Bitcoin Stumbles Post-Trump Rally!

Bitcoin has seen its first big weekly price fall since Donald Trump’s election win.

Author

Danielle du Toit
December 23, 2024

Tackle your credit card debt by paying 0% interest until 2026

Reduce interest: 0% intro APR helps lower debt costs.
Stay debt-free: Designed for managing debt, not adding.
Top picks: Expert-selected cards for debt reduction.

Here's what we've got for you today:

  • Bitcoin Sees First Major Weekly Price Decline Since Trump’s Election Win

  • Corporate Bitcoin Pioneer MicroStrategy Surpasses 2021 Bull Market Purchases

  • Richard Heart’s Legal Troubles Escalate with Interpol Red Notice

  • Trump Adds Former College Football Player Bo Hines to Head Crypto Council

Bitcoin has seen its first big weekly price fall since Donald Trump’s election win kicked off a rally to over $100K.

  • Bitcoin's price fell by 10% during the week ending Dec. 22, closing at $94,645. This was a decrease of close to $10,500 from its starting point of $105,185.

  • This was likely due to the Federal Reserve reducing its projection for interest rate cuts in 2024 from five to two.

  • With the federal funds rate potentially stabilizing at 3.9% by 2025 instead of the previously expected 3.4%, the economic outlook became a lot less favorable for risk-on assets like Bitcoin.

MicroStrategy once again made headlines by surpassing its previous Bitcoin acquisition records.

  • MicroStrategy's recent Bitcoin acquisitions in November and December 2024 surpassed its previous all-time highs and also exceeded its buying intensity of the 2021 bull market.

  • The company made its biggest single purchase ever on Nov. 24 of 2024 by acquiring 55,500 BTC at an average price of $97,000 per Bitcoin. MicroStrategy also bought 27,200 BTC on Nov. 10, 2024, and the pace only accelerated from there

  • These purchases dwarf MicroStrategy's prior record of 29,646 BTC on Dec. 21 of 2020, when Bitcoin traded at around $21,000.

Interpol issued a Red Notice for Hex founder Richard Schueler (Richard Heart).

  • The Red Notice was issued on charges of alleged tax fraud and assault.

  • Schueler is accused of assaulting a 16-year-old, and has been added to Europe’s most wanted fugitives list as well.

  • Despite the charges, Schueler is still active on social media, and even recently posted a defiant comment about raising $27M for medical research.

Bo Hines will work under Donald Trump’s crypto and AI czar, David Sacks.

  • President-elect Donald Trump announced Bo Hines, a former Republican House candidate, as the Executive Director of the Presidential Council of Advisers for Digital Assets, known as the “Crypto Council.”

  • The council will be led by Trump’s crypto and AI czar pick, David Sacks. Hines will be tasked with fostering innovation and growth in the digital assets space.

  • Hines previously ran for North Carolina’s U.S. House seat in 2022 but narrowly lost to Democrat Wiley Nickel.

👀 QUICK NEWS

MEME OF THE DAY

How did you like today's newsletter?

Login or Subscribe to participate in polls.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!