The price of Bitcoin has soared since its launch in January 2009. The price of cryptocurrencies is known to be volatile and events such as halvings and presidential elections affect their value.However, there are times when bitcoin is falling. The most recent occurred in 2021 and 2022, when the economic recession led to a sharp drop in stock prices.
What is happening with the price of Bitcoin? The cryptocurrency sector peaked in November when bitcoin reached $93,495 – a price not seen in some time. Several factors contributed to Bitcoin's rise, most notably Trump's inauguration, which could boost cryptocurrency adoption among investors.
Bitcoin (Image: Getty Images) Furthermore, as bitcoin is the largest cryptocurrency by market capitalization and the oldest, its price movements could rule all cryptocurrencies.
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Is bitcoin really created by an unknown source of money and how do we get bitcoin? Finance: What should you do if you fall into one? What will happen to Bitcoin in 2024? After that, during the pandemic, bitcoin fell below $16,000 several times, and FTX collapsed in 2022. After a few years, the crypto industry appears to be in decline.
Earlier this year, the US Securities and Exchange Commission (SEC) approved bitcoin trading in an ETF. The cryptocurrency, which started 2024 at $44,000, peaked at $49,000 last week following the SEC announcement but has fallen slightly in recent weeks.
Image: Shutterstock Subsequently, the money invested in these ETFs raised the price of bitcoin to US$73,000 in March. In the following months, however, the price fell again, reaching a peak of $60,000, falling below $55,000 in September. Then, in November, it cost more than $90,000 for former President Donald Trump's re-election campaign.
Participants in the US election industry and Trump Crypto were optimistic about Trump's victory, hoping it could lead to policy and regulatory changes – something they have been pushing for for years.
The company faces political challenges, nominating candidates who promise to give more space to cryptocurrencies. Coinbase, the largest cryptocurrency exchange, spent more than $50 million during this year's election campaign, including supporting Trump.
Industry experts believe that Trump's second term will usher in the first pro-crypto administration. During his campaign, he promised changes that would benefit the sector. Furthermore, Trump has embraced the movement in different ways over the years, even launching NFTs with his face on it.
Donald Trump NFTs via CollectTrumpCards/reproduction Halving In April of this year, Bitcoin also went through its fourth “halving”. The event, which was previously scheduled to happen once every 210,000 years – approximately every four years, will pay for half, that is, the creation of a new bitcoin.
For the industry, this is important because it reduces the amount of new bitcoins generated by the network, while also reducing the number of new coins. However, if demand is strong, this uncertainty could increase prices in the long term. In May, a little later, the price of bitcoin hit US$67,491 and fell.
Write Bitcoin The price of bitcoin has reached $97,000, the highest price it has reached since its creation. However, the chart began shortly after Trump's election, when the cryptocurrency surpassed $80,000 for the first time in its history.
Image: Unsplash/@ewankennedy19 Many investors believe that the price of Bitcoin will soon reach US$100,000, but many experts say that the asset will not be able to sustain that price for long.
It is important to highlight that the price of Bitcoin and cryptocurrencies in general depends on a number of factors, including market sentiment, regulatory developments and economic conditions. However, according to experts, although the current period is good, the cryptocurrency market is volatile and the price does not change quickly.