Bitcoin Crosses $95,000: A New Record in the Crypto World
Bitcoin has reached an all-time high, crossing the $95,000 mark for the first time in history. Early Thursday trading in Tokyo saw the digital currency surge to $95,004.50, signaling an unprecedented milestone in the cryptocurrency market.
The Trump Effect on Bitcoin
The surge comes amid growing expectations that President-elect Donald Trump will champion policies favoring cryptocurrency. His pro-crypto stance, as expressed during his campaign, included plans to make the United States a global hub for Bitcoin and blockchain technologies.
Adding to the buzz, Trump announced his intent to appoint tech billionaire Elon Musk, a figure known for his polarizing yet influential views, to lead an extensive government audit. This proposed move has resonated with investors, further boosting Bitcoin’s appeal as a speculative asset.
A 40% Surge Since Election Day
Since Trump’s victory earlier this month, Bitcoin has skyrocketed by nearly 40%. Traders and speculators have flocked to the cryptocurrency, driving its value upward with the belief that regulatory hurdles might soon be eased under the new administration.
Stephen Innes, managing partner at SPI Asset Management, commented on the rally:
"The surge has been driven by mounting confidence that President-elect Donald Trump's administration will usher in a crypto-friendly era. Speculators rally behind the narrative, fueling a frenzy as the digital asset edges toward an unprecedented valuation."
Bitcoin's March to $100,000
Market analysts are now eyeing the $100,000 benchmark, which seems within reach given the current momentum. The broader crypto market has also seen an uptick, with traders banking on Bitcoin’s performance as a bellwether for other digital assets.
While some remain cautious about Bitcoin’s volatility, its recent performance underscores the growing mainstream acceptance of cryptocurrencies.
As Bitcoin continues its historic rise, the world watches closely to see how the intersection of politics and technology shapes the future of finance.
Reference from:-https://www.ndtv.com/world-news/bitcoin-hits-new-record-crosses-95-000-7068626