Bitcoin reaches US$106,000 driven by Donald Trump’s words

Bitcoin reaches US6,000 driven by Donald Trump’s words

Bitcoin shot to a new all-time high above the US$106,000 this Monday, after President-elect Donald Trump ratified his intention to create a BTC strategic reserve in the United States, similar to the oil reserve, fueling the enthusiasm of bulls in the crypto market.

Bitcoin, the largest cryptocurrency and known to the world, reached a maximum of US$106,533 and is now trading at just over 1% of that new maximum, above US$104,700. Meanwhile, Ether threatens to exceed $4,000, but finds resistance above that value.

“We’re in uncharted territory,” said Tony Sycamore, an analyst at IG. “The next figure the market will look for is $110,000. The correction that many expected simply did not happen, because now we have this news.”

Investor sentiment also received a boost with the inclusion of MicroStrategy (MSTR.O) in the Nasdaq 100 index, composed of technology companies, lor that it will probably attract more flows to the software company turned bitcoin buyer.

Bitcoin and cryptocurrencies flew as investors They are betting that the incoming Trump administration will create a more favorable regulatory environmentimproving the mood around these altcoins. Bitcoin has accumulated a rise of 192% so far this year.

Government data and cryptocurrencies

Depending on the data provider CoinGeckothe world’s governments held 2.2% of the total BTC supply in July, with the United States holding nearly 200,000 bitcoins valued at more than $20 billion at current levels. China, the United Kingdom, Bhutan and El Salvador are other countries with significant amounts of bitcoins, according to the site BitcoinTreasuries.

Other countries are also considering creating strategic cryptocurrency reserves. Earlier this month, Russian President Vladimir Putin He claimed that the current US administration was undermining the dollar’s role as a global reserve currency by using it for political purposes, which has led many countries to look for alternative assets, including cryptocurrencies. “For example, bitcoin, who can ban it? Nobody,” he said.

Crypto boost

Bitcoin has thus climbed more than 50% since the November 5 elections, in which Trump was elected along with many other pro-crypto candidates. The total value of the cryptocurrency market has almost doubled this year, reaching a record of more than $3.8 trillion, according to CoinGecko.

Trump, who in the past called cryptocurrencies a scam, embraced digital assets during his campaign, promising to turn the United States into the “crypto capital of the planet.”

This month, Trump appointed an artificial intelligence and cryptocurrency czar to the White House: David Sacksa former PayPal executive and close friend of Trump advisor and mega-donor Elon Musk. He also announced that he will nominate the pro-crypto lawyer Paul Atkins to head the Securities and Exchange Commission (SEC).

On Friday, exchange operator Nasdaq announced that MicroStrategy will be added to the Nasdaq 100 index, with the change taking effect before the market opens on December 23. MicroStrategy, known for its aggressive investments in BTC, saw its shares rise more than six-fold this year, taking its market value to almost $94 billion. It is currently the largest corporate holder of the cryptocurrency.

Pepperstone’s Weston commented that the market was “anticipating the idea of ​​Michael Saylor (CEO of MicroStrategy) capitalizing on the likely rally in MicroStrategy’s share price, given the imminent inflow of passive flows following its inclusion in the NAS100, where “presumably he will sell shares and buy more bitcoin.”

Source: Ambito

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