Bitcoin Steady above $100K. Could Russia Help Push the Price Higher?
After an erratic week where Bitcoin (BTC) alternated between $94.5K and $102.3K, Bitcoin looks comfortable and settled at $100,217 (BTC/USD).
We expected a period of instability in holding onto the $100K level, and it appears that Bitcoin has moved past that for now. If so, then this is a significant step for the coin that could not even break $75K until just recently.
Bitcoin is down 0.58% for the last 24 hours, but investors should not take that as a sign that it is continuing to fall. The coin was down 1.11% late on Thursday, so it is actually improving as Friday trading continues. It should be able to finish off the weekend strong, well above $100K.
According to some analysis, Bitcoin may be capable of holding onto its above-$100K rally and extending that to $119 before retreating.
Bitcoin Reserve Plans Could Provide Boost
President-elect Donald Trump has already spoken extensively about his plans to set up a Bitcoin reserve for the country once he is in office. That continued conversation has helped to keep Bitcoin’s price high, but he is not the only world leader who is making plans for a Bitcoin reserve.
Leaks have emerged from Russian lawmakers who are speaking about their government’s push for a national Bitcoin reserve. It looks like they already have the support of Russian President Vladimir Putin, as he has called Bitcoin an unstoppable technology.
While Russia has been restrictive of cryptocurrency in the past, that may change, especially with Trump taking power in the United States and backing Bitcoin. We saw that during Trump’s last presidential administration, he and Putin agreed on a number of topics, and Bitcoin appears to be one of their areas of common interest this time around.
If Putin does come through for Bitcoin with a national reserve, that could give the coin a substantial boost and help cryptocurrency as a whole. It would signal a new era for cryptocurrency in the East and particularly among the BRICS alliance, which includes China, India, and others who have come together to minimize the power of the US dollar.
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