Bitcoin reached a new all-time high of $94,000 (£74,000) on Tuesday, with anticipation building for it to cross the $100,000 mark—a milestone long awaited by crypto enthusiasts.
Key Drivers of the Rally:
- Pro-Crypto Policies: Bitcoin's surge follows Donald Trump's re-election and promises of a crypto-friendly presidency, including proposals to relax regulations and create a "strategic reserve" of seized Bitcoin.
- Institutional Investment: Financial institutions, rather than retail investors, have driven recent demand, aided by Bitcoin-linked Wall Street funds launched earlier this year.
Market Trends and Risks:
- Bitcoin has surged 150% over the past year, now valued at £1.46 trillion—surpassing the global silver market.
- While optimism is high (with Polymarket estimating a 70% chance of hitting $100K by year-end), crypto markets remain volatile, with previous rallies often followed by sharp corrections.
The coming months will test whether Bitcoin can sustain its momentum or face another dramatic downturn.
Source:
Sky newsImage:
Coin Edition
