On December 12, Bitcoin surpassed $100,000, reaching $101,014 on global exchanges, marking significant growth in the cryptocurrency market. Following the U.S. elections, market sentiment improved due to expectations of a Federal Reserve rate cut and changing regulatory environments. The stablecoin sector has also seen notable growth, reaching $200 billion in market capitalization. Overall, the crypto market cap rose by 5.41 percent, totaling $3.65 trillion.

On December 12, Bitcoin achieved a new milestone, soaring to a price of $101,014 (approximately Rs. 85.7 lakh) on global markets. According to data from CoinMarketCap, the cryptocurrency experienced a 3.66 percent increase within the preceding 24 hours. This significant rise marks the second occasion this month that Bitcoin has transcended the $100,000 threshold. In the Indian marketplace, platforms such as Giottus and CoinSwitch reported a price of $100,727 (about Rs. 85.4 lakh) for Bitcoin, reflecting an increase of over three percent. Since its inception in 2009, Bitcoin has seen exponential growth from its initial trading price of $0.10–$0.20 (approximately Rs. 8.50–Rs. 16.9) in October 2010.

Edul Patel, CEO of Mudrex, elaborated on the factors driving Bitcoin’s ascension, stating, “Expectations of a 25-basis-point rate cut in the upcoming Fed meeting, following positive CPI data, boosted the market sentiment. Bitcoin faces its next resistance at $103,500 (approximately Rs. 87.8 lakh) and support standing at $98,400 (approximately Rs. 83.5 lakh).” Following Donald Trump’s election success in the United States, Bitcoin and the broader cryptocurrency market witnessed a pronounced surge, with Bitcoin first crossing the $100,000 mark on December 5. This was further amplified by reports indicating that Gary Gensler, the Chair of the SEC, might step down by 2025 under a Trump administration, leading to a more favorable outlook for cryptocurrencies.

Additional insights from Shivam Thakral, CEO of BuyUCoin, revealed that the stablecoin sector has reached a groundbreaking $200 billion (approximately Rs. 16,97,209 crore) in market capitalization, signifying a 13 percent increase within just one month due to a rising demand for stable assets and their integration into various financial channels. The crypto market as a whole experienced a robust uptick of 5.41 percent in the last day, resulting in an overall valuation of $3.65 trillion (approximately Rs. 3,09,71,199 crore) as per CoinMarketCap data. It is noteworthy that while Bitcoin and other cryptocurrencies like Ether, Ripple, and Binance Coin recorded gains, certain assets such as Tether, Solana, and USD Coin faced downturns.

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The recent surge in Bitcoin’s price is a significant event in the cryptocurrency landscape, illustrating the increased market momentum and investor confidence. The cryptocurrency market often reacts to macroeconomic signals, such as interest rate expectations and consumer price index data released by the Federal Reserve. Additionally, geopolitical events, such as changes in U.S. leadership and regulatory environments, further influence trader sentiment and market dynamics. Bitcoin’s historical price journey indicates its rising acceptance and value compared to traditional assets, fueling ongoing discussions about its potential as a digital currency in the future.

In conclusion, Bitcoin’s remarkable growth to over $100,000 reflects a resurgence in the cryptocurrency market, driven by favorable economic indicators and geopolitical developments. The overall rise in the market capitalization of cryptocurrencies showcases increased investor interest and adoption, especially in stablecoins. However, the inherent risks associated with cryptocurrency investments necessitate caution among potential investors. Future price movements will depend on broader economic conditions and regulatory frameworks governing the cryptocurrency landscape.

Original Source: www.gadgets360.com

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