Bitcoin surges to $100,000 for first time as Trump fuels crypto euphoria with richest trader now worth $25BILLION
Due to Donald Trump’s overwhelming election victory, the price of Bitcoin has increased to its highest valuation ever.
The largest cryptocurrency in the world has risen by a staggering 45% since November 5 and is now trading beyond $100,000 for the first time.
Aspiring investors have consistently placed bets on the incoming Trump-led US administration to usher in a prosperous and amicable few years for the cryptocurrency markets.
One mystery As of right now, Bitcoin Ace is reportedly the 78th richest person in the world, with currency worth around $25.5 billion.
As of today morning, the rising value of the Bitcoin market is $103,280 (81,160), according to currency converter XE.com.
The value of this has increased by a staggering 7.9 percent in the last day alone.
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Since election day, when the market was trading at just $69,374 (54,608), this upward trend has persisted.
The Republican clean sweep has also resulted in a notable increase in the overall value of the bitcoin market.
According to CoinGecko, it has nearly doubled in the last 12 months and is currently trading for little under $3.8 trillion.
“We’re seeing a paradigm shift,” stated Mike Novogratz, the founder and CEO of the US cryptocurrency company Galaxy Digital.
“The financial mainstream is about to embrace Bitcoin and the whole ecosystem of digital assets.
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“This momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path.”
According to numerous experts, Trump’s pro-crypto position and his most recent cabinet selections are the main causes of the valuation increase.
Trump pledged to establish America as the “crypto capital of the planet” during his protracted presidential campaign.
He even pledged to amass an impregnable national Bitcoin hoard.
Paul Atkins was appointed as the Securities and Exchange Commission’s chair by the Republicans in their most recent attempt to support the views of his national bet makers.
Atkins is a strong supporter of cryptocurrencies and has held the position under the George W. Bush administration.
He has been co-chairing the Token Alliance, a group that claims to “develop best practices for digital asset issuances and trading platforms,” for the past few years.
Trump commended Atkins’ economic acumen on Truth Social.
He stated: “He is a firm believer in the potential of strong, creative capital markets that respond to investor demands and supply funds to make our economy the best in the world.
“He also recognises that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
According to investment analyst Tony Sycamore, the $100,000 threshold might only be the beginning of Bitcoin’s journey.
“Today, the King of Crypto has blown its way over $100,000 in trading,” he claimed.
“This is likely to be the catalyst for the next wave of momentum buying which takes it towards the next stop of $105k, before $120k in 2025.”
Passing the six-figure mark was also referred to as a “pivotal moment for the cryptocurrency industry” by fellow analyst Jeff Mei of BTSE.
Even with the sharp increase in Bitcoin’s value, many continue to caution individuals against making cryptocurrency investments.
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Dan Coatsworth, an investment analyst, stated: Although the cryptocurrency’s surge in value this year has made many individuals wealthy, not everyone is a good fit for this high-risk investment.
“It s volatile, unpredictable and is driven by speculation.”
Risks of crypto investments
We’ve compiled a list of the top five risks of cryptocurrency investing below.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
It’s crucial that you comprehend cryptocurrencies before investing in any kind of them.
Keep in mind that investing is not a dependable means to generate income, and there is no assurance that you will be able to convert cryptocurrencies into actual dollars.
This is due to the fact that it can also be quite volatile, which means that your money could suddenly rise or fall.
There are many things to be aware of, but above all, if anything seems too good to be true, it most often is.
If you’re unsure about something, always ask a trusted buddy for advice; they might be able to see something you haven’t.
Also, a wonderful website and flawless ratings are not necessarily reliable; scammers can get quite clever with them.
Read our tutorial here to learn more about avoiding scams.
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