The Bitcoin currency, the leading digital currency in the world, surpassed the $100,000 mark for the first time in history last night (between Wednesday and Thursday). This increase is due, among other factors, to Donald Trump’s victory in the U.S. presidential elections and the statements of support for cryptocurrencies from his future administration.
The Impact of the Election Victory on the Market
Since Trump’s victory, Bitcoin has risen by 45% in the last four weeks and has recorded an increase of more than 100% since the beginning of 2024. Trump himself has expressed his support for digital assets and pledged to lead the U.S. to become a global crypto hub. According to him, regulatory easing will encourage investments and support in the sector.
Involvement of Key Players
Prominent figures like Elon Musk, known for his enthusiastic support of crypto, are contributing to the increase in momentum. Additionally, the approval of Bitcoin-based exchange-traded funds (ETFs) earlier this year has added billions of dollars to the market, with over $4 billion flowing in since the elections alone.
A Proposal for a First Reading was Approved: More Financial Awareness for Bank Customers.
Alongside the impressive rise, there are concerns in the crypto market following previous crises, such as the collapse of the FTX exchange. Analysts warn that the digital currency sector remains particularly volatile and requires caution from both retail and institutional investors.
