American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

Bitcoin surges to $106K, up 50% since US election: will the rally last?

by admin December 16, 2024
December 16, 2024
Bitcoin surges to $106K, up 50% since US election: will the rally last?

Bitcoin’s meteoric rise has captured global attention as it surged past $106,000, marking an unprecedented 50% gain since the US election earlier this month.

The cryptocurrency market has been electrified by speculation that President-elect Donald Trump’s administration will adopt a friendlier stance toward digital assets.

Analysts at Reuters suggest this rally is buoyed by expectations of a pro-crypto regulatory environment and the potential creation of a bitcoin strategic reserve, similar to the United States’ strategic oil reserve.

With the total cryptocurrency market value surpassing $3.8 trillion, questions arise over the sustainability of this extraordinary rally.

Bitcoin rallies 50% post-election

Bitcoin price reached $106,533, before settling at $104,462, a 3.2% gain on Monday.

This significant milestone comes as Trump’s administration signals a shift in the nation’s cryptocurrency strategy.

In his recent remarks, Trump hinted at establishing a Bitcoin strategic reserve, a move aimed at reinforcing US dominance in the digital asset space.

This announcement coincides with the increasing global adoption of cryptocurrencies.

The United States already holds nearly 200,000 Bitcoins, valued at over $20 billion.

Other nations, including China, the UK, Bhutan, and El Salvador, have also amassed substantial bitcoin reserves, further underscoring the growing role of crypto in national financial strategies.

Global interest in crypto grows

The prospect of a Bitcoin reserve is not unique to the United States.

Countries like Russia have shown interest in diversifying their reserves to reduce reliance on the US dollar, which President Vladimir Putin criticized as being wielded for political leverage.

Cryptocurrencies, particularly Bitcoin, are seen as an alternative asset immune to direct control by any single government.

However, the Federal Reserve Chairman Jerome Powell remains skeptical.

Jerome Powell recently compared Bitcoin to gold, highlighting its speculative nature.

Despite this, the momentum in the crypto market suggests a broader acceptance of Bitcoin as a store of value.

Crypto-friendly policies boost market sentiment

The anticipation of crypto-friendly policies has played a crucial role in the current rally. Trump’s pro-crypto stance during his campaign included promises to make the United States a “crypto capital.”

His administration has already taken steps to deliver on these pledges, such as appointing David Sacks, a former PayPal executive, as the White House czar for artificial intelligence and cryptocurrencies.

Moreover, Trump is expected to nominate Paul Atkins, a pro-crypto attorney, to lead the Securities and Exchange Commission.

The inclusion of MicroStrategy, a company with substantial bitcoin holdings, in the Nasdaq-100 Index has further fuelled optimism.

Shares of MicroStrategy have surged six-fold this year, reaching a market value of $94 billion. Analysts believe its inclusion will attract significant inflows, amplifying the company’s ability to purchase more Bitcoin.

Can the rally sustain its momentum?

Despite the bullish sentiment, analysts caution that the establishment of a Bitcoin reserve could take considerable time and may face regulatory hurdles.

Some market watchers also point out that the rapid price increase might lead to profit-taking, resulting in temporary pullbacks.

Nevertheless, the broader market appears optimistic. Bitcoin’s year-to-date gains of 192% reflect its growing appeal among both retail and institutional investors.

With Trump’s administration poised to introduce measures favoring digital assets, the question remains: Can Bitcoin sustain its record-breaking rally, or will it face a reality check as regulatory complexities come into play?

The post Bitcoin surges to $106K, up 50% since US election: will the rally last? appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
Tilray Brands stock price has crashed: time to buy the dip?
next post
US fraud case against Gautam Adani: Will the Indian billionaire face extradition for trial?

Related Posts

Brazil’s CSN Mineração posts $69.5M Q1 loss

May 10, 2025

Air travel demand is breaking records. Airline profits...

July 9, 2024

Europe markets open: STOXX 600 +0.3% on strong...

May 23, 2025

Centrica hit, Next, JD Wetherspoons rejoice: how UK’s...

May 8, 2025

Tesco share price megaphone pattern points to a...

April 16, 2025

Sensex smashes 81K: what’s fueling the unstoppable market...

May 2, 2025

Asian markets open: Nikkei, Hang Seng fall amid...

May 16, 2025

Archer Aviation stock has crashed: can ACHR shares...

December 3, 2024

Avoid Mullen Automotive and VinFast; buy this EV...

October 29, 2024

Is ServiceNow stock a buy or a sell...

April 18, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Interview: Strategic location gives Brazil Potash cost advantage in domestic fertiliser market, says CEO Matt Simpson

      June 1, 2025
    • Canada’s Q1 GDP expands by 2.2%, driven by exports spike ahead of potential US tariffs

      June 1, 2025
    • President Trump to host farewell for Elon Musk as DOGE leader steps away

      June 1, 2025
    • UK’s digital banks face divergent fortunes: Starling stumbles, Monzo and Revolut soars

      June 1, 2025
    • Trump wants Apple to shift iPhone production from India to the US: here’s what it means

      May 18, 2025

    Categories

    • Business (3,022)
    • Investing (2,459)
    • Latest News (1,994)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved