Bitcoin just crossed the $100,000 mark 😮
Why did its value explode in the last month?
Donald Trump’s potential SEC commissioner, as well as his campaign promises, have encouraged investors to put more money in the cryptocurrency. Though the value of bitcoin more than doubled this year, some experts continue to warn of investment risks.
Bitcoin topped $100,000 for the first time as a massive rally in the world’s most popular cryptocurrency, sparked by the election of Donald Trump, rolls on.
The cryptocurrency rallied after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair the Securities and Exchange Commission.
itcoin has soared since Mr. Trump won the election Nov. 5. The cryptocurrency has climbed from $69,374 on Election Day, hitting as high as $103,713 Dec. 4, according to CoinDesk. Just two years ago, bitcoin dropped below $17,000 following the collapse of crypto exchange FTX.Bitcoin fell back to just under $103,000 early Dec. 5, but bitcoin futures are up more than 4%. Even amid a massive rally that has more than doubled the value of bitcoin this year, some experts continue to warn of inve
What are the risks?
History shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day.At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, during high demand for technology assets, but later crashed during an aggressive series of rate hikes by the Federal Reserve. And the late-2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $17,000.
