Cryptocurrencies started the year with gains, recovering from recent losses as market optimism returned. Bitcoin rose 3% above $97,000 on Thursday, marking a nearly 4% gain since January 1st. Investors expect a strong year for the crypto industry, driven by favorable regulatory prospects under President-elect Trump and potential congressional action on crypto-focused legislation. Traders are watching for more crypto IPOs and progress toward a national strategic bitcoin reserve. A post-election rally in 2024 pushed Bitcoin past $100,000. The year ended with profit-taking and concerns over Federal Reserve interest rate policies. Bitcoin closed 2024 up more than 120%.
