By Tyler Durden
After toying with its fanatical fan base for much of the past 2 weeks, teasing a breach of the “nice round number” resistance several times only to fade right below it, moments ago bitcoin finally erupted higher with an aggressive buyer taking advantage of the illiquid Asian session and sending the world’s first digital token above $100,000 for the first time ever…
… rising more than 3% to $101,554 since president-elect Trump nominated a pro-crypto head of the SEC….
…as the sell wall at $100,000 was promptly dismantled leading to massive levered liquidations…
… and greenlighting the road to $200,000 and beyond.
The crypto market has jumped by roughly $1.4 trillion since Trump’s US election victory on Nov. 5, on a platform that roundly embraces crypto and bitcoin is now larger in ‘market cap’ than Saudi Aramco (topping $2 trillion tonight)…
Trump earlier confirmed that he had selected the crypto advocate Paul Atkins to replace outgoing SEC Chair Gary Gensler, who cracked down on digital assets at the bidding of his sith lord, Liz Warren.
Speculators also digested comments from Russian President Vladimir Putin, who said at an economic forum in Moscow that nobody can prohibit the use of Bitcoin and other virtual currencies.
JUST IN: 🇷🇺 Russian President Putin says “who can ban #Bitcoin?”
“Nobody” pic.twitter.com/woiOWko8wA
— Watcher.Guru (@WatcherGuru) December 4, 2024
Bitcoin on Nov. 22 was less than $300 from achieving $100,000 for the first time but fell back while teasing the crypto community. Crypto’s adherents view the six-figure number as a validation of claims that Bitcoin is a modern-day store of value and hedge for inflation risk.
In addition to making new highs in USD terms, bitcoin’s rally tonight took it to a new record high versus gold…
Bitcoin ETFs have attracted inflows of about $32 billion this year, including over $8 billion since Trump became president. The combined trading volume for digital assets and related derivatives across centralized exchanges climbed to a record of more than $10 trillion last month, according to CCData.
Source: ZeroHedge
Main image: Sovereign Man
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