Bitcoin struggles below $93K as whale sell-offs and Swiss reserve proposals shape sentiment. BlackRock’s $37B ETF inflows boost market optimism. Pavel Durov, Telegram’s CEO, criticized the European Union for restricting media access under the Digital Services Act (DSA). He claimed Russian users enjoy greater freedom on Telegram than Europeans, raising concerns about censorship’s impact on free speech. Telegram’s profitability surged in 2024, with revenues exceeding $1 billion, partly due to increased content control amidst legal challenges in Europe. The EU’s digital restrictions may fuel interest in decentralized technologies like Bitcoin. Investors seeking censorship-resistant platforms could bolster Bitcoin’s adoption, creating bullish price sentiment. Bitcoin Whale Sells $72M Amid Year-End Volatility A Bitcoin whale liquidated 3,038 BTC worth $72 million since December 20, adding pressure to an already struggling market. The whale deposited 778 BTC into Kraken while holding 24,665 BTC valued at $2.27 billion. Bitcoin’s price declined 1.1% to $92,367, failing to recover above the 50 EMA, signaling bearish sentiment. $72 Million Bitcoin in 24 Hours; New Year's Eve BTC Sellout https://t.co/RQ9SJ05akn — Martin D (@martingregory00) December 31, 2024 Traders are watching key support at $85,456 and resistance at $96,471. Continued sell-offs could amplify declines, though improved market sentiment post-New Year may stabilize prices. BlackRock Leads 2024 Bitcoin ETF Inflows with $37 Billion BlackRock’s Bitcoin ETF led U.S. inflows in 2024, securing $37 billion, eclipsing Fidelity’s $12 billion inflows. Despite Grayscale’s $20 billion outflows, U.S. Bitcoin ETFs gained $35 billion overall. BlackRock’s dominance indicates robust institutional interest, boosting market confidence. Six out of the top ten traded ETFs in 2024 were Bitcoin-focused, cementing its position as a mainstream asset. Analysts suggest institutional backing may drive long-term price growth. Swiss Push for Bitcoin Reserves Gains Momentum A Swiss initiative proposes amending Article 99 of the Federal Constitution to include Bitcoin as part of the Swiss National Bank’s reserves. Proponents argue BTC complements gold as a reserve asset. For the proposal to pass, 100,000 signatures are required by June 2026. While Bitcoin adoption grows in cities like Lugano, energy consumption concerns persist. Institutional interest in Bitcoin reserves could enhance its reputation as a reliable store of value. Bitcoin Technical Outlook: Bearish Momentum Ahead? Bitcoin (BTC/USD) is trading at $93,279.90, down 0.48%, with bearish sentiment dominating. A descending triangle pattern on the 4-hour chart signals potential downside continuation. Immediate resistance is at $94,928, while critical support lies at $92,103. The RSI is at 44, reflecting neutral momentum with a bearish tilt. Trading below its 50 EMA reinforces downward pressure. A break above $94,928 could challenge higher resistance at $98,361, but failure to hold $92,100 may drive prices lower. You might also like Bitcoin Price Prediction 2024 – 2034 Meme Index ($MEMEX) Presale Hits $1.29M The Meme Index ($MEMEX) continues to captivate the crypto community, raising $1,290,992 out of its $1,941,284 target. This innovative project revolutionizes the $120 billion meme coin ecosystem by offering structured exposure through curated token baskets. With a focus on flexibility, governance, and staking rewards, $MEMEX simplifies entry for both new and seasoned participants. What Sets $MEMEX Apart? The standout feature of $MEMEX is its diversified token baskets , enabling investors to tailor their portfolios based on risk appetite. These include: Titan Index : Featuring leading tokens like $DOGE, $SHIB, and $PEPE. Moonshot Index : Focusing on emerging tokens nearing market expansion. Midcap Index : Comprising higher volatility tokens with strong upside potential. Frenzy Index : Designed for high-risk investments targeting significant returns. Presale participants can stake their tokens immediately, earning competitive APY while securing early rewards. Presale Highlights: Raised So Far : $1,290,992 out of $1,941,284 Current Price : 1 $MEMEX = $0.0148047 Next Price Adjustment : Just less than 2 day remaining Don’t miss out on this opportunity to secure your stake in the next big crypto trend. Visit the MEMEX website to participate and stay informed through Twitter and Telegram for the latest updates. The post Bitcoin’s Struggle Below $93K: Whale Sell-Offs and Swiss Reserve Proposal in Focus appeared first on Cryptonews .
