Bitcoin broke the $98,000 mark for the first time on Thursday as investors reacted to the possibility of Donald Trump securing a second presidential term. This saw the cryptocurrency climb over 4% to $98,187.00, peaking earlier at $98,367.00, as recorded by Coin Metrics. The rally extended to the broader crypto market, with Coinbase up 3% in premarket trading, and MicroStrategy, known for its substantial Bitcoin holdings, soaring 11%. Crypto mining stocks also gained, with Mara Holdings rising by 9%.
Bitcoin’s recent upward trend appears driven by the belief that a Trump administration could usher in favorable crypto regulations, potentially even establishing a national Bitcoin reserve. “Historically, Bitcoin moves of this scale lead to periods of consolidation or continued bullish momentum,” noted Rob Ginsberg of Wolfe Research. “Having just exited a lengthy consolidation phase and setting a new high, it seems buyers are eager to enter the market,” he added. Ginsberg hints at the challenge Bitcoin might face as it approaches the psychological $100,000 level, possibly as soon as next Thursday.
The anticipation of another Trump presidency also suggests increased budget deficits, higher inflation, and potential shifts in the dollar’s international role—factors likely to further buoy Bitcoin’s value. In 2024, Bitcoin has seen a dramatic rise, totaling over 130%.
Stay informed with CNBC PRO for more cryptocurrency insights.
Original Story https://www.cnbc.com/2024/11/21/crypto-market.html
Category :
Tags:
