Thursday, December 05, 2024 - Bitcoin has finally reached the $100,000 mark on Thursday.
The surge has been attributed to in investor confidence following U.S.
President-elect Donald Trump’s pro-crypto stance.
The world’s leading cryptocurrency climbed to an all-time high of
$103,800 on Thursday, representing a 50% increase since Trump’s election
victory in November.
The rally gained momentum after Trump announced Paul Atkins, a known
crypto advocate, as his pick to lead the Securities and Exchange Commission
(SEC), signaling a potential shift toward a more crypto-friendly regulatory
framework.
Atkins’ nomination, coupled with Trump’s declaration to position the
U.S. as “the bitcoin superpower of the world,” has energized the market
“Bitcoin reaching $100k is an incredible milestone for our movement,” said
Kris Marszalek, CEO of Crypto.com. “We never doubted. We never wavered.
And we will never stop building.”
Trump’s crypto-friendly administration has also tapped Howard Lutnick
for the Commerce Department and Elon Musk to co-lead the “Department of
Government Efficiency,” humorously dubbed “DOGE” after the popular
cryptocurrency Dogecoin, which has soared 150 per cent since election day.
The Financial Times reported on Thursday that Bitcoin’s meteoric rise
marks a sharp reversal from the crypto sector’s downturn two years ago. Back
then, the collapse of FTX and regulatory crackdowns drove Bitcoin down to
$16,000.
Today, institutional investors are fueling
the market, with BlackRock’s Bitcoin ETF managing $45 billion in assets.
Cameron Winklevoss, co-founder of Gemini, captured the sentiment: “This Bitcoin
bull run is different. We have a pro-tech president-elect, a red Senate, a red
House, and a mandate from the country to build.”
Since November, $4.4 billion has flowed into crypto ETFs, and companies
like MicroStrategy are preparing to raise $42 billion for further Bitcoin
investments.
Analysts are now predicting a “golden era” for digital assets under the
incoming administration.
In early November, it was reported that Bitcoin breaking the $80,000
milestone, reaching a then-record high of $81,858 amid post-election optimism
in the U.S., fueled by expectations of pro-crypto policies under Trump. Just
three days later, Bitcoin soared past $90,000.
As of 5:33 a.m., a check Online on CoinMarketCap showed Bitcoin trading at $102,724.32, reflecting a 7% gain in the past 24 hours.
0 Comments