Bitcoin price soars to new high of nearly USD93,000
Date
11/14/2024 2:05:55 AM
(MENAFN) Bitcoin, the world’s largest cryptocurrency by market capitalization, has continued to break records, soaring from a new high of USD91,000 on Wednesday evening to nearly USD93,000. This surge is largely driven by expectations that regulatory changes under President-elect Donald Trump will favor digital currencies. Traders are anticipating that Trump's administration will ease regulations for cryptocurrencies, which has contributed to the price increase.
After the release of US inflation data and the opening of trading on Wall Street, Bitcoin reached USD92,700, marking its highest value ever. This surge has pushed the cryptocurrency's market value above USD1.8 trillion, while the total value of all cryptocurrencies climbed to USD3 trillion and USD10 billion. The rise in Bitcoin's price also reflects a broader increase in digital asset investments.
The price jump has been fueled by significant buying activity from Bitcoin-backed funds launched by major US wealth management firms such as BlackRock and VanEck, about 10 months ago. These funds have contributed to the growing demand for Bitcoin and other digital assets, further boosting their value in the market.
Analysts from Bernstein have urged investors to embrace the ongoing crypto bull market, advising them to "buy everything you can." They highlighted that fears of regulatory crackdowns may subside under Trump's leadership, which would likely stimulate further investment in digital assets, including Bitcoin and cryptocurrency-related companies like Coinbase and Robinhood.
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