Bitcoin advanced again today, continuing to be driven by the election of Donald Trump as president of the United States. As a result, the asset renewed its record price. In this context, the symbolic mark of US$ 100 thousand is seen as a possibility by investors.
At around 4:50 pm (Brasília time), bitcoin jumped 2.67%, to US$ 89,298.00, while ethereum fell 1.31%, to US$ 3,276.49, according to quotes from Binance.
The price of Bitcoin reached close to US$90,000 on Tuesday morning (12), as the post-election recovery continues. Investors are betting that former President Trump’s second term will boost cryptocurrencies because he suggested more favorable regulation.
Bitcoin is rising in large part due to Trump’s promises to make the US “crypto capital of the world” and replace Securities and Exchange Commission Chairman Gary Gensler, who is seen as a digital asset hawk.
“Reaching the $100-110K target area now seems like a matter of a few weeks or even days,” said Alex Kuptsikevich, analyst at FxPro.
However, the market may be getting ahead of itself. Mark Hackett, Head of Investment Research at Nationwide, warned that investors should be careful that hype does not override fundamentals and introduce unnecessary risks.
“Despite claims that bitcoin acts as a hedge against the dollar, recent trends suggest it is pro-cyclical, moving in conjunction with broader market sentiment,” he wrote.
