emma699jones

@emma699jones

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It was also said that if the total market value of Bitcoin investments in any of the funds surpasses the 3% limit, the state treasurer “shall not be required to sell or otherwise reduce the investments to comply with the limits of this section.”

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The bill proposed that the Wyoming state treasurer may use the general fund, the permanent Wyoming mineral trust fund, and the permanent land fund to invest in Bitcoin; however, it was said that under each fund, no more than 3% could be allocated to Bitcoin.

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Lummis said, “This forward-thinking approach will benefit our state as we lead the nation in financial innovation.”

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After a year of sentencing former FTX executives as well as sending former Binance CEO Changpeng Zhao to prison for four months, US authorities will look at the criminal cases against former Celsius CEO Alex Mashinsky and Terraform Labs co-founder Do Kwon, recently extradited from Montenegro.

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George S. Georgiades, a lawyer who transitioned from advising Wall Street firms on capital raising to working with the crypto industry in 2016, told Cointelegraph that enacting the Bitcoin Reserve Act “would mark a turning point for global Bitcoin adoption” and likely “trigger other countries and private institutions to follow suit, driving broader adoption and enhancing market liquidity.”

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If the Bitcoin Reserve Act is passed, it may kick off a global hodling race as other countries follow suit to avoid being left behind.

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No tax breaks will be included in Ukraine’s crypto policy, contrary to industry expectations and global leaders offering crypto tax incentives.

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Hartmann Capital founder Felix Hartmann believes it is a signal that Wall Street is “officially joining the fun” on the “alt rotation.”

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Pseudonymous crypto trader Pentoshi said in a Nov. 29 X post, “Now we have early signs of this happening in ETH, as the flows begin to finally pick up, and sellers begin to get absorbed. It only takes time.”

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At the time of publication, Ether is trading at $3,662, up 1.88% since Nov. 28, according to CoinMarketCap data.

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BlackRock, the world’s largest asset manager, was responsible for $250.4 million of the total inflows on Nov. 29. ETF Store president Nate Geraci pointed out in a Nov. 29 X post that BlackRock’s iShares Ethereum Trust (ETHA) has now notched over $2 billion in inflows since the product launched on July 23.

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Spot Ether exchange-traded funds (ETFs) in the United States reached a new record for daily inflows on Nov. 29.

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Trump’s presidential inauguration, also on Jan. 20, is anticipated to boost investor risk appetite. Some analysts predicted an Ether rally above $4,000 leading up to Trump’s inauguration.

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One of the major catalysts comes on Jan. 20, when SEC Chair Gary Gensler will step down from leading the securities regulator — which could signal the acceptance of more crypto-based ETFs and favorable cryptocurrency regulations.

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XRP and other altcoins may also benefit from fundamental price catalysts leading into the first month of 2025.

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Asset manager 21Shares was the latest to file for an XRP ETF with the US Securities and Exchange Commission (SEC) on Nov. 1, as the third company to seek an XRP ETF.

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Based on the current market structure, XRP price could rally up to $2.57 before the end of 2024, according to Ryan Lee, chief analyst at Bitget Research.

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Weakness in the US dollar is not the only major factor influencing Bitcoin price, which received a substantial boost from Donald Trump’s victory in the Nov. 5 US presidential election.

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However, Coutts noted that the DXY is currently at a significant resistance level. A potential break above would “not be good for risk assets,” added the analyst.

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The growing money supply could see Bitcoin price rise to over $132,000 during next year, according to the above chart shared by Coutts, who added:

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