Two weeks into November, and days after Trump's victory over Harris, Bitcoin price's increase was unstoppable. Now, it's about to hit six digits.
On Thursday, it not only broke past the $90,000 threshold, but it also registered a new record. With that, Bitcoin is now close to that much-awaited target of $100,000.
VCPost shared that optimism currently runs high because investors reacting positively to the expectations of supportive policies under a second Donald Trump presidency that they are leaning towards equities and bitcoin themselves.
Bitcoin Achieves Record Feat
So far, the cryptocurrency's price shot up by more than 3%. This poses an all-time high of $98,367. The same is the case for other crypto-related stocks, including Coinbase and MicroStrategy, which also saw huge gains.
Market analysts told CNBC that this to a renewed interest in cryptocurrency, partly based on hope for regulatory changes working in its favor. Trump's stance on creating a national Bitcoin reserve, and easing regulations has buoyed investors' optimism. Further, the funding rates of futures markets skyrocketed sharply, and $88 million in short liquidation saw Bitcoin's price go up during Asian trading hours.
So far, Bitcoin's 2024 rally came off as powerful, with the cryptocurrency up over 130% since the turn of the year. Market consolidation appears to be over, and investors are piling in to try to catch up on the early bullish momentum, with analysts believing that Bitcoin could reach $100,000 sooner than anyone expected: a historic achievement for the industry.
However, VCPost learned that there are other implications of Bitcoin to look out for, with another Trump presidency possibly leading to larger budget deficits, inflation, and shifts in the dollar's global role factors that typically drive Bitcoin demand.
As Bitcoin continues up to $100,000, market analysts are observing whether it will stabilize or continue upward in the following weeks.
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