Bitcoin hits new high amid Santa Rally expectations

BTC, Broke Through 100K in the Morning on the 16th, Continuing to Set New Highs
Many Altcoins, Recorded a 5% Increase Following the Rise of BTC
Michael Saylor "Even if BTC Exceeds $100,000, I Will Continue to Buy"

BTC broke through $100,600 on the 16th, continuing to set new highs on the back of 'Santa Rally' expectations.

The market has been filled with expectations of a surprise rally in the US stock market and crypto assets, including cryptocurrencies, around the Christmas season. Crypto media outlet DL News reported on the 15th that "I've seen virtual assets rise around Christmas time 8 out of 10 years" and "the upcoming inauguration of President-elect Donald Trump and the increase in institutional adoption are also having a positive impact."

In particular, there was an interpretation that BTC rose as Jack Mallers, CEO of Strike, who helped El Salvador adopt BTC as legal tender in 2021, conveyed Trump's active advocacy of BTC adoption.

On the 16th, Jack Mallers appeared on a YouTube podcast and said, "President-elect Trump can start accumulating BTC on the first day of his presidency under the 'Bitcoin Acquisition Act' to protect the dollar," and "what's important is not just the US government's BTC accumulation, but the meaning of that action."

In fact, in July this year, Congresswoman Cynthia Lummis proposed the '2024 Bitcoin Act', which stipulates that the US Treasury Department and the Federal Reserve will accumulate 200,000 BTC per year for 5 years, totaling 1 million BTC.

Along with the BTC rally, many altcoins also showed a surprise rally from the morning. Various altcoins recorded an increase of more than 5%.

◇BTC = As of 4 pm on the 16th, based on Upbit, the price of BTC is 151.48 million won. BTC dominance is 57.45%.

According to on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratio in the BTC futures market is 40.56% and 59.44%, respectively.

As BTC broke through $100,000, news came that Michael Saylor, who has been continuously accumulating BTC, has made another purchase.

On the 16th, Saylor announced through his X account the times when his company MicroStrategy purchased BTC. According to the BTC purchase times disclosed by Saylor, MicroStrategy made a BTC purchase at 5 pm on the 13th. The price of BTC at 5 pm on the 13th was $100,880, the first time BTC has traded above $100,000 since MicroStrategy started accumulating BTC in 2020.

Michael Saylor emphasized, "I will not stop buying BTC and will continue to buy even if BTC trades persistently above $1 million."

MicroStrategy has recorded a stock price increase of about 500% this year, thanks to founder Michael Saylor's 'all-in BTC acquisition strategy' that started in 2020. MicroStrategy's BTC holdings are about 423,650 BTC as of the 16th.

◇Rising Coins = As of 4 pm on the 16th on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was Mocaverse (MOCA), up about 185%.

Mocaverse soared after being listed on Upbit on the 16th.

Mocaverse is the first in-house