Bitcoin (BTC) has steadied itself above $95,000 after suffering a year-end rout that drove the cryptocurrency to a low of $91,479 on December 30, before recovering to reclaim $95,000 and move to its current level of $95,413. BTC is up just over 2% over the past 24 hours. BTC was not the only asset that registered a substantial drop at the end of 2024, with Ethereum (ETH), Solana (SOL), and others also registering substantial losses.
SOL dropped to a low of $187 before recovering to reclaim $200, surging as the new year began. Meanwhile, Ethereum (ETH) recovered from a low of $3,311 to register an increase of just over 2% and move to its current level of $3,403. Ripple (XRP) is up over 11%, beginning the new year positively, while Dogecoin (DOGE) is up almost 5%, as markets start 2025 on the front foot. The crypto market cap is nearly 3% at $3.36 trillion.
A Golden Era Under Trump?
Donald Trump’s victory in the US elections marks a turning point for the crypto ecosystem, bringing it into the mainstream. The industry firmly believes Trump’s victory and involvement in the crypto space through the World Liberty Financial platform will usher in a golden era. The President-elect has promised to create a strategic Bitcoin stockpile, effectively turning it into a reserve asset. He has appointed Paul Atkins, a pro-crypto businessman to head the Securities and Exchange Commission (SEC) once Gary Gensler steps down.
Bitcoin (BTC) broke above the $100,000 mark for the first time in its history a month after Donald Trump’s victory. The revival in crypto is in stark contrast to the scenario witnessed only a couple of years ago when the FTX collapse triggered a crisis in the crypto space and sent the price of BTC and other assets plummeting, prompting many to scale back their involvement with crypto. A crypto-friendly administration could encourage more inflows into the crypto space and provide greater regulatory clarity.
Singapore Emerging As A Key Player In Asia’s Crypto Ecosystem
Singapore is emerging as a top destination for Web3 companies, issuing twice as many licenses in 2024 than in 2023. According to William Croisettier, chief growth officer of ZKcandy, Singapore’s regulatory policies are helping the country position itself as the next crypto hub in Asia.
“The country adopts a risk-adjusted approach to crypto regulation, focusing on the biggest digital currencies to protect investors. Singapore also makes it easy for new crypto firms to interact with local banking partners, a provision considered a luxury in other parts of the world.”
Singapore has 1,600 blockchain patents, 2,433 industry-related jobs, and 81 exchanges. In 2024, the Monetary Authority of Singapore (MAS) issued 13 major Payment Institution Licenses for crypto exchanges. In 2023, it issued four MPI licenses to Blockchain.com, Crypto.com, Coinbase, and Ripple. Mouloukou Sanoh, the co-founder and CEO of MANSA, believes the growth in MPI licenses solidifies Singapore’s reputation as a global blockchain leader.
“With its clear regulations and support for innovation, Singapore attracts top companies and talent, fostering a thriving ecosystem. This proactive approach signals a strong commitment to digital finance, contrasting with Hong Kong’s more cautious stance.”
Swiss Legislator Proposes Adding Bitcoin To Constitution
Swiss lawmaker Samuel Kullmann is leading efforts to include Bitcoin in the Swiss constitution. The legislator has pushed for a referendum that requires 100,000 signatures within 18 months to vote on adopting Bitcoin as part of the Swiss constitution. Porter talked about the proposal in detail on X, stating,
“I’m very excited about what is happening in Switzerland. I was able to speak in Switzerland in 2024 on a panel alongside @samuelkullmann who is a Swiss lawmaker doing incredible things to advance Bitcoin in the country. He informed me that he was pursuing an effort to add Bitcoin to the constitution. That effort would essentially entail collecting 100,000 signatures within 18 months to force the Cantons (states) to vote on adopting Bitcoin as part of the Swiss constitution. It will be a lot of work and I know it’s a long shot, but we need to be taking shots at the end zone now when we have the momentum.”
However, the Swiss National Bank is reluctant to buy and hold BTC if the central bank Chairman Thomas Jordan is to be believed. The bank’s skepticism comes amid growing calls to change Swiss laws and allow crypto to be added to the country’s reserves. Jordan stated in April 2024,
“We have not yet decided that we want to invest in Bitcoin for good reasons. Currency reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to sell and buy them.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has found some stability around $95.500 after witnessing a sharp drop in the last week of 2024, falling to an intraday low of $91,279 before recovering to reclaim $95,000 during the current session. BTC’s drop was triggered by investors becoming wary of the regulatory outlook for crypto under the incoming administration. Risk appetite was also impacted by the prospect of lesser rate cuts in 2025, which led to considerable profit-taking by the end of the year. BTC rallied over 100% in 2024, with significant gains coming after Donald Trump’s election victory. The year-end drop came after BTC had surged past $108,000 to a new all-time high.
However, the asset lost momentum after reaching this level thanks to profit-taking and traders questioning how Trump’s policies will impact crypto. Trump promised to enact crypto-friendly regulations and nominated several crypto-friendly candidates for key positions. However, doubts have emerged over some of his promises, primarily establishing a strategic Bitcoin reserve.
BTC is looking to reverse a recent downward trend that began after it reached an all-time high on December 17. Since then, sellers have driven BTC below the 20 and 50-day SMAs and the $100,000 price level. BTC dipped to a low of $92,469 at the beginning of the previous week as selling pressure intensified considerably. Despite the prevailing bearish sentiment, BTC made a strong recovery on Tuesday, rising over 4% to go above $95,000 and settle at $98,687. BTC continued to push higher on Wednesday but could not go above the $100,000 mark or the 20-day SMA, ultimately settling at $99,409 after registering an increase of 0.73%. Thanks to the 20-day SMA acting as resistance, BTC was back in the red on Thursday, dropping 3.74% to $95,691.
Source: TradingView
Buyers attempted a recovery on Friday as BTC reached an intraday high of $97,463. However, it lost momentum after reaching this level and fell below the 50-day SMA to $94,241. BTC recovered over the weekend, rising by 0.89% and settling at $94,077. However, it was back in the red on Sunday, dropping almost 2% and settling at $93,477. The current week began with BTC experiencing significant volatility as buyers and sellers struggled to establish control. As a result, BTC rose to an intraday high of $94,865 and fell to an intraday low of $91,279 before settling at $92,625.
Buyers returned to the market on Tuesday as BTC surged to an intraday high of $96,141. However, it could not stay at this level and ultimately settled at $93,383, managing an increase of 0.82%. BTC remained positive on Wednesday, rising just over 1% and settling at $94,373. The current session sees BTC back above $95,000 and trading around $95,643 as buyers look to build momentum and push the price above the 20 and 50-day SMAs.
Ethereum (ETH) Price Analysis
Ethereum’s (ETH) price action continues to be muted as it struggles to cross $3,500. ETH is trading in a narrow range as buyers look to build momentum and test the resistance at $3,500. After facing significant bearish pressure, ETH started the previous week on a positive note, registering an increase of 4.27% on Monday and moving to $3,419. Buyers retained control on Tuesday as ETH crossed the 50-day SMA after registering an increase of 2.11% and settling at $3,491. With sellers active at this level, ETH could only register a marginal rise on Wednesday as buyers struggled to build momentum. Sellers took control on Thursday as ETH dropped almost 5% to $3,333.
Source: TradingView
ETH attempted a recovery on Friday as it rose to $3,436. However, it lost momentum after reaching this level and dropped to $3,331. Buyers returned to the market on Saturday as ETH registered an increase of just over 2% and moved to $3,402. However, it was back in the red on Sunday, dropping by 1.46% to $3,352. The current week began with ETH experiencing significant volatility as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as ETH registered a marginal increase and settled at $3,358. ETH was back in the red on Tuesday as buyers failed to build momentum, dropping almost 1% to $3,333. Wednesday saw ETH register a marginal increase and settle at $3,356. Buyers have retained control during the current session, with the price up almost 2% and trading around $3,422.
Solana (SOL) Price Analysis
Solana (SOL) has made a stunning recovery and reclaimed $200 as it starts the new year on a bullish note. SOL’s recent bearish trajectory had dragged it to a low of $177. However, it recovered from this level to register an increase of 5.30% on Monday and move to $189. Buyers retained control on Tuesday as SOL rose to $197 after an increase of almost 4%. With sellers active around $200, SOL could only manage a marginal rise on Wednesday before dropping back in the red on Thursday, falling by 4.57% and settling at $188. SOL continued to drop on Friday, falling by 2.24% and settling at $184.
Source: TradingView
Despite considerable selling pressure, SOL registered a substantial increase of over 6% on Saturday and settled at $195. However, it was back in the red on Sunday, ending the weekend at $189, down almost 3%. The current week began with SOL rising by 0.72% to go above $190 and settle at $191. The price surged to an intraday high of $199 but lost momentum thanks to selling pressure. As a result, sellers took control and drove SOL down just over 1% to $189. The price rebounded on Wednesday, rising by 2.62% and moving to $194. SOL has surged past the resistance at $200 during the current session and is up over 6%, trading at $206, as buyers look to consolidate above resistance levels.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is struggling to build momentum after slipping below the 50-day SMAs and key support levels, falling to a low of $0.262 on December 20. However, it recovered from this level and rose to $0.325 at the beginning of the previous week, and continued to push higher on Tuesday, settling at $0.337. Sellers retook control on Wednesday as DOGE dropped just over 1% to $0.333. Selling pressure intensified substantially on Thursday as the price fell over 6% to $0.312. Buyers attempted a recovery on Friday but lost momentum after reaching $0.325, allowing sellers to push the price down marginally to $0.311.
Source: TradingView
DOGE started the weekend positively, rising almost 4% and moving to $0.323. However, it was back in the red on Sunday, dropping nearly 3% to settle at $0.314. DOGE registered a marginal drop on Monday before rising 0.89% on Tuesday and settling at $0.316. Bullish sentiment picked up on Tuesday as DOGE rose by 2.50% and settled at $0.324. The current session sees DOGE up over 3% as it looks to go beyond the 20-day SMA, which is acting like a dynamic resistance level.
Ripple (XRP) Price Analysis
Ripple (XRP) registered an increase of almost 3% on Monday, rising to $2.25, and moved to $2.32 on Tuesday after an increase of nearly 3%. However, it lost momentum on Wednesday after failing to go beyond the 20-day SMA and dropped by 1.15% to $2.29. Selling pressure intensified on Thursday as XRP fell over 6% and settled at $2.15. The price attempted a recovery on Friday as it rose to an intraday high of $2.23 but fell back as sellers took over, dropping to $2.14. The price recovered on Saturday, rising almost 2% and moving to $2.18. However, it was back in the red on Sunday, dropping over 6% and ending the weekend at $2.15.
Source: TradingView
Sellers retained control on Monday as XRP fell almost 2% and settled at $2.05. However, it rebounded from this level, rising by 1.26% on Tuesday and settling at $2.08. Bullish sentiment intensified on Wednesday as XRP surged past the 20-day SMA, rising over 11% and settling at $2.32. The current session sees XRP up by almost 2% and trading around $2.37 as it looks to move toward $2.50.
Injective (INJ) Price Analysis
Injective (INJ) is struggling to build momentum and go above the 200-day SMA despite starting the previous week on a very bullish note. INJ registered an increase of over 13% on Monday to go above the 200-day SMA and settle at $23.08. Buyers retained control on Tuesday as INJ rose by 0.98% and settled at $23.31. However, sellers took control on Wednesday as the price dropped over 3% and settled at $22.56. Bearish sentiment intensified on Thursday as INJ slipped below the 200-day SMA after a drop of 6.19% and settled at $21.16. Selling pressure persisted on Friday as INJ dropped to $20.74, declining by 1.99%.
Source: TradingView
The weekend began positively as INJ registered an increase of 2.66% on Saturday and moved to $21.29. However, it was back in the red on Sunday, dropping by 4.61% and settling at $20.31. The current week began with INJ surging to an intraday high of $22.68. However, it lost momentum after reaching this level and fell back, dropping 1.47% and settling at $20.01. Sellers retained control on Tuesday as INJ fell below its support level to $19.59. However, it recovered on Wednesday, rising almost 5% to reclaim $20 and settle at $20.51. The current session sees INJ up over 5% and trading around $21.56.
Uniswap (UNI) Price Analysis
Uniswap (UNI) fell to $13.24 on Thursday as sellers attempted to push it below the 50-day SMA. However, buyers prevented a drop below the moving average and pushed the price to an intraday high of $14.24 on Friday. UNI lost momentum after reaching this level, dropping to $13.34, ultimately registering only a marginal increase. Buyers retained control on Saturday as UNI registered a rise of 1.71% and moved to $13.57. However, it was back in the red on Sunday, dropping over 4% and settling at $13.
Source: TradingView
The current week began with buyers back in control as UNI registered an increase of 2.46% and settled at $13.32. It registered a marginal decline on Tuesday before rising almost 3% on Wednesday and moving to $13.62 as sentiment around the asset began changing. The current session sees UNI up by 4.47% as buyers look to push it above $14.50 and the 20-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
