Bitcoin rose for the seventh consecutive session on Monday, recovering from a slump at the end of the year, as investors wait for signals regarding the U.S. regulatory outlook before President-elect Donald Trump takes office later this month. By 01:35 ET (06:35 GMT), Bitcoin had increased by 1.1%, reaching $99,513.7.
This price movement is part of a larger trend in the cryptocurrency market, with Bitcoin seeing a 6% gain over the past week.
In December 2024, Bitcoin hit an all-time high of $108,244.9, driven by greater institutional adoption and expectations of a strategic reserve under the incoming Trump administration. However, prices dropped sharply in the final two weeks of 2024 due to profit-taking, as the U.S. Federal Reserve’s hawkish interest rate outlook raised concerns about liquidity.
Analysts remain optimistic about Bitcoin’s future, with H.C. Wainwright forecasting it could reach $225,000 by the end of 2025. They attribute this to historical price cycles, regulatory expectations, and growing institutional adoption. However, some analysts caution that Bitcoin’s price could either rise above $125,000 or fall to around $77,000 in the first quarter of 2025, depending on the actions of President-elect Trump.
Elon Musk’s plans for “X Money” spark speculation about crypto inclusion Elon Musk’s ambitious plans for X, formerly Twitter, include the launch of “X Money” in 2025, which will integrate digital payments directly into the platform. Last week, X CEO Linda Yaccarino confirmed that payments will be introduced under the “X Money” brand, prompting speculation that the platform might incorporate Bitcoin, other cryptocurrencies, or dollar-pegged stablecoins. These stablecoins aim to make transactions faster and more cost-effective. Notably, Musk’s company SpaceX has recently been linked with Tether’s USDT stablecoin, further fueling interest in the potential role of cryptocurrencies in the X Money ecosystem. This integration could greatly enhance Bitcoin’s utility and adoption, aligning with Musk’s strong support for digital currencies.
Crypto price update: Altcoins edge higher but remain under pressure In the wider cryptocurrency market, Bitcoin’s performance continues to influence other digital assets.
Ethereum, the second-largest crypto, rose 0.8% to $3,669.04, while XRP, the third-largest, gained 0.3% to $2.4130.
Solana dropped 0.9%, Polygon climbed 0.4%, and Cardano fell 0.3%. Among meme coins, Dogecoin saw a 1% decrease.
