
The Blockchain Bulletin, Dec 23: MSTR Joins Nasdaq-100 to Boost BTC Legitimacy
In a groundbreaking move, MicroStrategy (MSTR) has announced its inclusion in the prestigious Nasdaq-100 index, effective December 23, 2024. This significant development is expected to have far-reaching implications for Bitcoin’s legitimacy in mainstream finance.
MicroStrategy’s decision to join the Nasdaq-100 index underscores the growing institutional confidence in Bitcoin. As the largest corporate holder of Bitcoin, MSTR’s push to boost Bitcoin’s legitimacy can significantly impact its market dynamics.
The market has been volatile over the past 24 hours, with AAVE emerging as the top performer among the leading 100 cryptocurrencies, surging by over 11%. Meanwhile, Polygon (POL) has seen significant growth, with experts cautioning against short-term corrections and emphasizing the importance of monitoring key resistance levels.
The recent dip in Bitcoin’s price from its yearly high of $108,364 on December 17, 2024, to a low of $92,118 by December 20, has led some analysts to speculate about a potential year-end rally. The underlying fundamentals of Bitcoin remain strong, with decreasing mining output, reduced exchange-held Bitcoin, and the continued growth of spot Bitcoin ETFs managing over $34 billion in assets.
The upcoming inauguration of President-elect Donald Trump on January 20, 2025, is also expected to bring changes to U.S. cryptocurrency policy, further bolstering investor interest in the asset class. Mr. Trump’s pro-crypto stance and plans for a U.S. Bitcoin reserve have allayed concerns within the crypto community.
As we await further market developments, it remains essential to keep an eye on key resistance levels between $97,500 and $99,800. A breakthrough beyond these levels could signal the start of a significant rally.
In other news, David Sacks has clarified his role as White House AI and Crypto Czar, emphasizing his hands-on approach, split between Washington D.C. and Silicon Valley. His focus on policy guidance and technological innovation has reassured the crypto community about future regulations and advancements.
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Source: cryptotale.org