Ad Banner
Advertisement by Open Privilege
United States

Bitcoin surpasses past $96,000 as investors eye six figure milestone

Image Credits: UnsplashImage Credits: Unsplash
  • Bitcoin surges past $96,000, eyeing the $100,000 milestone ahead of the Thanksgiving holiday.
  • Crypto-related stocks benefit from Bitcoin's rise, with companies like Coinbase, Robinhood, and MicroStrategy seeing significant gains.
  • Experts remain bullish on Bitcoin's future, citing increasing institutional adoption and a potentially favorable regulatory environment as key drivers of growth.

[UNITED STATES] Bitcoin regained $96,000 on Wednesday, following a drop from record levels earlier in the week. Coin Metrics reported an almost 6% increase in the price of the flagship cryptocurrency to $96,676.70, while ether increased by over 9% to $3,636.46. The CoinDesk 20 index measures the larger cryptocurrency market, which increased by 7%.

The recent surge in Bitcoin's value has not gone unnoticed by major financial institutions. Several prominent banks have begun to offer cryptocurrency services to their clients, signaling a shift in the traditional finance sector's stance on digital assets. This move towards mainstream adoption has contributed to the increased demand for Bitcoin and other cryptocurrencies, further fueling the current bull run.

Although bitcoin is commonly regarded as a store of wealth and a digital counterpart to gold, the cryptocurrency frequently trades alongside the stock market. On Wednesday, it dissociated from the tech-heavy Nasdaq Composite, which fell 0.6%. The Dow Jones Industrial Average and S&P 500 fell as well.

Coinbase experienced a more than 6% increase due to the rise of bitcoin and other cryptocurrency equities. Robinhood, a cryptocurrency trading platform, increased by 3% as the Trump administration is expected to create a more favorable atmosphere for the industry. MicroStrategy, a proxy for bitcoin, gained 9%.

The anticipation of a more crypto-friendly regulatory environment under the new administration has sparked renewed interest from retail investors. Social media platforms and online forums have seen a surge in discussions about cryptocurrency investments, with many first-time investors looking to capitalize on the current market momentum. This influx of new participants has contributed to the increased trading volume and price volatility observed in recent weeks.

Since the November 5 presidential election, Bitcoin has consistently broken records, rising by approximately 38%. On Friday, it reached a high of $99,849.99 before hitting the $90,000 support level this week.

"The bitcoin bull market has legs," said Alex Thorn, head of firmwide research at Galaxy Digital, in a paper released Wednesday. "There will be corrections and hiccups, which is expected. There may even be some twilight regulatory or law enforcement activities from the outgoing Biden administration that cause market volatility. However, a combination of increased institutional, corporate, and potentially nation-state adoption, a new US government that appears to be very pro-bitcoin, and good positioning and network data all lead to higher prices in the near and medium term."

Environmental concerns surrounding Bitcoin mining have resurfaced amidst the cryptocurrency's meteoric rise. Critics argue that the energy-intensive process of mining Bitcoin contradicts global efforts to combat climate change. In response, several mining companies have announced initiatives to transition towards renewable energy sources, aiming to address these concerns and improve the long-term sustainability of the cryptocurrency industry.

Katie Stockton of Fairlead Strategies said on Monday that, at present levels, bitcoin investors are in "uncharted territory in terms of where there's resistance — which, of course, there is none." Meanwhile, the support is approximately $74,000. Bitcoin hit $92,000 for the first time just two weeks ago, on November 13.

"Bitcoin does tend to stair step both to the downside and to the upside, meaning that it sees these very sharp runups and then consolidates," said the analyst. "People should … be willing to give bitcoin, and the cryptocurrencies in general, more room because of the volatility there and also because of the long-term potential."

The rapid appreciation of Bitcoin's value has reignited discussions about its potential impact on global financial systems. Some economists argue that the cryptocurrency's growing influence could challenge traditional monetary policies and potentially disrupt established financial institutions. Central banks worldwide are closely monitoring these developments, with some exploring the possibility of issuing their own digital currencies to compete with decentralized alternatives like Bitcoin.

Bitcoin is up 126% this year and is still largely predicted to reach $100,000 before the end of the year. Ether, the outperformer since the election, is lagging bitcoin on a year-to-date basis, up 59%.


Ad Banner
Advertisement by Open Privilege

Read More

Tech United States
Image Credits: Unsplash
TechDecember 30, 2024 at 10:30:00 PM

South Korea's rising role in US-China cyberwarfare

[WORLD] In recent years, South Korea has emerged as a significant player in the complex landscape of US-China cyberwarfare. This shift has been...

Health & Wellness United States
Image Credits: Unsplash
Health & WellnessDecember 27, 2024 at 11:30:00 AM

Why are certain people more prone to ankle sprains and how to help your injuries heal faster?

[WORLD] Ankle sprains are one of the most common musculoskeletal injuries, affecting both athletes and everyday individuals. While many consider them a minor...

Finance United States
Image Credits: Unsplash
FinanceDecember 6, 2024 at 9:30:00 AM

Ringgit strengthens against US Dollar as markets await crucial US jobs report

[MALAYSIA] The Malaysian ringgit has been making waves in the foreign exchange market, showcasing remarkable strength against the US dollar. This upward trend...

Tech United States
Image Credits: Unsplash
TechDecember 6, 2024 at 8:30:00 AM

OpenAI releases a $200 premium ChatGPT subscription for state-of-the-art AI research

[WORLD] OpenAI has announced the launch of a new $200 ChatGPT subscription specifically designed for research purposes. This premium offering, unveiled on December...

Economy United States
Image Credits: Unsplash
EconomyDecember 6, 2024 at 8:00:00 AM

Market jitters intensify as UnitedHealth and tech stocks falter

[UNITED STATES] Wall Street experienced a notable dip as key players in the healthcare and technology sectors faced headwinds. The S&P 500, Nasdaq...

Economy United States
Image Credits: Unsplash
EconomyDecember 6, 2024 at 8:00:00 AM

Global oil prices dip as market anticipates abundant supply in 2025

[WORLD] The global oil market is experiencing a significant shift as prices fall in response to projections of ample supply for 2025. This...

Tech United States
Image Credits: Unsplash
TechDecember 6, 2024 at 7:30:00 AM

Chinese tech titans ByteDance, Alibaba, and Tencent hunt for AI talent at prestigious NeurIPS conference

[WORLD] In a world increasingly driven by artificial intelligence, the race for top-tier talent has reached fever pitch. China's tech behemoths ByteDance, Alibaba,...

Politics United States
Image Credits: Unsplash
PoliticsDecember 6, 2024 at 7:00:00 AM

US Secretary of State Blinken to engage South Korean counterpart amid martial law controversy

[UNITED STATES] US Secretary of State Antony Blinken is preparing for crucial talks with his South Korean counterpart following a sudden and controversial...

Politics United States
Image Credits: Unsplash
PoliticsDecember 6, 2024 at 4:30:00 AM

Syrian rebel surge threatens Assad's grip on power

[MIDDLE EAST] The Syrian civil war has taken a dramatic turn as rebel forces, led by Hayat Tahrir al-Sham (HTS), launched a surprise...

Adulting United States
Image Credits: Unsplash
AdultingDecember 5, 2024 at 6:30:00 PM

Mastering the art of retirement timing

[WORLD] Retirement planning is a crucial aspect of financial well-being that requires careful consideration and strategic decision-making. As we approach our golden years,...

Tech United States
Image Credits: Unsplash
TechDecember 5, 2024 at 6:00:00 PM

Huawei warns European AI at risk from Chinese tech bans

[EUROPE] In an era where artificial intelligence (AI) is reshaping industries and economies worldwide, Europe finds itself at a critical juncture. As the...

Finance United States
Image Credits: Unsplash
FinanceDecember 5, 2024 at 3:30:00 PM

Singapore unveils new e-payment methods to replace cheques

[SINGAPORE] Singapore is set to introduce two groundbreaking electronic payment solutions in mid-2025. This initiative, spearheaded by the Monetary Authority of Singapore (MAS)...

Ad Banner
Advertisement by Open Privilege
Load More
Ad Banner
Advertisement by Open Privilege