Preeminent cryptocurrency bitcoin (BTC) continues to trade near the $100,000 mark following a volatile end to the previous week.
The BTC/USD pair shot up a couple of percentage points on Friday before a 3% whacking on Saturday that brought the pair down to the $99,000 mark.
But a modestly positive Sunday session and flatting Monday morning kept bitcoin in good spirits. At the time of writing, spot prices had bitcoin swapping for around $99,400, representing a 2.2% week-on-week gain.
Bitcoin is up 135% year to date – Source: tradingview.com
Bitcoin’s remarkable end-of-year rally was instigated in early November, when Donald Trump was reelected as US president.
Since then, he has made tentative steps to recruit numerous crypto advocates into his administration.
Chief among the appointments is David Sacks, the former PayPal (NASDAQ:PYPL) chief operating officer, who will take on the role of ‘White House A.I. & Crypto Czar’.
“David will focus on making America the clear global leader in both areas. He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship,” said Trump.
“He will work on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the U.S. David will also lead the Presidential Council of Advisors for Science and Technology.”
In the exchange-traded fund space, spot-bitcoin ETFs have seen seven straight trading days of net inflows. Total (EPA:TTEF) value held across the spot-bitcoin ETF space is now above $33 billion.