Source: The Economic Times
Bitcoin is a widely known cryptocurrency. It was first created in 2009. Since then, its value has fluctuated widely at times as the digital currency world has seen a shift.
Value Of Bitcoin Since 2017
Over the last ten years, there has been a widely large gain in the value of Bitcoin followed by precipitous declines. In 2017, the value of Bitcoin was around $1,000 in January and it increased to $20,000 by December of that year. Then in 2018, the value of Bitcoin dropped suddenly below $4,000. In 2020, the value changed from $7,000 to over $28,000 by the end of the year. There were many ups and downs in the value of Bitcoin in 2021 and it suddenly reached a peak of $69,000 in November 2021.
Then in 2022, the value of Bitcoin along with other cryptocurrencies like Ethereum, dropped significantly and the period was known as the crypto winter. That same year, the price declined below $20,000 by the end. By the time we reached 2023, Bitcoin’s value closed at just over $42,000.
Then in 2024, there was a landmark year when the value of Bitcoin hiked and by March the value reached around $70,000. There was then seen a half in the value of Bitcoin but it all increased within its rates and interests. Then in January same year, the U.S. Securities and Exchange Commission (SEC) gave regulatory approval for the exchanges in Bitcoin trading and funding, including spot Bitcoin ETFs.
Then in October 2024 when the USA was leading towards the U.S. presidential elections, the value of Bitcoin was seen around $68,000. After the elections, the value of Bitcoin saw a sudden high on a nearly daily basis. On 13th November 2024, the value of bitcoin reached new peaks and was recorded with an all-time high amount of over $90,000, and then the market capitalized at $1.8 trillion USD.
A New Record In January 2025 After Donald Trump’s Victory And Inauguration on 20th January 2025 (Monday)
When on Monday (20th January 2025) Donald Trump's inauguration of his duties as president, the price of Bitcoin was recorded as high above $109,000. However, there was no mention of the cryptocurrency during the inaugural address taking in the president’s office. At the same time, the two bearish candlestick patterns were seen in the cryptocurrency chart and it all warned the researchers that there would be potentially a lower value in a few other days. There was a chart of three different values at different times and it was around $92,000, $87,000, and $74,000. In addition, there were seen the two other peak values $106,000 and $120,000 – other important overhead points and values.
The value of Bitcoin was seen to have hiked around 50% since the early November election, and it was estimated that if Donald Trump would be there on the seat of President, it would potentially remove all the roadblocks. This further initiated the establishment of Bitcoin reserve with other initiatives promoting the adoption of widespread digital assets.
As soon as the day arrived (20th January 2025), the value of Bitcoin was recorded as $109,300 during early morning hours and Bitcoin was trading at $102,800.
Why is Bitcoin going up, especially after the second half of 2024?
The value of Bitcoin surged to several factors in November 2024 and each factor saw a new height in its value, playing a crucial role in cryptocurrency.
The biggest factor was assumed to be the winning of Donald Trump for the seat of president in the U.S. general elections on 4th November 2024. It has also been assumed that the presidential elections and the victory of Donald Trump were the spark behind Bitcoin’s price explosion.
During the election campaign, Donald Trump promised to make the U.S. "the crypto capital of the planet” during the Bitcoin conference in Nashville. The community that was made for the responsibilities of Bitcoin, i.e., SEC, was further promised to be appointed as the chairperson for cryptocurrency if Donald Trump wins the elections.
Conclusion
Donald Trump promised that there would be fewer regulations and policies limiting cryptocurrency and there would be support for the usage and adoption of the policies for Bitcoin and other cryptocurrencies.
Donald Trump also promised that there would be a cryptocurrency presidential advisory council, promoting Bitcoin and ensuring more friendly policies. In addition, all the individuals who would be hired would be in favour of the cryptocurrency only. There was also made another promise that he would not allow the US Federal Reserve to create its own digital currency.
The system and the pro-cryptocurrency stances that were made in favour of cryptocurrency provided another renewed confidence and a big explosion in the value of bitcoin. After the day of the elections, there was another spike in the US stock markets when Donald Trump won the elections.
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