Bitcoin rises above $99,500 after early dip

WEB DESK: On the first trading day of the week, Bitcoin entered trade in positive territory, staying above the previous close of $98,352.07 for a solid 49 minutes before fluctuating and falling to $98,251.59 around 01:00 UTC.

The downtrend worsened, and it seemed that BTC might dip below $98,000. However, it managed to hold slightly higher when it dropped to the day’s lowest level of $98,001.01 at around 01:23 UTC, which was the lowest level recorded as of 04:40 UTC.

BTC recovered from the day’s low, rising to $98,277.93 by 01:51 UTC, though it remained below the previous close.

Around 02:10 UTC, Bitcoin made a comeback, rising by $815 to reach $99,167.50, which became the day’s high before 04:04 UTC.

By 04:58 UTC, Bitcoin had risen by 1.22 per cent, or $1,195.81, to $99,547.92, which was the highest level recorded as of 05:11 UTC.

During this time, Ether was up 0.96 per cent to $3,670.21, Litecoin increased by 0.23 per cent to $115.80, Dogecoin rose by 1.30 per cent to $0.3869, and Binance Coin gained 0.45 per cent, reaching $712.44.

The Bitcoin price surged to $99,821.81, up $1,469.75 from its previous close, marking a new day high as of 05:49 UTC.

Several Chilean lawmakers are currently advocating for legislation to create a Strategic Bitcoin Reserve (SBR), according to Andrés Villagrán, a mining lobbyist for the nation-state. Sharing updates on social media platform X, Villagrán explained that he has been engaging with numerous officials to highlight economic potential of Bitcoin.

“In 2023, I began an incredible journey with Bitcoin. I’ve met with over 20 parliamentarians and several ministers, explaining Bitcoin’s benefits for Chile and its citizens,” Villagrán wrote, noting that his outreach efforts increased significantly by mid-2024.

Villagrán’s initiative has gained support from Dennis Porter, CEO of the US nonprofit Satoshi Act Fund, and Simon Collins, CEO of Stackr. Both have previous experience in drafting legislation and promoting sustainable Bitcoin mining practices.

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