investors have poured $2.2 billion into digital asset investment products last week, a significant increase from just $48 million the previous week. On Tuesday alone, $802.6 million flowed into Bitcoin ETFs, with overall assets entering these funds totaling over $1.75 billion by week’s end.
Ross Ulbricht’s Pardon
In a significant move, President Trump pardoned Ross Ulbricht, the founder of Silk Road, a dark web marketplace. The Bitcoin community responded with donations, flooding Ulbricht's wallets with BTC. He might already possess over $47 million in Bitcoin from old wallets linked to Silk Road.
Future Projections
Analysts from Standard Chartered predict Bitcoin could soar to $200,000 by the end of 2025, driven by institutional investments. Additionally, BlackRock's CEO hinted that Bitcoin could reach $700,000 with increasing adoption. Coinbase's CEO also suggested that Bitcoin might be worth "multiple millions" in the future.
MicroStrategy’s Bitcoin Strategy
MicroStrategy shareholders voted to expand the firm’s ability to purchase Bitcoin, reflecting confidence in the company’s strategy. The firm now holds 461,000 Bitcoin, valued at around $49 billion, and plans to redeem over $1 billion in debt tied to its Bitcoin purchases.
Conclusion
Bitcoin continues to be at the forefront of market discussions, with significant price movements and projections indicating a bullish sentiment among investors and analysts alike.
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