Bitcoin Surge: A Quick Cryptocurrency Tutorial for Beginners

Bitcoin has been making headlines recently as its value approaches $100,000, a staggering increase of over 40% in just two weeks. This surge comes on the heels of the cryptocurrency dropping to below $17,000 two years ago after the collapse of crypto exchange FTX. Industry experts are eyeing the incoming Trump administration, anticipating a more crypto-friendly regulatory approach which has contributed to the rally.

For those unfamiliar with cryptocurrency, it’s essentially digital money that operates through an online network without a central authority. Transactions are recorded using blockchain technology, and assets like bitcoin, ethereum, tether, and dogecoin have gained popularity over the years. While some view cryptocurrency as a digital alternative to traditional money, it’s important to note that the market can be highly volatile, with prices impacted by various market conditions.

The recent surge in bitcoin is partially attributed to the outcome of the U.S. presidential election. Industry players have welcomed the idea of Trump making the U.S. a crypto-friendly hub, with promises of legislative changes to enhance legitimacy without excessive red tape. Despite Trump’s previous skepticism towards crypto, his recent pledges to establish the U.S. as a crypto capital and create a strategic reserve of bitcoin have fueled optimism within the industry. How quickly these promises will be actualized remains to be seen, but the industry is hopeful for more regulatory clarity moving forward.

Amidst the excitement surrounding Trump’s stance on crypto, it’s worth noting that 2024 has already been a significant year for crypto regulation in the U.S. With Gary Gensler stepping down as SEC chair on Inauguration Day, the future regulatory landscape for cryptocurrency remains uncertain. The industry is eager for more legislation to address key gaps and provide a clearer framework for crypto operations in the U.S.