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In summary
- Bitcoin surpassed $100,000, achieving a historic milestone after years of growth and institutional adoption.
- Bitcoin spot ETFs were approved in January, attracting significant investments into the crypto industry.
- Donald Trump’s victory fueled a crypto rally while promoting policies favorable to the sector.
Bitcoin surpassed the expected $100,000 price level on Wednesday, reaching this important milestone more than 15 years after its mysterious creator, Satoshi Nakamoto, launched the first Cryptocurrency.
Bitcoin hit the long-awaited target above $101,000 just after 9:45 pm ET, according to data from Coinbase. At the beginning of the year, the coin was trading for just over $44,000. It has since risen more than 120%, repeatedly breaking its record high price during November.
The largest cryptocurrency by market capitalization has come a long way since its creator or creators mined the Genesis block in January 2009.
Bitcoin has its roots in the cypherpunk philosophy, designed as a decentralized currency that can be freely traded and traded without a centralized authority and on an immutable ledger that cannot be easily altered or taken offline.
Over the years, the currency has gone from being a nearly worthless curiosity and something used primarily to buy drugs online to one of the most valuable assets in the world, and an attractive investment for prestigious asset managers looking to protect themselves. against inflation. Now, with Bitcoin exchange-traded funds (ETFs) flourishing this year, even Wall Street is on board.
In the last decade, Bitcoin has appreciated by more than 14,250%.
A bullish year
The asset’s recent surge comes amid a gust of tailwinds for the crypto ecosystem this year.
Investor interest and inflows surged this year after the January approval of US-listed spot Bitcoin ETFs.
The US Securities and Exchange Commission (SEC), Wall Street’s main regulator, gave the green light to those funds in January after years of rejections.
Those who were previously prohibited from participating in the industry due to custody and security concerns can now invest as easily as in gold, foreign currencies or the S&P 500.
Traditional financial titans such as Goldman Sachs and Paul Tudor Jones’ Tudor Investment Corporation have gained exposure to the asset through ETFs.
President-elect Donald Trump’s surprise victory on Nov. 5 helped fuel a financial rally dubbed the “Trump Trade” by market participants.
The former Republican president, who served a four-year term between 2017 and 2021, has been a vocal supporter of the industry during his campaign, promising to promote and retain US-based cryptocurrency Mining efforts while establishing a Bitcoin reserve.
Gary Gensler, the current SEC chairman, nominated by President Joe Biden, has cracked down on the digital asset industry, attacking exchanges and other crypto companies with multiple lawsuits.
With his upcoming departure announced, industry observers are hopeful for a return to a less hostile era under a new agency chief. This Wednesday, Trump nominated former SEC Commissioner Paul Atkins for the top job, which is currently pending Senate confirmation.
Industry observers think a Republican head of the financial watchdog will be much friendlier to the space and are now anticipating a “golden” era for cryptocurrencies.
Edited by Sebastian Sinclair and Andrew Hayward
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