Bitcoin has shattered the $100,000 milestone, driving a wave of investor confidence sparked by U.S. president-elect Donald Trump’s pro-crypto pivot.
The world’s largest cryptocurrency surged as excessive as $103,800 on Thursday, marking a 50 per cent rise since Trump’s November election win.
The rally intensified after Trump nominated crypto advocate, Paul Atkins, to guide the Securities and Alternate Fee (SEC), signaling a shift towards a extra favorable regulatory atmosphere.
Atkins’ appointment, together with Trump’s pledge to make the U.S. “the bitcoin superpower of the world,” has electrified the market.
“Bitcoin reaching $100k is an unbelievable milestone for our motion,” stated Kris Marszalek, CEO of Crypto.com. “We by no means doubted. We by no means wavered. And we are going to by no means cease constructing.”
Trump’s crypto-friendly administration has additionally tapped Howard Lutnick for the Commerce Division and Elon Musk to co-lead the “Division of Authorities Effectivity,” humorously dubbed “DOGE” after the favored cryptocurrency Dogecoin, which has soared 150 per cent since election day.
In keeping with Monetary Instances on Thursday, this surge marks a stark distinction to the sector’s downturn two years in the past, when the collapse of FTX and regulatory crackdowns despatched Bitcoin plummeting to $16,000.
Now, institutional cash is flowing in, with BlackRock’s Bitcoin ETF alone managing $45 billion in property.
Cameron Winklevoss, co-founder of Gemini, summed up the sentiment: “This bitcoin bull run is totally different. We’ve got a pro-tech president-elect, a purple Senate, a purple Home, and a mandate from the nation to construct.”
With $4.4 billion pouring into crypto ETFs since November, and corporations like MicroStrategy planning to boost $42 billion for additional Bitcoin investments, analysts predict a “golden period” for digital property beneath the incoming administration.
Earlier within the first weeks of November, PUNCH On-line reported Bitcoin smashed via the $80,000 milestone, reaching an all-time excessive of $81,858 amid post-election optimism within the US, as pro-crypto insurance policies seem extra possible beneath Trump.
Barely three days after, the world’s largest cryptocurrency reached a document excessive above $90,000.
In the meantime, a verify by PUNCH On-line as at 5.33am on Coin Market Cap positioned the coin at $102,724.32 with over 7 per cent improve within the final 24 hours.
Notably, Trump’s earlier administration leaned closely in the direction of scepticism concerning digital currencies, however the president-elect has since embraced crypto, pledging to make the US the “crypto capital of the planet.”
CNBC famous that Trump had promised to retain “100 per cent of all of the Bitcoin the US authorities presently holds or acquires sooner or later” and to dismiss SEC Chair Gary Gensler, whose tenure noticed over 100 regulatory actions in opposition to crypto corporations.