Bitcoin Breaks Above $100,000 For First Time
Bitcoin has surpassed the coveted $100,000 milestone for the first time ever on Wednesday night. The flagship cryptocurrency reached a peak of $103,844.05 before settling at a price of $103,544.00, a 4% increase.
This surge comes after a 140% rise since the beginning of 2024 and a 48% increase since the recent election. The jump in value followed the announcement by President-elect Donald Trump appointing Paul Atkins as the new chair of the Securities and Exchange Commission, fulfilling his campaign promise to the crypto industry.
This move is seen as replacing the current chair, Gary Gensler, who has been criticized for the agency’s strict regulation approach towards the industry. For long-time Bitcoin investors, this is a moment of celebration as they have held onto the cryptocurrency through multiple boom and bust cycles when government and financial institutions showed hostility towards it.
This is mainly due to its anti-establishment roots as it was proposed as a solution to the 2008 financial crisis, allowing for direct online payments without going through traditional financial institutions. In recent years, however, Bitcoin has gained recognition from the institutional investing world, with BlackRock, Fidelity, Invesco, and other major players launching spot Bitcoin ETFs at the beginning of this year.
