Bitcoin soars closer to $100,000 as it rockets 45% since Trump's election win
Bitcoin has soared ever closer to $100,000.
Amid frenzied trading yesterday, a single bitcoin hit a new record above $99,000, taking gains since Donald Trump won the US presidential election to 45 per cent.
A slight pullback saw bitcoin lose a litle ground before rising above $99,000 again early this morning, as Asian trading dominated markets.
Bitcoin has been one of the big winners following Trump's victory amid hopes that he will usher in crypto-friendly policies.
Crypto rally: The price of a single bitcoin has hit a new record high above $99,000
He has promised to make America ‘the crypto capital of the planet’.
Matt Britzman, analyst at Hargreaves Lansdown, said: ‘Just months ago, $100,000 seemed like a distant dream, but now it feels almost inevitable as optimism swells.
'Trump’s anticipated return to the White House is fuelling hopes of a more crypto-friendly federal stance.’
Standard Chartered analysts believe bitcoin could hit $200,000 next year.#
With bitcoin having rocketed over the past month and buying sentiment at extreme levels, crypto analysts warn that the risk that the price pulls back sharply is high.
Bitcoin is notoriously volatile and has previously tumbled by double-digit percentages in very short periods of time.
Long-term investors and those who have made big short-term profits may be tempted to cash in some of their gains, exacerbating the risk of any falls.
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