The price of Bitcoin has reached a record high above $106,000, continuing a strong growth trend this year thanks to a series of favorable factors, including the impact of elected President Donald Trump on the market.
In one day, the price of Bitcoin increased by 3.7%, reaching a new peak of $106,608, marking a rise of over 140% in the past year and a 15% increase in the last 30 days.
Bitcoin Price Chart 1 Hour ~ Source: TradingView
The strong rise of Bitcoin and the crypto market in general was driven by Trump's victory in the presidential election earlier this month. Although there are still many questions about whether new policies related to digital assets will be implemented, many experts believe that recent developments are creating positive momentum for the market.
Lucas Schweiger, Director of Digital Asset Research at Sygnum Bank, said, "The commitments in the campaign to turn the U.S. into the 'cryptocurrency capital of the world' can be seen as a strategic political move." He also noted:
"However, proposals from the Cryptocurrency Advisory Council, along with information about Trump's meetings with key figures in the industry, such as Coinbase CEO Brian Armstrong, indicate that the new administration will pay more attention to the crypto market and explore the potential opportunities of this sector for the U.S. economy."
Specific proposals, such as adjusting tax policies for Bitcoin miners and profits from certain tokens, need to be approved by Congress and the Senate, both of which are currently controlled by the Republican Party.
In addition, the appointment of former PayPal COO David Sacks to the position of "AI and Crypto Czar of the White House" earlier this month, along with the increased competition among major companies to secure a position on the Advisory Council, contributed to market momentum, according to Schweiger.
This week, the Federal Open Market Committee of the Federal Reserve will hold its final meeting of the year, with the possibility of continuing to cut rates by another 25 basis points, bringing the rate to around 4.25-4.50%.
Rate cuts continue to benefit risk assets, including cryptocurrencies, as borrowing costs decrease and encourage investment in these assets.
Positive sentiment towards the bullish trend in the coming year also supports the development of altcoins and memecoins, which have seen strong growth after Trump's victory on November 5. Coins like SUI and Polkadot (DOT) are currently leading in performance, increasing by 7% and 5.8% respectively among the top 20 cryptocurrencies by market capitalization.
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