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Bitcoin jumps to $108,000 in a new high economy

manhattantribune.com by manhattantribune.com
18 December 2024
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Bitcoin jumps to $108,000 in a new high economy
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Bitcoin crossed the level of $108,000 in a new peak recorded by the cryptocurrency, driven by traders’ anticipation of the expected interest rate cut by the US Federal Reserve (the central bank), and a wave of optimism from President-elect Donald Trump’s support for cryptocurrencies.

The largest cryptocurrency reached $108,315 yesterday evening before falling to $104,115 in the latest trading, and the total value of digital assets approached about $4 trillion, according to data from the “CoinGecko” platform.

Reasons for the rise

  • Trump promised regulations that would open the way for the United States to dominate the cryptocurrency sector and even supported the idea of ​​a Strategic National Reserve for Bitcoin.
  • The upcoming listing of MicroStrategy Inc in the Nasdaq 100 has added to the sentiment by opening up the possibility of further stock price gains for a company whose main activity is raising capital to invest in Bitcoin.
The total value of digital assets has approached about $4 trillion (Getty Images)

Interest rate reduction

The Federal Reserve is widely expected to implement another quarter-point rate cut on Wednesday, but there is less clarity on the policy outlook next year due to strong economic growth in the United States and inflation risks from Trump’s broader agenda.

“We expect this week’s FOMC meeting to contribute to market volatility,” analysts Vitel Lund and David Zimmerman of K33 Research wrote in a note, referring to the Fed’s final policy meeting of the year. “We have quiet weeks ahead of us, which could pave the way for Bitcoin’s momentum to materialize further during the holiday season.”

The value of Bitcoin has risen more than 55% since Trump won the presidential election on November 5, and investors have flocked to US exchange-traded funds to acquire Bitcoin, ignoring warnings about the cryptocurrency’s volatile history and lack of traditional valuation restrictions.

Tags: BitcoineconomyHighjumps
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