Cryptocurrency Bitcoin reaches the 90,000 US dollar mark for the first time
The Bitcoin price has reached a new all-time high, surpassing the 90,000 US dollar mark for the first time before falling back slightly. The rise is influenced by various factors, including political developments.
12.11.2024, 22:40
SDA
On Tuesday evening Central European Time, the Bitcoin price on the Bitstamp platform reached the USD 90,000 mark for the first time. Shortly afterwards, however, the price fell slightly to 89,841 dollars. Since the annual low of 38,500 dollars in January, the value of the oldest and best-known cryptocurrency has more than doubled.
Market analyst Timo Emden from Emden Research commented on the situation and emphasized that even the smallest price drops are quickly recouped. These recent price movements may have come as a surprise, especially for market participants who had been betting on falling prices.
Emden emphasized that the momentum of the Bitcoin price is self-reinforcing and that there is a real gold-rush mood on the market. Many investors were afraid of missing the boat and were ignoring the risks.
A key factor in the recent price rise was Donald Trump's victory in the US presidential election the previous week. Since then, the Bitcoin price has risen significantly, having been below 70,000 dollars before the elections.
Trump, who was critical of Bitcoin during his first term in office, has since moved closer to the crypto community. At a Bitcoin conference in Nashville, he promised to leave the crypto market largely unregulated and to provide cheap electricity for mining new Bitcoin coins. These promises have earned him the support of many crypto enthusiasts.
