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Bitcoin approached the 100,000 dollar mark on Thursday, fueled by investor optimism about a potentially more favorable regulatory landscape under the administration of President-elect Donald Trump. The milestone, if reached, could signal a new chapter for digital assets.
The cryptocurrency hit a record high of 96,898 dollars during Asian trading hours, according to Reuters. Its price has more than doubled in 2024 and risen by approximately 40% in the two weeks following Trump’s election and the victory of several pro-crypto lawmakers in Congress.
During his campaign, Trump positioned himself as a strong advocate for cryptocurrencies, pledging to make the U.S. a global leader in the sector. He even proposed establishing a national Bitcoin reserve, promising to "Make America Great Again, this time with crypto," as stated in a post on X in September.
Since the election, over 4 billion dollars has flowed into U.S.-based Bitcoin exchange-traded funds (ETFs). BlackRock’s Bitcoin ETF (IBIT.O) recently launched options trading, which saw robust demand for call options—investments betting on future price increases.
The surge in Bitcoin has also bolstered the value of crypto-related stocks. Bitcoin mining company MARA Holdings (MARA.O) saw its shares jump nearly 14% overnight, while MicroStrategy (MSTR.O), a software firm with significant Bitcoin holdings, rose 10%, reaching a market valuation exceeding 100 billion dollars.
Will Peck, head of digital assets at WisdomTree, noted that the current enthusiasm extends beyond Bitcoin. “This excitement is bullish not just for crypto but for the entire blockchain-enabled ecosystem that is evolving today,” he said. However, Peck cautioned that it remains too early to determine whether the new administration will provide the regulatory clarity the crypto community has long awaited.
The rally reflects growing confidence in the digital asset market, with many anticipating a transformative period for cryptocurrencies under the incoming U.S. leadership.
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