 "Bitcoin shy of $100,000: Why world's largest cryptocurrency is breaking records daily after Trump's win")
Another spike for bitcoin, as the world’s largest and oldest cryptocurrency rose to a new high on Thursday, topping $98,000 for the first time in European trading and is seen speedily marching towards $100,000.
Bitcoin’s price more than doubled this year and in just two weeks, after Donald Trump’s November 5 US Presidential election win, it has surged over 40 per cent.
Not just bitcoin, all crypto-related stocks have also surged simultaneously. Shares in bitcoin miner MARA Holdings were up nearly 2.3 per cent on Thursday.
According to a report by Reuters, bitcoin was trading between $98,000 and $99,000 in late afternoon trading in the US on Thursday, after briefly touching $99,073.
Why is bitcoin breaking all records?
The major reason for the continuous upward journey of bitcoin is Trump’s return to the White House as investors bet big in anticipation of a friendlier US regulatory approach to cryptocurrency which will unleash a boom era for asset class.
Also, a slew of pro-crypto lawmakers elected to Congress is also making investors optimistic.
During his election campaign, Trump, who was once critical of digital currencies, embraced digital assets, promising to make the US the “crypto capital of the planet” and to create a bitcoin “strategic reserve.”
Not just this, Trump’s campaign even accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July.
Back in September, Trump also unveiled a new crypto business, World Liberty Financial, with family members to trade cryptocurrencies.
Also Read: Bitcoin hits new record, breaches $94,000: What's Trump latest move pushing cryptocurrency
After Trump’s triumph, crypto investors also are optimistic for an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, whom the US President-elect has said he will replace.
With inputs from agencies.
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