Bitcoin Returns Above $100K as Early 2025 Crypto Rebound ContinuesAltcoin majors, including ether and solana, also rose sharply as U.S. markets opened on the first full week after holidays, with the broad-based CoinDesk 20 advancing 3.5% through the day.By Krisztian Sandor|Edited by Aoyon Ashraf Jan 6, 2025, 5:26 p.m. UTC
Bitcoin's (BTC) price is back in the six-digit territory as the largest cryptocurrency extended its early 2025 bounce on Monday.Powered By 00:16/01:1610392.7K 152025 a 'Show Me' Year for Earnings, Says Morgan Stanley's Shalett .stlp0{fill:#FF3E5F;} .st1{fill:#fffffe;} .st2{fill:#FF3E5F;}Share.clsx-1{isolation:isolate;}.clsx-2{fill:#ff3e5f;}.clsx-3{fill:#fff;}NextStayBTC advanced towards $100,000 earlier during the trading session, then broke sharply above the threshold, rising 2.5% in an hour as traditional U.S. markets opened. It was changing hands at around $102,000 recently, its strongest level since December 19 and up 4.3% over the past 24 hours.The broad-market benchmark CoinDesk 20 was up 3.5% during the same period, with all the twenty crypto majors posting positive returns. Ethereum's ether (ETH) climbed 2.8% to $3,700, while Solana's SOL advanced 4.5% to above $220.Bitcoin and the broader crypto market ended 2024 with a correction, paring some of the gains of the massive rally since Donald Trump's election victory as investors took profits. Prices and trading volumes declined during the holiday lull, coupled with outflows from spot BTC and ETH exchange-traded funds. BTC reached a local bottom near $91,000 on December 30, a nearly 15% retreat from its record highs.Demand returns as leverage remains mutedWith the start of the first full business week of the year and traders returning to their desks after the holiday season, headlines of corporate BTC purchases continued. MicroStrategy announced on Monday purchase of another 1,020 BTC, while Texas-based energy management firm KULR Technology Group added $21 million worth of BTC to its treasury, doubling its holdings. Spot BTC ETFs saw $908 million in inflows on Friday as a sign of demand returning. Meanwhile, open interest on BTC futures is significantly lower than in mid-December on the institutional-focused marketplace CME and on an aggregate basis, indicating that the recent bounce in prices was primarily driven by spot buying rather than leverage, noted James Van Straten, senior analyst at CoinDesk. Funding rates were also at neutral levels across the board, CoinGlass data shows, indicating a lack of froth during the rally.Open interest for BTC futures across exchanges (CoinGlass) Fed risk"Just as we saw institutions window dressing with their balance sheets mindful of risk assets for year-end and de-risking ahead of holidays, it's expected we see price action and demand recouping especially as we head into what we expect will be a positive year for the asset class and upcoming U.S. administration," Paul Howard, senior director of crypto trading firm Wincent, told CoinDesk in a Telegram message."My personal view is not to read too much into these levels [BTC over $100,000] as we can expect volatility to increase in the coming fortnight," Howard added.Crypto analytics firm 10x Research also forecasted a rebound in crypto prices in early January heading into President-elect Trump's inauguration in a Monday report, but warned of a month-end sell-off ahead of the Federal Reserve's January meeting.Hawkish comments from Fed Chair Jerome Powell at the...
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