Bitcoin is one of the world’s largest cryptocurrency. Its price increased to a record $95,000 on Thursday (21st November 2024). Prior to this surge, it held a notable high of $94,750 at 6:45 AM. Bitcoin is also a key player in the global financial markets.
There have been many developments and sharp rises in the cryptocurrency space. There has also been an introduction of various options in the space of trading for BlackRock’s iShares Bitcoin Trust. This trading space is further associated with US President Donald Trump’s social media company, which is connected to acquiring a deal with trading firm Bakkt.
"Bitcoin continues its upward momentum, hitting a new all-time high of $95,000. Market optimism surged following a Bloomberg report detailing Trump’s proposal to create a dedicated White House position focused on crypto policy," said Edul Patel, CEO Of Mudrex.
According to the reports, Donald Trump’s media company is likely to acquire Bakkt, a crypto trading platform. The company has raised expectations of a potentially favourable environment for cryptocurrencies. After the time this news has been erupted in the financial market, it has been seen as a reason behind the price upward of Bitcoin.
The Circumstances After Trump’s Election Victory
After Trump’s victory in the US 2024 elections, the country has attracted nearly $4.2 billion in inflows in the space of Bitcoin exchange-traded products. This marks a 15% increase in the price of Bitcoin against the product US exchanges in comparison to the first time it was introduced earlier this year. Many investors believe that this has been the reflection of many investors who are feeling confident in putting money in Bitcoin as a mainstream asset class.
Trump’s Cryptocurrency Pledge As A Reason For The Digital Hike
When Trump was having his campaigns for one of the best nominations for the US election in 2024, he pledged to make the US the “bitcoin and cryptocurrency capital of the world.” He also put Elon Musk in charge of auditing governmental waste. It is believed that investors have seen this pledge as an optimistic option for cryptocurrencies. It is also seen as a backing option for the crypto-friendly Congress and will lead to policies that will be beneficial for the asset class.
Cryptocurrency Is Expected To Pass The $100,000 Mark
Seeing the circumstances that Bitcoin is having its price value in the financial market, it is accepted that Bitcoin and its price will break the mark of $100,000. On the same side, financial market analysts including Tony Sycamore have reported that the path of Bitcoin towards the achievement of $100,000 may not be smooth but the demand seems to be uncontrollable or insatiable.
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