Analysts anticipate that bitcoin and other cryptocurrencies will benefit from a more lenient regulatory environment under Trump.
Bitcoin's value surged to a record high of $98,000 on Thursday, marking a 40 percent increase since the presidential election two weeks ago. This is likely to bring the cryptocurrency to the brink of the $100,000 milestone, a never before seen record.The recent rally is largely attributed to expectations that the incoming Trump administration will adopt a more favorable stance toward cryptocurrencies, compared with the Biden administration.
'Another kick higher should bring in a fresh chase from those who like to buy what's strong,' according to Chris Weston, head of research at Australian online broker Pepperstone.Not a 'Short-Term' Solution, Experts ArgueThe approval of spot bitcoin exchange-traded funds by U.S. regulators in January has also played a significant role in bitcoin's ascent.
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