itcoin is progressing toward the $100,000 mark, as this Thursday the price for Bitcoin is currently recording an impressive price of up to $98.033 for the
first time in Asia trade.
The reason why the Bitcoin price has almost doubled in recent months is because Donald Trump was voted to be the U.S. president again, and also some of the lawmakers that support the cryptocurrency industry were elected for the U.S. Congress.
During his election campaign, Donald Trump included various digital desires, which promised to transform the U.S. into the “crypto capital of the planet”. He also envisioned accumulating a national stockpile of BTC.
It’s important to mention that, since the election, over $4 billion has passed into Bitcoin exchange-traded funds, making the price an Bitcoin all-time high.
"While it's now firmly into overbought territory, it is being drawn toward the $100k level,", IG markets analyst Tony Sycamore stated about the fact that Bitcoin hit all time high.
Bitcoin is soaring toward an all-time high price along with crypto-related stocks which are rising rapidly in price, with shares of Bitcoin miner Mara Holding rising nearly 14% overnight. Meanwhile, MicroStrategy the loss-making software company that has been acquiring BTC, saw a 10% rise, pushing its market capitalization above $100 billion.
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"Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It's likely too soon to say,", stated the head of digital assets at WisdromTree, an exchange-traded fund company.
However, it remains to be seen how much will it take for Bitcoin to hit a new all-time high record. Until then, stay tuned for more updates!
By
Eva Robinson
•
November 21, 2024 4:10 PM
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