Crypto Daybook Americas: Bitcoin Surpasses $100K as Early Growth Phase Begins
A daily update highlighting Bitcoin's recent surge past $100,000 and its implications for the crypto market, including Ethereum's potential benefits.
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The anticipation is over. Bitcoin has surged past $100,000, influenced by various factors, including the recent announcement of the SEC's new leadership under crypto-friendly Paul Atkins. Most analysts expect the Bitcoin price to climb toward $120,000. The crypto market is overall benefitting from this milestone, especially as Bitcoin's six-digit price may motivate retail investors to explore alternative cryptocurrencies, with Ether poised to gain significantly.
Recent data indicates a narrowing yield spread between Ethereum staking yields and the U.S. 10-year Treasury, raising the stakes for Ether. Meanwhile, Bitcoin's rise enhances the prospects of related equities like MicroStrategy and Semler Scientific.
Watch out for potential roadblocks, as escalating geopolitical conflicts and shifts in U.S. interest rates could dampen Bitcoin's growth momentum. Risks related to the crowded crypto market might also trigger a correction soon.
Events to monitor:
- CleanSpark's Q4 FY 2024 earnings on December 18.
- Key economic reports from the U.S. Bureau of Labor Statistics, including the Employment Situation Report and Consumer Price Index data.
Stay alert!
