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Gbeminiyi Ogunleye
2 weeks ago
Overview
Bitcoin hits all-time high of $100,000 after Donald Trumps crypto push
Bitcoin catapulted above $100,000 for the first time on Thursday, a milestone hailed even by sceptics as a coming-of-age for digital assets as investors bet on a friendly U.S. administration to cement the place of cryptocurrencies in financial markets.
Once it broke $100,000 in Thursday's Asian morning, boosted by U.S. President-elect Trump's nomination of pro-crypto Paul Atkins to run the Securities and Exchange Commission, it was soon at an all-time high of $103,649. It last fetched $98,803, up 0.95% on the day .
The total value of the cryptocurrency market has almost doubled over the year so far to hit a record over $3.8 trillion, according to data provider CoinGecko. By comparison, Apple (AAPL.O), opens new tab alone is worth about $3.7 trillion.
Bitcoin's march from the libertarian fringe to Wall Street has minted millionaires, a new asset class and popularised the concept of "decentralised finance" in a volatile and often controversial period since its creation 16 years ago.
Bitcoin has more than doubled in value this year and is up more than 50% in the four weeks since Donald Trump's sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.
Credit: Reuters