Bitcoin Eyes $100k Milestone as Trump Assembles Pro-Crypto Team

Bitcoin Homes In On $100k As Trump Forms Pro-Crypto Cabinet

The cryptocurrency market is abuzz as Bitcoin continues its upward trajectory, nearing the significant milestone of $100,000. According to Investor's Business Daily, Bitcoin recently hit a record high above $98,000 following a post-election rally that saw Republicans secure broad victories in the U.S. elections. Analysts are optimistic about Bitcoin reaching and potentially surpassing this psychological barrier by year-end.

This surge has been fueled by several factors including President-elect Donald Trump's pro-crypto stance and his plans to appoint crypto-friendly individuals like Howard Lutnick from Cantor Fitzgerald to key positions within his administration. The introduction of options trading for spot bitcoin ETFs such as BlackRock’s iShares Bitcoin Trust ETF (IBIT) also contributed significantly to this momentum.

Bitcoin Reaches All-Time High Amid Growing Political Support

Euronews reports that Bitcoin reached an all-time high of $97,671 on Thursday amid growing political support under the new U.S. administration led by Donald Trump. Investors have shown increased confidence in cryptocurrencies due to anticipated favorable regulations compared to those during Joe Biden's presidency.

Trump has expressed intentions at various forums, including the 2024 Bitcoin conference, where he pledged efforts towards making America "the crypto capital." However, some analysts caution against potential inflationary pressures resulting from Trump's tariff policies which could impact cryptocurrency markets negatively if not managed carefully.

A Defining Moment: Crypto Market Cap Hits New Heights

As reported by AlexaBlockchain, Bitcoin nears another historic moment with prices touching an all-time high before slightly retreating but remaining close enough at around $96K levels today—an indication it might soon breach past expectations into six-digit territory! This rise comes alongside unprecedented growth across broader digital asset sectors pushing total capitalization beyond previous records up till now standing firm atop towering heights worth over three trillion dollars globally!

The rapid adoption seen through institutional channels particularly via US-based Exchange Traded Funds (ETFs), coupled together alongside corporate giants like MicroStrategy accumulating vast amounts, further underscores increasing mainstream acceptance driving demand upwards continuously despite looming macroeconomic uncertainties worldwide threatening stability elsewhere outside these burgeoning spaces altogether still yet somehow managing to hold steady amidst turbulent times ahead nonetheless proving resilient throughout challenges faced along the way thus far, indeed a remarkable feat achieved collectively overall speaking generally considered noteworthy accomplishment deserving recognition duly acknowledged.

Sources: