Bitcoin Surpasses $100,000 Mark Boosted by Trump
Bitcoin has made history by surpassing the $US100,000 mark for the first time. The surge in value this year is attributed to the growing optimism surrounding a Donald Trump presidency and recent developments in the digital currency market.
President-elect Trump has made bold promises to establish the US as the “crypto capital of the planet,” leading to increased interest in digital currencies like Bitcoin. His decision to nominate cryptocurrency advocate Paul Atkins to chair the US Securities and Exchange Commission (SEC) has further fueled the rally in the cryptocurrency market.
On November 4, the day of the US presidential election, one bitcoin was valued at $US67,077. Fast forward four weeks later, and one bitcoin is now worth $US102,510 (around $160,000 in Australian currency).
Experts in the industry are describing the current situation as a “momentum rally” with global spot volumes exceeding mid-pandemic levels. The nomination of Paul Atkins as SEC chair has added to the excitement in the market.
According to Jason Titman, CEO of crypto brokerage Swyftx, end-of-year rallies for Bitcoin are common, but the upcoming Trump presidency could extend this rally. Kyle Rodda, senior financial market analyst at Capital.com, believes the current conditions are favorable for the digital asset to continue its upward trend.
While the US is embracing digital assets with the aim of becoming a global leader in this space, the European Union is taking a different approach. European regulators are expressing concerns about the risks associated with crypto-assets and are implementing regulations to monitor these risks.
In Australia, industry figures are highlighting the need for stronger regulations to support businesses and consumers in the cryptocurrency market. Despite the recent surge in interest fueled by Trump’s re-election, Australia is being urged to catch up with its regulatory framework to ensure the industry’s growth and stability.
As Bitcoin continues to break records and gain momentum, the future of digital currencies remains a topic of interest and debate among investors and regulators worldwide. The evolving landscape of cryptocurrency regulations will play a crucial role in shaping the industry’s trajectory in the years to come.
