why is bitcoin going up
why is bitcoin going up.There are many reasons behind the rise of cryptocurrencies and the price of Bitcoin reaching record highs. Since its launch in 2009, the value of Bitcoin has been constantly changing, sometimes rising sharply and sometimes falling, as people are becoming aware of its utility and potential. At the beginning of 2024, Bitcoin was valued at around $45,000 USD, but in November 2024 it reached $90,000 USD, its highest level ever.
The value of Bitcoin has seen a lot of fluctuations in the last few years. In 2017, the price of Bitcoin rose from $1,000 to $20,000, but the next year its price fell below $4,000. Its price rose again in 2020 and reached $28,000 by the end of the year. In 2021, Bitcoin touched a peak of $69,000, while its value fell sharply during the 'crypto winter' in 2022, dropping below $20,000. However, its price rose again in 2023 and closed around $42,000 by the end of the year. 2024 is proving to be a landmark year for Bitcoin. In January, the U.S. Securities and Exchange Commission (SEC) gave approval for a cryptocurrency exchange-traded fund (ETF), which led to a surge in Bitcoin's price. It reached nearly $70,000 in March, and after reaching $68,000 in October, Bitcoin touched an all-time high of $90,000 in November. The major reason for this rise in Bitcoin can be attributed to the election victory of President Donald Trump on November 4, 2024. Trump had promised during the election campaign that he would make the U.S. Trump will make the US "the center of cryptocurrency" and implement more favorable policies for cryptocurrencies. Trump's positive attitude towards cryptocurrencies and the policy of less regulation under his administration have given new life to the price of Bitcoin. In addition, the approval of the spot Bitcoin ETF by the SEC in January 2024 has further boosted the cryptocurrency market. The Bitcoin ETF saw huge capital inflows from January to November, leading to an increase in its price. Also, Trump's tax cut proposals have also made Bitcoin and other cryptocurrencies more attractive to investors. As more and more people have started investing in cryptocurrencies, the demand for Bitcoin has increased and its value continues to rise. It is now easier for investors to invest in Bitcoin through cryptocurrency exchanges and ETFs, which was not so easy before. The growth of Bitcoin has not been limited to Bitcoin alone. Other cryptocurrencies such as Ethereum, Solana and Dogecoin have also seen significant growth, lifting the entire cryptocurrency market. While there are encouraging signs about the future of cryptocurrencies, it is also important to keep an eye on the policies and global conditions that are in place for the growth and sustainability of this market. Despite Trump's supportive policy, the future of cryptocurrencies still remains uncertain considering the global regulatory landscape.
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