- Bitcoin reached a new all-time high of $108,135 before experiencing a sharp correction.
- Over $600 million flowed into U.S. spot Bitcoin ETFs in a single day.
- XRP surged 6% following Ripple‘s RLUSD stablecoin launch.
- Exchange tokens BGB and CRO posted 11% gains in 24 hours.
- Market anticipates potential U.S. government strategic Bitcoin reserve initiative.
Bitcoin set a new price record of $108,135 on Tuesday morning in New York, marking its third consecutive day of all-time highs amid strong institutional demand through newly launched exchange-traded funds and potential government initiatives.
The leading cryptocurrency settled at $107,020 after the peak, showing a modest 0.3% increase over 24 hours while maintaining a robust 12% gain for the week, according to CoinGecke data.
ETF Inflows Accelerate
Institutional investment continues to drive the market momentum, with U.S. spot Bitcoin ETFs attracting more than $600 million in a single day.
The ten approved funds, which began trading on major stock exchanges, have seen record-breaking inflows as traditional investors seek cryptocurrency exposure through regulated vehicles.
Market sentiment received an additional boost from political developments, as President-elect Donald Trump‘s supportive stance on digital assets influenced investor confidence. Trump’s statement at a recent conference advising “never sell your Bitcoin” has sparked speculation about potential government involvement in the cryptocurrency sector.
Altcoin Market Dynamics
The broader cryptocurrency market showed mixed performance:
- XRP rose 6% to $2.63, responding to Ripple’s new RLUSD stablecoin launch
- Stellar (XLM) increased 5% to $0.44
- Bonk, a Solana-based token, gained 4% to reach $0.000036
- Exchange tokens Bitget Token (BGB) and Cronos (CRO) both advanced 11%
Despite recent gains, both XRP and Stellar remain below their 2018 peak levels. XRP briefly touched $2.82 earlier this month, representing a seven-year high, but failed to sustain those levels.
The market now focuses on the potential establishment of a U.S. strategic Bitcoin reserve, which would mirror existing government holdings of traditional assets like Gold. Such an initiative could significantly impact institutional adoption and price dynamics in the cryptocurrency market.
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