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Sujit Kumar
Nov 21, 2024
by Sujit Kumar

Bitcoin Surges Past $97,000 on Pro-Crypto Hopes

Bitcoin Surges Past $97000

Table of contents

  1. A Pro-Crypto Era Ahead?
Bitcoin hit a record high of $97,628 on November 21, fueled by optimism over potential regulatory clarity under President-elect Donald Trump. The world’s largest cryptocurrency surged 5.7% to $97,445, pushing its market capitalization to $1.93 trillion, according to CoinMarketCap data.

Rally Driven by Positive Sentiment

The crypto market has added approximately $900 billion in value since Trump’s election, driven by expectations of favorable policies. Media reports suggest plans for a dedicated White House role focused on cryptocurrency policy, enhancing market confidence. Trump has vowed to make the U.S. the “crypto capital of the planet” and establish a national Bitcoin reserve.

Edul Patel, Co-founder and CEO of Mudrex, commented on the rally: “Market sentiment grew stronger from a media report of Trump’s plan to establish a dedicated White House role for crypto policy. The anticipation of faster regulatory clarity coupled with BlackRock’s Bitcoin ETF options projecting a $176,000 price target by 2026 has driven BTC’s price to the $97,000 milestone.”

Bitcoin ETFs Gain Momentum

More than $4 billion has flowed into U.S.-listed Bitcoin ETFs since the election. BlackRock’s Bitcoin ETF debuted options trading this week, with bullish call options significantly outpacing bearish puts. Analysts view this as a sign of strong investor confidence in further price increases.

A Pro-Crypto Era Ahead?

The Trump administration’s reported plans to support cryptocurrency through dedicated leadership roles, coupled with growing institutional interest, could drive Bitcoin closer to the $100,000 mark and beyond. As the market awaits further policy announcements, the stage is set for continued momentum in the digital asset space.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bitcoin Surges Past $97000
Bitcoin Surges Past $97,000 on Pro-Crypto Hopes
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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