Bitcoin Surges Past New Milestones Amid Crypto-Friendly Administration

Bitcoin soared past USD 98,000, driven by expectations of a crypto-friendly Trump administration. The market remains unpredictable, with both optimism and caution in play. Spot ETFs and halving events propelled gains but risks and environmental concerns persist around cryptocurrency's volatile future and its massive energy consumption.

Bitcoin has soared past USD 98,000, achieving new heights amid expectations of cryptocurrency-friendly policies under the Trump administration. The surge comes amid ongoing market volatility and uncertainties surrounding cryptocurrency investments.

Bitcoin reached as high as USD 98,349 according to CoinDesk, buoyed by investor optimism over potential legislative changes. The anticipation of regulatory shifts, spot ETF inflows, and bitcoin's fourth 'halving' event have all contributed to price gains.

While bitcoin's growth signals a robust future for digital assets, experts highlight substantial risks and environmental impacts. The 'mining' process consumes significant energy, raising concerns detailed in recent research about its carbon footprint, comparable to extensive fossil fuel usage.

(With inputs from agencies.)