The post Bitcoin reaches ATH of $106K after Trump’s NYSE comments appeared on BitcoinEthereumNews.com.

Bitcoin reached an all-time high on Monday after institutional interest in the digital currency spiked as President-elect Donald Trump confirmed plans for Bitcoin reserve. Bitcoin (BTC) reached an all-time high of $106,488.25 at 12:40 AM UTC after ascending for 25 minutes straight. This hike follows the former U.S. President Donald Trump’s announcement at the New York Stock Exchange on Dec. 12 to create a U.S. Bitcoin strategic reserve. Trump’s remarks, intended to ensure the U.S. maintains an advantage over global rivals, have spurred investor excitement and propelled market momentum. Speaking to CNBC, Trump said, “We’re gonna do something great with crypto … we want to be ahead.”  This momentum was evidently reinforced by Republican Senator Cynthia Lummis’ BITCOIN Act, which aims to have the U.S. purchase 1 million BTC over the next five years to combat the $35 trillion national debt. This narrative is gaining global momentum, as Russia is contemplating a Bitcoin strategic reserve after President Vladimir Putin said BTC cannot be banned.  BREAKING: 🇷🇺 Russian President Putin says “Who can ban #Bitcoin? Nobody.” pic.twitter.com/6mJ664BZZ8 — Bitcoin Magazine (@BitcoinMagazine) December 4, 2024 In addition to that, Anton Tkachev, a Russian Finance minister, also suggested establishing a strategic Bitcoin reserve in order to solve the issue of sanctions placed on the country.  FOMO, or fear of missing out, an opportunistic sentiment running among investors, has been at an apex after the U.S. Spot Bitcoin ETFs achieved a total cumulative net inflow of more than $50 billion in a year. MicroStrategy, a major corporate holder of Bitcoin, bought 21,550 BTC for $2.1 billion, raising its overall holdings to 423,650 BTC. The company has also been listed on Nasdaq 100 and will be open to the public from Dec. 23.  Bitcoin hashrate hits record highs

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Filed under: News - @ December 16, 2024 6:24 am