The post Bitcoin Rally Causes Massive Surge in Self-Custody Wallet Demand appeared on BitcoinEthereumNews.com.

Some of the key drivers in BTC’s price include Bitcoin’s fourth halving, reduced global interest rates, and Donald Trump’s presidential election win. Investors are also withdrawing Bitcoin from exchanges, which suggests people are shifting toward self-custody. Bullish sentiment is among options traders, and many believe BTC could hit $150,000 by 2024’s end. However, analysts warned of potential pullbacks due to market volatility and a strengthening U.S. dollar. Meanwhile, Brazil proposed a Sovereign Strategic Bitcoin Reserve to improve its financial stability. Self-Custody Gains Momentum as BTC Approaches $100K The self-custody trend in cryptocurrency has gained a lot of  momentum. This momentum is mostly driven by Bitcoin’s recent rally toward the $100,000 mark. In fact, hardware wallet provider Trezor reported a massive 600% spike in weekly wallet sales, which coincided with Bitcoin reaching its all-time high of $99,645 on Nov. 22. On the same day, Trezor achieved its highest single-day sales. The surge in demand for self-custody solutions like Trezor wallets can be attributed to multiple factors, including the outcome of the recent United States presidential election. Donald Trump’s victory started a pivotal shift in the regulatory approach toward cryptocurrencies, moving away from a hostile stance to a much more supportive environment.  This regulatory clarity boosted institutional adoption and created a favorable operating landscape for crypto businesses, according to Trezor’s chief commercial officer, Danny Sanders. However, despite the election’s influence on the broader crypto market, Trezor did not observe a big change in the proportion of its sales originating from the United States. Beyond the election, Bitcoin’s fourth halving in April 2024 and broader macroeconomic factors also contributed to the ongoing market rally. Historically, Bitcoin’s price tends to surge roughly six months after a halving event. Additionally, central banks in the United States and Europe reduced interest rates, which increased liquidity in the…

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Filed under: News - @ November 27, 2024 2:23 pm