Bitcoin hits new all-time high, surpassing $97,000 mark
Bitcoin rose beyond $95,000 for the first time on Wednesday, reaching a high of $97,903.The increase, which is more than 3%, is due in part to market speculation over Donald Trump's chances for a second term. Bitcoin's current price is $97,646.68.
MicroStrategy's shares increased 3% in after-hours trading, benefiting from Bitcoin's rally.
Similarly, mining stocks enjoyed increases, with Mara Holdings up 4%.
Bitcoin has been breaking records this month, fueled by investor anticipation that a second Trump presidency will bring positive measures for the crypto industry, such as supportive regulation and the prospect of a national Bitcoin reserve.
With these optimistic estimates, Bitcoin is expected to reach $100,000 by the end of the year and possibly double in value by 2025.
"Bitcoin's price continues to be driven by a number of factors including improved liquidity conditions, increased institutional adoption, and a regulatory environment that has flipped from a headwind to a tailwind," said Sam Callahan, a researcher at Swan Bitcoin.
A second term for Trump is projected to result in greater budget deficits, higher inflation, and adjustments in the dollar's international role—all of which might enhance the price of bitcoin.
Bitcoin has already increased by more than 127% in 2024, indicating growing investor confidence in the cryptocurrency in the face of these economic projections.
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