Bitcoin has set a new all-time high of $104,000 on Coinbase, setting the cryptocurrency loose into price discovery — so where is it heading next?
Bitcoin has surged past the critical $100,000 level, marking a psychological milestone for crypto traders and vindication for hodlers and true believers.
The price has been surging skywards ever since the Republican victory in November’s election signaled an end to the war on crypto declared by the Biden administration and its appointed SEC Chair Gary Gensler.
The break above $100,000 came just hours after President-elect Donald Trump announced former SEC commissioner and co-chair of the Digital Chamber’s Token Alliance Paul Atikins as Gensler’s replacement at the top of the SEC.
In a Truth Social post highlighting Atkins’ many achievements, Trump singled out his crypto advocacy:
The rest of the administration is shaping up as the most pro-crypto ever, with Trump also nominating Key Square Capital Management founder Scott Bessent as the Secretary of Treasury.
Bessent has said he’s “excited about the President’s embrace of crypto” and that “everything is on the table with Bitcoin.”
Trump also tapped Howard Lutnik to head the Commerce department. He’s CEO of Cantor Fitzgerald, the custodian for the USDT stablecoin’s backing.
And Federal Reserve chair Jerome Powell has again acknowledged Bitcoin’s (BTC) legitimacy, stating at the DealBook Summit: “It’s just like gold, only it’s virtual, it’s digital.”
But the unprecedented rally has been driven by a confluence of other factors too, creating a perfect storm for Bitcoin price.
While crypto investors are ecstatic now, it’s good to understand why Bitcoin was able to break into the six digits and where it could go from here.
Here are some of the other causes of Bitcoin’s meteoric rise.
