Inspired by Trump
107,000 US dollars: Bitcoin continues its successful rally
The cryptocurrency Bitcoin is continuing its record rally: the price rose on Tuesday morning and, after a brief consolidation phase, is now approaching the record high of 107,821 US dollars reached on Monday evening.
On the Bitstamp trading platform, the oldest and best-known cryptocurrency cost 107,300 dollars (102,210 euros) on Tuesday morning, significantly more than on Tuesday night, when the price fell to 105,500 dollars after reaching a record high of 107,821 dollars on Monday.
Bitcoin has been on an upward trend for almost two years, taking the price from less than 20,000 dollars to six-digit heights. The most recent driver of the rally is the election of Donald Trump as the new US president at the beginning of November. Since then, the share price has risen by around half. Trump is now seen as a supporter of cryptocurrencies.
Strategic Bitcoin reserves
"In particular, the prospect of the introduction of strategic Bitcoin reserves is grist to investors' mills," wrote market analyst Timo Emden from Emden Research. Trump is likely to keep investors happy with his promises until he moves into the White House. However, this could also increase the potential for disappointment. Investors should bear in mind that all plans are not set in stone.
In addition, the expectation of further interest rate cuts by major central banks is supporting Bitcoin. The US Federal Reserve will publish its interest rate decision on Wednesday evening. A further cut of 0.25 percentage points is expected. This is good news for investments that are considered risky, such as cryptocurrencies, as it makes fixed-interest investments less attractive.
Prospect of further acquisitions
Bitcoin is currently also receiving a boost from the prospect of further cryptocurrency acquisitions by the US software company MicroStrategy. The company's CEO and co-founder Michael Saylor is considered a hardcore Bitcoiner and wants to transform his company into a Bitcoin company.
MicroStrategy's strategy seems to be working, at least for the time being, as the company's inclusion in the technology-heavy US stock index Nasdaq 100 on December 23 of this year shows. The move reflects the triumph of Bitcoin, Emden continued.
According to a list from the provider Coinmarketcap.com, the market value of Bitcoin currently stands at just over 2.1 trillion dollars. That is just under 57 per cent of the total market capitalization of 3.75 trillion dollars of all the more than 10,000 cryptocurrencies.
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