Bitcoin Price Drops Below $100,000 After Hitting Milestone Level – Latest Update
Bitcoin has had quite a day, hitting a major milestone by soaring past the long-awaited $100,000 benchmark for the first time ever. Longtime bitcoin investors are celebrating after holding on through the cryptocurrency’s ups and downs over the years.
However, the price of bitcoin did pull back from the milestone on Thursday afternoon, trading at $99,140.00 after reaching a high of $103,844.05 the night before. This dip followed some profit taking by investors.
The recent surge in bitcoin’s price came after President-elect Donald Trump announced plans to nominate Paul Atkins as chair of the Securities and Exchange Commission. This appointment is seen as fulfilling Trump’s promise to the crypto industry to replace Gary Gensler, who has been criticized for his approach to regulating crypto.
In a post on Truth Social, Trump congratulated bitcoiners for reaching the $100,000 mark, hinting at his role in the achievement. For longtime bitcoin investors, who have “HODL’d” through the cryptocurrency’s volatile history, this milestone is a testament to their perseverance.
Bitcoin’s journey from its anti-establishment roots to gaining the attention of institutional investors has been remarkable. Major financial firms like BlackRock, Fidelity, and Invesco have launched spot bitcoin ETFs, contributing to the rise in bitcoin’s value. Even the incoming CEO of Charles Schwab has expressed interest in entering spot crypto trading.
Federal Reserve Chair Jerome Powell recently likened bitcoin to gold, emphasizing its digital nature. He noted that while bitcoin may not be widely used for payments, it could be a competitor to gold rather than the dollar.
Overall, bitcoin is up more than 133% in 2024 and 42% since the election. With a pro-crypto administration expected to take charge in the U.S., the future looks promising for the digital asset ecosystem.
Exciting times are ahead for bitcoin and cryptocurrency enthusiasts as they witness the industry’s journey into the financial mainstream. As the market continues to evolve, investors are advised to consider their gains and stay informed about regulatory changes to make wise investment decisions.
