Bitcoin Falls below $100,000 after Reaching the Milestone Level for the First Time

By Evans Momodu
3 minute read


Bitcoin experienced a historic milestone late Wednesday, breaking the $100,000 mark for the first time. The cryptocurrency reached a high of $103,844.05 before retreating to $99,140.00 by Thursday afternoon, reflecting a slight pullback as investors took profits.

This surge followed the announcement by President-elect Donald Trump of plans to nominate Paul Atkins, a crypto-friendly figure, as the next chair of the Securities and Exchange Commission (SEC). Atkins is expected to replace Gary Gensler, whose strict enforcement policies have been criticized by the crypto industry.

Trump acknowledged the milestone with a post on Truth Social, crediting his policies for the market movement and expressing optimism for the future of bitcoin. This event marks a moment of triumph for long-term investors who endured years of market volatility and regulatory scepticism toward cryptocurrency.

Bitcoin’s anti-establishment origins as a peer-to-peer digital payment system during the 2008 financial crisis have evolved significantly.

Today, it enjoys increasing institutional acceptance, exemplified by the launch of spot bitcoin ETFs earlier this year by major firms like BlackRock and Fidelity.

These developments have driven demand and contributed to the cryptocurrency’s price surge.
Charles Schwab is also preparing to enter spot crypto trading, pending regulatory changes under the incoming Trump administration.

Federal Reserve Chair Jerome Powell recently compared bitcoin to gold, labelling it a speculative asset rather than a direct competitor to the U.S. dollar.

Meanwhile, industry leaders, such as Mike Novogratz of Galaxy Digital, see the moment as a paradigm shift signaling bitcoin’s entry into the financial mainstream.

Bitcoin’s climb past $100,000 was widely anticipated following Trump’s election victory, fuelled by optimism about his pro-crypto stance.

Promised initiatives include tax exemptions for crypto transactions, a national strategic bitcoin reserve, and the expansion of public equity markets for crypto IPOs. This optimism has driven bitcoin’s value up by 133% in 2024, with a 42% increase since the election.

Although the market is expected to remain volatile, industry experts remain optimistic about the long-term potential of bitcoin as it solidifies its role in global financial markets.
Source: NBC