Bitcoin continues to climb in extended surge following US elections

euronews.com:

Bitcoin is at the doorstep of $100,000, just two years after dropping below $17,000 following the collapse of the crypto exchange FTX. The dramatic rally arrives as industry players expect the incoming Trump administration to bring a more “crypto-friendly” approach toward regulating the digital currency.

Bitcoin was trading at $98,882 early Friday, according to CoinDesk.

As with everything in the volatile crypto markets, the future is impossible to know. And while some are bullish, other experts continue to warn of investment risks.

Here’s what you need to know.

Cryptocurrency has been around for a while now. But, chances are, you've heard about it more and more over the last few years.

In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority - meaning it’s typically not backed by any government or banking institution - and transactions get recorded with technology called a blockchain.

Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, tether and dogecoin have also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money - but it can be very volatile, with its price reliant on larger market conditions.

A lot of the recent action has to do with the outcome of the US presidential election.

Crypto industry players have welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for - which, generally speaking, aim for an increased sense of legitimacy without too much red tape.

Trump, who was once a crypto skeptic, recently pledged to make the US “the crypto capital of the planet”