Bitcoin prices skyrocketed to nearly $99,400 on November 21, bringing the digital currency closer to breaking through the psychological $100,000 barrier. The surge is attributed to highly favorable market conditions and a bullish sentiment among traders, media, retail investors, and institutions.
Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital, believes that everyone wants to be part of the current bull run, which may still be in its early stages. If Bitcoin surpasses $100,000, it could have significant implications for markets and trading.
Patrick Liou, principal of institutional sales for Gemini, notes that this price milestone is crucial for Bitcoin. He attributes low realized volatility to the upside to investor attention, which could fuel a further run above $100,000. Recent changes in the U.S. political landscape, particularly the anticipated “new regime” with Republicans controlling key branches of government and a lighter approach to regulation, are also contributing to the market’s optimism.
The departure of SEC Chair Gary Gensler on January 20 may mark a shift in crypto regulatory policy, with industry participants welcoming the change. Eric Demuth, CEO and co-founder of Bitpanda, believes that certainty now prevails, and liberal, crypto-friendly regulation is on the horizon. He sees this as a breakthrough for the industry, which has experienced positive developments such as increasing retail adoption and integration into traditional financial systems.
The market’s eagerness and rising prices have created a turning point, according to Demuth. As Bitcoin approaches $100,000, it’s essential to understand the implications of this milestone for markets and trading.
Source: https://www.forbes.com/sites/digital-assets/2024/11/21/bitcoin-surpasses-99000-as-cryptocurrency-eyes-next-milestone