Bitcoin Hits $99,400, Hovers Below Elusive $100,000 Mark – When Will It Break Through?
The post Bitcoin Hits $99,400, Hovers Below Elusive $100,000 Mark – When Will It Break Through? appeared on BitcoinEthereumNews.com.
Bitcoin climbed to $99,400 on Thursday, edging closer to the psychological $100,000 milestone as cryptocurrency markets continue their post-election rally amid expectations of a more favorable regulatory environment under President-elect Donald Trump. The world’s largest cryptocurrency has surged more than 40% in the two weeks following Trump’s victory over Vice President Kamala Harris, fueled by the incoming administration’s pro-crypto stance and the anticipated departure of Securities and Exchange Commission (SEC) Chair Gary Gensler, who announced he would step down on January 20. The Bitcoin price has moved steadily upward since Donald Trump’s election win on the 5th of November. Source: Brave New Coin Bitcoin Liquid Index. Trading volumes have more than doubled to $25 billion daily on the spot market, compared to $10-12 billion a few months ago, reflecting heightened investor interest. The surge has pushed bitcoin’s market dominance to 58% of the total cryptocurrency market, which now exceeds $1.9 trillion. “The sentiment for Bitcoin is extremely bullish right now: From traders, media, retail investors and big institutions: Everybody wants to be part of the actual bull run which might be still in the beginning,” said Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital. Trump’s campaign promises to make the U.S. the “crypto capital of the planet” and establish a bitcoin “strategic reserve” have bolstered market confidence. The president-elect’s cryptocurrency-friendly approach has been evident through his campaign’s acceptance of crypto donations and his appearances at bitcoin conferences. His family has also launched World Liberty Financial, a new venture focused on cryptocurrency trading. Patrick Liou, principal of institutional sales for Gemini, emphasized the significance of the $100,000 threshold. “Based on previous experiences, realized volatility to the upside tends to catch investor attention, which is still relatively low when examining historical Google search trends for ‘bitcoin.’ This could potentially…
Filed under: News - @ November 22, 2024 11:23 pm