Bitcoin Surges to New ATH of $106,000 on Trump’s Promises
Bitcoin reached a new ATH of $106,153.48, driven by Trump’s promises regarding Bitcoin’s status as a reserve asset. Overall market cap increased to $3.69 trillion, while Ethereum also surged over $4,000. Market participants are anticipating upcoming economic shifts, particularly the FOMC meeting, which may influence Bitcoin’s price further.
In the past week, Bitcoin (BTC) surged to a new all-time high, hitting $106,153.48, primarily due to expectations surrounding U.S. President-elect Donald Trump’s commitment to designate Bitcoin as a reserve asset upon taking office. This announcement has generated considerable bullish sentiment across the crypto markets, with Ethereum (ETH) also experiencing significant gains, exceeding $4,000.
The overall capitalization of the cryptocurrency market increased from $3.64 trillion to $3.69 trillion as of Sunday, continuing a positive trend amid market volatility. Investors are particularly focused on the upcoming Federal Open Market Committee (FOMC) meeting, where a projected 25 basis point rate cut could further propel Bitcoin prices towards the $110,000 mark.
Over the past week, Bitcoin traded within a range of $94,557.27 and $106,153.48, while Ethereum fluctuated between $3,529.16 and $4,011.82. Presently, Bitcoin commands a 56.13% dominance in the market. The crypto community remains alert to the market’s swift fluctuations and the implications of external economic factors.
Market experts share varying insights on Bitcoin’s performance. Mudrex co-founder Edul Patel remarked, “The news that Trump could issue an order designating Bitcoin as a reserve asset on his first day in office has boosted market confidence.” Meanwhile, Thangapandi Durai, CEO of Koinpark, acknowledged a slight price consolidation but remains optimistic about a subsequent upward movement depending on Bitcoin’s ability to breach key resistance levels.
Investors are advised to conduct thorough research and remain cautious, given the inherent volatility of the cryptocurrency market. Regulatory challenges pose significant risks, and expert guidance is recommended for those engaging in crypto-related investments.
The article details the recent performance of Bitcoin and other cryptocurrencies following significant political statements from U.S. President-elect Donald Trump. His intentions to elevate Bitcoin’s status within U.S. monetary policy are catalyzing interest and investment in the cryptocurrency space. The article emphasizes the speculative nature of crypto investments and the necessity for due diligence among investors, highlighting recent price trends and market capitalization statistics, as well as sentiments from industry leaders.
In summary, Bitcoin’s ascension to a new all-time high of $106,153.48 reflects heightened market confidence due to favorable political signals from Donald Trump. The overall market capitalization has experienced growth, and Ethereum has also shown substantial gains. Looking ahead, the upcoming FOMC meeting may further influence Bitcoin’s trajectory, with industry experts emphasizing the need for cautious investment strategies in this notoriously volatile market.
Original Source: news.abplive.com
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