Bitcoin moves towards $100,000 mark
21 November 2024 09:41
Bitcoin, the largest digital asset in the world, rose by 3.6%, reaching a record high of $97,892 on November 21. In total, the cryptocurrency market has grown by about $900 billion since Trump’s victory in the November 5 election, according to "Komersant Ukrainian" reports with reference to Bloomberg.
Trump’s team has begun discussing the possibility of creating a position in the White House to be responsible for digital asset policy. This will be the first such role in the United States, and representatives of the crypto industry are actively lobbying for its creation. This position is expected to have a direct link to the president, who has now become one of the biggest supporters of cryptocurrencies.
The market expects a breakthrough for Bitcoin
Expectations for Bitcoin are growing, and the question, according to analysts, is no longer whether the cryptocurrency will reach the $100,000 mark, but when it will happen. Bitcoin’s supporters see this as a symbolic confirmation of its role as a modern store of value, despite criticism over links to money laundering and other questionable practices.
Tony Sycamore, market analyst at IG Australia Pty, said:
“Buyers are pushing out sellers. While I’m not sure the move to the $100,000 mark will be easy, the demand looks insatiable.”
Follow us on Telegram: the main news in a nutshell
The role of companies and stock instruments
MicroStrategy Corporation, the largest publicly listed corporate owner of Bitcoin, has announced an increase in bond sales by almost 50% to $2.6 billion. These funds will be used to purchase cryptocurrency. Currently, the company owns about $31 billion worth of Bitcoin and positions itself as a “Bitcoin treasure trove.”
US exchange-traded funds (ETFs) investing in Bitcoin have raised $5.8 billion since the election, bringing their assets to a record $100 billion. Carolyn Moron, co-founder of Orbit Markets, emphasized:
“The huge psychological mark of $100,000 is on the horizon. Bitcoin options bets indicate that the market is expecting a breakout soon.”
A new regulatory course
Donald Trump has promised to create a favorable regulatory framework for cryptocurrencies in the United States, as well as to create a strategic Bitcoin reserve. Although the timing of these promises remains uncertain, experts see them as having a significant positive impact on the market.
Trump himself was previously skeptical of cryptocurrencies, but changed his position after crypto companies actively funded his election campaign. In addition, he has his own projects related to digital assets.
Despite the current optimism, the market has not yet forgotten the 2022 crash, which was accompanied by high-profile scandals, including the collapse of Sam Bankman-Fried’s FTX exchange. Back then, the US Securities and Exchange Commission launched a series of tough actions, but the industry hopes that these measures will stop during the Trump presidency.
Follow us on Telegram: the main news in a nutshell
Bitcoin
Bitcoin is the world’s first and most popular cryptocurrency, which appeared in 2009. It was created by a person or a group of people under the pseudonym Satoshi Nakamoto, who remains anonymous. Bitcoin is based on blockchain technology and has no centralized governing body.
Bitcoin is “mined” using a special mining technology, which is a digital analogy to the mining of physical minerals. Similarly to physical minerals, the number of Bitcoins is limited – there are only 21 million tokens in existence. So far, 19 million tokens have been mined, which is more than 90% of all “deposits”. Therefore, mining is becoming more and more difficult and expensive.
Bitcoin, like anything else in the world, can be exchanged for anything else, including traditional currencies. The value of Bitcoin shows the level of trust in it.
Bitcoin is considered to be a secure and well-protected currency with a very high level of confidentiality. In the Bitcoin system, all information about transactions is open, but information about owners is completely anonymous. That is why Bitcoin, like some other cryptocurrencies, is popular among Ukrainian corrupt officials.
Follow us on Telegram: the main news in a nutshell
