Src: Investopedia
Bitcoin is experiencing a significant boost, nearing the mark of **$100,000 ** largely attributed to the recent election of Donald Trump in the US presidential election and his pro-crypto agency.
Trump's election has generated enthusiasm among crypto investors who expect a more favorable regulatory environment. His campaign promised to position the country as the "crypto capital of the planet" and to gather a national reserve of Bitcoin.
Investors anticipate Trump to replace Gary Gensler, the current SEC chair, who is known for his stringent regulatory approach towards crypto. This change is viewed as a move towards a more lenient regulatory structure that could benefit the crypto industry.
Bitcoin has more than doubled in value this year with remarkable institutional interest following the approval of United States-listed Bitcoin ETFs earlier this year. The overall crypto market has also experienced substantial growth with the price of Bitcoin rising 94% year to date.
Influential people like Elon Musk have also added to the bullish sentiment in the cryptocurrency industry, in addition to Trump's political support. Investor confidence has been further bolstered by Musk's involvement and support for cryptocurrencies.
Not financial advice.
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