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Over the last month, Bitcoin prices are up 47%.
US President-elect Donald Trump has vowed to appoint crypto-friendly regulators and create a national strategic stockpile of Bitcoin. He is also considering creating the first-ever White House position related to the cryptocurrency market.
Trump selected Paul Atkins to replace outgoing Securities & Exchange Commission Chair Gary Gensler, who cracked down on digital assets after a 2022 market rout exposed fraudulent practices and sparked costly blowups.
Speculators also digested comments from Russian President Vladimir Putin, who said at an economic forum in Moscow that nobody can prohibit the use of Bitcoin and other virtual currencies.
It’s an open question whether these events can help the original cryptocurrency imminently break above “the wall of selling” ahead of $1,00,000, IG Australia Pty Market Analyst Tony Sycamore wrote in a note.
US exchange-traded funds for Bitcoin have attracted a net inflow of about $32 billion this year, including over $8 billion since Trump became president-elect, data compiled by Bloomberg show. The combined trading volume for digital assets and related derivatives across centralized exchanges climbed to a record of more than $10 trillion last month, according to CCData.
Bitcoin prices are up 137% so far this year, following the 157% surge that the cryptocurrency saw in 2023.
(With Inputs From Agencies.)
First Published: Dec 5, 2024 8:28 AM IST
