BITCOIN TRADES ABOVE $100,000 FOR 1ST TIME

Thu 05 December 2024:

Bitcoin’s price surpassed $100,000 late Wednesday for the first time ever, marking the peak of a bull run that has driven the cryptocurrency’s value up by more than 30% since the Nov. 5 US presidential election.

The world’s largest cryptocurrency was hovering around $68,000 on the eve of Election Day to a then-record high of $75,000 the day following the election.

Trump’s victory over Vice President Kamala Harris boosted investor sentiment, driving Bitcoin to new record highs.

Bitcoin hit $103,343 at the time of publication.

During his campaign, Trump pledged a pro-crypto regulatory approach, vowing to make the US the “crypto capital of the planet” and announcing plans during a summer conference to establish a crypto advisory board.

Trump, who was once a crypto skeptic, has pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Crypto industry players have welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape.

Earlier in the day, Trump selected crypto advocate Paul Atkins to lead the Securities and Exchange Commission, sparking optimism for a more industry-friendly regulator.

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What is cryptocurrency again?

Cryptocurrency has been around for a while now. But, chances are, you’ve heard about it more and more over the last few years.

In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.

Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, tether and dogecoin have also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money, but the large majority of daily financial transactions are still conducted using fiat currencies such as the dollar. Also, bitcoin can be very volatile, with its price reliant on larger market conditions.

What about the climate impact?

Assets like bitcoin are produced through a process called “mining,” which consumes a lot of energy. Operations relying on pollutive sources have drawn particular concern over the years.

Recent research published by the United Nations University and Earth’s Future journal found that the carbon footprint of 2020-2021 bitcoin mining across 76 nations was equivalent to the emissions from burning 84 billion pounds of coal or running 190 natural gas-fired power plants. Coal satisfied the bulk of bitcoin’s electricity demands (45%), followed by natural gas (21%) and hydropower (16%).

Environmental impacts of bitcoin mining boil largely down to the energy source used. Industry analysts have maintained that clean energy has increased in use in recent years, coinciding with rising calls for climate protections.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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