The most prominent virtual currency, Bitcoin, recorded, in morning trading on Thursday, a new historical level exceeding $97,000 per unit, with hopes of the cryptocurrency market rebounding from the return of Donald Trump to the US presidency.
Cryptocurrencies have gained a prominent place in politics, at a time when Bitcoin is seen as a trade among Trump’s “trades”, which embraced digital assets during his election campaign.
“Trump trades” mean demand for assets that are likely to be supported by Trump’s policies after his return to the presidency.
New peak
In morning trading today, Bitcoin rose to $97,862.64, its highest level ever, and remained high by 4.27% in the last 24 hours at $96,912.85 at the time of writing this report.
The market value of all Bitcoin units traded in the markets exceeded $1.92 trillion, out of the total market value of cryptocurrencies, which was estimated at more than $3.18 trillion.
transformation
Trump described digital currencies during his first term as a scam, but his position completely changed in this regard, and he even launched his own digital currency, pledging to make the United States “the global capital of Bitcoin and digital currencies.”
During his election campaign, Trump touched on the idea of establishing a strategic national reserve of Bitcoin, and during his campaign he received the support of groups active in the field of digital currencies.
Bitcoin, whose purpose was initially to evade the control of traditional financial institutions, is based on block chain technology (Blockchain), which acts as a virtual, tamper-proof record that preserves the trace of all transactions concluded.
Regulatory bodies seek to close the legal loopholes surrounding these digital assets, which have often been the subject of controversy and are still considered a means used to launder money or defraud individuals.
According to the results, Trump won the presidential race in the elections held on November 5, defeating his Democratic rival, Kamala Harris, and will be sworn in on January 20, 2025, to officially begin his presidential duties.
