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Bitcoin (CRYPTO: BTC) made history in 2024, not only breaking the long-standing record of $69,000, but also reaching the magical $100,000 milestone.
A number of important events took place during the year that gave a strong boost to the top cryptocurrency.
As the New Year knocks on our doorstep, let’s look back at some of the most important bullish triggers for Bitcoin in 2024.
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The Trump presidency: The electoral triumph of Donald Trumpwhich aggressively marketed itself as a cryptocurrency-friendly candidate during the campaign, turned out to be the biggest positive mover for Bitcoin.
Since the election, the leading cryptocurrency has surged 41%, hitting a high of $108,000.
Trump promised to create a national bitcoin reserve in the campaign and reports suggest he may pass executive order to establish one.
He also appointed pro-cryptocurrency venture capitalist David Sachs as the first-ever White House AI & Crypto Czar, signaling a commitment to deliver on his campaign promises.
Bitcoin ETF Search: The successful launch of the first ever US exchange traded funds that track the price of bitcoin in early 2024 ushered in broader institutional adoption of cryptocurrency.
Since listing, ETFs have seen net inflows of nearly $36 billion, with more than $2 billion in transactions recorded as of Dec. 26. according to to SoSo value.
of BlackRock iShares Bitcoin Trust ETF (NASDAQ:It will pass) has become the most successful fund, owning assets worth more than $52 billion.
See also: No wonder Jeff Bezos owns over $70 million in art – this alternative asset has outperformed the S&P 500 since 1995. since then, providing an average annual return of 11.4%. Here’s how everyday investors get started.
Easing monetary policy: The Fed is pleased risk markets by introducing a 0.5% interest rate cut. in September, the first in more than four years. The bold cut was followed by a more modest cut of 25 basis points in subsequent months.
Falling interest rates typically increase liquidity and the ability to borrow, leading to higher bets on stocks and cryptocurrencies, which are perceived as risky investments.
2024-12-29 19:00:14
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