Bitcoin smashed the $100,000 mark Wednesday evening!
After peaking at $73,000 in March 2024 following SEC approval of Bitcoin ETFs, BTC steadily climbed.
It reached $90,000 in November before shattering the six-figure milestone.
The surge comes amid optimism over President Donald Trump’s pro-Bitcoin policies.
This is including his plans for a BTC “strategic reserve.”
It was only 8 years ago that Bitcoin sat under $1,000.
Now it’s on, some say, an unstoppable path to 1 million.
Bitcoin hits $100,000 for first time.
Traders cheer Donald Trump's decision to pick a crypto fan to head the US securities regulator, reinforcing optimism the new president will push through measures to deregulate the sectorhttps://t.co/wk5OMkLCgC pic.twitter.com/6R3jUubgz9
— AFP News Agency (@AFP) December 5, 2024
#Bitcoin makes history hitting $100k for the first time! 🔥👀 pic.twitter.com/8uFBmY2rnK
— HOT 97 (@HOT97) December 5, 2024
Breitbart reports:
Bitcoin (BTC) sold for over $100,000 in Wednesday evening trading, hitting another all-time high benchmark value in its nascent bull run.
The digital asset peaked around its previous 2022 record of $73,000 in March 2024, weeks after the U.S. Securities and Exchange Commission (SEC) approved several exchange-traded funds (ETFs) for investors seeking to acquire it, according to data from CoinMarketCap.com. At the end of October, Bitcoin came close to that $73,000 record before retreating in the 60,000s range, then rocketing to a new all-time high of $75,000 before the end of the first week of November. Since then, BTC has sailed past new price benchmarks, first selling for $90,000 on November 13.
In the course of an hour, BTC surged from roughly $98,500 to $103,000 Wednesday evening, smashing a six-figure price barrier that felt unthinkable a decade ago, when the asset spent an entire year under $1,000.
Several factors may have contributed to the past month’s price action; investors may have been energized by President-elect Donald Trump’s victory over Kamala Harris (Trump vowed to create a BTC “strategic reserve” and appealed directly to Bitcoiners on the campaign trail) and the announcement that Gary Gensler — a villain in the eyes of many cryptocurrency fans — would step down from the SEC once Trump takes office.
But one of the key elements in Bitcoin’s perennial rise is its “halving” — a 50% reduction in its issuance of new “coin” units — that occurs every four years, making the “mining” that secures the network that records the ledger of BTC transactions more competitive and costly. The latest Bitcoin halving occurred in April 2024. Just as it did in 2012, 2016, and 2020, BTC appears to be entering price discovery roughly five months after the latest halving.
Historically, Bitcoin has grown in cycles of parabolic ascent and “crashes” down to prices far above the previous cycle’s highs.
Bitcoin rose above $100,000 for the first time as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies https://t.co/39aUulTWkQ pic.twitter.com/mcmybroYnA
— Reuters (@Reuters) December 5, 2024
Thinking it will keep rising?
Is a million mark in the near future?
🚨BREAKING: BITCOIN CROSSES $100k
Source: @WatcherGuru pic.twitter.com/YHy7yCVJs4
— Mario Nawfal (@MarioNawfal) December 5, 2024
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