“Bitcoin’s historic rally has lifted the price of the digital asset above $89,000 and boosted the overall value of the cryptocurrency market to a new peak, with traders betting that it will reach $100,000 by the end of the year.”, — write: www.epravda.com.ua
Bitcoin’s historic rally has pushed the price of the digital asset above $89,000 and boosted the overall value of the cryptocurrency market to a new peak, with traders betting that it will reach $100,000 by the end of the year.
This is reported by the Bloomberg agency.
The largest cryptocurrency surged about 32% after the US election, hitting a record high of $89,599 on Tuesday. At 10:45 it traded at the level of $89077.
Trump has promised more favorable policies for cryptocurrencies, and the Republican Party is increasing its control over Congress, increasing his chances of implementing his agenda. Trump’s other plans include creating a strategic bitcoin reserve and encouraging domestic mining to turn the US into the cryptocurrency capital of the world.
His stance is in stark contrast to the US Securities and Exchange Commission’s (SEC) crackdown on the crypto industry under Joe Biden’s presidency. The new rhetoric fueled speculative buying of tokens large and small, pushing the total value of digital assets to around $3.1 trillion, according to CoinGecko.
Bitcoin is currently in “beast mode,” wrote Chris Weston, head of research at Pepperstone Group. “The question for traders who have not yet entered the market is whether there is still an opportunity to chase this red-hot asset or should we wait for a small rollback and cooling of the impulsive trend.”
Investors are betting on the options market that Bitcoin will cross the $100,000 mark by the end of the year, according to Deribit exchange data.
Open contracts for bitcoin futures and the second-largest cryptocurrency, ether, on the CME Group Inc. exchange hit record highs on Monday, indicating growing interest from U.S. institutional investors.
Read more: Americans elected Trump. What does this mean for the US economy and the world?