Jan 6 2025: Bitcoin extended its winning streak to a seventh consecutive session on Monday, recovering from a year-end downturn as investors await clarity on U.S. crypto regulations ahead of President-elect Donald Trump’s inauguration.
By 01:35 ET (06:35 GMT), Bitcoin had gained 1.1%, trading at $99,513.7. Over the past week, the cryptocurrency has appreciated by 6%.
In December 2024, Bitcoin achieved an all-time high of $108,244.9, driven by institutional adoption and expectations of favorable regulatory developments under the incoming administration. However, the latter part of December saw a sharp price correction, triggered by profit-taking and the U.S. Federal Reserve’s hawkish monetary stance.
Despite recent volatility, analysts remain bullish on Bitcoin’s prospects. H.C. Wainwright projects the cryptocurrency could hit $225,000 by the end of 2025, citing historical trends, regulatory clarity, and growing institutional interest. Still, near-term forecasts vary, with predictions ranging from a rise above $125,000 to a dip toward $77,000 in early 2025, contingent on regulatory policies under Trump’s presidency.
Elon Musk’s “X Money” Plans Raise Crypto Adoption Hopes
Elon Musk’s platform X, formerly Twitter, is preparing to launch “X Money” in 2025, a digital payment system integrated directly into its ecosystem.
Linda Yaccarino, X’s CEO, recently announced plans for “X Money,” describing it as part of a suite of new features set to debut in 2025. This announcement has fueled speculation about potential cryptocurrency integration, including Bitcoin and stablecoins.
Musk, a well-known crypto advocate, has added intrigue with SpaceX’s recent association with Tether’s USDT stablecoin, suggesting crypto could play a pivotal role in X Money’s functionality. Such integration could significantly enhance Bitcoin’s use case and adoption.
Broader Cryptocurrency Market Update
Bitcoin’s rally continues to influence the broader crypto market, with most major altcoins posting gains:
- Ethereum (ETH): Rose 0.8% to $3,669.04.
- XRP: Increased 0.3% to $2.4130.
- Polygon (MATIC): Edged up 0.4%, while Solana (SOL) slipped 0.9%, and Cardano (ADA) declined 0.3%.
- Dogecoin (DOGE): Dropped 1%.
The market remains cautious but optimistic, as Bitcoin leads the way into 2025.
