2024-11-22 15:26 |
Bitcoin surged to a record $99,505 early Friday, just shy of the symbolic $100,000 mark.
The cryptocurrency has gained significant momentum following the election of President-elect Donald Trump, whose pro-crypto stance has invigorated the market.
As of 11:10 a.m. in New York, Bitcoin traded at $98,644, reflecting bullish sentiment fueled by expectations of a favourable regulatory framework under the new administration.
US crypto policies under Trump spark market optimismThe prospect of regulatory relief under Trump’s administration has been a key driver of Bitcoin’s rally.
SEC Chair Gary Gensler, known for his strict crypto enforcement, is set to step down on January 20, the day of Trump’s inauguration.
Market participants anticipate a more lenient approach to digital assets, with discussions reportedly underway to establish a White House position dedicated to crypto policy.
Trump’s support for the industry marks a significant shift from his earlier skepticism.
Digital-asset firms spent heavily during his campaign to promote their interests, and the president-elect has since embraced the sector, even floating the idea of a strategic Bitcoin reserve for the US.
Wall Street and institutional interest in crypto growsThe impact of Trump’s pro-crypto stance has been felt across Wall Street.
Charles Schwab Corp.’s incoming CEO Rick Wurster announced plans to offer spot crypto trading once regulatory clarity emerges. Meanwhile, Bitcoin accumulator MicroStrategy Inc. revealed intentions to ramp up its purchases of the token.
Additionally, the introduction of options on US Bitcoin exchange-traded funds (ETFs) has further bolstered sentiment.
A group of 12 Bitcoin-focused ETFs has attracted over $6.8 billion in net inflows since Election Day, with their total assets surpassing $100 billion, according to Bloomberg.
Chris Weston, head of research at Pepperstone Group, described Bitcoin’s current rally as “out-and-out momentum,” with the $100,000 level acting as a psychological magnet for investors.
Critics remain cautious amid Bitcoin’s volatility
While Bitcoin’s advocates celebrate its potential to hit six figures, critics caution against the volatility and risks associated with crypto investments.
Themis Themistocleous, EMEA Chief Investment Officer at UBS Wealth Management, described Bitcoin as “not something you can value,” recommending gold and other hedges as more reliable portfolio diversifiers.
The cryptocurrency market has rebounded strongly after a tumultuous 2022, which saw the collapse of major platforms like FTX and increased regulatory scrutiny.
However, skepticism about Bitcoin’s utility and links to criminal activities persists among traditional finance experts.
Will BTC hit $100k mark today?As Bitcoin edges closer to $100,000, the milestone represents more than just a price point—it symbolizes validation for crypto enthusiasts and a challenge to skeptics.
Experts say Bitcoin ascend to $100,000 is inevitable and it could likely be seen in a matter od days now.
Trump’s support for the sector and institutional interest are expected to further shape the cryptocurrency’s trajectory in the months ahead.
For now, Bitcoin’s momentum remains robust, with many watching closely to see if it can cross the $100,000 threshold and solidify its status as a mainstream financial asset.
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