Bitcoin made another record high and set its sights on breaking $100k barrier, likely fuelled by an optimistic view about increased regulatory support under Trump administration.
Bitcoin's value has surged over two-thirds since President-elect Trump's victory on November 5, when several pro-crypto lawmakers were elected into Congress.
On Friday, however, cryptocurrency gains were more moderate. Bitcoin, having recently hit a new record high of $99,000, gained only 0.5 percent on the day - it is currently trading around $98,500.
Updated November 22 at 22:39 IST.
Bitcoin stands out among assets seen as benefitting or losing from President Donald Trump's policies, commonly known as "Trump Trades." (Reuters Photo).
Bitcoin's value has seen an astonishing 75-percent surge this year and 45 percent since Donald Trump won election and crypto-friendly lawmakers were elected into Congress on November 5.
On Friday, however, cryptocurrency experienced more moderate gains. Bitcoin had just hit an all-time record high of $99,000 but has since only managed to gain 0.5% - it currently trades at around $98,500.
Bitcoin could see its highest month since February with gains expected of 10% or more over three consecutive weeks.
Bitcoin as a Trump Trade exceptie Due to the widespread adoption of President Donald Trump's policies, Bitcoin has emerged as one of the more significant winners of so-called Trump Trades -- assets perceived to either gain or lose due to his policies.
Since its creation, 16 years ago, cryptocurrency has also been on the cusp of mainstream adoption.
Shane Oliver is Chief Economist and Investment Strategy Head at AMP Sydney.
As both an investor and economist, I find it challenging to value this stock; anyone could speculate. At present, momentum seems positive.
Bitcoin has experienced an astounding 130% gain this year.
President-elect Trump championed digital assets during his presidential campaign and pledged to make America "the crypto capital of the world", creating a national bitcoin reserve.
Gary Gensler announced Thursday that he will leave his position as chair of the US Securities and Exchange Commission when Donald Trump takes office, signalling an end to the increased scrutiny by SEC over crypto investments.
Under Gensler, the SEC filed lawsuits against Coinbase, Kraken and Binance alleging they had breached SEC regulations by failing to register with them. All three companies denied these allegations in court proceedings and remain active participants in fighting them off.
Bitcoin Exchange-Traded Funds (ETFs) boost the market Bitcoin ETFs were approved for listing in January in the US, providing a boost for investors.
The SEC has long tried to prevent ETFs from investing in bitcoin due to investor protection concerns; however, such products have allowed more investors - including institutional ones - to gain exposure to this asset class.
Since November's US presidential election, more than $4 billion worth of bitcoin ETFs listed on US exchanges has been invested.
Crypto stocks listed in the US that had seen their prices surge over recent days appeared to have levelled off on Friday.
People continued trading. Microstratgy, a software firm which raised money to purchase bitcoin and is an influential owner, experienced an increase of 2.6% during pre-market trading.
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