The news that Bitcoin Surpasses $100K had broken through the $100,000 barrier earlier today was quickly celebrated by President-elect Trump. He recently announced to his Truth Social followers, “CONGRATULATIONS, BITCOINERS!!! $100,000!!!”” Thank you for visiting! If we stand united, we can restore America’s greatness!
Trump’s Influence on Bitcoin’s Historic Rally
Trump is credited with the increase because of the huge rally that followed his November 5th election. Following that, on Election Day, Bitcoin was worth $69,374, and by December 4th, it had risen to a record $103,713, as reported by CoinMarketCap. That’s an astounding increase of 40% in just under 30 days.
The impetus was amplified after Trump announced his selection of Paul Atkins as the next chair of the SEC. Since its tenure as SEC Chair under George W. Bush, Atkins has maintained a stellar reputation and is widely considered crypto-savvy. Yesterday, Trump lauded him on X, saying, “He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and that provide capital to make our economy the best in the world.”
Trump’s Crypto Vision and Bitcoin’s $100K Surge
An important victory for U.S. Crypto innovation would have been his intention to loosen regulations on digital assets, which investors perceive as his main goal. Meanwhile, Trump has suggested the creation of a national Bitcoin reserve and pledged to transform America into the “Crypto capital of the planet.” While running for office, he briefly considered establishing a national Bitcoin reserve. As a cryptocurrency, Bitcoin’s recent surge above $100,000 is a watershed event; only two years ago, it was trading below $17,000.
However, experts warn investors to be wary since sudden spikes might throw the market out of whack. “No. 1 advice: Just be careful when you hit the $100,000 level,” says Oppenheimer analyst Owen Lau. Looking for the next level of breakout could lead to selling pressures. The trading volume for bitcoin has increased by an astounding 116% to 132 billion, while the price has risen by 7% in the last 24 hours, reaching $103,261.
Summary
The president-elect, Donald Trump, rejoiced at bitcoin’s leap beyond $100,000 and attributed it largely to his victory in the election on November 5th. By December 4th, the price of Bitcoin had surged to a record $103,713, a 40% increase in less than 30 days. The announcement that Paul Atkins, a Crypto expert, will be the next head of the SEC has boosted market confidence, as has Trump’s pro-crypto agenda, which includes calls for a national Bitcoin reserve.
Although the ascent of Bitcoin is a watershed moment in history, some warn. That the market might become unstable if prices were to jump suddenly. There has been a meteoric rise in trading volume, with Bitcoin seeing a 7% increase in just one day. Experts warn investors to be cautious as the cryptocurrency market experiences unparalleled momentum.
FAQs
How did Trump's election impact Bitcoin's price?
Following Trump's election on November 5th, Bitcoin surged by 40%, reaching $103,713 by December 4th.
Who is Paul Atkins, and why is he significant to crypto?
Paul Atkins, Trump's SEC chair nominee, is known for being crypto-savvy and supportive of innovative capital markets.
What is Trump’s vision for cryptocurrency in the U.S.?
Trump aims to make the U.S. the "Crypto capital of the planet" and has proposed creating a national Bitcoin reserve.
What do experts advise about Bitcoin’s recent surge?
Analysts caution investors to be careful, as sudden price jumps could destabilize the market and lead to selling pressure.
