Bitcoin surged closer to the $100,000 mark on Thursday, buoyed by optimism over a potential crypto-friendly approach under President-elect Donald Trump. The flagship cryptocurrency reached an all-time high of $98,000 during European trading, marking a 4% daily gain.
Bitcoin’s Meteoric Rise
Bitcoin’s price has skyrocketed this year, more than doubling in value. In the two weeks since Trump’s election victory, Bitcoin has surged 40%, fuelled by hopes of regulatory clarity and institutional support for digital assets.
Trump’s campaign promises to make the U.S. the “crypto capital of the planet” have invigorated the market. His pledge to establish a national BTC reserve and his backing of pro-crypto lawmakers in Congress have further bolstered confidence.
ETF Boom and Market Frenzy
Since the election, over $4 billion has flowed into U.S.-listed Bitcoin exchange-traded funds (ETFs). Options trading on BlackRock’s new Bitcoin ETF saw strong interest, with bullish call options outpacing bearish puts. Crypto-related stocks have also rallied, with Bitcoin miner MARA Holdings up 14% and MicroStrategy, a prominent Bitcoin investor, gaining 10%.
Experts Cautious Amid Optimism
Despite the excitement, analysts remain cautious. “While BTC is firmly in overbought territory, it’s being magnetised toward the $100k level,” said Tony Sycamore of IG Markets. Will Peck of WisdomTree added, “It’s too early to say if this administration will deliver the regulatory clarity the crypto sector needs, but the enthusiasm is undeniable.”
With a surge in institutional interest and market momentum, the next few weeks will determine if Bitcoin can breach the psychological $100,000 barrier.
