As Bitcoin edges closer to the momentous $100,000 mark, the digital currency’s rise has gathered significant attention from traders, media, retailers, and institutional investors. Thursday, November 21 saw Bitcoin prices ascend above $99,000, according to Coinbase data from TradingView.
With market conditions being highly favorable, Bitcoin has experienced a series of new all-time highs, attracting even more attention to the world’s most popular cryptocurrency. Marc P. Bernegger, the cofounder of crypto fund of funds AltAlpha Digital, said via email, “The sentiment for Bitcoin is extremely bullish right now. Everybody wants to be part of the actual bull run which might still be in the beginning in my view.”
There are significant implications attached to Bitcoin surpassing the $100,000 milestone. Patrick Liou, principal of institutional sales for Gemini, expressed that this landmark could potentially fuel a further run for Bitcoin above the $100,000 mark and attract more investor attention. He also highlighted that the anticipation surrounding the new political regime in the U.S. has been a major factor in bolstering digital currency markets recently.
The upcoming U.S. political landscape involves the Republicans taking control of the White House, the U.S. Senate, and the House of Representatives. The GOP has shown a favorable approach towards crypto, incorporating it into their platform and vowing to take a lighter stance on regulation. This shift in political power could potentially mark a significant change in crypto regulatory policy, especially with the SEC Chair Gary Gensler planning to step down in January.
Gensler, who was nominated by President Joe Biden, has taken a rather aggressive approach towards policing the crypto space during his tenure. The re-elected President Donald Trump, a proclaimed supporter of digital currencies and the broader crypto industry, has stated his intention to fire Gensler on his first day in office. This move has bolstered the sentiment of industry participants.
Eric Demuth, CEO and co-founder of Bitpanda, commented on the impact of the election results, “With the clear election of Trump as the 47th President of the United States, certainty now prevails. The final element of uncertainty has been removed, and the world’s largest financial market is on the verge of embracing liberal, crypto-friendly regulation for our industry.”
Demuth added that the positive developments of recent years, including increasing retail adoption, crypto market regulation in Europe, central bank interest rate cuts, and the integration of crypto into traditional financial systems and bank portfolios, are now coming into full effect. He concluded, “The market is eager, prices are rising. Bitcoin hitting $100,000 is not just a number – this is a true turning point.”
