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Bitcoin Surpasses $105,000 for First Time

TH (according to VNA) December 16, 2024 11:03

Bitcoin has surged to a record high above $105,000, extending a rally since Donald Trump won the U.S. presidential election in November with a pledge to support digital currencies.

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Illustration of Bitcoin cryptocurrency

Bitcoin reached a high of $105,142, before falling to $104,666.

Bitcoin rallied on news over the weekend that Trump would move forward with the creation of a strategic bitcoin reserve, according to IG analyst Tony Sycamore. The next number the market is looking for is $110,000 per bitcoin.

Aya Kantorovich, co-founder of institutional cryptocurrency platform August, said a lot of people are pinning their hopes on a government backing the currency. She added that optimism is reflected in demand for exchange-traded funds (ETFs) that invest in digital assets.

As of December 15, bitcoin had a seven-week winning streak, its longest since 2021.

US ETFs that invest directly in the currency have reportedly attracted $12.2 billion in inflows since Mr Trump's election victory.

Bitcoin has increased in price by over 50% since the election, when Mr. Trump was elected along with many other candidates who support digital currencies.

The cryptocurrency sector has spent more than $119 million on pro-crypto US congressional candidates, in hopes that bills favorable to promoting digital assets will be passed.

Mr. Trump this month tapped tech investor and former PayPal CEO David Sacks to oversee digital currency and artificial intelligence policy.

TH (according to VNA)
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Bitcoin Surpasses $105,000 for First Time