"Bitcoin Hits $100,000: What’s Next for the Crypto Market?"

 "Bitcoin Hits $100,000: What’s Next for the Crypto Market?"

Important Takeaways

 
Amidst anticipation around the incoming pro-crypto Trump government, Bitcoin experienced its first-ever trade above $100,000.

The most recent spike follows Trump's appointment of Paul Atkins to lead the U.S. Securities and Exchange Commission, a move that the cryptocurrency community welcomed.

Following a robust post-election gain, the price of bitcoin has recently fallen as some investors grabbed winnings.
Due to enormous leverage, some analysts warn that the price of bitcoin may correct.

In late trading on Wednesday, Bitcoin (BTCUSD) crossed the $100,000 mark for the first time.

 the biggest cryptocurrency by market capitalization reached a new high of $101,419 dollars. Following President-elect Donald Trump's nomination of pro-crypto Paul Atkins to head the U.S. Securities and Exchange Commission (SEC), prices recently surged.

Thanks to a post-election surge, Bitcoin nearly reached $100,000 in November. However, profit-taking caused it to drop as low as $91,000.

Since Trump's election victory, investors have been flooding the market with bitcoin, cryptocurrency-related equities, and exchange-traded funds, mostly due to the expectation of more clarity surrounding cryptocurrency regulation and a more crypto-friendly administration.

Bitcoin Prices Are Still Being Driven by Investor Optimism

The announcement that the Trump administration would establish a cryptocurrency advisory council and perhaps even a bitcoin strategic reserve has delighted investors.

Following the announcement of Gary Gensler's resignation as SEC head, Atkins' nomination was viewed as further positive news for the cryptocurrency sector. Crypto proponents frequently lambasted Gensler for leading the SEC in an enforcement-heavy manner.

Recently, stocks tied to bitcoin have also seen increases. With more than 402,100 bitcoin, or more than $40 billion at today's pricing, MicroStrategy (MSTR) has increased its holdings by more than 540% so far this year. 

Despite a few setbacks, Bitcoin bulls remain unfazed.

With the adoption of spot bitcoin ETFs and a "halving" that slowed the rate at which new bitcoin are being issued, the year had already been quite active for the cryptocurrency. An mismatch between supply and demand has contributed to the rise in bitcoin prices.

However, other experts caution investors against using too much leverage and becoming overly enthusiastic. According to Galaxy Investment Partners CEO Mike Novogratz, he anticipates a return to $80,000 in bitcoin pricing.

He recently declared, "There will be a correction because the crypto community is in dire straits."

Bitcoin bulls were unfazed by the recent decline in the price of the cryptocurrency.

As bitcoin establishes itself as a popular investment over time, its price may be supported in the short term by a wave of corporate purchases, with opportunities to buy presented by abrupt price volatility.

"Every time Bitcoin began to decline, people began to fear that it might drop to zero, which is one reason why pullbacks have historically been so violent. That's no longer an option, and an increasing number of investors are searching for a way in," Bitwise Investment CIO Matt Hougan stated in a late-November.

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Mastering Cryptocurrency Basics: Your Ultimate Guide for Beginners

 Mastering Cryptocurrency Basics: Your Ultimate Guide for Beginners

Cryptocurrency comes under many names. You have probably read about some of the most popular types of cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. Cryptocurrencies are increasingly popular alternatives for online payments. Before converting real dollars, euros, pounds, or other traditional currencies into ₿ (the symbol for Bitcoin, the most popular cryptocurrency), you should understand what cryptocurrencies are, what the risks are in using cryptocurrencies, and how to protect your investment.

What is cryptocurrency? A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet. These wallets can be software that is a cloud-based service or is stored on your computer or on your mobile device. The wallets are the tool through which you store your encryption keys that confirm your identity and link to your cryptocurrency.

What are the risks of using cryptocurrency? Cryptocurrencies are still relatively new, and the market for these digital currencies is very volatile. Since cryptocurrencies don't need banks or any other third party to regulate them; they tend to be uninsured and are hard to convert into a form of tangible currency (such as US dollars or euros.) In addition, since cryptocurrencies are technology-based intangible assets, they can be hacked like any other intangible technology asset. Finally, since you store your cryptocurrencies in a digital wallet, if you lose your wallet (or access to it or to wallet backups), you have lost your entire cryptocurrency investment.

Follow this to protect your cryptocurrencies:

• Look before you leap! Before investing in a cryptocurrency, be sure you understand how it works, where it can be used, and how to exchange it. Read the webpages for the currency itself (such as Ethereum, Bitcoin or Litecoin) so that you fully understand how it works, and read independent articles on the cryptocurrencies you are considering as well.

• Use a trustworthy wallet. It is going to take some research on your part to choose the right wallet for your needs. If you choose to manage your cryptocurrency wallet with a local application on your computer or mobile device, then you will need to protect this wallet at a level consistent with your investment. Just like you wouldn't carry a million dollars around in a paper bag, don't choose an unknown or lesser-known wallet to protect your cryptocurrency. You want to make sure that you use a trustworthy wallet.

• Have a backup strategy. Think about what happens if your computer or mobile device (or wherever you store your wallet) is lost or stolen or if you don't otherwise have access to it. Without a backup strategy, you will have no way of getting your cryptocurrency back, and you could lose your investment.

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