Bitcoin is Gaining Speed, Price Increases to More than USD 96,000

The crypto market was bullish on Wednesday after the release of important US jobs data. The price of the largest cryptocurrency by market value on international exchanges was trading at $ 96,500, up by more than 1.50 percent. Last month, Bitcoin made new highs after Donald Trump’s victory in the US presidential election.

Cryptocurrency supporter Paul Atkins has been appointed by Trump as the new Chief of the Securities and Exchange Commission (SEC). This has increased the possibility of making a policy in favor of crypto when the new government takes charge in America. Interest from institutional investors has also increased in this segment. Software company MicroStrategy has purchased approximately 15,400 bitcoins for approximately $1.5 billion. This company already has a larger holding of Bitcoin. Recently MicroStrategy purchased approximately 55,000 Bitcoins for approximately $5.4 billion. In a filing with the SEC, MicroStrategy said it had purchased approximately $5.4 billion worth of bitcoins between November 18 and 24. An average price of $ 97,862 per bitcoin was paid for this.

The company used funds received from the sale of shares and convertible notes for this purchase. Initially this company used to buy bitcoins in exchange for cash. Since then, MicroStrategy has been using the proceeds from the sale of shares and convertible debt to buy Bitcoin. The price of Ether, the second largest cryptocurrency, increased by more than 3.40 percent and was trading at around $3,724. Apart from this, there was also a rise in Solana and XRP. The price of Bitcoin has increased more than double in the current year. It has increased by more than 40 percent since Trump’s victory. The crypto market also grew significantly after Bitcoin Exchange Traded Funds (ETF) were approved in the US earlier this year.

Under the government of current US President Joe Biden, regulators had demanded strict enforcement action against crypto-related firms. However, these regulators did not accept the industry’s demand for making regulations. The prices of many cryptocurrencies including Bitcoin had increased due to Trump’s victory in America and the arrival of crypto supporting candidates in Congress.