New Delhi: Bitcoin prices surpassed $98,000 for the first time on November 22, 2024 (Friday). The cryptocurrency is having a dream run as it scales a new record peak on daily basis. Bitcoin price is continuously rising as the market sentiments believe that Donald Trump-led US administration would adopt a friendly approach to cryptocurrencies.
Bitcoin is the world’s largest cryptocurrency. The price of Bitcoin hit its all-time high of $98,973.70, and is marching towards the $1,00,000-mark.
Bitcoin Market Cap: $1,955,192,951,182
Fully Diluted Valuation: $2,075,181,738,000
24 Hour Trading Volume: $104,837,771,228
Circulating Supply: 19,785,762
Total Supply: 21,000,000
Max Supply: 21,000,000
The above-mentioned data has been taken from Coingecko.com. The data can subject as per the market conditions.
Why Bitcoin price is surging?
Interestingly, the surge in Bitcoin price comes as Securities and Exchange Commission Chair Gary Gensler, who is known to have an aggressive stance towards cryptocurrencies, will step down as SEC head on January 20, 2025.
During his tenure, Gensler pushed for changes in the cryptocurrency trade, which he termed as a protection shield for investors.
Notably, President-elect Donald Trump had promised during his election campaign to remove Gensler. However, the incumbent SEC Chair himself announced to step down on the day Trump officially takes over the US presidency.
Ever since US Presidential Election Results were declared and Donal Trump emerged as the winner, Bitcoin has jumped 40 per cent. Bitcoin moved North after Gensler announced his decision to step down.
Bitcoin price rebounded from a slide in late 2022 after the green signal of US listed bitcoin exchange-traded funds in January 2024. Interestingly, the US Securities and Exchange Commission had made many attempts to block ETFs from investing in bitcoin.
In 2021, Gensler in his speech described the world of crypto as “the Wild West”. “This asset class is rife with fraud, scams, and abuse in certain applications,” Gensler had said in a speech at the Aspen Security Forum. During his tenure as SEC head, Gensler introduced actions against players in the crypto industry for fraud, wash trading and other violations.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares, cryptocurrency or subscriptions of any IPO and Mutual Funds.)
Comments are closed.