MicroStrategy Added to Nasdaq 100 Index
MicroStrategy, known for its substantial investments in Bitcoin, was added to the prestigious Nasdaq 100 index on December 23, 2024. This move reflects the growing importance of cryptocurrencies in the financial sector and validates the company’s strategy under the leadership of Michael Saylor.
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Bitcoin ETFs Surpass Gold-Focused Funds
On Monday, December 16, 2024, the total assets under management (AUM) of Bitcoin ETFs reached $129 billion, surpassing gold ETFs with an AUM of $128 billion for the first time. This milestone highlights the increasing interest of investors in cryptocurrencies as an alternative investment tool.
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Federal Reserve Cuts Interest Rates
The U.S. Federal Reserve (Fed) lowered interest rates by 25 basis points to a range of 4.25–4.50%. However, Fed Chairman Jerome Powell indicated caution regarding further adjustments, which led to a decline in risk assets, including cryptocurrencies. Following this announcement, Bitcoin traded around $97,500.
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Significant Sell-Offs in the Crypto Market
After the Fed’s hawkish tone, there was a sharp sell-off in risk assets. The S&P 500 fell by nearly 3%, and the Nasdaq dropped by 3.5%. Bitcoin and other cryptocurrencies experienced significant declines, with the total market capitalization of cryptocurrencies dropping 15% from a new all-time high to $3.27 trillion.
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Growing Interest in Memecoins
Despite the overall market decline, some memecoins recorded substantial growth. For example, the new memecoin PNUT surged by 1,500%, PEPE rose by 90%, and DOGE increased by 87%. This trend highlights the continued speculative interest of investors in alternative cryptocurrencies.
Conclusion
Overall, the past week was full of significant events and volatile movements in the cryptocurrency market, affecting both traditional financial markets and digital assets.
