Bitcoin prices reached nearly $99,400 today. (Photo by Chesnot/Getty Images)
Bitcoin prices surpassed $99,000 on Thursday, November 21, as the digital currency moved ever closer to the $100,000 level.
The world’s most popular cryptocurrency has reached nearly $99,400, according to Coinbase data from TradingView.
The digital asset, which has generated substantial exposure at many times, has managed to attract even more eyeballs recently as very favorable market conditions push it towards a series of new all-time highs.
“Sentiment for Bitcoin is extremely bullish right now: from traders, media, retail investors and large institutions: everyone wants to be part of the real bull run which, in my opinion, is not. maybe in its early stages,” Marc P. Bernegger, co-founder of crypto fund of funds AltAlpha Digital, said via emailed comments.
Today, the digital asset is fluctuating very close to the key psychological level of $100,000, and surpassing this price could have major implications for markets and trading.
“$100,000 will be a huge milestone for Bitcoin,” said Patrick Liou, director of institutional sales at Gemini.
“Based on previous experiences, the upward volatility seen tends to attract investor attention, which is still relatively low when looking at historical Google search trends for “bitcoin.” This could potentially fuel a renewed run for Bitcoin above the $100,000 mark ahead of the inauguration and into the first quarter of 2025,” he said in emailed comments.
Liou underscored the critical importance of recent changes in the U.S. political landscape, saying anticipation surrounding the arrival of the “new regime” of government officials at the White House, the U.S. Treasury Department and the Securities and Exchange Commission of the United States was the most important factor. strengthening digital currency markets in recent weeks.
Within a few months, Republicans will have control of the White House, the US Senate and the House of Representatives. Earlier this year, the GOP integrated crypto into its platform, pledging to take a lighter approach to regulation.
The mere fact that SEC Chairman Gary Gensler is considering resigning on January 20 could mark a sea change in crypto regulatory policy, given that he has taken a rather aggressive approach to controlling the space.
Gensler, who became head of the SEC in April 2021, was appointed by President Joe Biden.
Donald Trump, who served as president between 2017 and 2021 and recently won a second term, had said he would fire Gensler on day one.
The former president has presented himself as a big supporter of digital currencies and the crypto industry as a whole, helping to boost sentiment among industry players now that his re-election is assured.
“With the clear election of Trump as the 47th President of the United States, certainty now prevails,” said Eric Demuth, CEO and co-founder of Bitpanda. (Full disclosure, Bitpanda already paid me for my travel to speak at FinTechWeek Vienna 2019.)
“The last element of uncertainty has been removed and the world’s largest financial market is poised to adopt liberal, crypto-friendly regulations for our industry,” he said in mailed comments electronic.
“We are witnessing progress in the best sense of the word. Positive developments in recent years – such as growing retail adoption, regulation of the crypto market in Europe, interest rate cuts from central banks, and the integration of crypto into financial systems traditional and banking wallets – are now taking full effect,” Demuth said.
“The market is hungry, prices are increasing. Bitcoin reaching $100,000 is not just a number – it is a real turning point,” he concluded.
Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ether, EOS and SOL.
