Bitcoin is surging ahead, nearing the $100,000 milestone, as investors are optimistic about a more favourable US regulatory environment for cryptocurrencies under President-elect Donald Trump’s administration. This cryptocurrency breached a new milestone, surpassing $96,000 for the first time in Asian trading hours and reaching a peak of $96,898, reported ‘Reuters’.
Bitcoin’s value has skyrocketed this year, more than doubling in value, and it’s not slowing down. In just two weeks since Donald Trump’s presidential win and the election of pro-crypto lawmakers to Congress, the cryptocurrency’s price has surged by about 40%, said ‘Reuters’ report.
IG Markets analyst Tony Sycamore said, “While it’s now firmly into overbought territory, it is being drawn toward the $100k level.” Donald Trump made some bold promises during his campaign regarding digital assets, vowing to transform the United States into the “crypto capital of the planet” and even proposing the accumulation of a national bitcoin stockpile.
Bitcoin Soars To Record Level: All Details
US-listed bitcoin exchange-traded funds (ETFs) have seen an influx of over $4 billion in investments since the US election. BlackRock’s ETF options made a robust debut this week, with call options (bullish bets) outpacing put options (bearish bets).
The surge in bitcoin prices has lifted crypto-related stocks, with MARA Holdings, a bitcoin miner, jumping 14% overnight and MicroStrategy, a bitcoin-buying software firm, gaining 10% to surpass a $100 billion market capitalization, reported ‘Reuters’.
“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,” said Will Peck, head of digital assets at WisdomTree, as reported by 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,” Peck further said.
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