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Bitcoin is soaring towards $100,000 for the first time extending the record-breaking rally on Thursday.
Bitcoin, the world’s largest cryptocurrency is currently up 2.9 percent to $97,143, a new all-time high and it traded as high as $98,349 today. It is expected to hit $100,000 for this rally and there have been many reasons for its price going up. Bitcoin is up 40 percent since Nov 5.
The President-elect’s crypto-friendly stance, the possibility of the creation of a Bitcoin strategic reserve, heavy buying from MicroStrategy, and the start of options trading on Bitcoin exchange-traded funds are some of the reasons for the Bitcoin rally.
Markets are believing that Trump will ease regulation on the crypto industry. MicroStrategy is a big buyer of the crypto and the shares of the company have climbed more than 600% this year.
The frenzy around Bitcoin is like never before and no one really knows if it will go further or crash.
