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Bitcoin Smashes Close to $98,000—Is the $100K Barrier Next?

Sergio Gruber by Sergio Gruber
November 21, 2024
in Crypto, News
Reading Time: 2 mins read
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Bitcoin Smashes Close to $98,000—Is the $100K Barrier Next?
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As the financial world watches closely, Bitcoin has once again made headlines by reaching an unprecedented high. This Thursday, the cryptocurrency shattered the $97,000 ceiling during intra-day trading, marking a new milestone in its volatile journey. The digital currency’s price experienced a notable jump of 5.7%, peaking at $97,811 on Bitstamp. This surge propelled Bitcoin’s market capitalization to an impressive $1.93 trillion.

Factors Fueling the Bitcoin Boom

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The remarkable rise in Bitcoin’s value is more than just a fleeting market trend. It reflects a wave of optimism linked to the anticipated policies of incoming US President Donald Trump. Speculation is rife that Trump may introduce crypto-friendly regulations, especially with his pick for the Securities and Exchange Commission (SEC) chief, who is believed to be supportive of digital currencies.

This positivity has reverberated throughout the cryptocurrency market, leading to a 3% increase in the overall market cap, which now stands at $3.37 trillion. Additionally, Thursday’s trading volume surged by 5%, reaching $190 billion, indicating heightened investor interest and activity.

Bitcoin’s Bullish Momentum Following Trump’s Victory

The current upward trajectory of Bitcoin is a clear signal of the optimistic sentiment pervading the market. Over the course of this year, the cryptocurrency’s price has more than doubled, contributing a staggering $900 billion to the total market cap. As Bitcoin inches closer to the $100,000 mark, the sector is buzzing with anticipation about the potential developments in the coming weeks.

Edu Patel, CEO of Mudrex, highlights this growth by noting that Bitcoin’s price last year hovered around $30,000. Today, it has soared to over $97,000, reflecting a remarkable growth of over 300%. The digital currency is currently trading at $98,128, according to TradingView charts.

Patel attributes this surge to several factors, including the election of Trump and the optimism surrounding his SEC chair pick. Moreover, the expanding institutional participation in Bitcoin options and ETFs is further bolstering its price.

Trump’s Potential Cryptocurrency Oversight Initiatives

The recent surge in Bitcoin’s value underscores its growing significance in the global economy. The Trump administration has hinted at the possibility of establishing a dedicated office to manage cryptocurrency policies. Sources suggest that the president’s team is contemplating this move, with numerous crypto executives eager for an audience with the new president.

Impact of Institutional Adoption and MicroStrategy’s Bold Moves

Experts also point to institutional adoption as a key driver of Bitcoin’s recent performance. MicroStrategy’s aggressive “Bitcoin-first” strategy, led by Michael Saylor, has seen the company augment its portfolio with additional Bitcoin holdings. This has inspired other corporations to consider incorporating the digital asset into their balance sheets.

The popularity of Bitcoin ETFs has further fueled the market, bolstered by the introduction of options trading. Reports indicate that more than $4 billion has been invested in Bitcoin ETFs since the November elections. This week, Reuters highlighted BlackRock’s promising start with its BTC ETFs, which include call options.

As the cryptocurrency landscape continues to evolve, Bitcoin’s latest price rally serves as a testament to its resilience and potential as a transformative asset in the financial world.

Tags: BitcoinBTCbtcusdcryptotrump
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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