Bitcoin has hit a new all-time high, surging past the $99,000 level for the first time. This increase comes as investors are speculating on the possibility of a second term for Donald Trump as president. The price of Bitcoin is currently over $98,000, showing a 4% increase, and at one point, it even reached $99,046.94.
Investors have been taking profits in cryptocurrency-related stocks, leading to a broader rotation out of tech. Companies like Coinbase and MicroStrategy have seen a decline in their stock prices, while mining stocks, such as Mara Holdings, have experienced some growth.
The recent surge in Bitcoin’s price is also attributed to a spike in funding rates and open interest on the futures market during Asian trading hours. At the same time, premiums in spot markets have fallen. This has led to a wave of short liquidations, totaling over $100 million in a 24-hour period, further driving up the price of Bitcoin.
Analysts believe that Bitcoin may continue its upward trajectory, potentially reaching the major psychological level of $100,000 in the coming weeks. A second term for Trump could lead to larger budget deficits, increased inflation, and changes to the international role of the dollar, all of which could have a positive impact on the price of Bitcoin.
In 2024 alone, Bitcoin has already gained around 130%, showcasing its potential for significant growth. With ongoing market volatility and speculation surrounding the future of cryptocurrency regulation, the price of Bitcoin is likely to remain a topic of interest for investors worldwide.
As the market continues to react to political and economic developments, Bitcoin’s price movements are expected to reflect these changes. Whether it reaches $100,000 in the near future or experiences a period of consolidation, investors are eagerly watching to see how this digital asset will continue to perform in the ever-changing financial landscape.
