Bitcoin at record highs, sets sights on $100,000
Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration/File Photo Purchase Licensing Rights
Bitcoin touched a fresh record high on Friday, with its sights set firmly on the $100,000 barrier, in a stellar rally for the cryptocurrency sparked by expectations of a more friendly regulatory environment under a Donald Trump administration.
It has more than doubled in value this year and is up about 45% since Trumpâs sweeping election victory on Nov.5, which has also seen a slew of pro-crypto lawmakers being elected to Congress.
The cryptocurrency was last up just over 1% on the day at $99,380 , and is on track for its best monthly performance since February.
Its surge has made bitcoin one of the stand-out winners of so-called âTrump tradesâ â assets that are seen as winning or losing from Trumpâs policies.
The cryptocurrency also appears on the cusp of mainstream acceptance since its creation 16 years ago. The approval of U.S.-listed bitcoin exchange-traded funds in January this year have helped boost the market.
âThe longer it survives it is taken more seriously, thatâs just the reality of things,â said Shane Oliver, chief economist and head of investment strategy at AMP Sydney.
âAs an economist and investor I find it very hard to value itâŠitâs anyoneâs guess. But it does have a momentum aspect to it and at the moment the momentum is up.â
Indeed, bitcoin is up around 130% this year.
This chart depicts the price of Bitcoin over time.
Trump embraced digital assets during his campaign, promising to make the United States the âcrypto capital of the planetâ and to accumulate a national stockpile of bitcoin
The worldâs biggest cryptocurrency has become one of the most eye-catching market movers in the weeks since the election of Donald Trump, gaining around a third in value since Nov. 5.
Crypto investors see an end to increased scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler, who said on Thursday he would step down in January when Trump takes office.
Under Gensler, the SEC sued exchange Coinbase , Kraken, Binance and others, alleging that their failure to register with the agency violated SEC rules, accusations the companies deny and are fighting in court.
Source: www.reuters.com
Read Next
November 22, 2024
Suspected China-linked hack on US telecoms worst in nationâs history, senator says
November 22, 2024
Kioxiaâs market value set at $4.9 billion in IPO
November 22, 2024
Northvolt CEO steps down, says group needs up to $1.2 bln
November 21, 2024
Chinaâs Baidu posts 3% fall in third-quarter revenue, meeting market view
November 21, 2024
Google must divest Chrome to restore competition in online search, DOJ says
November 21, 2024
US watchdog issues final rule to supervise Big Tech payments, digital wallets
November 20, 2024
Indian news agency ANI sues OpenAI for unsanctioned content use in AI training
November 20, 2024
Australia critical infrastructure faces cyber threats, report says
November 20, 2024
Bitcoin breaches $94,000 for the first time
November 19, 2024
itel A80, to be launched
