Bitcoin News: Price Reversal and Market Shifts as Traders Diversify

Bitcoin's price recently hit a high of $100,686 before reversing, with daily gains capped at 3%. This reversal comes as retail traders show increased interest in Trump-related tokens and lending protocols, leading to a 37% drop in Bitcoin on-chain transactions over the past three days. Meanwhile, VanEck's ETF filing has sparked momentum in altcoin markets, potentially diverting attention from Bitcoin's rally.

Bitcoin Price Reverses from $100.6K as Retail Traders Buy Trump-Related Tokens

Bitcoin price stalled at $100,600 on Wednesday, capping its daily gains at 3%. market data shows curtailed demand for Bitcoin as traders lean into Trump-linked assets and lending protocols. Bitcoin on-chain transactions plunged 37% in the last three days, signalling the current market rally is driven by fewer buyers.

VanEck ETF Filing Propels Altcoin Markets Ahead of BTC

Bitcoin's price reached $100,686 on Wednesday, marking a 3.6% daily gain. This uptick coincided with VanEck's filing for an Onchain Economy ETF with the U.S. Securities and Exchange Commission (SEC) on January 15, 2025. The filing has propelled interest in altcoin markets as traders shift focus from Bitcoin.

Only ‘half-way to the top’ Bitcoin can hit $200K by 2025-end – Analyst

Bitcoin could double its value and hit $200k by the end of the year, according to a pseudonymous market analyst, Stockmoney Lizards. Despite being temporarily stuck in the $90k-$100k range, technical and on-chain indicators suggest ample room for growth. The analyst's chart highlighted historical RSI levels, indicating overbought and oversold conditions correlated to previous BTC cycle tops and bottoms. The projection is based on the current market conditions and historical data, suggesting that Bitcoin is only halfway to its potential peak.

Texas Senator Introduces Bill to Establish State-Level Bitcoin Strategic Reserve

Texas Senator Charles Schwertner has proposed Senate Bill 778 (SB 778), aiming to establish the first state-level Bitcoin strategic reserve in the United States. This initiative positions Texas as a leader in Bitcoin adoption and innovation. The bill, if passed, would create a Strategic Bitcoin Reserve, marking a significant step in integrating cryptocurrency into state-level financial strategies. Senator Schwertner emphasized the importance of Texas leading the way in this emerging financial frontier.

U.S. Government to Return Seized Bitcoin from Bitfinex Hack to Original Owners

The U.S. government has announced that the 120,000 Bitcoin seized after the 2016 Bitfinex hack should be returned to its rightful owners. The value of the recovered assets has appreciated significantly, from $72 million at the time of the hack to $11.97 billion. This decision provides hope to victims who lost their Bitcoin holdings in the hack. The funds will be reimbursed through 'in-kind' restitution, and a U.S. court has ruled that the funds must be returned to the exchange.