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Bitcoin (CRYPTO: BTC) made history in 2024, not only breaking the long-standing record of $69,000, but also crossing the magical $100,000 milestone.
A series of crucial developments occurred throughout the year, providing strong momentum to the supreme cryptocurrency.
As the new year knocks upon us, let’s take a look back at some of the most crucial bullish triggers for Bitcoin in 2024.
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Trump presidency: The electoral triumph of Donald Trumpwho aggressively presented himself as a pro-cryptocurrency candidate during the campaign, proved to be the biggest positive driver for Bitcoin.
Since the election, the leading cryptocurrency has surged 41%, reaching a high of $108,000.
Trump pledged to establish a national Bitcoin reserve on the campaign trail, and reports suggested he might adopt a decree to establish one.
He also named pro-cryptocurrency venture capitalist David Sacks as the first-ever “White House AI and Crypto Czar,” signaling his commitment to delivering on his campaign promises.
Demand for Bitcoin ETFs: The successful launch of the very first US exchange-traded funds that track the price of Bitcoin early 2024 paved the way for broader institutional adoption of cryptocurrency.
Since listing, the ETFs have seen net inflows of nearly $36 billion, with more than $2 billion in transactions recorded as of December 26. according to to the SoSo value.
Black Rock iShares Bitcoin Trust ETF (NASDAQ:IBIT) has become the best performing fund, holding assets worth more than $52 billion.
See also: It’s no wonder Jeff Bezos owns over $70 million in artwork… this alternative asset has outperformed the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors get started.
Easing of monetary policy: The Federal Reserve delighted risky markets by adopting a 0.5% interest rate cut in September, the first in more than four years. This bold reduction was followed by a more modest cut of 25 basis points in successive months.
Lower interest rates typically increase liquidity and borrowing power, leading to higher bets on stocks and cryptocurrencies, which are perceived as risky investments.
