Bitcoin has recently soared to a record high crossing the mark of $106,000 driven by optimism surrounding potential US government policies under President-elect Donald Trump.
The surge is largely attributed to Trump's proposal of establishing a US Bitcoin Strategic reserve, akin to the country's strategic oil reserve. This announcement has generated excitement among investors, who view it as a sign of a potentially more favorable regulatory environment for crypto.
Analysts are enthusiastic about Bitcoin's trajectory, with some suggesting that the next objective may be $110,000. This price increase comes after a period of significant growth for Bitcoin which has risen over 50% since November 5 election that saw Donald Trump and other pro-crypto candidates gain office. It is thought that increased investor trust in crypto is a result of this change in the political landscape.
Alongside Bitcoin's surge, Ethereum also experienced gains reflecting a positive trend within the crypto industry.
All things considered, Bitcoin's recent performance emphasizes how political events affect financial markets and how volatile crypto investments continue to be.
Not financial advice.
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