Bitcoin has barely moved since last week. Investors shouldn't complain, though, after an action-packed start to the week led the coin to hit a new high.
The price of the biggest coin by market cap broke a new record of $108,786 Monday ahead of Donald Trump's inauguration. CoinGecko reports that the price has fallen by almost 4%.
The coin remains comfortably over $100,000 despite the fact that President Trump didn’t explicitly declare plans to create a Bitcoin reserve strategic in his initial crypto executive order.
Bitcoin soared above $100,000 following Trump's November election; the President promised to slash regulation and help the digital asset industry. And he is keeping his crypto promises—albeit while annoying some hardcore Bitcoiners in the process.
ETF Movements
Investors continued to pour money into crypto-investment vehicles after throwing billions of dollars at them last week before the inauguration.
But it didn't stop, with $802.6 million hitting the funds on Tuesday alone, data from Farside Investors shows. Over $1.75 billion in assets were invested into the Bitcoin ETFs by the end of last week.
Donald Trump’s expected positive influence on the sector is a factor in this bullishness. It was a Republican promise during the campaign to assist the industry. Now, buying Bitcoin is easier than ever thanks to this fund.
Ross is freed
The Bitcoiners have been waiting years for this. And on Tuesday, President Donald Trump kept his campaign promise to pardon Silk Road founder Ross Ulbricht.
The Bitcoin enthusiast and founder of the dark web e-commerce site—mainly used for buying drugs using Bitcoin—was released shortly after and expressed enormous gratitude to President Trump. His digital wallets were also inundated with BTC from the crypto community.
But Ulbricht—who went to prison in 2013—might already just be sitting on a goldmine: Untouched Bitcoin wallets linked to Ross Ulbricht and Silk Road now hold over $47 million worth of the asset.
Ulbricht is a long-time hero of the Bitcoin community. He was one of the very first to create a marketplace that accepted the currency. And though it still can't be verified that the wallets do indeed belong to him, it's not beyond the realm of possibility.
Where's Bitcoin?
Ahead of Donald Trump's shock November 5 win, the President had promised plans for a Bitcoin strategic reserve. But after signing his first crypto executive order on Thursday, which touched on the possibility of a crypto stockpile, Bitcoiners noticed one thing—there was no mention of their beloved orange coin, just "digital assets."
"The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts," Order read
Bitcoiners are angry about the report. They have launched their usual attacks. "shitcoinery," Some people think that it will lead to the creation of more digital currencies by government.
MicroStrategy moves
Software company MicroStrategy shareholders are seemingly all-in on the firm's Bitcoin strategy: They on Tuesday voted for a 30x increase to the number of authorized Class A common shares so that the company could have more resources to buy the cryptocurrency.
The news came as the company announced its latest Bitcoin buy, bringing its holdings to 461,000 Bitcoin—worth over $48 billion. On Friday, it was announced that the company would pay off over $1billion in debts that were accumulated while building the stock.
The sky is the limit
Standard Chartered (a British multinational bank) said that Bitcoin will continue to rise as more pension funds invest in it.
The bank’s analysts predicted that the enthusiasm of institutions for this asset would mean it could reach $200,000 in 2025.
There were also even higher price estimates for Bitcoin this week from some major players. BlackRock CEO Larry Fink predicted that increasing adoption of Bitcoin could drive the price to $700,000. Coinbase CEO Brian Armstrong also projected the same price. "multiple millions" At some future point, which is not yet known.
Edited by Andrew Hayward
