BITCOIN IS HEADING TOWARDS THE $100,000 LEVEL

Thu 21 November 2024:

The price of a Bitcoin increased to the $97,500 level on Thursday, climbing by around 4.3% on a daily basis as of 0930GMT. The largest cryptocurrency saw a record level of $97,862 during the day, with annual gains reaching around 160% as of Thursday.

During the last 24-hour period, the price of a Bitcoin saw a low of $92,926 and a high of $97,862. It was at $70,000 before the US elections and gained significantly following Donald Trump’s victory.

Following Trump’s win, the market expects positive developments for cryptocurrencies, as he pledged that the US would be the “crypto capital” of the world.

The market size of Bitcoin has recently stood at $1.93 trillion, according to figures by Coinmarketcap, a digital asset price-tracking website.

“While it’s now firmly into overbought territory, it is being drawn toward the $100k level,” said IG Markets analyst Tony Sycamore.

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Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

More than $4 billion has streamed into U.S. listed bitcoin exchange-traded funds since the election. This week, there was a strong debut for options on BlackRock’s ETF,with call options – bets on the price going up – more popular than puts.

Crypto-related stocks have soared along with the bitcoin price and shares in bitcoin miner MARA Holdings were up nearly 14% overnight, while MicroStrategy, a loss-making software company that has been buying bitcoin, rose 10% to take its market capitalisation beyond $100 billion.

“Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It’s likely too soon to say,” said Will Peck, head of digital assets at WisdomTree, a global exchange-traded fund issuer.

“We see all of this excitement as bullish not only for bitcoin or crypto broadly, but the entire blockchain-enabled ecosystem that is growing today.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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