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Bitcoin, the world’s most prominent cryptocurrency, surged past the $90,000 mark on Wednesday, November 13, reaching an all-time high of $93,480 before dipping slightly to $88,185.
According to the Reuters report, this unprecedented rise, a 32% jump since the November 5 election, has left the market buzzing with speculation. Cryptocurrency enthusiasts are linking this rally to expectations of pro-crypto policies under Donald Trump’s presidency.
In addition to Bitcoin, other cryptocurrencies have also seen remarkable gains. Ether, the second-largest cryptocurrency, has risen by 37% since Election Day, while dogecoin, popularised by Trump ally Elon Musk, is up a staggering 150%.
Market experts see Trump’s pro-crypto stance as a potential game-changer for digital assets in the U.S. “What you’ve seen since the election is the market hoping or realizing what that could mean for bitcoin in the medium to long term,” says Damon Polistina, head of research at Eaglebrook. He believes that a pro-bitcoin administration, Senate, and potential legislation could solidify Bitcoin’s role as a strategic asset for the U.S. Treasury.
One of Trump’s campaign promises was to position the United States as the “crypto capital of the planet” and to build a national stockpile of Bitcoin. Although these goals lack concrete timelines, the mere possibility has spurred speculative growth in cryptocurrency markets and mining stocks.
For years, regulatory ambiguity has cast a shadow over cryptocurrency, deterring large institutions from fully engaging in the space. According to Zach Pandl, head of research at Grayscale Investments, the election outcome could break down barriers for regulated entities like banks and exchanges to explore blockchain technology. He sees this as a unique opportunity for cryptocurrencies to integrate more seamlessly with traditional finance.
MicroStrategy, a software company and major Bitcoin investor, recently announced a $2 billion Bitcoin purchase. The company’s stock hit record highs as it doubled down on its digital holdings, signaling rising institutional interest.
Despite the euphoria, industry veterans urge caution. “Many people believe that we will inevitably get to Bitcoin at $100K,” says JJ Kinahan, CEO of IG North America. He anticipates Bitcoin’s momentum to continue, at least until Trump’s official inauguration, when policy clarity might emerge.
However, Georgi Koreli, CEO of Hinkal, warns investors about Bitcoin’s notorious volatility. “With Bitcoin reaching $90K and hitting a new all-time high, investors should be cautious about the potential volatility ahead,” Koreli advises. He acknowledges that prices could surge to $95K or even $100K but suggests Bitcoin may also experience a pullback to regain momentum.
Bitcoin’s recent highs raise a pressing question: Is this rally a sign of sustained growth, or are we in a speculative bubble? While the optimism around a crypto-friendly administration is palpable, only time will tell if Bitcoin’s ascent to $100K is inevitable or if cautionary voices will be vindicated.
For now, the crypto world is watching closely, caught between excitement and caution.
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