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Bitcoin (CRYPTO: BTC) made history in 2024, not only breaking the long-standing record of $69,000, but also reaching the magical milestone of $100,000.
A slew of crucial developments took place throughout the year, providing a strong boost to the top cryptocurrency.
With the new year upon us, we look back at some of the most crucial bullish triggers for Bitcoin in 2024.
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Trump’s presidency: The electoral triumph of Donald Trumpwho aggressively marketed himself as a cryptocurrency-friendly candidate during the campaign proved to be the biggest positive driver for Bitcoin.
Since the election, the major cryptocurrency has risen 41%, reaching a peak of $108,000.
Trump promised one national Bitcoin reserve on the campaign trail, and reports suggested he might succeed executive order to establish one.
He also appointed pro-cryptocurrency venture capitalist David Zaks as the first-ever ‘White House AI & Crypto Czar’, signaling his commitment to keep his election promises.
Question from 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 the cryptocurrency.
Since listing, the ETFs have seen net inflows of nearly $36 billion, with more than $2 billion in trades recorded as of December 26. according to to SoSo value.
BlackRocks iShares Bitcoin Trust ETF (NASDAQ:IBIT) emerged as the most successful fund, with assets worth more than $52 billion.
See also: It’s no wonder Jeff Bezos owns over $70 million worth of art – this alternative asset has outperformed the S&P 500 since 1995, with an average annual return of 11.4%. Here’s how regular investors get started.
Monetary policy easing: The Federal Reserve was delighted risk on the markets by implementing a 0.5% interest rate cut in September, the first in more than four years. The bold cut was followed by a more modest cut of 25 basis points in subsequent months.
A drop in interest rates typically increases liquidity and borrowing capacity, leading to higher bets on stocks and cryptocurrencies, which are considered risky investments.