Bitcoin ($BTC) approaches the $95k level, as many countries heading toward Bitcoin adoption

In this bull cycle, the competition among the big players to buy Bitcoin surged rapidly. Also, this competition is now visible enough among different countries & their leadership to make their corresponding countries pro-Bitcoin.

The current trade price of Bitcoin (BTC), the top crypto asset by market cap in the world, is $92,216. This Trading price level was much closer to the $94k level, as a few hours ago, before the time of publication of this article, the BTC trade price was fluctuating around $93,866.

Already, many crypto analysts & top Bitcoin investors clarified their opinion on the current bull phase of the Bitcoin market and predicted that it will not be surprising to see Bitcoin at the $100k level before New Year’s Eve.

Capital inflow in the Bitcoin market via spot ETF products On November 18, Bitcoin spot ETFs saw a total net inflow of $255 million, with BlackRock’s ETF (IBIT) contributing $89.325 million and Fidelity’s ETF (FBTC) adding $59.9544 million.

Meanwhile, Ethereum spot ETFs experienced a total net outflow of $39.0806 million.

Competition of Bitcoin adoption

The whole crypto community is aware of the rapid Bitcoin buy in billions of dollars value by the US-based Nasdaq-listed business intelligence firm Microstrategy.

Donald Trump, who grabbed huge support from crypto entrepreneurs & enthusiasts during the US presidential election, is also hiring new leaders for his administration who are pro-crypto.

Trump’s success in the election by becoming pro-Bitcoin is also giving a type of push for other political leaders across the world to show their inclination toward Bitcoin to get vote support.

For example, on 17 Nov 2024 statement on X, Polish presidential candidate Sławomir Mentzen vowed to create a Bitcoin reserve if he wins next year’s election.

Read also: Pro-Crypto Teresa Goody Guillén is a New Candidate for the Role of SEC Chairman