Bitcoin Nears $100,000, Dogecoin Soars as Crypto Market Starts the Year on a High Note

The cryptocurrency market has started the year on a high note, with Bitcoin prices nearing the $100,000 mark despite record ETF outflows.

Cryptocurrencies had a whirlwind first weekend of 2025. Here's a quick rundown of the key stories.

Bitcoin edges closer to $100,000, while Dogecoin soars.

Bitcoin prices started the year with a bang, inching closer to the $100,000 mark despite record ETF outflows. Meanwhile, Dogecoin also had a good week with a surge, which some speculate could be linked to Elon Musk's influence.

Bitcoin could reach $1 million, says BitMEX co-founder.

Arthur Hayes, the co-founder of BitMEX, suggested that a change in US banking regulations could propel Bitcoin to a $1 million valuation. Hayes believes that if US banks receive an exemption from the supplementary leverage ratio (SLR) rule, it could lead to increased market liquidity, which could significantly boost Bitcoin's value.

Cathie Wood's Ark Invest makes strategic trades.

Ark Invest, led by Cathie Wood, made some significant trades this week, involving Palantir Technologies Inc. (NYSE:PLTR), Ark 21Shares Bitcoin ETF (NYSE:ARKB), and Quantum-Si Inc. (NASDAQ:QSI). Ark Invest sold 20,332 shares of Palantir, which is in line with Ark's recent trend of reducing its position in the hot AI stock.

Elon Musk's influence on Dogecoin surges as X payments loom.

Dogecoin prices surged this week as social media platform X edges closer to launching payments in 2025. Elon Musk, who acquired the platform (formerly known as Twitter) for $44 billion in 2022, could be a significant factor in this surge.

Bitcoin discussion at Mar-a-Lago sparks speculation.

Bitcoin advocate Michael Saylor met with Eric Trump at Mar-a-Lago, which sparked speculation that Bitcoin could have been a topic of discussion between the two influential figures. Saylor shared a photo of the meeting with the caption, “Bitcoin is on the menu at Mar-a-Lago.”