Bitcoin Surges Past $97,000 Amid Optimism Over Donald Trump Pro-Crypto Stance: Bitcoin hit an all-time high on November 21 at $97,000+ on the prospect of less stringent regulation of digital assets in the United States under President-elect Donald Trump. The cryptocurrency reached its highest value of $97528 and is inching closer to $100000, with a total market value of $1.93 trillion, per CoinMarketCap.
This paper looks at several factors that can be attributed to the recent Bitcoin rally. This year, Bitcoin has risen from the $30,000 level to the current price of over $100,000 on average. Electoral successes for Trump and several ostensibly friendly lawmakers during the two weeks leading up to August have helped digital currency rise by 40%.
Trump’s recent statements to make the United States the crypto capital of the planet and to set up a new position in the White House to oversee cryptocurrency also helped.
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Bitcoin Surges Past $97,000 Amid Optimism Over Donald Trump Pro-Crypto Stance: Provided up-to-date information on institutions and markets to fill the gap currently served by the internet. Hence, institutional adoption is the critical driver of Bitcoin’s unprecedented growth. Over $4 billion has been invested in American Bitcoin ETFs since the election, the latest launched in the fourth week of October.
Options trading on BlackRock’s Bitcoin ETF has also fueled it since the proverbial bullish call options outweigh put options. The Bitcoin value has increased since MicroStrategy Inc. announced its plans to buy more of the asset.
CEO of Mudrex, Edul Patel, said this to newswires: motivations are mainly adoption by the average money and the continuous enhancement of regulatory understanding of cryptocurrencies to make excellent points that Bitcoin could easily cross the $100000 mark in the next few months.
The By Influence of Crypto Policy Currently, according to inside sources, Trump’s team is to develop a White House crypto policy position with a line of communication to Trump.
Ever-increasing institutional interest and inflows via ETFs propel Bitcoin even further into the financial market. It is due to increasing confidence in digital assets that have continued to put Bitcoin at the forefront of asset classes.
