United

Donald Trump

Life

Bitcoin

The price of Bitcoin jumped to over $99,200 on Friday morning before dropping to $98,600. It then rose further and traded at $99,000. The <a href="https://thebitjournal.com/crypto-andy-price-prediction-forecast-for-2024/">crypto market</a> reached $3.4 trillion in capitalization and traded 2.20% higher in the last 24 hours. The cryptocurrency market is showing signs of an upward trend, with Bitcoin leading the list with a 2.19% increase. Bitcoin alone now commands more than 59% of the total market capitalization. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=Bitcoin+Set+to+Life+After+%24100K+with+US+Crypto+Hopes" rel="nofollow noopener" target="_blank"><img loading="lazy" loading="lazy" decoding="async" class="wp-image-53959 size-full aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/0B857336-1674-40D9-B314-0837568BC39D.jpeg" alt="Bitcoin Set to Life After $100K with US Crypto Hopes = The Bit Journal" width="728" height="90" title="Bitcoin Set to Life After $100K with US Crypto Hopes 46"></a> 
Funds that invest in the <a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="nofollow noopener" target="_blank">Bitcoin exchange-traded funds</a> based in the United States received a considerable amount of new money. More than $1 billion has been invested into these funds in the last several days. The IBIT fund at BlackRock made $608.41 million of purchases. Fidelity’s FBTC fund was the second largest with more than $300 million in inflows. No outflows were recorded in any of the 11 Bitcoin-centric ETFs, meaning investors are still optimistic. 
<figure id="attachment_70973" aria-describedby="caption-attachment-70973" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-70973 size-large" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/BTCUSDT_2024-11-22_13-40-31-1024x395.png" alt="Bitcoin" width="1024" height="395" title="Bitcoin Set to Life After $100K with US Crypto Hopes 47">
 <figcaption id="caption-attachment-70973" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure> 
<h2 id="span-style-font-weight-400-bitcoin-gains-momentum-span">Bitcoin Gains Momentum</h2> 
According to a recent Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-21/bitcoin-btc-flirts-with-100-000-on-optimism-over-us-crypto-outlook" rel="nofollow noopener" target="_blank">report</a>, the newly elected president of the United States of America, Donald Trump has shown support for cryptocurrencies. The market has added one trillion dollars since Trump’s win on November 5. Analysts predict that the president will support the crypto industry through his policies. Investors are hopeful that he will ease the pressure from the regulations and inhibit their business activities. 
Important news came from the statement about the resignation of SEC Chairman Gary Gensler. He would resign on January 20, the same day Trump will be sworn in as the president. Gensler is known for taking some of the strictest measures in crypto companies. The industry stakeholders believe that Trump’s administration will be less of a burden to the industry. Some people indicate that Trump’s team may establish a new position in the White House for digital-asset policy. This would afford the crypto industry a direct contact with the government. 
<img loading="lazy" loading="lazy" decoding="async" class="size-large wp-image-70975 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/DALL·E-2024-11-22-13.48.47-A-visually-dynamic-and-modern-16_9-image-capturing-the-essence-of-Bitcoin-nearing-100000.-The-design-includes-a-golden-Bitcoin-coin-prominently-disp-1024x585.jpg" alt="Bitcoin" width="1024" height="585" title="Bitcoin Set to Life After $100K with US Crypto Hopes 48"> Wall Street is also gradually coming around to the idea of Bitcoin. New CEO of Charles Schwab mentioned that the company is going to provide a spot crypto trading service when there will be more clarity about legislation. Another company in focus is Bitcoin holder MicroStrategy. The company wants to increase buying of tokens.&nbsp; 
Chris Weston of Pepperstone Group said that this rally was a momentum play. He said: 
<blockquote> 
 “We can focus on news that SEC Chair Gary Gensler will step down on Jan. 20, sizeable inflows into the ETFs, and the role that options play in driving prices higher, but this is an out-and-out momentum rally, and $100,000 is acting as a magnet.” 
</blockquote> 
Critics consider it a digital commodity and proponents say that $100,000 is enough to prove them wrong. However, the critics say that it has its risks. UBS Wealth Management’s Themis Themistocleous recalled risks of Bitcoin’s volatility and proposed gold as a more effective hedging asset. He stated Bloomberg Television: 
<blockquote> 
 “It’s very volatile, and we think you can have in your portfolio other hedges like gold, that all the time prove to be a much more effective hedge.” 
</blockquote> 
<h2 id="span-style-font-weight-400-trump-s-bitcoin-policies-span">Trump’s Bitcoin Policies</h2> 
The change of heart of Trump from being against cryptocurrencies to supporting them has given the market a boost. Digital asset companies were his biggest supporters in the campaign. Some of his suggestions are forming a U.S Bitcoin reserve. However, the hope of having supportive policies has brought hope. 
The failure of platforms such as FTX in 2022 has left people with a sour taste in their mouth. The turmoil resulted in more stringent rules during Gensler’s SEC. His exit will be followed by a more gentle approach according to the industry. People expect that the Trump’s administration will bring stability and growth in the country. 
<img loading="lazy" loading="lazy" decoding="async" class="size-large wp-image-70977 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/DALL·E-2024-11-22-13.49.11-A-visually-dynamic-and-modern-16_9-image-capturing-the-essence-of-Bitcoin-nearing-100000.-The-design-includes-a-prominent-golden-Bitcoin-coin-glowin-1024x585.jpg" alt="Bitcoin" width="1024" height="585" title="Bitcoin Set to Life After $100K with US Crypto Hopes 49"> 
For most, this means a change in the perception of money and power in the society. According to Noelle Acheson, the author of the Crypto Is Macro Now newsletter, it is a sign of shift. She stated: 
<blockquote> 
 “Those of us who long ago understood the potential for a new form of data transfer to alter how citizens view authority and how authority views society, it’s both encouraging and a bit alarming to see the validation.” 
</blockquote> 
<h2 id="span-style-font-weight-400-bitcoin-s-path-to-100k-span">Bitcoin’s Path To $100K</h2> 
With Bitcoin approaching $100,000, its importance rises as a sign of the new era of finance and recognition. This has more than doubled in price this year and is now commonly being discussed in relation to the future of finance. However, its future position in the long run is still uncertain. Others view it as an investment asset class.&nbsp; 
The next phase of Bitcoin may well be determined by the Trump administration. The $100,000 mark is not far in the distance. For now, Bitcoin remains unphased by critics and remains a source of inspiration for its investors. 
Stay tuned to <a href="https://thebitjournal.com/">TheBITJournal</a> and keep an eye on Crypto’s updates. Follow us on <a href="https://twitter.com/Thebitjournal_" rel="nofollow noopener" target="_blank">Twitter</a> and <a href="https://www.linkedin.com/company/the-bit-journal/" rel="nofollow noopener" target="_blank">LinkedIn</a>, and join our <a href="https://t.me/thebitjournal" rel="nofollow" target="_blank">Telegram</a> channel to be instantly informed about breaking news! 
&nbsp;

Bitcoin Set to Life After $100K with US Crypto Hopes

Table of Contents

The Bit Journal

Other articles published on Nov 22, 2024

What Are the Predictions for Key Altcoins?

Trump Considers New SEC Chairman Candidates

Charles Schwab incoming CEO: ‘I have not bought crypto, and now I feel silly’

Trump’s New Crypto Advisory Committee Expected to Create U.S. Bitcoin Reserve: Report

Crypto: Three Signals That Signal An Explosion Of Polygon

How $250 in These 4 Altcoins Could Secure Early Retirement by 2025

Join our free newsletter for daily crypto updates!