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Market Cap
24h Vol
12450
Cryptocurrencies
55.82%
Bitcoin Share
Cryptopolitan 2025-01-02 17:16:08

Bitcoin jumps back above $97,000 as crypto markets start to recover

Bitcoin jumps back above $97,000 as crypto markets start to recover

Bitcoin’s price surged past $97,000 on Thursday, climbing 2% to hit $97,011. This modest bump capped a 3% gain since the start of 2025, as the crypto markets began shaking off the losses that weighed them down at the end of last year. Investors appear to be waking up with new optimism, ready to see where this unpredictable market takes them. XRP led the rally with a 10% gain. Meanwhile, Coinbase and MicroStrategy, two major crypto-linked stocks, saw their shares jump 4% each. Optimism around regulation and IPOs fuels momentum This year could be a game-changer for crypto, largely thanks to hopes for a crypto-friendly environment under President Donald Trump. Investors are excited about Congress potentially passing the first-ever legislation focused on digital assets. Analysts believe this could target stablecoins or market structures, finally offering clarity to an industry used to operating in regulatory grey zones. The hype doesn’t stop there. Many are watching for new crypto-focused IPOs, which could breathe life into the public equity market. There’s even talk of a national Bitcoin reserve being explored—an idea that, if executed, could send the market into overdrive. But let’s not forget where we came from. Bitcoin ended 2024 bruised but not beaten. It closed the year up more than 120%, despite losing steam after smashing past $100,000 in a post-election rally. Long-term holders cashed out some of their profits, and others hit the sell button as uncertainty over the Federal Reserve’s interest rate plans for 2025 loomed large. Among the chaos, one unlikely star emerged: “Fartcoin.” The meme token skyrocketed 45%, reaching a market value of $1.38 billion. Say what you will about the absurdity of its name, but the numbers speak for themselves. Then Keith Gill, better known as Roaring Kitty, posted a cryptic Rick James clip on X (formerly Twitter), leaving his followers to play detective. Some speculated it was a nod to Unity Software, whose stock soared 11%. Bitcoin ETFs drive institutional interest US-based Bitcoin ETFs are having a moment. These funds are just $2.2 billion away from hitting $110 billion in cumulative holdings, representing 5.7% of Bitcoin’s total supply. BlackRock, the world’s largest asset manager, leads the pack with its iShares Bitcoin Trust ETF, which holds 542,000 BTC valued at $51.5 billion. This fund alone accounts for 47.9% of the US Bitcoin ETF market, making it a juggernaut in the space. Bitcoin ETFs were responsible for 75% of the new money flowing into Bitcoin during its climb past $50,000 in early 2024. Now, as Bitcoin flirts with critical resistance levels at $97,600 and $99,000, traders are keeping a close eye on the data. A breakout above $99,000 could liquidate over $1 billion in leveraged short positions. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

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Market Cap
24h Vol
55.82%
Bitcoin Share
451
Today News
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