Bitcoin hits new record high ATH 2024 Bitcoin Surges to Record High, Exceeding $106,000
Bitcoin has reached a new all-time high, continuing a rally that has propelled the cryptocurrency’s value by more than 50% since Donald Trump’s victory in the November 5 election.
The world’s largest cryptocurrency briefly crossed $106,000 (£83,890) before retreating to approximately $105,000 during Asian trading on Monday.
Speculation surrounding the incoming Trump administration’s pro-cryptocurrency stance has been a key driver of this surge, as it is perceived to be more favorable towards digital assets compared to the Biden administration.
On Thursday, President-elect Trump stated that he is considering establishing a national Bitcoin reserve, akin to the United States’ strategic oil reserve.
“The Bitcoin rally since the election has been parabolic, and the FOMO — fear of missing out — is gaining steam,” Peter McGuire of trading platform XM.com told the BBC.
“Many investors anticipate that $120,000 is achievable by year’s end, with projections exceeding $150,000 by mid-2025,” McGuire added.
Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as the new head of artificial intelligence and cryptocurrency initiatives. Sacks, a former PayPal executive, is a close associate of Trump advisor Elon Musk and a significant figure in the tech and crypto sectors.
Trump has announced his intention to nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of the Securities and Exchange Commission (SEC).
The current SEC Chair, Gary Gensler, recently stated that he plans to step down on January 20, the day of Trump’s inauguration.
“I am grateful to President Biden for entrusting me with this important responsibility. The SEC has fulfilled its mission and enforced the law impartially,” Gensler wrote on the social media platform X.
Trump had previously signaled his intent to remove Gensler on his first day in office, following the SEC chairman’s controversial legal actions against several cryptocurrency firms.
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