Bitcoin Briefly Tops $99,000 Amid Speculation on Trump’s Return

Bitcoin briefly surpassed $99,000 on November 22nd, fueled by speculation that a potential second Donald Trump presidency could create a more favorable regulatory environment for cryptocurrencies, including the possibility of a national strategic bitcoin reserve.

This surge came despite a broader market downturn for crypto-related stocks, with Coinbase falling 7.7% and MicroStrategy dropping 16.2%. The rally also triggered a wave of short liquidations exceeding $100 million within a 24-hour period, further propelling Bitcoin’s price. Wolfe Research analyst Rob Ginsberg noted that historically, such significant price movements for Bitcoin have either led to periods of consolidation or continued upward momentum driven by investor enthusiasm.

However, the article’s claim of Bitcoin breaking records is inaccurate, as the cryptocurrency has previously reached higher price points.