Major cryptocurrency Bitcoin finally crossed the $100,000 mark on Thursday. Bitcoin rallied on Thursday after US President-elect Donald Trump picked pro-crypto Paul Atkins as the new chairman of the US Securities and Exchange Commission (SEC) and Russian President Vladimir Putin said he would not impose any ban on and other virtual currencies.
Bitcoin’sglobal market cap has also risen with the rally in the last 24 hours. It had parked at $2 trillion, while other cryptos like Ethereum and Binance also saw gains. Trump has appointed Paul Atkins, who is a pro-crypto market analyst, to replace the outgoing SEC chairman, Gary Gensler.
On the other hand, Russian President Putin has also given the cryptocurrency market the necessary trigger. Sources said that institutional investors have been seen buying in the last twenty-four hours.
Bitcoin prices are expected to rise by 130 percent this year. After Donald Trump’s victory, has jumped by fifty percent, and in just 15 years, has achieved a market cap of two trillion dollars for the first time.
Following Thursday’s rally in the crypto market, the overall market cap of cryptocurrencies has increased to over 3.80 trillion dollars. Since January of this year! Launched spot and exchange-traded | (ETFs) | of $ 32 billion.
According to environmentalists and scientists, a large amount of electricity is used to run the entire transaction system. To generate this electricity, coal, natural gas and hydroelectric power are required.
The burning of coal, which is not mined, causes significant damage to the environment. The huge pressure on the environment and climate due to the digital currency comes from its energy use.
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