As Bitcoin’s historical price soared to $100,000, hardware wallet company Trezor pronounced this proof of deal interest. Confirm data shows weekly wallet sales skyrocketed 600 percent as people began adopting self-custody of their own money at the Bitcoin rally on 27 November, when the company announced a milestone of its own.
Bitcoin’s price, which wasць followed, went on to manage an all-time high of $99,645 on November 22, according to CoinGecko data. The same day saw Trezor’s single highest sales day of all time shatter its previous record, set just a month prior in May 2023.
According to Trezor’s chief commercial officer, Danny Sanders, several factors fuel the surge in hardware wallet demand: Bitcoin’s rally, the U.S. presidential election, and increasing awareness of self-custody storage solutions.
After Donald Trump’s election this month, the U.S. crypto regulatory landscape drastically changed. He said the shift is from a ‘hostile environment to a supportive environment’ for cryptocurrency.
Regulatory Clarity And Bitcoin’s Halving Fuel Global Self-Custody Growth
As Sanders put it, the broad change, which brought more regulatory clarity, ‘legitimising the business and institutional adoption,’ also helped decrease development cycle time.
Sanders said Trezor hasn’t seen much uptick in its share of U.S. demand, but ‘the election was key.’ Bitcoin’s underlying technology is impressive, and the U.S. environment has improved to accommodate self-custody solutions globally.
The other part is that the rally in Bitcoin has everything to do with its fourth (and last for at least 6 years) halving in April 2024, as well as macroeconomic developments.
Sanders said that historically, six months after halving seem to correspond with expectations that Bitcoin would see a price increase as part of its four-year cycle. Central U.S. and European banks have also flooded the crypto market with lowered interest rates to convince Bitcoin investors that it’s a good asset.
The writing on the wall regarding the need for self-custody solutions is also on the wall. A major drop in Bitcoin reserves at major exchanges such as Binance and Coinbase further underscores how urgent the matter has become. Last year, on CryptoQuant alone, 427,000 BTC (roughly $40 billion) was taken out of the crypto market, reducing their exchange reserves to their lowest level in six years.
‘As far as investors, the mantra of not your keys, not your coins, that is a powerful message coming out of collapsed centralized exchanges, hacks of centralized exchanges,’ said Sanders.
The market continues to move towards the $100,000 mark, and regulatory measures, macroeconomic conditions, and awareness of self-custodies are all helping the market move forward. It’s an important moment for Trezor as the cryptocurrency market evolves, becoming increasingly decentralized and safer.
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