WASHINGTON: Bitcoin re-entered the $105,000 region and briefly touched $106,000 on Saturday as the cryptocurrency market regained momentum ahead of Donald Trump’s second term inauguration.
The former US president has signaled strong support for the digital asset industry.
The flagship cryptocurrency was at $105,047 at the time of filing, up 1.86% on Sunday with a completely weakened market cap of $2.08 billion.
The week started on a slow note for Bitcoin as it fell below $90,000 amid uncertainty over US Federal Reserve policies. However, reports of a policy rate cut restored a positive momentum.
Historically, low interest rates have bolstered Bitcoin’s appeal, and traders took advantage of the opportunity this time too, pushing the price past $99,000 before crossing the $100,000 milestone.
Investor hopes were further boosted by crypto supporters’ plans for Trump’s first week back in office. The crypto community has welcomed Trump’s presidency.
Unlike past rallies, this week’s growth was fueled by large capital inflows into Bitcoin-focused exchange-traded funds (ETFs). By midweek, investors had injected more than $1.3 billion into these funds, reversing earlier outflows.
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