The price of the cryptocurrency has more than doubled this year and is up about 40% in the two weeks since Donald Trump was elected the next US president.
The value of the most popular cryptocurrency Bitcoin is approaching $100 thousand. As of Thursday morning, the $97,000 mark was surpassed, according to CoinDesk data as of November 21.
So, at its peak, Bitcoin reached $97,930, after which the price fell slightly to $97,247. During the trading session, the price of the cryptocurrency increased by 4.21%.
According to Reuters, the price of the cryptocurrency has more than doubled this year and is up about 40% in the two weeks since Donald Trump was elected as the next US president and many pro-cryptocurrency lawmakers were elected in Congress.
“Although it (Bitcoin – ed.) is now confidently in the overbought zone, it is approaching the $100,000 level,” said IG Markets analyst Tony Sycamore.
During his election campaign, Trump actively used digital assets, promising to make the United States the “crypto capital of the planet” and to accumulate a national reserve of bitcoins.
More than $4 billion has flowed into US Bitcoin exchange-traded funds since the election. BlackRock ETF Options made a strong debut this week.
Cryptocurrency stocks are rising along with the price of Bitcoin. Shares of miner MARA Holdings rose nearly 14% overnight, while MicroStrategy, a money-losing software company that buys Bitcoin, rose 10%, boosting its market capitalization by more than $100 billion.
“Many are questioning whether this administration will bring the regulatory clarity the crypto community has been waiting for. It’s probably too early to tell,” said Will Peck, head of digital assets at WisdomTree, a global provider of exchanges- traded funds.
According to him, the situation is optimistic not only for Bitcoin or cryptocurrencies in general, but also for the entire blockchain-based ecosystem that is developing today.
It was also recently noted that the meme cryptocurrency Dogecoin grew by almost 20%. This comes after Trump announced the creation of a Department of Government Efficiency, which he called DOGE, to be headed by Tesla CEO Elon Musk and Strive Asset Management co-founder Vivek Ramaswamy.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.