Bitcoin Hits All-Time High on Trump's Strategic Reserve Plans

The world's leading cryptocurrency jumped to $106,533 in early trading on Monday, December 16, 2024, marking a watershed moment for the digital asset class.

Bitcoin price (BTC) reached new unprecedented heights on Monday, surging beyond $106,000 as President-elect Donald Trump's proposal for a national cryptocurrency reserve ignited a fresh wave of enthusiasm in digital asset markets.

In the meantime, VanEck presented its newest Bitcoin price prediction, forecasting the oldest cryptocurrency will reach $180,000 in 2025.

Bitcoin Hits All-Time High on Trump's Strategic Reserve Plans

The world's leading cryptocurrency jumped to $106,533 in early trading on Monday, December 16, 2024, marking a watershed moment for the digital asset class. The rally extends bitcoin's remarkable year-to-date gain to 192%, with the total cryptocurrency market value swelling to $3.8 trillion.

The rally began on Sunday, December 15, 2024, when the price of BTC surged by 3%, reaching $105,250. Although Monday's gains have mostly been corrected at the time of writing, Bitcoin

remains at a record-high price of $104,583.

Trump's pivot toward cryptocurrency policy has electrified markets. "We're gonna do something great with crypto," the President-elect told media, expressing intentions to establish a strategic bitcoin reserve comparable to the nation's oil stockpile.

The announcement represents a dramatic shift for Trump, who previously dismissed cryptocurrencies. His administration's pro-crypto stance, including the appointment of David Sacks as White House cryptocurrency czar and the nomination of Paul Atkins to lead the SEC, has fueled investor optimism.

Adding to the bullish sentiment, software company MicroStrategy, the largest corporate bitcoin holder, secured a spot in the prestigious Nasdaq 100 index. The firm's shares have surged over 500% this year, reflecting growing institutional embrace of digital assets.

"BTC ETFs increased by $2.1bn last week with $IBIT gaining $394mn. With the Nasdaq hitting a record high, BTC's major moving average indicators (EMA, SMA) are still indicating buy strength," commented Paul Howard, the Senior Director at Wincent. "It appears bullish sentiment will continue off the back of Abu Dhabi finance week and into the Christmas spending season. Anecdotally this too seems to be where BTC as a Christmas present is more in vogue than ever, it seems not the season to be gifting shorts."

Global political figures have also weighed in on cryptocurrency's rising prominence. Russian President Vladimir Putin recently highlighted bitcoin's resistance to prohibition, while noting how U.S. dollar policies are driving nations toward alternative assets.

“Overall, the projected price ranges for BTC and ETH this week are $96,000-1115,000 and $3,600-4,200 respectively,” said Ryan Lee, the Head Analyst at Bitget Research. “Stablecoins continue to show net inflows and maintain strong liquidity. Altcoins, which experienced significant price volatility last week, are expected to see a rebound this week.”

The cryptocurrency's meteoric rise since the November election, gaining over 50%, reflects growing confidence in a more favorable regulatory environment under the incoming administration.

Bitcoin Surges Past $106K on Trump's Strategic Reserve Plans, VanEck Predicts $180K BTC by 2025" />