Bitcoin Stalls Just Below $100K: Investors Await Next Big Catalyst
Bitcoin, the leading cryptocurrency, entered the weekend tantalizingly close to the $100,000 milestone, but it fell short of breaking through this key psychological and financial barrier. Trading just under $99,000 on Saturday morning in New York, the token briefly surged within $300 of the six-figure mark on Friday afternoon, reigniting investor hopes.
The cryptocurrency has been on a remarkable upward trajectory since Donald Trump’s re-election. Market sentiment has been buoyed by expectations of crypto-friendly regulatory policies and a boost in mainstream adoption, spurred by Trump’s publicly expressed support for digital assets. In the wake of the election, the broader crypto market has surged, adding nearly $1 trillion in value.
Shifting Regulatory Landscape
A potential turning point for the U.S. crypto landscape appears to be taking shape. Reports indicate that Trump’s transition team is considering creating a dedicated White House position to oversee digital-asset policy. This move could provide the industry with direct access to the president-elect, who has shifted from earlier skepticism to championing cryptocurrency.
This optimistic outlook is also rippling across Wall Street. Charles Schwab Corporation’s incoming CEO, Rick Wurster, recently announced plans to offer spot crypto trading once regulatory adjustments are in place. Meanwhile, institutional players such as MicroStrategy are doubling down on Bitcoin purchases, and the introduction of Bitcoin exchange-traded fund (ETF) options in the U.S. is further fueling bullish sentiment.
Momentum Drives Market Action
“Momentum is the key driver here,” said Chris Weston, head of research at Pepperstone Group. “With SEC Chair Gary Gensler set to step down on January 20, large inflows into Bitcoin ETFs, and the rising role of options, $100,000 is acting as a magnet.”
For Bitcoin advocates, reaching the $100,000 mark would symbolize a significant victory, countering critics who question the utility of digital assets and highlight their association with illicit activities. However, despite doubling its value this year, Bitcoin’s role in investment portfolios remains controversial.
Skepticism Remains
While supporters tout Bitcoin as a modern-day store of value, skeptics warn of its volatility and speculative nature. “Bitcoin is not something you can value,” said Themis Themistocleous, EMEA chief investment officer at UBS Wealth Management, in an interview with Bloomberg. “It’s highly volatile. Alternative hedges like gold have consistently proven to be more reliable.”
As Bitcoin edges closer to the coveted $100,000 threshold, the cryptocurrency world is bracing for what comes next. Whether it breaks through or falters again, the market remains a focal point for investors worldwide.
Source : Swifteradio.com
