Bitcoin has surpassed the $100,000 mark as the post-election rally continues. What’s next?
Associated PressNEW YORK — Bitcoin topped $100,000 for the first time this week as a massive rally in the world’s most popular cryptocurrency, largely accelerated by the election of Donald Trump, rolls on. The spot ETFs were the dominant driver of bitcoin’s price before Trump’s win — but, like much of the crypto’s recent momentum, saw record inflows postelection. “What we’re seeing isn’t just a rally — it’s a fundamental transformation of bitcoin’s place in the financial system,” Nathan McCauley, CEO and co-founder of crypto custodian Anchorage Digital, said in a statement — while pointing to the growth of who’s entering the market, particularly with rising institutional adoption. Worldwide regulatory uncertainties and environmental concerns around bitcoin “mining” — the creation of new bitcoin, which consumes a lot of energy — are among factors that analysts like Coatsworth note could hamper future growth.