Bitcoin hits record high above $100,000 fueled by institutional adoption and Trump's support

From Investing.com

December 5, 2024 2:55:55 AM:

Bitcoin surged above $100,000, hitting a record high of $103,619 as the total market value nears $3.8 trillion. The cryptocurrency’s rise has created millionaires and a new asset class, with institutional adoption driving momentum. Trump’s support for digital assets and new SEC nominee Paul Atkins signal a crypto-friendly environment.

Bitcoin’s climb to six figures marks a remarkable turnaround from its low of $16,000 in 2022. Institutional investors’ embrace of bitcoin has fueled the rally, with U.S.-listed ETFs attracting over $4 billion since the election. Geoff Kendrick of Standard Chartered notes that digital assets are becoming normalized, with a bright future ahead in trading.

Crypto-related stocks like MARA Holdings and Coinbase have surged alongside bitcoin’s price, while Microstrategy’s stock has gained 542% this year. Trump’s entry into the crypto business and Elon Musk’s support further bolster the industry. Despite criticisms, the industry’s resilience and growing acceptance are evident, with Putin acknowledging its unstoppable nature.

As bitcoin cements its place in the financial landscape, its valuation remains uncertain but the current momentum is strong. The industry continues to face challenges like energy consumption and crime, but its enduring presence and potential for innovation suggest a bright future ahead.

Read more at Investing.com: Bitcoin storms above $100,000 as bets on Trump fuel crypto euphoria By Reuters