Everything went very well.
Bitcoiners were feeling euphoric on Monday. biggest digital coin It traded above $100,000 per coin for the first time in 2025, and at one point reached a high of $102,290. According to To CoinGecko.
But then America's central bank had to do what it always does. In other words, it's a reminder to the market that central banks are still running the show. Wednesday Federal Reserve released Minutes from the December meeting indicate members are likely to suspend interest rate cuts in 2025, citing concerns about the persistence of inflation brought about by the incoming Trump administration.
More bad news came on Friday when the world's largest economy released jobs data. showed Economists generally agree that lower unemployment means higher inflation. On Friday, the asset fell to $91,914.
It has since recovered somewhat and is currently priced at $94,400 per coin. The stock has fallen nearly 4% in seven days. The stock is now well below its all-time high of over $108,000, set on December 18th.
To call it a volatile week is an understatement. Here's a look back at the biggest Bitcoin news.
american ETF action
rear Monster influx day Investors began withdrawing money from US ETFs on Monday. And the speed was fast.
On Wednesday, speculators withdrew the largest amount of money from the fund since December. Data from behind the scenes show The total amount exceeded 500 million turned into cash On that day, the price of the coin fell.
Other factors are also influencing Bitcoin, and of course the largest ETF trading on the world's largest stock exchange in the world's largest economy has had a big impact as well.
Silk road sale?
More than 69,000 Bitcoins seized from the Silk Road dark web marketplace, currently worth $6.5 billion, may be sold after a US judge refused to block asset confiscation.
This doesn't mean the asset will be sold immediately, as there are many more steps to reach that potential outcome, but that kind of selling pressure will likely affect future Bitcoin market prices. may be affected.
It would also pose a major setback to the plans of President-elect Donald Trump, U.S. Sen. Cynthia Lummis, and other proponents of holding Bitcoin in national strategic reserves. That's because the seized assets could be an ideal starting point for a proposed U.S. stash. But we'll see how quickly they move to establish such a fund, and whether Silk Road's billions of dollars will be liquidated before that happens.
More states are considering reserves
Two more states on Friday…north dakota and new hampshire— Moved toward considering strategic preparation for Bitcoin. Although the bill proposed by New Hampshire does not specifically mention Bitcoin, it is currently the only asset that meets the market capitalization requirement. Meanwhile, the North Dakota Legislature introduced a resolution that would be a precursor to the bill.
Such a plan, simply put, would allow local government coffers in each state to hold the coin as a reserve asset in the hopes of fighting inflation and making them wealthier. Currently, five states are formally considering such plans: Ohio, Texas, Pennsylvania, North Dakota, and New Hampshire.
More public companies want Bitcoin
It's not just US states. Listed companies are also paying attention Add the largest virtual coins to your balance sheet.
Social media marketing company Thumbzap Media announced Tuesday that it had purchased about $1 million in Bitcoin, and aerospace and defense company KULR Technology Group added another $21 million in Bitcoin to its balance sheet.
And on Friday, Nasdaq-listed spirits company Heritage Distilling announced Bitcoin “Hodor” The strategy allows for both Bitcoin holdings and Bitcoin payments from customers, subject to board approval.
An end to the Bitcoin landfill scandal
In one of the longest-running Bitcoin stories, an engineer who lost a hard drive full of coins mined during the Satoshi era gets bad news: a British court. was fired His attempt to use his team to find 'digital gold' in a Welsh landfill.
James Howells lost 8,000 Bitcoins (now worth $756 million) when his ex-girlfriend threw away her device (at his behest) and has since dug through a dumpster to remove the hard drive. The company is continuing a legal battle with local authorities to recover it.
I lost, but they won.
I might appeal.
Let's see what happens.
that's reality.
End of story…
For now! ! ! 🤬
— James Howells (@howelzy) January 9, 2025
Despite the setback, Howells said According to local media, he is not giving up yet and may even create a new cryptocurrency based on the lost coins.
editor andrew hayward
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