Bitcoin Hits New Record High After Trump Pump, Why $115K Could Be Next
Welcome back to Coinage as Bitcoin continues to climb as we approach the final two weeks of the year. As Bitcoin crosses $106,000 it is looking more and more likely that the $115,000 price target we brought you back in January is destined to hit. Plus, NFTs are back as one of the largest projects gets set to drop a token that could launch with a $2 billion market cap. Here’s what you need to know in crypto this week (as covered earlier today in our usual Monday News Recap!)
New Bitcoin Record
Bitcoin soared to an all-time high of $106,000 on Monday following renewed market enthusiasm fueled by speculation of a U.S. Bitcoin reserve policy under a Trump administration. This comes as digital asset investment products experienced their 10th straight week of inflows, adding $3.2 billion last week alone, according to CoinShares.
Bitcoin accounted for $2 billion of those inflows, while Ethereum continued its streak with $1 billion in inflows for the seventh consecutive week, pushing its seven-week total to $3.7 billion. As Sean Farrell told us last week, he’s feeling more confident than ever that his $115,000 price call will hit. Even more bullish, he said $500,000 is in the cards for next year if we get a US Bitcoin reserve.
MicroStrategy Heats Up Off Nasdaq Inclusion
MicroStrategy turned heads once again this morning by acquiring another 15,350 BTC for $1.5 billion, bringing its total holdings to 439,000 BTC — worth over $45 billion at current prices. This massive haul represents approximately 2.1% of Bitcoin’s fixed 21 million supply. Co-founder Michael Saylor shared that the company has acquired its stash at an average price of $61,725 per bitcoin.
In another milestone, MicroStrategy secured inclusion in the Nasdaq 100 index, underscoring institutional confidence in Bitcoin-backed strategies. Bloomberg ETF analyst Eric Balchunas described it as "the first pure Bitcoin play" to be added to a major U.S. stock index. Next up, potential inclusion in the S&P 500, which would once again expose billions in passive funds to Bitcoin via MSTR stock.
The tl;dr is that Saylor has a lot of room to run in his ongoing plans to continue issuing debt and new stock to buy billions in bitcoin every week. That should add fuel to the MicroStrategy driven buying spree (but just don’t call it a bubble!)
Fed Rate Cut Plans in Focus
Despite Bitcoin’s explosive rally, caution is setting in after more market watchers are suggesting the Federal Reserve might strike a "hawkish" tone when it announces its next rate decision on Wednesday. The Fed is walking a tight rope to manage inflation while keeping economic growth intact.
While traders are assigning a 99% change we get another 0.25% rate cut this week, the market reaction could introduce volatility in the coming weeks as traders assess how tightening policies might impact risk assets like Bitcoin next year.
NFTs Are Coming Back to Life
NFTs are mounting a surprise comeback with the announcement of Pudgy Penguin’s $PENGU token airdrop reigniting interest in blockchain-based collectibles.
The project, which has sold toys in Walmarts around the country over the past year, is launching its token on Tuesday — with Binance sharing it will be listing the token after the drop.
The airdrop has sparked a frenzy, with early adopters poised for significant returns as trading volumes surged across major NFT platforms. The price of a Pudgy Penguin NFT surged from about 8 ETH ($32,000) to more than $100,000 this week as people look to benefit from the token launch.
Interestingly, Animoca Brands’ token MOCA also surged more than 200% last night as it got listed on the Korea’s exchanges Upbit and Bithumb. It appears tokens launching from NFT communities might be the play in 2025 that brings attention back to the NFT space. Coinage, of course, is one of the leading NFT communities in all of crypto (in our humblest opinions.)
Crypto Project of the Year Update
The battle for Crypto Project of the Year is heating up as Base narrowly edged out Sui to advance to the next round. If you haven’t yet — check out our interview with the co-founder of Sui to learn more about why the project is up 650% since we profiled them last year.
Voting is now live for the next matchup: Akash vs. Solana. Don’t miss your chance to weigh in and support your favorite project. Voting in Coinage proposals like these unlocks the ability to earn patronage dividends from our DAO. (If you have a Coinage NFT become an official member here. If you don’t, scoop one up here.)
Other Web3 Headlines:
Ripple to Roll Out RLUSD Stablecoin on Dec. 17, Adds Former Central Bankers to Advisory Board
MicroStrategy joins Nasdaq-100 ranks, but its stay could get cut short
With institutional adoption accelerating, regulatory uncertainty diminishing, and Bitcoin's historic run capturing global attention, all eyes are on whether the crypto market can maintain its bullish momentum through the year’s final stretch. Stay tuned to Coinage.Media for more updates as the story unfolds.
Don’t forget, you can support our community-owned outlet by sharing this newsletter with friends, by scooping up a Coinage NFT, or by staking with our community validator!
Tulips.