Bitcoin is rising in price on the day of Donald Trump's certification in the United States Congress.
The world's largest and oldest cryptocurrency surged above the $100,000 threshold early Monday morning (EDT), after trading below the key mark for the past few weeks.
Bitcoin (BTC) returned to a height of USD $102,000 in a price surge of 4.5% in the last 24 hours, according to data from CoinMarketCap, approaching its historical price maximum of USD $108,268 recorded on December 17 and after having traded below $98,000 over the weekend.
The rest of the cryptocurrency market was dressed in green, with the main altcoins registering gains and some surpassing Bitcoin, as is the case of Avalanche (AVAX), which rose just over 7% to USD $44. The total capitalization of the global cryptocurrency market overall increased by 3.38% since this time yesterday.
The sudden price spike comes as the US Congress prepares to certify President-elect Donald Trump's victory in the 2024 presidential election. Lawmakers will meet at noon under the strictest possible national security level in an attempt to prevent a repeat of the violence of four years ago.
In January 2021, Trump supporters rioted inside the United States Capitol to protest his loss in the 2020 election. Reports on Monday indicate that security has been stepped up at the Capitol, although there is no sign of that Kamala Harris' supporters have plans to create similar chaos.
Unlike the election four years ago, when Trump falsely denied his electoral loss to President Joe Biden, Harris has not challenged the result of the 2024 presidential election or called on her supporters to protest.
Trump mentioned cryptocurrencies tirelessly during his election campaign, expressing his broad support and making promises to implement friendly policies, including a proposal to create a national strategic reserve of Bitcoin. In the weeks since his victory, he has selected asset class supporters for different positions in his cabinet.
Trump's election victory in November triggered a bull run for the cryptocurrency market that saw Bitcoin break price highs above $100,000 for the first time in December, in a rally of more than 50% since the election. But the main cryptocurrency had been down in price since then.
As on previous occasions, today's certification ceremony is expected to take place with the traditional arrival of the mahogany ceremonial boxes filled with the states' electoral certificates, as has been done countless times in the past.
Meanwhile, Trump's inauguration event is planned for January 20, with numerous derivatives bets pointing to a Bitcoin rally above $100,000 by that date. A handful of analysts have agreed that the flagship cryptocurrency could surge toward new all-time price highs in 2025 in the face of a favorable Trump administration.
Source: Hannah Estefanía Pérez / DiarioBitcoin.
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