The price of Bitcoin ($BTC) traded at an all-time high above $94,000 in New York on November 19.
The record high for BTC comes amid rising geopolitical tensions between Russia and Ukraine. In afternoon trading, Bitcoin rose as high as $94,068.75 before pulling back to trade around $92,600.00, according to market data.
Cryptocurrencies have been rallying since Donald Trump won the U.S. presidency on November 5, with Bitcoin’s price climbing more than 30% in that time span. However, Bitcoin’s price appears to also be getting a lift from escalating tensions between Russia and Ukraine.
Tailwinds for Crypto
Russian President Vladimir Putin has reportedly told the U.S. that the threshold for using nuclear weapons has been lowered after current U.S. President Joe Biden allowed Ukraine to use U.S. missiles to strike military targets inside Russian territory. That news appears to have given the price of BTC a boost. Some analysts and investors see Bitcoin as a safe haven asset in times of turmoil, similar to gold.
However, Bitcoin is also benefitting from investor enthusiasm for crypto as president-elect Donald Trump is expected to undertake less regulation and encourage more widespread adoption of digital coins and tokens in his second administration.
Is BTC a Buy?
Most Wall Street firms do not provide forecasts for cryptocurrencies such as Bitcoin. So instead we look at the performance of BTC over the past three months. As one can see in the chart below, Bitcoin’s price has risen 50% in the last 12 weeks, which is an extremely strong performance.
