Bitcoin Drops Below $100,000 Following Initial Milestone Peak

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    <p class="">Amid heightened anticipation, the value of <a target="_blank" href="https://www.cnbc.com/quotes/BTC.CM=/" target="_blank">bitcoin</a> broke through the much-anticipated $100,000 threshold for the very first time on Wednesday night.</p>
    <p class="">Following its peak, by Thursday afternoon, bitcoin had slightly retreated from its high. The leading digital currency was recently noted to have edged up by 0.28% to $99,140.00, as reported by Coin Metrics. After reaching an all-time high of $103,844.05 the previous evening, the cryptocurrency experienced a dip to the lower end of Thursday’s range due to traders securing profits.</p>
    <p class="">This upward trajectory was bolstered by President-elect <a target="_blank" href="https://www.cnbc.com/donald-trump/" target="_blank">Donald Trump</a>'s <a target="_blank" href="https://www.cnbc.com/2024/12/04/trump-plans-to-nominate-paul-atkins-as-sec-chair.html" target="_blank">declaration of his intent to nominate Paul Atkins</a> for the position of Chair of the Securities and Exchange Commission. Trump's decision is likely to fulfill a key pledge to the community supporting cryptocurrency, signaling a departure from Gary Gensler's criticized approach of governing the sector by reinforcement while at the SEC.</p>
    <p class="">Trump also extended his regards to the Bitcoin community through a <a target="_blank" href="https://truthsocial.com/@realDonaldTrump/posts/113600319916325790" target="_blank">Truth Social message</a> on Thursday morning. He credited his influence for the surge in Bitcoin value and reiterated his message of reviving American greatness.</p>
    <p class="">For long-term Bitcoin proponents, this milestone marks a day of jubilation, as they have steadfastly held onto their investments, colloquially referred to as 'HODLing', throughout numerous cycles of rapid appreciation and decline. Historically, both government and financial entities have displayed skepticism and at times open hostility towards Bitcoin and similar assets.</p>
    <p class="">Bitcoin's inception was rooted in opposition to the establishment. During the peak of the 2008 financial crisis, its creator, Satoshi Nakamoto, introduced the concept of Bitcoin in the <a target="_blank" href="https://bitcoin.org/bitcoin.pdf" target="_blank">Bitcoin Whitepaper</a> as a peer-to-peer version of electronic cash that would enable direct online transactions without the mediation of financial institutions.</p>
    <p class="">In the years that followed, the cryptocurrency sector has managed to convey Bitcoin's substantial value proposition to mainstream institutional investors. Major financial firms such as <a target="_blank" href="https://www.cnbc.com/quotes/BLK/" target="_blank">BlackRock</a>, Fidelity, and <a target="_blank" href="https://www.cnbc.com/quotes/IVZ/" target="_blank">Invesco</a> have launched the inaugural spot Bitcoin ETFs at the start of this year. This move, seen as Bitcoin's equivalent to an IPO, garnered institutional investor attention and contributed to Bitcoin's price surge. Touting a future in spot cryptocurrency trading, Rick Wurster, the soon-to-be CEO of <a target="_blank" href="https://www.cnbc.com/quotes/SCHW/" target="_blank">Charles Schwab</a>, mentioned that the firm awaits <a target="_blank" href="https://finance.yahoo.com/news/charles-schwab-incoming-ceo-feel-205546065.html" target="_blank">regulatory shifts</a> expected in the upcoming Trump administration.</p>
    <p class="">During the DealBook conference, Federal Reserve Chair Jerome Powell likened Bitcoin to 'virtual gold' in his remarks, highlighting its digital nature and how it has yet to become a mainstream <a target="_blank" href="https://www.cnbc.com/2024/12/04/watch-fed-chair-jerome-powell-speak-live-at-the-dealbook-conference.html" target="_blank">payment method or store of value</a>. He made it clear that it wasn’t in contention with the dollar but rather with gold.</p>
    <p class="">"We're on the cusp of a financial transformation," commented Mike Novogratz, CEO of Galaxy Digital, in an interview with CNBC. He described Bitcoin and the broader digital asset ecosystem as ready to integrate into the mainstream financial industry after a political hiatus of four years.</p>
    <p class="">Although Bitcoin's $100,000 milestone had been <a target="_blank" href="https://www.cnbc.com/2024/11/08/tom-lee-says-bitcoin-could-hit-six-figures-before-year-end.html" target="_blank">projected to occur</a> post-U.S. presidential election, the rallying market swiftly pushed the cryptocurrency near this target even earlier, reaching $99,849.99 on November 22.</p>
    <p class="">Upcoming year brings optimism for multiple crypto-friendly initiatives from Trump, such as the inception of a national strategic Bitcoin reserve, offering tax exemptions on cryptocurrency transactions, and encouraging a larger number of crypto-based public equity markets including IPOs.</p>
    <p class="">"Looking to the future, I remain optimistic," Novogratz stated. He advised that while the trajectory won't be linear, investors should still consider locking in profits. Yet, with the advent of a crypto-supportive U.S. administration, the implication is it will be challenging for the international community to disregard.</p>
    <p class="">As of now, Bitcoin has achieved an incredible rise of over 133% this year alone, with a substantial 42% increase since the election concluded.</p>
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