To say the least, it has been one hell of a week for Bitcoin and the cryptocurrency market as a whole.
After Donald Trump’s victory in the 2024 presidential elections in the USA, and the Federal Reserve’s decision to lower interest rates by 0.25 bps, the crypto market has been on a tear.
Bitcoin just surged to $88,000 – a remarkable achievement, considering last year’s lows in the crypto market.
At the time of writing, Bitcoin has officially surpassed silver’s market cap with its $1.736 trillion, according to the latest data from CompaniesMarketCap.
Years ago Bitcoin predictions in the range of $100,000 and above were considered extremely optimistic and even unrealistic, but after these past few days this mark seems closer than ever.
Bitcoin is up 11% for the day and over 30% in the past 7 days. The cryptocurrency market is currently valuated at $2.94 trillion after an incredible 12% surge in the past 24 hours.
After more than four weeks of uninterrupted investor enthusiasm, BlackRock’s iShares Bitcoin Trust has reported its steepest daily outflow since its inception, signaling a potential shift in sentiment.
Pakistan’s aggressive embrace of Bitcoin mining has drawn scrutiny from the International Monetary Fund (IMF), which is now demanding clarity on the country’s allocation of 2,000 megawatts of electricity to digital assets and AI infrastructure.
A new analysis from China’s International Monetary Institute (IMI) suggests that Bitcoin is quietly gaining ground as a serious player in the global reserve system.
Bitcoin may be on the verge of a major supply squeeze, with dwindling availability and accelerating institutional interest setting the stage for potentially explosive price action, according to Sygnum Bank’s Katalin Tischhauser.