Bitcoin reaches ATH of $106K after Trump’s NYSE comments
Bitcoin hit a record high on Monday after institutional interest in the digital currency increased as President-elect Donald Trump confirmed his intention to reserve Bitcoin.
Bitcoin (BTC) hit an all-time high of $106,488.25 at 00:40 UTC after climbing for 25 consecutive minutes. This increase follows the announcement made by former US President Donald Trump on the New York Stock Exchange on December 12 to create an American strategic reserve of Bitcoin. Trump’s Remarksdesigned to ensure that the United States maintains an advantage over its global rivals, have generated investor enthusiasm and propelled market momentum. Speaking to CNBC, Trump said: “We’re going to do something awesome with crypto…we want to be early.»
This momentum was obviously reinforced by the speech of Republican Senator Cynthia Lummis. Bitcoin Act, which aims to have the United States purchase 1 million BTC over the next five years to combat the $35 trillion national debt. This narrative is gaining momentum globally, as Russia contemplate a strategic Bitcoin reserve after President Vladimir Putin said BTC cannot be banned.
In addition, Anton Tkachev, Russian Minister of Finance, also suggested establish a strategic reserve of Bitcoin in order to resolve the problem of sanctions imposed on the country.
MicroStrategy, a leading Bitcoin holding company, purchased 21,550 BTC for $2.1 billion, bringing its overall holdings to 423,650 BTC. The company was also listed on the Nasdaq 100 and will be open to the public starting December 23.
FOMO, or fear of missing out, a widespread opportunistic sentiment among investors, has reached its peak after US Spot Bitcoin ETFs achieved a total cumulative net inflow of over 50 billion dollars in a year.
Bitcoin hashrate hits record highs
![A table titled "Bitcoin: distribution of miners’ income [$100k]" shows the price of Bitcoin (black line) and cumulative miner revenue over time, divided into total transaction fees (red) and total miner revenue (yellow). The chart spans from January 2018 to mid-2024, with the price of Bitcoin fluctuating widely but trending upward. Miner revenues and transaction fees are steadily increasing, reaching approximately $72 billion cumulatively by 2024, alongside Bitcoin price growth.](https://crypto.news/app/uploads/2024/12/glassnode-studio_bitcoin-miners-revenue-breakdown-100k-2.png.webp)
On-chain, the Bitcoin network hashrate has reached record levels among miners. According to Glassnode hash rate data, hash rates have increased from 128 EH/s to over 804 EH/s, with 37% of total computing activity occurring in 2024 alone. Bitcoin’s network and economic incentives pushed miners to earn $71.49 billion in cumulative revenue.
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