On Tuesday, Bitcoin surged to a new all-time high, breaking the $108,000 mark for the first time.
However, the rally was short-lived as the U.S. Federal Reserve’s announcement of a rate cut on Wednesday caused Bitcoin to briefly dip below $100,000, along with Ethereum and stock markets.
Fed Chair Jerome Powell stated that the Fed would likely implement fewer rate cuts in 2025 than initially planned, which dampened market enthusiasm.
Despite this setback, the crypto market remains optimistic. Nasdaq confirmed MicroStrategy’s inclusion in the Nasdaq-100 index, and BlackRock suggested Bitcoin allocation for investment portfolios in a new report. Additionally, Crypto.com’s co-founder and CEO, Kris Marszalek, met with President-elect Donald Trump to discuss the future of cryptocurrency.
In other news, Scottie Scheffler and Rory McIlroy won the first-ever golf purse awarded in cryptocurrency at the Crypto.com Showdown at Shadow Creek in Las Vegas. MicroStrategy’s Bitcoin-buying strategy paid off as the company joined the Nasdaq-100 index, with its stock skyrocketing by 547% as Bitcoin crossed the $100,000 mark. A report by CoinGecko highlighted that post-Christmas rallies are common in the crypto market, with gains topping at 11.87% over the past decade.
The Avalanche ecosystem launched its Avalanche9000 upgrade, introducing lower transaction costs and customized blockchain creation. Wormhole announced a partnership with Nuffle Labs to expand EigenLayer’s restaking functionality beyond the Ethereum ecosystem.
As the year comes to a close, the crypto industry reflects on its milestones and looks forward to 2025 with optimism. BlackRock’s recent report suggests a 1% to 2% portfolio allocation in Bitcoin, indicating continued confidence in the cryptocurrency’s potential.
