The Bitcoin (BTC) rally continues this Thursday (21) without showing signs of losing strength. The biggest cryptocurrency in the world reached the level of US$ 98 thousand and marked another historic high, now just 2% from the symbolic level of US$ 100 thousand.
At around 9 am (Brasília time), Bitcoin registered an appreciation of 4.8% in the accumulated 24 hours, quoted at US$ 98,182.80, according to data from the website CoinGecko. With this, the digital currency now reaches a total market value of US$1.935 trillion.
In the last 14 days, cryptocurrency gains reached 30%, driven by the election of Donald Trump as president of the United States. During the campaign, the Republican declared himself a supporter of Bitcoin and made several promises that could benefit the crypto industry, which has brought optimism to the sector.
READ MORE: BlackRock’s Bitcoin ETF now surpasses the gold ETF by $10 billion
This upward movement with the election has been called “Trump Trade” in the market, in which traders are anticipating Bitcoin purchases in anticipation of the Republican’s inauguration in January and the announcements of his first measures.
According to information from Bloomberg, Trump’s transition team has begun discussions about creating a post in the White House dedicated to digital asset policy. The sector promotes the idea that the position — the first of its kind in the US — would have direct access to the president-elect.
Furthermore, yesterday, the portal CoinDeskciting sources, reported that the Trump transition team is considering Teresa Goody Guillén, partner and head of the blockchain team at law firm BakerHostetler, to take over the US Securities and Exchange Commission (SEC).
READ MORE: Bitcoin rises and reaches a new all-time high of US$94,000 after the debut of BlackRock ETF options
Current commander of the SEC, Gary Gensler is considered one of the biggest obstacles to the growth of cryptocurrencies in the USA. In addition to making it difficult for companies in the sector to operate with harmful processes and regulations, Gensler fought a years-long battle to prevent Bitcoin exchange-traded funds (ETFs) from being launched in the country. Guillén, on the other hand, is seen as favorable to the sector.
Another factor that has excited crypto investors is the interest rate cut cycle in the US initiated by the Federal Reserve in September. Lower rates reduce the yield on US Treasury bonds, favoring riskier assets such as stocks and cryptocurrencies.
Furthermore, over the last two days in particular, Bitcoin has gained new momentum with the Launch of BlackRock Bitcoin ETF Optionsthe iShares Bitcoin Trust ETF (IBIT), which registered a volume of US$ 1.9 billion on its debut day, on Tuesday (19), according to data from Bloomberg Intelligence.
Among other cryptocurrencies, the day is one of greater optimism, following the rise of Bitcoin. This morning, Ethereum (ETH), the second largest cryptocurrency in the world, registered an appreciation of 3.3%, quoted at US$ 3,201.68, while Solana (SOL) rose 2.0%, at a price of US$ 241, 93.
