What Bitcoin’s $100K journey means for the global crypto market
Bitcoin has seen a dream run over the past month since the reelection of Donald Trump as the 47th US President. From around $67,000 on the day of the election to a lifetime of $99,655, Bitcoin has increased its value by close to 50% in just a month. This rally also brought a staggering $6.2 billion net inflow into Bitcoin ETFs over the month.
While BTC attempted to touch the milestone last week, we saw bears take control, leading to some profitbooking pulling down BTC’s price by around 9%. After testing the key support point of $90,000 – Bitcoin is all set to re-attempt the six-figure mark. Let's deep dive into what the milestone could result in and how BTC at $100k impacts the global crypto market in the short term and the long term.
The Ripple Effect of America’s Vision
As Bitcoin inches closer to the $100,000 mark, its growing prominence is pushing countries to recognize its potential as a key to the emerging digital economy. Right when BTC was nearing $100k, China legalised crypto cryptocurrency after years of enforcing a stringent ban on the asset. Following China, Morocco too is all set to bring new regulations to crypto after the ban in 2017. Hong Kong on the other hand is planning for tax exemptions on crypto gains for private equity funds, hedge funds and high-net-worth investment vehicles in efforts to take crypto mainstream from the institution's end.
