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Bitcoin (encryption: Bitcoin) made history in 2024, not only breaking the long-standing record of $69,000, but also reaching the magic number of $100,000.
A large number of crucial developments have occurred throughout the year, providing strong momentum for the cryptocurrency.
With the new year on our doorstep, let’s take a look at some of the most important bullish catalysts for Bitcoin in 2024.
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Trump presidency: Electoral victory Donald Trumpwho aggressively marketed himself as a cryptocurrency-friendly candidate during the election campaign, has proven to be Bitcoin’s biggest positive driver.
Since the election, the leading cryptocurrency has risen 41%, reaching a peak of $108,000.
Trump pledged to create National Bitcoin Reserve During the election campaign, reports indicated that he might pass the election Executive order To establish one.
As appointed Pro-crypto venture capitalist David Sacks As the first “AI and Cryptocurrency Czar in the White House,” signaling his commitment to delivering on his campaign promises.
Demand from Bitcoin ETFs: The successful launch of the first ever American aircraft Exchange-traded funds that track the price of Bitcoin Early 2024 paved the way for broader institutional adoption of the cryptocurrency.
Since their listing, the ETFs have seen net inflows of approximately US$36 billion, with transactions worth over US$2 billion recorded as of December 26. According to To the value of SoSo.
Black Rock iShares Bitcoin Trust ETF (Nasdaq:He will go) as the most successful fund, with assets worth more than $52 billion.
See also: No wonder Jeff Bezos owns over $70 million worth of art. This alternative asset has outperformed the S&P 500 since 1995, generating an average annual return of 11.4%. Here’s how day investors get started.
Facilitating monetary policy: The Fed was happy High-risk markets by reducing interest rates by 0.5% in September, the first in more than four years. This bold cut was followed by a more modest 25 basis point cut in successive months.
Lower interest rates typically increase liquidity and borrowing capacity, leading to increased bets on stocks and cryptocurrencies, which are viewed as risky investments.
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