Bitcoin was rising, recovering from recent falls after the cryptocurrency failed to sustain gains above $100,000.
It increased 2.2% on the day to $93,923, according to LSEG, and is set to record a massive gain of around 120% for 2024.
Bitcoin gained a major boost after the election of Donald Trump in the U.S. This opened prospects of policies that favor cryptocurrencies and expand demand for them. Some speculators bet on bitcoin rising further in 2025, potentially more than doubling in value again to $200,000. The cryptocurrency’s extremely high volatility still keeps many investors wary, however.
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