Bitcoin’s Price Broke $100,000. What’s Next? | Global News Avenue

Bitcoin (Bitcoin USD) topped $100,000 for the first time in late trading Wednesday.

The largest cryptocurrency by market capitalization hit a new high of $101,419, according to TradingView data. The latest price spike came after President-elect Donald Trump Nominates Cryptocurrency Supporter Paul Atkins Lead the U.S. Securities and Exchange Commission (SEC).

Bitcoin came close to breaking $100,000 in November before falling to $91,000 due to the post-election rally. Take profits.

The rise in Bitcoin prices has been largely driven by expectations of greater clarity and regulatory clarity around cryptocurrencies. Crypto-friendly management Since Trump won the election, investors have poured money into Bitcoin as well as crypto-related stocks and exchange-traded funds.

Investor optimism continues to drive Bitcoin prices

Investors cheered news of the incoming administration’s creation of a cryptocurrency advisory committee and the possible creation of a Bitcoin strategic reserve.

This is great news for the cryptocurrency industry after the agency’s current leader, Gary Gensler, announced the appointment of Atkins as SEC Chairman he left the role. Gensler has often been criticized by cryptocurrency proponents for the SEC’s aggressive enforcement efforts under his leadership.

Bitcoin-related stocks have also risen recently. MicroStrategy (Magnetic transmission technology), with more than 402,100 BitcoinAt current prices, it’s worth more than $40 billion and has grown more than 540% year-to-date.

Despite some missteps, Bitcoin bulls are undeterred

It’s already been a busy year for Bitcoin, with gains Spot Bitcoin ETF and a “halved“This slows down the rate of new Bitcoin supply. Supply and demand imbalance Helped push up the price of Bitcoin.

Still, some experts warn investors against over-leveraging and getting too excited. Galaxy Investment Partners CEO Mike Novogratz said he expects Bitcoin prices to return to $80,000.

“The cryptocurrency community is leveraged, so there will be a correction,” he recently said on CNBC.

Although the cryptocurrency’s price has plummeted in recent days, Bitcoin bulls are undeterred.

In the short term, heavy corporate buying is likely to support Bitcoin’s price as it becomes a mainstream investment in the longer term, with sudden price swings providing buying opportunities.

“One of the reasons Bitcoin has pulled back so hard in the past is that every time Bitcoin started to pull back, people started to worry that it would drop to $0. Now that is no longer the case, and more and more investors are looking Bitcoin. Matt Hougan, chief information officer of Bitwise Investment, said at the end of November: