Bitcoin surges above $99,000 as cryptocurrency targets another milestone

Bitcoin prices soared above $99,000 on Thursday, November 21, inching closer to the much-anticipated $100,000 mark.

The world’s most popular cryptocurrency reached nearly $99,400, according to Coinbase data from TradingView, News.Az reports citing foreign media.

The digital asset, which has generated substantial visibility at many points, has managed to draw even more eyeballs recently as highly favorable market conditions push it to a string of fresh, all-time highs.

Now, the digital asset is fluctuating very close to the key, psychological level of $100,000, and surpassing this price point could have major implications for markets and trading.

“$100,000 will be an important milestone for bitcoin,” said Patrick Liou, principal of institutional sales for Gemini.

“Based on previous experiences, realized volatility to the upside tends to catch investor attention, which is still relatively low when examining historical Google search trends for ‘bitcoin.’ This could potentially fuel a further run for bitcoin above the $100,000 mark in the lead up to the inauguration and in Q1 2025,” he stated via emailed comments.

Within a matter of months, Republicans will have control of the White House, the U.S. Senate and the House of Representatives. Earlier this year, the GOP incorporated crypto into its platform, pledging to take a lighter approach to regulation.

The simple fact that SEC Chair Gary Gensler plans to step down on January 20 could mark a sea change in crypto regulatory policy, seeing as how he has taken a rather aggressive approach toward policing the space.

Gensler, who became the head of the SEC in April 2021, was nominated by President Joe Biden.

Donald Trump, who served as President between 2017 and 2021 and recently won a second term, had stated that he would fire Gensler on day one.

The former president has presented himself as a big supporter of digital currencies and the broader crypto industry, helping bolster the sentiment of industry participants now that his reelection has been secured.

News.Az