Bitcoin Breaks $106K, But Will It Last?

Bitcoin hit a record high over the weekend, reaching $106, 449 before dropping below $104, 000 on Monday. This rollercoaster ride comes as the Federal Reserve is set to make its final interest rate decision of the year. Investors are eagerly waiting to see if the Fed will cut rates again, which could boost cryptocurrencies. Ether, the second-largest cryptocurrency, also had a big weekend, hitting $4, 016 before settling just under $4, 000. The crypto world is buzzing with excitement, but many experts think the rate cuts might slow down next year.

Bitcoin has been on a tear since March 2022, rising 163% despite higher interest rates. The crypto boom is getting a big boost from the incoming U. S. president, who has been very supportive of Bitcoin. Since his election win, Bitcoin has hit multiple record highs. The president-elect has some big plans for crypto. He wants to create a strategic national Bitcoin reserve and ensure all Bitcoin is mined in the U. S. He's also tapped a crypto advocate, Paul Atkins, to lead the Securities and Exchange Commission. But will these plans actually happen? And will they be good for Bitcoin in the long run? Only time will tell.

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