Bitcoin Surged Past $100K, Can It Stay There?
Bitcoin (BTCUSD) soared past $100,000 for the first time Wednesday night, and analysts think it could stay there.
Encouraging words from Russian President Vladimir Putin, Federal Reserve Chair Jerome Powell and President elect-Donald Trump's pick for the U.S. Securities and Exchange Commission (SEC) Chair boosted bitcoin to a high of more than $103,000. Although, the largest cryptocurrency by market cap traded lower Thursday afternoon, nearing the $98,000 level, amid what appears to be profit taking.
However, bitcoin bulls remain confident that bitcoin will continue to trade higher than $100,000 despite a history of volatility.
Bitcoin investors cheered Wednesday after Trump picked pro-crypto Paul Atkins to head the SEC. The agency's enforcement approach toward the crypto industry under its current leader, Gary Gensler, had market watchers closely monitoring this appointment. Gensler announced he would step down on Jan. 20.
Trump took to Truth Social to congratulate bitcoin holders and seemingly take credit for the cryptocurrency's latest price milestone.«CONGRATULATIONS BITCOINERS!!!,» Trump posted. "$100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!"
Bitcoin has been on a tear ever since Trump won the 2024 U.S. presidential election, as his victory is expected to be a positive development for the crypto industry as a whole. After all, bitcoin was still trading below $70,000 on Election Day.
Putin encouraged bitcoin investors even more. At an investment conference Wednesday, Putin said the U.S. was undermining the dollar's role as a global reserve currency by using it for political purposes, forcing some countries to look for alternatives, Reuters reported.
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