Bitcoin nears $100,000 mark on optimism of US shifting to crypto-friendly norms | Stock Market News
Source: Live Mint
Bitcoin edges closer to the $100,000 mark on Thursday, November 21, fueled by the optimism of the United States shifting to crypto-friendly norms under the President-elect Trump’s administration.
The crypto asset price crossed the $98,000 mark for the first time during European trading hours. The Bitcoin prices have more than doubled this year and have risen nearly 40 per cent in the last two weeks since Donald Trump was voted as the President-elect in the US Presidential elections, all set to make a White House comeback with a Republican government, reported the news agency Reuters.
“While it’s now firmly into overbought territory, it is being drawn toward the $100k level,” IG Markets analyst Tony Sycamore told the news agency.
The Republican leader backed the digital asset class during his election campaign and promised to make the US the “crypto capital of the planet” and to create a national stockpile of Bitcoin.
Over $4 billion has streamed into the U.S.-listed Bitcoin ETFs (Exchange-traded funds) since the election. This week, the strong debut for the options of BlackRock’s ETF showed call options betting on the price going up more than the put options, as per the agency report.
Stock related to cryptocurrencies surged along with the price of Bitcoin. The Bitcoin miner MARA Holdings shares went up 14 per cent while MicroStrategy, a loss-making software company that has been buying bitcoin, shares rose 10 per cent to push its market capitalisation beyond $100 billion.
“Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It’s likely too soon to say,” Will Peck, head of digital assets at WisdomTree, a global ETF issuer told the agency.
“We see all of this excitement as bullish not only for bitcoin or crypto broadly, but the entire blockchain-enabled ecosystem that is growing today,” he said.
The news agency Bloomberg reported on Thursday that Trump’s transition team has started discussions over whether or not to create a White House post dedicated to digital-asset policy.
