Bitcoin jumps to new record high of over $106,000
Getty ImagesBitcoin has risen to a new record high, continuing a rally that has seen the cryptocurrency’s price rise more than 50% since Donald Trump won the November 5 election.
The world’s largest cryptocurrency briefly topped $106,000 (£83,890), before falling to around $105,000 in Asian trading on Monday.
The incoming Trump administration is seen as more friendly toward cryptocurrencies than the Biden White House.
The US president-elect reiterated on Thursday that he is considering creating a national reserve of digital currency, similar to the country’s strategic oil reserve.
“Bitcoin’s rally since the election has been parabolic, and the FOMO – or fear of missing out – rally is gaining momentum,” Peter McGuire of trading platform XM.com told the BBC.
“Many investors believe $120,000 could be achieved by the end of the year, and then in 2025 there is talk of more than $150,000 by mid-year.”
Earlier this month, Trump appointed Silicon Valley entrepreneur David Sachs to be his AI and cryptocurrency czar.
Mr. Sachs is a former PayPal executive and close friend of Trump adviser and megadonor Elon Musk.
Trump also said he would nominate pro-crypto Washington lawyer Paul Atkins as the new head of Wall Street’s regulatory body, the Securities and Exchange Commission (SEC).
last month, The current Chairman of the Securities and Exchange Commission, Gary Gensler, said he would resign from his position On Trump’s inauguration day, January 20 of next year.
“I thank President Biden for entrusting me with this incredible responsibility,” Gensler wrote on social media platform X. “The SEC has fulfilled our mission and enforced the law without fear or favor.”
Trump had previously revealed plans to fire Gensler on “day one” of his new administration after the SEC chief took legal action against cryptocurrency companies, sparking controversy in some quarters.