Summary
- Bitcoin hit a new ATH today, reaching $98,300, and getting closer to the $100,000 mark.
- The crypto industry is filled with optimism and impressive milestones for BTC and the entire sector.
Bitcoin has been hitting one ATH after another, and today, it just reached $98,300. At the moment of writing this article, BTC is trading at $97,800, up by 4.4% in the last 24 hours.
The coin’s market cap is taking BTC closer to taking Amazon’s place in the top assets by market cap list. BTC now has a market cap of over $1.94 trillion.
BTC’s price rally is fueled by multiple factors including Trump’s crypto-friendly policies, constant flows in BTC ETFs, successful BTC ETF options launch, a the upcoming Bitcoin reserves in the US and more countries, as we highlighted the other day.
US BTC ETFs surpassed $100 billion in total net assets locked as also shown by Bloomberg’s Eric Balchunas via X:
Optimism is coming from China as well, following the most recent reports.
Shanghai Judge: Bitcoin and Crypto Ownership is Legal in China
New reports reveal that a Shanghai Judge said that Bitcoin and crypto are property and their ownership is legal in China.
Reports from November 20 revealed that a Shanghai court released an opinion stating that the personal ownership of crypto is not against Chinese law, offering explicit legal clarity for crypto holders on the mainland amidst Bitcoin’s recent price rally.
Sun Jie, a judge at the Shanghai Songjiang People’s Court, wrote in an article published on the official WeChat account this week that it is now illegal for individuals to hold crypto. However, Chinese business entities are not allowed to take part in crypto investments or token issuance “at will.”
These comments were part of a review of a case involving disputes between two companies about an ICO which is considered illicit financing in China.
Bitcoin and crypto’s massive support all over the world may even change China’s stance on the digital asset industry in the future.