Cryptocurrency investors woke up to a unique morning today. Bitcoin (BTC), the largest cryptocurrency, has exceeded the $ 100 thousand level for the first time in history. BTC is trading at around $ 103 thousand at the time of writing this article.
The $ 100 thousand level was seen as the psychological limit for BTC. According to many people, this level was bound to be broken one day, and that day has come. The all-time high (ATH) for BTC is now $103,900, according to data on Coinmarketcap.
The situation of Altcoins is not bad either
The rally on the Bitcoin front did not have much effect for Altcoins. In fact, from the last 24-hour changes, we can comment that the money coming out of Altcoins entered BTC. However, despite this, the general situation in Altcoins is good. Solana (SOL), the only Altcoin that lost value in the last one-week period, lost 1.35 percent.
Never forget the fact that cryptocurrencies involve high risk. Plan your profit sales while the market is up. A sharp decline can cause the markets to turn into a bloodbath again.
Why is Bitcoin rising?
The main reason for Bitcoin’s rise has been US President Donald Trump’s positive approach to cryptocurrencies. Donald Trump, who to date has made serious promises about cryptocurrencies, recently announced on his social media account that he will nominate Paul Atkins for the chairmanship of the US Securities and Exchange Commission (SEC). With the nomination of Paul Atkins, who is warm to cryptocurrencies, bitcoin managed to exceed 100 thousand dollars. If Atkins is appointed, radical steps will be taken to support cryptocurrencies, and cryptocurrencies will be popularised with new regulations.
Trump’s promises include making cryptocurrencies a way of life. Trump promised to fire SEC Chairman Gary Gensler and appoint a president with a more crypto-friendly approach. Trump also promised to make Bitcoin a strategic national reserve asset. He promised clearer and fairer regulations for the cryptocurrency market. Eliminating or reducing capital gains taxes on cryptocurrencies is among the plans. He wants to increase US-based bitcoin mining and support decentralised crypto platforms (DeFi).
With Trump’s election as US president, bitcoin rose by almost 50 per cent. In the last 1 year, bitcoin has risen by 145 per cent.
