Bitcoin edged closer to the $100,000 milestone on Thursday as investors anticipated a more crypto-friendly regulatory environment under President Donald Trump, potentially ushering in a new era for digital assets.
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours. The price of the currency has more than doubled in 2024 and climbed approximately 40% in the two weeks since Trump’s election and the victory of several pro-crypto lawmakers in Congress.
Trump, a vocal supporter of cryptocurrencies during his campaign, pledged to establish the U.S. as the global leader in digital assets and proposed building a national reserve of the currency.
Trump had “promised to Make America Great Again, this time with crypto,” in a post on X back in September.
Since the election, over $4 billion has flowed into U.S.-based Bitcoin exchange-traded funds (ETFs). This week, BlackRock’s Bitcoin ETF (IBIT.O) debuted options trading with strong demand for call options, which are bets on price increases.
The rally in Bitcoin has boosted crypto-related stocks. Shares of Bitcoin mining company MARA Holdings (MARA.O) jumped nearly 14% overnight, while MicroStrategy (MSTR.O), a software firm heavily invested in Bitcoin, rose by 10%, pushing its market valuation past $100 billion.
“Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It’s likely too soon to say,” Will Peck, head of digital assets at WisdomTree, a global exchange-traded fund issuer, told Reuters.
“We see all of this excitement as bullish not only for bitcoin or crypto broadly, but the entire blockchain-enabled ecosystem that is growing today.”
Source: tovima.com
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