As an analyst with over two decades of experience in the financial markets, I have witnessed numerous market fluctuations and trends. The recent surge of Bitcoin breaking through the $100,000 mark is undeniably impressive, and it’s hard not to be excited about such a monumental achievement. However, my years of experience have also taught me that impulsive surges can often lead to imbalances between buyers and sellers.
Earlier today, Bitcoin surpassed the $100,000 milestone, and President-elect Donald Trump is promptly expressing his delight about this development.
A short while ago, he shared on Truth Social, “Congratulations Bitcoin enthusiasts! $100,000! Thank you! Together, let’s make America great again!
Credit for the surge is given to Trump following his election win on November 5, as a significant Bitcoin rally took off from that point. By December 4, Bitcoin had reached a new high of $103,713, up 40% from its $69,374 value on Election Day, as reported by CoinMarketCap. This is an impressive gain achieved in less than a month.
As an analyst, I found myself adding my own enthusiasm to the growing wave of anticipation when Trump announced his selection of Paul Atkins for the position of SEC Chair. With a proven track record in the crypto sector, stemming from his tenure as SEC Chair during George W. Bush’s administration, Atkins is widely regarded as a proactive and reputable figure that could potentially bring about positive changes for the industry.
Yesterday, Trump commended him for his belief in vibrant, creative financial markets that cater to investor requirements and offer funds to boost our economy into being the top performer globally.
In essence, he anticipated loosening controls over digital assets, a significant triumph for cryptocurrency advancement within the United States, according to investors’ viewpoint.
In addition, Trump has expressed his intention to establish America as the leading hub for cryptocurrencies and has even proposed the creation of a national Bitcoin reserve. This proposal was initially put forth during his campaign.
Reaching 100k by Bitcoin is a significant milestone within the cryptocurrency market, given its trade value was only around $17,000 two years prior.
Analysts are urging caution since rapid increases can lead to a disproportionate relationship between buyers and sellers. In fact, Owen Lau, an analyst at Oppenheimer, advises, “Exercise care when reaching the $100,000 mark. There might be selling pressures and those seeking the next significant price movement.
Currently, Bitcoin is being traded at approximately $103,261, representing a 7% increase within the past 24 hours. Notably, its trading volume ranges from $116 billion to $132 billion.
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2024-12-05 19:00