Bitcoin in Big Profit, Again Crosses Level of USD 1 Lakh

Bitcoin, the largest cryptocurrency in terms of market value, again crossed the level of one lakh dollars on Thursday. There is a possibility of reduction in interest rates by the Federal Reserve due to inflation data in America. This has led to a rise in Bitcoin. There was a lot of growth in the crypto market after the victory of Donald Trump in the presidential election in America. Bitcoin also made new highs continuously.

This most popular cryptocurrency recently touched a high of around $1,03,800. However, after this there was a significant decline due to profit booking. It has gained momentum due to the possibility of rate cut by the Federal Reserve. At the time of writing this report on crypto exchange Binance, the price of Bitcoin was up by more than 2.90 percent at $ 1,00,754. The market capitalization of crypto also increased by more than four percent to more than $3.60 trillion. Bitcoin’s share in this market is more than 55 percent. The interest of institutional investors in this segment has also increased. Software company Microstrategy has increased its holding of Bitcoin.

The company recently told the US Securities and Exchange Commission (SEC) in a filing that it had purchased approximately 21,550 bitcoins for approximately $2.1 billion between December 2 and 8. For this, an average price of $ 98,783 per bitcoin has been given. The company has sold shares worth more than two billion dollars for this purchase. MicroStrategy’s executive chairman, Michael Saylor, said in a post on social media platform X that the company holds a total of 4,23,650 bitcoins. For this, the company’s average cost per bitcoin is approximately $60,324. However, another software company Microsoft has decided not to invest in it.

During the election campaign, Trump had indicated not to make strict regulations for cryptocurrencies. He has appointed crypto supporter Paul Atkins as the new Chief of the SEC. This has increased the possibility of a policy in favor of crypto when the new Trump-led government takes office in the US early next year. There is a large number of people investing in cryptocurrencies in America.