Bitcoin’s Bull Run, Cathie Wood’s Trades, and Elon Musk’s Dogecoin Influence: This Week in Crypto – Grayscale Bitcoin Mini Trust (BTC) Fractional Undivided Beneficial Interest Common Units (ARCA:BTC)

The first weekend of 2025 was a whirlwind in the world of finance, with cryptocurrencies making significant progress. Bitcoin BTC/USD is closing in on the $100,000 mark, while Dogecoin has seen an increase, possibly due to the influence of Elon Musk. In the meantime, Ark Invest by Cathie Wood carried out strategic transactions. Let’s get into the details.

Bitcoin approaches $100,000, Dogecoin soars

The cryptocurrency market started the year on a high note, with Bitcoin prices near the $100,000 mark despite record ETF outflows. Dogecoin DOGE/USD also saw a significant increase in its value.

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Bitcoin Could Hit $1 Million, Says Arthur Hayes

BitMEX co-founder Arthur Hayes has suggested that a change in US banking regulations could propel Bitcoin to a valuation of $1 million. Hayes believes that if US banks were granted an exemption from the supplementary leverage ratio (SLR) rule, it could lead to an increase in market liquidity, thereby significantly increasing the value of Bitcoin.

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See also: Peter Thiel’s bubble theory gains relevance as Bitcoin hovers around $95,000: ‘extremely difficult to define’

Cathie Wood’s Ark Invest completes strategic transactions

Ark Invest, led by Cathie Wood, has completed significant transactions involving Palantir Technologies Inc. PLTR, Ark 21Shares Bitcoin ETF ARKBAnd Quantum-Si Inc. QSI. Ark Invest sold 20,332 shares of Palantir, aligning with Ark’s recent trend of reducing its position in the hot AI stock.

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Elon Musk’s influence on Dogecoin

Dogecoin price has been rising, perhaps due to social media platform X getting closer to launching payments in 2025. Elon Muskwhich acquired the platform (formerly Twitter) for $44 billion in 2022, could be an important factor in this increase.

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Bitcoin Discussion at Mar-a-Lago

Bitcoin advocate Michael Saylor met with Eric Trump at Mar-a-Lago, sparking speculation that Bitcoin may have been a topic of discussion between the two influential figures. Saylor shared a photo from the meeting with the caption: “Bitcoin is on the menu at Mar-a-Lago.”

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Photo courtesy: Shutterstock

This story was generated using Benzinga Neuro and edited by Rounak Jain