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Bitcoin breached the highly anticipated $100,000 price level on Wednesday, reaching the vaunted milestone more than 15 years after its mysterious creator, Satoshi Nakamoto, launched the original crypto.
Bitcoin hit the long-anticipated target above $101,000 just after 9:45 pm ET, according to Coinbase data. At the start of the year, the coin was trading for a little over $44,000. It has since risen over 120%, repeatedly breaking its high price record throughout November but falling just short of the $100,000 mark until now.
The largest crypto by market cap has come a long way since its creator, or creators mined the genesis block in January 2009.
Bitcoin has its roots in cypherpunk philosophy, designed as a decentralized currency that can be freely transacted and traded without a centralized authority and on an immutable ledger that cannot easily be altered or taken offline.
Over the years, the coin has gone from a near-worthless curio and something primarily used to purchase drugs online to one of the most valuable assets in the world—and an attractive investment for prestigious asset managers looking to hedge against inflation. Now, with Bitcoin exchange-traded funds (ETFs) flourishing this year, even Wall Street is on board.
Bitcoin ETFs Take in $1 Billion as BTC Price Nears $100,000
Bitcoin exchange-traded funds (ETFs) recorded near-record inflows yesterday of over $1 billion, as Bitcoin's price neared the $100,000 milestone for the first time amid volatile trading conditions. The huge inflows come after options trading on BlackRock’s spot Bitcoin ETF kicked off on November 19, following the Securities and Exchange Commission's (SEC) approval of the listing of options for spot Bitcoin ETFs last month. Blackrock’s iShares Bitcoin Trust (IBIT) attracted the largest inflows o...
In the past decade alone, Bitcoin has appreciated by more than 14,250%.
A bullish year
The recent surge in the asset comes amid a flurry of favorable tailwinds for the crypto industry this year.
Investor interest and inflows surged this year following the January approval of U.S.-listed spot Bitcoin exchange-traded funds (ETFs).
The Securities and Exchange Commission, Wall Street's primary regulator, gave the green light to those funds in January following years of rejections.
Those previously prohibited from engaging with the industry over custody and security concerns can now invest as easily in it as gold, foreign currencies, or the S&P 500.
Bitcoin and Ethereum ETFs Add Billions, Breaking Record for Crypto Products
Want a sign that crypto mania has taken over? Just look at the amount of money flowing into digital asset funds. A Monday report from European asset manager CoinShares said that assets under management for crypto investment vehicles are now at a new all-time high of $138 billion. The new peak mark comes after investors threw $2.2 billion at such funds last week, the report said. 📈 Digital asset inflows reached US$2.2bn last week, bringing year-to-date inflows to a record US$33.5bn. #Bitcoin...
Traditional financial titans such as Goldman Sachs and Paul Tudor Jones' Tudor Investment Corporation have bought exposure to the asset via the ETFs.
President-elect Donald Trump's shock win on November 5 helped spur a rally aptly dubbed the "Trump Trade" by market participants.
The former Republican president—who served a four-year term between 2017 and 2021—has been a vocal industry advocate during his campaign, promising to promote and retain U.S.-based crypto mining efforts while establishing a Bitcoin reserve.
Now, with Trump's return to the White House imminent, investors are feeling bullish that the space will be allowed to grow under his watch.
Jim Cramer Says Bitcoin Is a ‘Winner’—Investors Would Really Rather He Not
“Mad Money” host Jim Cramer startled Bitcoin investors Friday, panicking swaths of investors on Crypto Twitter after the former crypto skeptic issued a bullish call. Fielding a question from a Florida-based investor during the show’s Lightning Round Thursday, Cramer said that the Bitcoin-buying firm MicroStrategy is a less attractive investment than Bitcoin itself, from his occasionally dubious perspective. “I’ve got to tell you it’s a Bitcoin play—I prefer to actually own Bitcoin,” Cramer said...
Gary Gensler, the SEC's current Chair, who President Joe Biden nominated, has cracked down on the digital asset space, hitting exchanges and other crypto firms with lawsuits.
With his announced upcoming departure, industry observers are hopeful for a return to a less hostile era under a new agency head. Earlier Wednesday, Trump nominated former SEC commissioner Paul Atkins for the top job, pending Senate confirmation.
Industry observers think a Republican boss of the financial watchdog will be far more friendly to the space and are now anticipating a "golden" era for digital assets.
Edited by Sebastian Sinclair and Andrew Hayward
