Bitcoin is soaring towards $100,000 for the first time extending the record-breaking rally on Thursday.
Bitcoin, the world’s largest cryptocurrency is currently up 2.9 percent to $97,143, a new all-time high and it traded as high as $98,349 today. It is expected to hit $100,000 for this rally and there have been many reasons for its price going up. Bitcoin is up 40 percent since Nov 5.
The President-elect’s crypto-friendly stance, the possibility of the creation of a Bitcoin strategic reserve, heavy buying from MicroStrategy, and the start of options trading on Bitcoin exchange-traded funds are some of the reasons for the Bitcoin rally.
Markets are believing that Trump will ease regulation on the crypto industry. MicroStrategy is a big buyer of the crypto and the shares of the company have climbed more than 600% this year.
The frenzy around Bitcoin is like never before and no one really knows if it will go further or crash.
This post was last modified on 21 November 2024 11:49 pm
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