Bitcoin Sees Big Movement, Price Crosses USD 1 Lakh First Time in New Year

Bitcoin, the largest cryptocurrency by market value, had a strong rise on Monday. For the first time this year, Bitcoin has crossed the level of one lakh dollars. The main reason for this rise is the almost 100 percent increase in options trading volume in the last one day. At the end of last year, Bitcoin made a high of more than $1,08,800.

At the time of writing this report International Crypto Exchange Binance But the price of Bitcoin increased by more than four percent and was trading at around $1,01,727. Donald Trump, who won the presidential election in America, has to take oath in two weeks. During the election campaign, Trump had hinted at making a policy in favor of crypto. This has also increased the crypto market. The interest of institutional investors in Bitcoin Spot Exchange Traded Fund (ETF) has also increased again. Bitcoin’s share in the crypto market is about 56 percent.

Enterprise software maker MicroStrategy purchased large amounts of Bitcoin for the eighth consecutive week in late December. It is the company with the largest holding of Bitcoin. This American company has about 4,46,000 bitcoins. Recently this company had said that it can buy Bitcoin by issuing more shares this year. Last year the price of Bitcoin increased by more than 130 percent. However, questions are also being raised on MicroStrategy’s strategy of buying Bitcoin by selling shares.

During the election campaign, Trump had hinted at creating a reserve of Bitcoin. However, the US Federal Reserve says it does not intend to join the new government’s plan to create a large stock of Bitcoin. Russian companies are using Bitcoin in their business abroad. Russia had changed the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries. Russian President Vladimir Putin had said that the current US government is reducing the role of the US dollar by using it for political purposes. Because of this many countries are having to turn to other assets. He gave the example of Bitcoin among these types of assets.