Bitcoin rose above $100,000 for the first time ever, hitting a new high of $103,719, according to the data on Investing.com.
This comes as cryptocurrencies continue soaring in the wake of Donald Trump’s election victory.
Trump, who campaigned on bringing a more favorable regulatory approach to Bitcoin and other cryptocurrencies and digital assets has nominated cryptocurrency lobbyist Paul Atkins to lead the Securities and Exchange Commission.
Bitcoin has gained over 45% since US election day. It rose from $69,121 the day before Election Day to $74,445 on Nov. 6, the day after the election.
Then on November 10, it broke the $80,000 mark for the first time and then eclipsed the $88,000 threshold for the first time the following day. It rose above $98,000 on November 22 before a slight decline.
Despite earlier branding Bitcoin a “scam”, Trump during his bid to return to the White House, accused Joe Biden’s administration of embarking upon an “un-American crypto crackdown” and pledged to defend Bitcoin mining, the ability of US citizens to hold crypto assets, and transactions “free from Government Surveillance and Control”
“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology and geopolitics,” said Justin d’Anethan, a Hong Kong-based independent crypto analyst.
“The figure not that long ago dismissed as fantasy stands as a reality.”
According to FOX News, the surge in crypto has driven investors into related exchange traded funds. 2X Bitcoin Strategy ETF, Grayscale Bitcoin Trust, Hashdex Bitcoin and ProShares Bitcoin are among the year’s top performers, tracked by VettaFi, all with triple digit returns well over 100%.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
