CRYPTOCURRENCY

Bitcoin Reaches $105,000 Turning point Before Donald Trump’s Inauguration

The cryptocurrency market picked up speed on Saturday, agreeing with Donald Trump’s second-term inauguration, as Bitcoin flooded once more into the $105,000 range, briefly reaching $106,000.

The digital asset business has received strong signals of help from the previous US president.

Furthermore, the market worth of the flagship cryptocurrency was $2.08 billion on Sunday, with a completely diluted price of $105,047, an increment of 1.86 percent.

The week began gradually for Bitcoin as it dipped under $90,000 because of uncertainty about US Federal Reserve policies. Nonetheless, reports of a strategy rate cut reignited the positive momentum.

Traders took advantage of the historically strong demand for Bitcoin during periods of historically low interest rates, pushing the cost of the cryptocurrency beyond $99,000 and then over the $100,000 mark.

With Trump’s expected pro-crypto attitude in his first week back in office, investor excitement was further fuelled. The crypto world is satisfied about Trump being president.

Dissimilar to past rallies, the current week’s increment was supported by enormous capital inflows into trade exchanged -traded funds (ETFs) that focus on Bitcoin. Investors had redirected earlier withdrawals and poured almost $1.3 billion into these funds by midweek.

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