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Bitcoin Momentum Ebbs Heading Into Last Stretch of Record Year
Bitcoin is flagging in the last leg of a record-breaking year.
The digital asset changed hands at about $93,775 early Tuesday in Asia, roughly $15,000 below the all-time peak set on Dec. 17. The cryptocurrency has dipped to its 50-day moving average, which some view as a reason for caution.
In the latest developments in the US, crypto friendly Senator-elect Bernie Moreno was picked for the chamber’s banking committee. The digital-asset industry anticipates a boom based on the preponderance of crypto proponents in Trump’s incoming administration.
MicroStrategy Buys a Further 5,262 BTC as Stock Joins Nasdaq 100
MicroStrategy, the software developer that has made acquiring bitcoin (BTC) a core value, added to its holding for a seventh week in a row.
The company bought 5,262 BTC for a total of $561 million in the week ended Dec. 22 to take its total holdings to 444,262 BTC it said.
The purchase, at an average price of $106,622 per bitcoin, was teased by Executive Chairman Michael Saylor in a Sunday post on X. It brings the value of MicroStrategy's holdings to $42.2 billion at current market prices and raises the average cost to $62,257 per bitcoin.
Bitcoin’s pullback reflects expectations of slower Federal Reserve interest-rate cuts in 2025, an outlook that has tempered the speculative ardor generated by President-elect Donald Trump’s push for relaxed US crypto regulations. The Republican has also backed the idea of creating a national Bitcoin stockpile.
MicroStrategy shares sank 8.8% on Monday.
Crypto-Friendly Sen.-Elect Bernie Moreno Assigned to Senate Banking Committee
Crypto-friendly Senator-elect Bernie Moreno (R-Ohio) has been assigned by soon-to-be Republican Senate Majority Leader John Thune to become a member of the Senate Banking Committee.
That committee could prove pivotal to the start of crypto-related bills in the new year. It has jurisdiction over two key agencies: the Securities and Exchange Commission and the Commodity Futures Trading Commission. Other crypto-friendly lawmakers, including Sen. Cynthia Lummis (R-Wyo), were assigned to stay on the committee.
The full Senate is expected to confirm the assignments early next Congress. Moreno has also been assigned to the Senate Commerce Committee, Senate Committee on the Budget, and Senate Committee on Homeland Security and Governmental Affairs, according to Thune's statement on Friday.
Bitcoin Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Monday was $226.56 million. The total net asset value of Bitcoin spot ETFs is $105.08 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.7%.
Source: SoSoValue
The Bitcoin spot ETF with the highest net outflow on December 23 wasFidelity Wise Origin Bitcoin Fund (FBTC), with a net outflow of $145.97 million. Following that was Grayscale Bitcoin Trust (GBTC), with a net outflow of 38.39 million, according to SoSoValue.
Source: SoSoValue
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