Why Cryptocurrencies Are Soaring: Inside the Record-Breaking Bitcoin Rise

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The major bitcoin rise this week has caused many people to revisit the notion of cryptocurrency. Take a look at how the recent election has impacted cryptocurrency. | SUCCESS

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Bitcoin reached a new record high Monday, soaring over 10% to $87,300, with a peak of $87,445.07, according to Coin Metrics. The flagship cryptocurrency is showing unstoppable momentum in the digital asset market. According to Kalshi data shared on Tuesday, 60% of users are betting that the bitcoin rise might reach $100,000 before January. Other cryptocurrencies, including dogecoin, ethereum and solana, are also experiencing significant spikes.

Expectations are high that cryptocurrencies could surge in a favorable regulatory environment following Donald Trump’s reelection as U.S. president and the success of pro-crypto candidates in Congress. The crypto industry poured over $119 million into backing pro-crypto congressional candidates this year, Reuters reports.

Bitcoin is a cryptocurrency, a kind of digital cash. Unlike dollars or pounds, bitcoin isn’t controlled by any central bank, meaning it is a favorite among those who believe decentralization equals freedom. But there’s a catch: It’s wildly volatile, swinging up and down based on buyer and seller demand. Only 21 million bitcoins will ever exist, and many are already in circulation.

Back in January, the U.S. made a groundbreaking move, allowing bitcoin into mainstream investment funds. It approved spot bitcoin exchange-traded funds (ETFs), making it possible for anyone to invest directly in bitcoin through the stock market. That said, the U.S. Securities and Exchange Commission (SEC) clarified that it was not endorsing bitcoin and took steps to educate the public about its risks.

“Bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion and terrorist financing,” said Gary Gensler, SEC chairperson, in January.

“Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” he added.

During an appearance in Nashville this year, Trump vowed to make the U.S. “the crypto capital of the planet” with a promise of favorable regulations and the formation of a U.S. bitcoin strategic reserve. One of the key backers of this initiative is Sen. Cynthia Lummis from Wyoming, a strong advocate for crypto-friendly policies. In July, Lummis introduced the Bitcoin Act, which proposes a decentralized network of secure bitcoin vaults managed by the U.S. Treasury. The plan aims to have the government acquire up to 200,000 BTC annually for five years, potentially accumulating 1 million BTC—about 5% of bitcoin’s total supply.

Bitcoin is a high-stakes gamble, and despite the hype, it’s far from an entirely secure or reliable investment. The decentralized nature of crypto means recovery isn’t as simple as resetting a password or contacting a customer support agent—there’s virtually no cushion for support.

Take the story of James Howells—a man who could be sitting on a massive fortune if only he hadn’t accidentally tossed it in the trash. For over a decade, the 38-year-old has fought to recover a hard drive holding 8,000 bitcoin, now supposedly valued around $290 million. With local authorities blocking his attempts to search a landfill, Howells is left with only a lawsuit and the haunting reality of lost millions.

Among the many scandals that have rocked the crypto world, few are as catastrophic as the fall of Sam Bankman-Fried. The former FTX founder was sentenced to 25 years in prison earlier this year after being convicted of defrauding billions from his customers. FTX, once a leading cryptocurrency exchange, allowed users to trade digital currencies like bitcoin, ethereum, ripple and tether. As CEO, Bankman-Fried led the company through its sudden collapse in November 2022, locking millions of users out of their accounts. Prosecutors revealed he misused over $10 billion in customer funds, using the money for lavish expenses like luxury properties, private jets and bribes to Chinese officials.

Bitcoin still has a long way to go in winning over a global community that remains wary of its risks and volatility. Like many high-risk investments, it’s prone to boom-and-bust cycles, and depending on when you buy, it can either make you a fortune or wipe you out. Investing in bitcoin demands a strategic, calculated approach, and its promise of financial freedom comes with a price. Whether it’s the future of finance or a roll of the dice game is anyone’s guess, but its skyrocketing value sure has people talking.

Photo by Tom Bark/Pixabay.com

Pablo Urdiales Antelo

Pablo Urdiales Antelo is a news writer with a sharp focus on politics and business. Drawing from his experience in breaking news and pop culture commentary, he offers a comprehensive and international perspective on current affairs, helping audiences decode the complexities of our modern world.

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