Gold prices continued to soar and return to an upward trend, while the price of Bitcoin also reached the $100,000 threshold for the first time in history due to the actions of US President-elect Donald Trump.
Bitcoin has risen sharply due to expectations that it could be considered gold. Gold prices have risen sharply as the world has become unstable and increasingly uncertain. USD, gold, and Bitcoin are seen as a safe haven when tensions and inflation in the world escalate.
Domestic and international gold prices continued to recover on November 21. At 2:15 p.m. on November 21 (Vietnam time), world gold prices were trading around $2,660/ounce, an impressive recovery from $2,540/ounce on November 14.
The price of SJC gold bars increased by a million VND/tael in the morning. The selling price has increased to 86.2 million VND/tael. The price of gold rings even increased by 4 million VND in the past 3 sessions, reaching nearly 86 million VND/tael.
Bitcoin session on November 21 (Vietnam time) continuously broke the peak, set a historical record high 3 times and is gradually approaching the threshold of 100,000 USD/BTC.
At noon on November 21, Bitcoin reached 97,700 USD/BTC. This is an unprecedented high for this digital currency. In the past 24 hours alone, Bitcoin increased by more than 5%. The capitalization of this digital currency exceeded 1,920 billion USD.
In the session of November 20, Bitcoin also surpassed the $94,000 mark for the first time in history.
Bitcoin prices continue to set new records amid reports that President-elect Donald Trump's Trump Media and Technology Group (which operates the social network Truth Social) is in talks to acquire digital currency exchange Bakkt.
Investors continue to bet on a friendly environment for the cryptocurrency market during the four years of Donald Trump as US president (2025-2029).
Previously, the cryptocurrency market was boiling after Mr. Donald nominated billionaire "cryptocurrency enthusiast" Howard Lutnick as Secretary of Commerce.
Howard Lutnick (63 years old) is the Chairman and CEO of Cantor Fitzgerald Financial Services Company. This billionaire has assets of about 1.5 billion USD. At a campaign event for Mr. Trump in July, he said that Bitcoin should be traded like gold. Lutnick also supports the cryptocurrency Tether, a stablecoin whose value is tied to the USD.
Although Bitcoin has increased sharply, many other small and medium-sized cryptocurrencies have decreased in price. There are signs of money flowing into safe assets and considered as a shelter in the crisis. Bitcoin is the most famous and largest cryptocurrency.
At the end of June, Bitcoin also had a strong increase, soaring to the threshold of 70,000 USD after the speech of US presidential candidate Donald Trump caused a stir at the Bitcoin 2024 Conference, with the statement affirming that he would turn the US into the "center of cryptocurrency" in the world, a "Bitcoin powerhouse" and make Bitcoin a national strategic reserve asset.
Mr. Trump also pledged to fire the Chairman of the US Securities and Exchange Commission (SEC), Mr. Gary Gensler, on his first day in office. Mr. Gensler is considered to have a hardline stance on regulating the cryptocurrency market.
Normally, gold and USD, as well as Bitcoin and USD, move in opposite directions. When USD increases, gold and other USD-denominated assets decrease. However, recently, USD, gold and Bitcoin have been moving in the same direction.
Geopolitical tensions are escalating everywhere, including the Middle East and in Ukraine... causing the world's money to seek safe channels.
US stocks also had many correction sessions after continuously setting historical peaks.
Bitcoin previously hit a record high of $69,000 in November 2021. But then the digital currency plummeted to around $16,700 in November 2022.
Bitcoin, like many other cryptocurrencies, began to increase sharply from the end of 2023, in the context of Bitcoin being officially allowed by the US regulatory agency to establish an ETF investment fund in cryptocurrencies. Accordingly, a large amount of legal money has flowed into this channel.
Recently, the exchange-traded fund (ETF) iShares Bitcoin Trust (IBIT) of asset management company BlackRock went live. The huge inflow of money from the traditional market into Bitcoin through ETFs has created important leverage for Bitcoin to continuously set new historical highs.
At the beginning of 2024, Bitcoin was priced at $42,280/BTC. So far, Bitcoin has increased by 131%.
Many forecasts suggest that Bitcoin is likely to surpass $100,000 as the “whales” are accumulating this currency aggressively.
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Source: https://vietnamnet.vn/gia-vang-vut-tang-bitcoin-lan-dau-trong-lich-su-len-sat-100-000-usd-2344213.html
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