Bitcoin Hits a New Record High Surpassing $106,000
Bitcoin surged to a historic new peak at the start of the week, surpassing $106,500.
This reflects the continued strong gains seen in recent weeks.
Bitcoin rose by 2.6% to $106,533, driven by investor optimism about pro-digital asset policies expected to be
adopted by President-elect Donald Trump’s administration.
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Bitcoin Performance
The digital currency experienced sharp volatility during the session, with a rapid rise, subsequent dip,
and then a rebound to record its all-time high.
Data from CoinGlass indicates that these sharp fluctuations over the past 24 hours resulted in losses for more than 100,000 traders,
with Binance recording the largest individual liquidation of $19.86 million on the BTC/USDT pair.
Other cryptocurrencies also rose in tandem with Bitcoin.
Ethereum gained 1.85% to $3,971.18 after touching $4,021.96,
Ripple increased by 1.84% to $2.4146, and Dogecoin climbed 1.98% to $0.4060.
Trump and Crypto Policies
This positive performance was supported by President-elect Trump’s pledge to establish a strategic Bitcoin reserve
and create a favorable regulatory environment for cryptocurrencies,
contrasting with the policies of former President Joe Biden’s administration.
Additionally, the Nasdaq announced the inclusion of MicroStrategy shares in the Nasdaq 100 Index and the QQQ ETF this month,
adding further support to the market.
This momentum in the crypto market coincides with expectations that the U.S. Federal Reserve
will cut interest rates by 25 basis points at its meeting this week.
Notably, Bitcoin has risen by 8% since the beginning of December, with a year-to-date gain of 145%.
Bitcoin Hits a New Record High Surpassing $106,000