Bitcoin’s price surge continued on Thursday, edging closer to the $100,000 mark, as investors increasingly expect a more favorable U.S. regulatory environment for cryptocurrencies under President-elect Donald Trump. During Asia trading, Bitcoin prices reached a record high of $96,898, further solidifying its remarkable growth. The cryptocurrency has more than doubled in value this year and has risen by approximately 40% since Trump’s election, bolstered by the election of pro-crypto lawmakers to Congress.
Tony Sycamore, an analyst at IG Markets, noted that while Bitcoin is entering overbought territory, its momentum is driving it toward the $100,000 level. Trump’s campaign rhetoric, which included promises to make the U.S. the “crypto capital of the planet” and stockpile Bitcoin, has further fueled optimism in the market.
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Since the election, over $4 billion has flowed into U.S.-listed Bitcoin exchange-traded funds (ETFs). This week, BlackRock’s ETF options debuted with a strong performance, with call options—bets on the price rising—being more popular than puts. Bitcoin-related stocks have also seen significant gains, with MARA Holdings, a bitcoin mining company, rising nearly 14% overnight, and MicroStrategy, a software company investing in Bitcoin, increasing 10% to push its market value beyond $100 billion.
However, Will Peck, head of digital assets at WisdomTree, cautioned that it is too early to determine whether the incoming administration will provide the regulatory clarity that the crypto community has been seeking. Despite this uncertainty, many see the excitement surrounding Bitcoin and cryptocurrency as a bullish indicator for the broader blockchain ecosystem.
