Bitcoin has risen above $100,000, reaching a price of $103,359.00, following Donald Trump’s election victory in 2024. The cryptocurrency’s value increased sharply due to anticipated regulatory support from Trump, who aims to maintain federal Bitcoin holdings and replace SEC chair Gary Gensler. Further support came from Blackrock’s Bitcoin exchange-traded fund initiating options trading, seeing substantial trading volume on its first day.

Bitcoin has officially surpassed the $100,000 mark, achieving a staggering price of $103,359.00, according to Kraken, marking a significant milestone since the inception of the cryptocurrency over a decade ago. The ascent in Bitcoin’s value is partially attributed to the political climate, particularly the news of Donald Trump’s victory in the 2024 US Presidential Election. Bitcoin’s price experienced a notable increase from approximately $69,000 on Election Day to $75,000 immediately following Trump’s win, as reported by CoinDesk.

The expectation of a more favorable regulatory environment for cryptocurrencies under Trump’s administration has spurred investor confidence, significantly contributing to Bitcoin’s latest surge. Trump, who is actively promoting a proprietary cryptocurrency platform, has committed to retaining the Bitcoin holdings of the federal government. Furthermore, he aims to dismiss Gary Gensler, the current chair of the Securities and Exchange Commission—the individual overseeing crypto regulations. Gensler’s resignation is anticipated in January, clearing the path for potential regulatory changes that may favor digital assets.

Notably, Bitcoin’s final push past the $100,000 threshold followed Trump’s announcement of key appointments within his administration, including his selection of former Republican Securities and Exchange Commissioner Paul Atkins to lead the SEC. Atkins, a recognized advocate for digital innovation, has previously co-chaired the Chamber of Digital Commerce’s Token Alliance, reinforcing Trump’s commitment to revitalizing the digital asset landscape in America.

Additionally, the initiation of options trading on Blackrock’s Bitcoin exchange-traded fund has played a critical role, with approximately $1.9 billion traded on its first day, further strengthening Bitcoin’s market position.

The surge of Bitcoin’s value to over $100,000 reflects a broader trend within cryptocurrency markets influenced by both political developments and institutional investment. The emerging effectiveness of Bitcoin as a payment option and its position as an investment can be seen against the backdrop of a growing acceptance and integration of digital currencies in mainstream finance. Political strategies, particularly those that favor less stringent regulations on the cryptocurrency industry, have shown considerable impact on market dynamics.

In conclusion, Bitcoin’s crossing of the $100,000 mark symbolizes a pivotal moment in cryptocurrency history, driven by favorable political developments, regulatory expectations, and institutional participation. The actions of key political figures, including the incoming Trump administration’s commitment to digital assets, coupled with significant market activities such as Blackrock’s launched trading options, collectively underscore the potential for continued growth within the digital currency space.

Original Source: www.theverge.com

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