Bitcoin continues to rise after halving in value due to supply and demand imbalances.
Anthony Scaramucci supported bitcoin's long-term potential, while Peter Schiff remained skeptical.
#Bitcoin [BTC] has hit the headlines thanks to its impressive growth: just a few weeks ago, it was struggling to cross the $60,000 mark.
According to the latest data from CoinMarketCap, #BTC has risen to $88,683, a huge 8.81% increase in just 24 hours.
The #cryptocurrency has also performed phenomenally over the past week and month, rising 28.72% and 41.21% respectively.
Is Trump behind the rise of the cryptocurrency market?
Thanks to this phenomenal rise, bitcoin has surpassed the $89,000 mark, spurring the entire cryptocurrency market to surpass its pandemic peak.
Much of that growth has been fueled by market optimism as traders bet on continued strong growth under current President Donald Trump. Anthony Scaramucci, CEO of Skybridge Capital and a vocal critic of Trump during the election, acknowledged that the Republican victory has contributed to BTC's recent bull rally.
Scaramucci expressed growing confidence that the U. S. could create a strategic bitcoin reserve, which could spur institutional investment and further boost the price of the major cryptocurrency, he
as Jesse Myers, co-founder of OnrampBitcoin, pointed out, not everyone shares that
ly the emergence of a bitcoin-friendly government was a catalyst. But that's not the main story, he said, because it's been six months since Harbin. Myers said the event of bitcoin being halved has created a supply and demand imbalance, where there is not enough supply to meet the growing demand at the current price level.
Based on past trends after the 2012, 2016 and 2020 halving events, Myers expects a similar outcome after the 2024 event.
Read us at: Compass Investments
