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The Blockchain Bulletin, Dec 16: Bitcoin Hits a New ATH at $106K
Author: Mercy
Editor: Mary Veronical
Published: 16 December, 2024 11:17
Last Updated: 16 December, 2024 11:18
Hey folks,
Welcome back! Bitcoin has reached $106,000 – a world record for cryptocurrencies and a brand new signal of optimism in the crypto market. Experts and economists are estimating further growth of Bitcoin’s price, some of which regarding to $120,000. This forecast is based on past experiences after halving events and an increase in adoption levels.
With the Fear and Greed Index at 80, a lot of people now want to invest in Bitcoin because they consider it a way to guard their wealth against economic risk. However, market critics argue that the high volatility of the market is likely to result in major adjustments toward a bearish fall.
Crypto’s Rapid Growth: From Niche to Mainstream Adoption
In the political sphere, Bitcoin is slowly carving its niche as a potential asset. President-elect Donald Trump has encouraged the development of a Bitcoin Reserve fund for the nation. He further stated that the asset would protect against traditional finance risks. While such proposals are still expected to be hypothetical, these indicate that there is a much-appreciated recognition of Bitcoins’ value. Further, Trump’s endorsement could encourage other leaders to start employing cryptocurrencies in national finance systems.
With Trump at the helm of integrating crypto as a commodity, the actions of the SEC have come under scrutiny among the crypto community. The founder of XRP, Brad Garlinghouse, has stepped up his attacks on the U.S. Securities and Exchange Commission to support Elon Musk. Reposting Musk’s post, Garlinghouse criticized the regulatory body for taking an enforcement-focused approach, hindering growth. This follows the letter that Musk received from the SEC.
Taking to his X profile, the Tesla CEO said, “The SEC is just another weaponized institution doing political dirty work.” Further, Ripple’s founder emphasized that clear regulatory rules must be imposed to avoid such obstacles in the industry. He added that a radical change can be expected in Trump’s administration, with a change in the SEC Chair.
XRP’s Next Big Move: Strategies for Upcoming Price Shifts
Lately, recent developments over the past week have been expressing the increased adoption of Bitcoin and cryptocurrency in the market. The digital assets, which no one ever saw, have now evolved into a separate realm for everyone to secure their future in the decentralized world.
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Source: cryptotale.org
