In the early Asian trading hours on Monday, the world’s largest cryptocurrency, Bitcoin (BTC), rose to over $106,000 ( ₦164,099,660.00) before pulling back to $104,500.
This surprise surge happened amid concerns over the upcoming Federal Reserve (Fed) rate cut.
It was reported that the U.S. central bank is planning to lessen the benchmark borrowing cost (BBC) by 25 basis points to between 4.25% to 4.5% range.
This move, according to financial analysts, will affect expectations of bullish trends for the crypto network.
However, President-elect Donald Trump is seen to be far more pro-crypto than the Biden administration.
Just last week, he said he was considering opening a national inventory of digital assets, similar to the nation’s strategic oil reserve.
In a bid to clear the coast, Trump said he would sack the SEC’s current chair, Gary Gensler on “day one” of his new administration and appoint pro-crypto attorney Paul Atkins as the new chair of the Wall Street regulator, the Securities and Exchange Commission (SEC).
Recently he appointed Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency tsar. Also, Elon Musk, the presumed father of Dogecoin is a member of his list of appointees.
Peter McGuire, a popular crypto influencer on X told BBC that the times are looking good for cryptocurrency he said, “Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year”.