
Bitcoin, the world’s leading cryptocurrency, is trading above $97K as of Wednesday, showing a modest 0.54% increase over the past 24 hours. The digital asset has been consolidating recent gains after a spectacular rally that saw it breach the $100,000 milestone in late 2024.
The cryptocurrency’s impressive performance has been fueled by a combination of factors, including the approval of spot Bitcoin ETFs in the United States and optimism surrounding pro-crypto policies under the Trump administration. The first wave of Bitcoin ETFs attracted a staggering $65 billion in 2024, significantly boosting market sentiment.
Institutional interest in Bitcoin continues to grow, with Italy’s largest bank, Intesa Sanpaolo, recently making its first proprietary Bitcoin trade, purchasing 1 million euros worth of the cryptocurrency. This move underscores the increasing acceptance of Bitcoin in traditional financial circles.
The crypto industry is closely watching potential policy developments, with expectations of day-one executive orders from President Trump aimed at pushing cryptocurrencies into the mainstream. Proposals being discussed include creating a U.S. Bitcoin stockpile, improving banking access for crypto firms, and establishing a crypto council.
Despite the recent pullback from all-time highs, market analysts remain bullish on Bitcoin’s long-term prospects. Some experts predict that Bitcoin could potentially double by the end of 2025, citing factors such as increased adoption and the upcoming halving event.
However, regulatory challenges persist. The crypto industry continues to navigate a complex landscape, with ongoing litigation against the SEC and implications of the new administration’s policies on the sector.
As Bitcoin trades around the $97,000 mark, investors and industry watchers are keenly observing market trends, regulatory developments, and institutional moves that could influence the cryptocurrency’s trajectory in the coming months.