Bitcoin smashed through the $100,000 mark earlier today and President-elect Donald Trump is wasting no time celebrating the news.
Few hours ago on his Truth Social platform, he posted ““CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Trump receives credit for the surge due to the massive rally that started after his election victory on Nov 5. Since then, Bitcoin has gone from $69,374 on Election Day to a record $103,713 by December 4, according to CoinMarketCap. That’s an impressive 40% gain in less than a month.
Also, Trump’s announcement to pick Paul Atkins as the next SEC chair also added to the momentum. Atkins is seen to be crypto friendly and has a good reputation due to its past experience as the SEC Chair during George W. Bush time.
Yesterday, Trump praised him on X, saying “He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and that provide capital to make our economy the best in the world.”
In short, he expected to ease restrictions on digital assets, which investors see as a major win for crypto innovation in the U.S.
Meanwhile, Trump has promised to make America the “crypto capital of the planet” and even floated the idea of creating a national Bitcoin reserve. His campaign floated the idea of creating a national Bitcoin reserve.
Bitcoin hitting 100k is a huge moment for the crypto space considering the fact that it was trading under $17,000 just two years ago.
However, analysts are talking about caution as impulsive surge often causes imbalance between buyers and sellers. Owen Lau, an analyst at Oppenheimer, warns, “No. 1 advice: Just be careful when you hit the $100,000 level. There may be some selling pressures and people looking for the next breakout level.”
At present time, bitcoin is trading at $103,261, 7% over the last 24 hours with an impressive 116% to 132 billion in trading volume.
Also Read: Bitcoin Hits $100K: MicroStrategy Gains $16B in Profit
