Investing.com-- Bitcoin climbed for the seventh consecutive session on Monday, recovering from a year-end slump, while investors cautiously await clues on the U.S. regulatory outlook before President-elect Donald Trump takes office this month.
Bitcoin rose around 1% to $98,870.0 by 09:27 ET (14:27 GMT).
This price movement is part of a broader crypto trend, with Bitcoin experiencing a 6% appreciation over the past week.
In December 2024, Bitcoin reached an all-time high of $108,244.9, driven by increased institutional adoption and expectations of a strategic reserve under the Trump administration.
However, prices fell sharply in the last two weeks of 2024 amid profit-taking as the U.S. Federal Reserve’s hawkish rate outlook sparked liquidity concerns.
Analysts remain optimistic about Bitcoin's future performance. H.C. Wainwright projects that Bitcoin could reach $225,000 by the end of 2025, citing historical price cycles, regulatory expectations, and increasing institutional adoption as key factors.
However, some caution that Bitcoin's future value could either rise to over $125,000 or decrease towards $77,000 in the first quarter of 2025, influenced by the actions of President-elect Donald Trump.
Elon Musk's 'X Money' plans spark crypto inclusion speculations
Elon Musk's ambitious vision for X, formerly known as Twitter, is set to introduce "X Money." Scheduled for launch in 2025, X Money aims to integrate digital payments directly into the platform.
Last week, Linda Yaccarino, CEO of X, announced that payments will be introduced to the social media platform in 2025 under the banner of “X Money”, alongside a host of other features, urging people to "buckle up" for what's to come.
The confirmation fueled intense speculation that the platform might integrate or support Bitcoin, other cryptocurrencies, or dollar-pegged stablecoins.
These stablecoins leverage crypto technology to make transactions faster and more cost-effective. Notably, Elon Musk's space exploration company, SpaceX, has recently been associated with Tether's leading USDT stablecoin, adding further intrigue to the potential role of crypto in X Money's ecosystem.
This integration could significantly enhance Bitcoin's utility and adoption, aligning with Musk's longstanding advocacy for digital currencies.
MicroStrategy buys another 1,070 Bitcoin
MicroStrategy (NASDAQ:MSTR) added 1,070 BTC to its holdings between December 30 and 31, purchasing the bitcoin for approximately $101 million at an average price of $94,004 per coin, according to an SEC filing on Monday.
The acquisition coincided with the sale of 319,586 MicroStrategy shares, raising the same amount. As of January 5, the company indicated it still had $6.77 billion in shares available for sale under its broader plan to raise $42 billion through a mix of equity and fixed-income securities. This initiative, aimed at further bitcoin purchases, recently expanded to include a potential $2 billion preferred stock offering.
MicroStrategy now holds 447,470 BTC, valued at over $44 billion. The company’s total bitcoin purchases amount to $27.97 billion, reflecting an average acquisition price of $62,503 per coin, according to its co-founder and executive chairman Michael Saylor. MicroStrategy's holdings now account for approximately 2.1% of bitcoin’s total supply of 21 million.
Crypto price today: most altcoins edge higher but remain pressured
In the broader cryptocurrency market, Bitcoin's performance continues to influence other digital assets.
World no.2 crypto Ethereum inched 0.7% higher to $3,625.05.
World no.3 crypto XRP edged up 0.9% to $2.377.
Solana added 2.5%, while Polygon gained 1%. Cardano inched 1% lower. Among meme tokens, Dogecoin rose 1.5%.
Ayushman Ojha contributed to this report.