Loading Now

Bitcoin hits recent record high of more than $106,000


Bitcoin hits recent record high of more than $106,000

Getty Images Cartoon image of US President-elect Donald Trump holding a Bitcoin token displayed at a Coinhero store in Hong Kong.Getty Images
The globe’s largest cryptocurrency has risen by more than 50% since Trump’s election win

Bitcoin has surged to a recent record high, extending a rally that has seen the cryptocurrency’s worth rise by more than 50% since Donald Trump’s win in the 5 November election.

The globe’s largest cryptocurrency briefly passed $106,000 (£83,890), before falling back to around $105,000 in Asia trade on Monday.

The incoming Trump administration is seen as being far more amiable towards cryptocurrencies than the Biden White House.

On Thursday, the US president-elect reiterated that he is considering creating a national stockpile of the digital money, similar to the country’s strategic oil savings.

“The Bitcoin rally since the election has been parabolic and the FOMO – or terror of missing out – rally is assembly momentum,” Peter McGuire from buying and selling platform XM.com told the BBC.

“Many investors depend $120,000 is achievable by the complete of the year and then in 2025 there’s talk of greater than $150,000 by mid-year”.

Earlier this month, Trump named Silicon Valley business owner David Sacks as his artificial intelligence (AI) and cryptocurrency tsar.

Mr Sacks is a former PayPal executive and a close partner of Trump adviser and mega-donor Elon Musk.

Trump has also said he would nominate pro-cryptocurrency Washington attorney Paul Atkins as the recent head of the Wall Street regulator, the stocks and bonds and swap fee (SEC).

Last month, the SEC’s current head, Gary Gensler, said he would resign from the role on the day of Trump’s inauguration, on 20 January next year.

“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without terror or favour,” Mr Gensler wrote on the social media platform X.

Trump had previously revealed plans to sack Mr Gensler on “day one” of his recent administration after the SEC chairman took legal action against cryptocurrency firms, sparking controversy in some quarters.



Source link

Post Comment

YOU MAY HAVE MISSED