Bitcoin Makes New High of More than USD 1,08,200 Before Seeing loss

After the rise of the last few days, there was a decline in the crypto market on Wednesday. Bitcoin, the largest cryptocurrency by market value, has created a new high level of around $1,08,260. However, Bitcoin declined thereafter. The new US government led by Donald Trump is likely to make policies in favor of cryptocurrencies after it takes office early next year.

At the time of writing this report, the price of Bitcoin was down by almost three percent to around $1,04,000 on the international crypto exchange Binance. The price of Ether, the second largest cryptocurrency, fell by more than 3.70 percent and was trading at around $3,816. Apart from this, there was loss in Tether, Binance Coin, Tron and Chainlink.

Recently, the price of this most popular cryptocurrency had increased rapidly after Trump hinted at creating a Bitcoin reserve. During the election campaign, Trump had informed about making a policy in the interest of cryptocurrencies. Trump has announced the appointment of Paul Atkins, considered a supporter of cryptocurrencies, as the next chairman of America’s market regulator Securities and Exchange Commission (SEC). Atkins has also previously held the position of Commissioner in the SEC.

The interest of institutional investors in Bitcoin is also increasing. Software maker MicroStrategy has bought a large number of bitcoins in the last few weeks. The company purchased approximately 15,350 bitcoins worth approximately $1.5 billion between December 9 and December 15. For this, MicroStrategy has paid a price of a little more than $ 1,00,380 per bitcoin. The company’s share price has also benefited from increasing investors in the crypto segment. MicroStrategy’s stock has risen nearly 490 percent this year. Recently it was also included in the Nasdaq 100 index. The company has total holdings of approximately 4,39,000 Bitcoins. It has more than two percent of the total supply of this most valuable cryptocurrency. However, another software company Microsoft has decided not to invest in Bitcoin. Recently the shareholders of this company voted against investing in Bitcoin. Microsoft co-founder, Bill Gates is also against crypto.